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Accounting

During the taking of its physical inventory on December 31, 2009, Gentry Supplies Company incorrectly counted its inventory as $245,000 instead of the correct amount of $254,000. Indicate the affect of the misstatement on Gentry Supplies Company's balance sheet and income statement for the year ended December 31, 2009.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9430612

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