Whispering Winds Supply Company reports net income of $141,600 in 2023. The ending inventory did not include goods valued at$10,620 that Whispering Winds Supply had consigned to Staples.(For question answer please scroll far right)(1) What impact will this error have on the income statement for 2023?If ending inventory is✓by $(2)(3)What is the correct net income for 2023?The correct net income is $2On the balance sheet, both inventory and retained earnings will becost of goods sold will beWhat impact will this error have on the balance sheet at December 31, 2023?by $and net

The impact of these errors on Income statement is as fallows 1) If Ending Inventory is…

Whispering Winds Supply Company reports net income of $141,600 in 2023. The ending inventory did not include goods valued at $10,620 that Whispering Winds Supply had consigned to Staples. (For question answer please scroll far right) (1) What impact will this error have on the income statement for 2023? by $ (2) (3) If ending inventory is What is the correct net income for 2023? The correct net income is $ What impact will this error have on the balance sheet at Decemb On the balance sheet, both inventory and retained earnings will be , cost of goods sold will be 31, 202 by $ and net

Whispering Winds Supply Company reports net income of $141,600 in 2023. The ending inventory did not include goods valued at $10,620 that Whispering Winds Supply had consigned to Staples. (For question answer please scroll far right) (1) What impact will this error have on the income statement for 2023? by $ (2) (3) If ending inventory is What is the correct net income for 2023? The correct net income is $ What impact will this error have on the balance sheet at Decemb On the balance sheet, both inventory and retained earnings will be , cost of goods sold will be 31, 202 by $ and net

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 14PA: Assuming a companys year-end inventory were overstated by $5,000, indicate the effect...

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