Penny Company made an inventory count on December 31, 2020. During the count, one of the clerks made the error of counting an inventory item twice. For the balance sheet at December 31, 2020, the effects of this error are Assets Liabilities Stockholders' Equity1) Overstated Understated Overstated2) Understated No effect Understated3) Overstated No effect Overstated4) Overstated Overstated Understated Option 1) Option 2) Option 3) Option 4)
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Penny Company made an inventory count on December 31, 2020. During the count, one of the clerks made the error of counting an inventory ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Which of the following is an example of a change in accounting principle? A. A change in inventory costing methods. B. A change in the estimated useful life of a depreciable asset. C.
Answers (1)
The company that don owns, the ardmore general store, is a family-owned company that has been in business for more than 100 years. Don wants to give back to the people of the community to acknowledge their role in the store's success.
Answers (1)
Which of these is NOT one of the primary types of information captured in a project meeting? a. resolved issues and new issues. b. action items agreed to. c. assumptions and constraints. d. evaluation of the meeting.
Answers (1)
Your client is 32 years old. She wants to begin saving for retirement, with the first payment to come one year from now.
Answers (1)
in the market economy when there are things being imported or exported would their production incline or decline
Answers (1)
New Questions in Business
What percentage of U. S. households have no access to banking services? A) 8 percent B) 10 percent C) 15 percent D) 50 percent
Answers (1)
Gina Davidson has received $50,000 in a divorce settlement and is trying to decide how to invest it. She has looked at stocks but knows that some stocks have lost a lot of value for their owners recently.
Answers (2)
Milo, a highly successful attorney, just received a $200 ticket for speeding. jim, an unemployed father of six, received a $50 fine for parking in a restricted area.
Answers (1)
A business purchases equipment by paying $6,276 in cash and issuing a note payable of $19,177. Which of the following occurs? Select one: A. Cash is credited for $6,276, Equipment is credited for $25,453, and Notes Payable is debited for $19,177. B.
Answers (1)
Using an example, explain the relationship between human resources and business objectives ...
Answers (1)