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?
Get 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 there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
The Matthews want to split their refund between savings and checking accounts. How is this accomplished, if possible? OA Complete Form 8888, Allocation of Refund (Including Savings Bond Purchases). B. Splitting a refund is not possible. C.
Answers (1)
What is an advantage of permanent life insurance policy
Answers (1)
Morgan company issues 9%, 20-year bonds with a par value of $750,000 that pay interest semi-annually. the current market rate is 8%. the amount of interest owed to the bondholders for each semiannual interest payment is:
Answers (1)
A researcher is interested in studying the budgeting of money within a police department in a mid-sized American city. She gains access to the department's detailed records of expenditures and human resources.
Answers (2)
Which type of travel product is an experience and not a commodity? a Norwegian Cruise Line cruise a room at a Holiday Inn a car rental an airline ticket
Answers (1)
New Questions in Business
Ang Electronics, Inc., has developed a new DVDR. If the DVDR is successful, the present value of the payoff (when the product is brought to market) is $33.5 million. If the DVDR fails, the present value of the payoff is $11.5 million.
Answers (1)
Thelma is Information Technology Manager. Which of the following is an example of her line functions? O training new employees O voting on the board of directors O launching a new company O following through with an assigned task
Answers (1)
DeWitt Industries has adopted the following production budget for the first 4 months of 2020. Month Units Month Units January 10,170 March 5,190 February 8,470 April 4,310 Each unit requires 5 pounds of raw materials costing $3 per pound.
Answers (1)
What is the most common method of distribution for consumer products and services? For industrial products and services?
Answers (1)
What term below refers to the process of assessing an attitudinal disposition using a number that represents a person's score on an attitudinal continuum ranging from an extremely favorable disposition to an extremely unfavorable one?
Answers (1)