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This question was created from ACCT105- week 4-2.pdf https://www.coursehero.com/file/37621700/ACCT105-week-4-2pdf/

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Assuming periodic inventory procedure, what effect would an understatement of ending inventory have on the different items on the
financial statements?
Balance Sheet
Income Statement
Current Assets
Cost of Goods Sold
Total Assets
Gross Margin
Retained Earnings
Net Income
Total Liabilities and Retained
Earnings

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Current Asset : Understated Total Assets: Understated Retained Earnings: Understated Total... View the full answer

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