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Omar Company uses a periodic inventory system and erroneously overstated ending inventory by $10,000 for the year ended December 31, 2017. Ignoring the tax effect, the effect on the 2017 financial statement
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Omar Company uses a periodic inventory system and erroneously overstated ending inventory by $10,000 for the year ended December 31, 2017. Ignoring the tax effect, the effect on the 2017 financial statement includes an

User Ali Arslan
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4 votes

Answer:

Profit will be overstated and Assets will be overstated

Step-by-step explanation:

Income Statement:

Profit will be overstated by $10,000

Statement of financial position:

Assets will be overstated by $10,000

User Antara Datta
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