Business

Bailee Peck

2 May, 00:57

Bricks Inc. uses a periodic inventory system. At the end of 2021, it missed counting some inventory items, resulting in an inventory understatement by $520,000. Assume that Bricks has a 35% income tax rate and that this was the only error it made. If undetected, what is the effect of this error on Brick's December 31,2021 balance sheet

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