EX 7-14 Effect of errors in physical inventory
Eclipse Motorcycle Shop sells motorcycles, ATVs, and other related supplies and accessories. During the taking of its physical inventory on December 31, 2012, Eclipse Motorcycle Shop incorrectly counted its inventory as $350,000 instead of the correct amount of $338,000.
a. State the effect of the error on the December 31, 2012, balance sheet of Eclipse Motorcycle Shop.
b. State the effect of the error on the income statement of Eclipse Motorcycle Shop 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?
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