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State the effect of the error on the income statement

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Problem - Effect of errors in physical inventory - Hydro White Water Co. sells canoes, kayaks, whitewater rafts, and other boating supplies. During the taking of its physical inventory on December 31, 2012, Hydro White Water incorrectly counted its inventory as $439,650 instead of the correct amount of $451,000.

a. State the effect of the error on the December 31, 2012, balance sheet of Hydro White Water.

b. State the effect of the error on the income statement of Hydro White Water for the year ended December 31, 2012.

c. If uncorrected, what would be the effect of the error on the 2013 income statement?

d. If uncorrected, what would be the effect of the error on the December 31, 2013, balance sheet?

Reference no: EM132877071

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