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What is wrong with Bs net income

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Question - B uses a calendar-year accounting period and a periodic inventory system. Assume B values the inventory reported on her balance sheet and the amount recorded as cost of goods sold on her income statement solely on the basis of her physical inventory count that took place on December 31, 2019. B counts only whatever is on the premises. Assume B's beginning inventory is overstated by $10,000 to answer the following questions:

Required -

a. As of 12-31-19, what, if anything is wrong with B's total assets?

b. For the year ended 12-31-19, what, if anything is wrong with B's net income?

Reference no: EM132524669

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