Langley Company received merchandise on December 31, 2016. Langley failed to record the purchase on account because the invoice was inadvertently destroyed. The merchandise was, however, included in ending inventory. What would be the effect of this event on the financial statements as of December 31, 2016?
A) assets and liabilities would be understated
B) assets and owners' equity would be overstated
C) liabilities would be understated and retained earnings overstated
D) liabilities would be overstated and retained earnings understated
C
You might also like to view...
What is a characteristic of effective training objectives?
A. disclaimers to prevent exaggerated expectations B. specified methods of performance evaluation C. names of the trainers and trainees D. measurable performance standards E. specified costs associated with the training
Approximate the percentage of these Internet users who are single with no formal education beyond high school
A firm's information database and available financing would be considered internal forces that affect the development of e-business.
Answer the following statement true (T) or false (F)
Answer the following statement(s) true (T) or false (F)
It is not uncommon for a buyer to be faced with a franchise fee of $250,000 to $1,000,000.