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12 May, 01:13

Q-mart failed to include inventory that was kept in a separate warehouse in its 12/31 end-of-the-period inventory count. Consequently, the ending inventory on 12/31 was understated on the balance sheet. Explain how this error affects the current year's income statement. (Check all that apply.)

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  1. 12 May, 03:26
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    Total assets and Total equity will be this year's understated.
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