(Answered) Morena white water co sells canoes kayaks whitewater rafts

Accounting

Morena White Water Co. sells canoes, kayaks, whitewater rafts, and other boating supplies. During the taking of its physical inventory on December 31, 2008, Morena White Water incorrectly counted its inventory as $279,150 instead of the correct amount of $285,780.

a. State the effect of the error on the December 31, 2008, balance sheet of Morena White Water.

b. State the effect of the error on the income statement of Morena White Water for the year ended December 31, 2008.

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