Calculate the excess of revenues over expenses, Accounting Basics

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Calculate the excess of revenues over expenses

Response to the following problem:

Because of an error, Quest Hospital's December 31, 20X1, inventory was understated by $19,000.

What is the effect of this error on the hospital's reported excess of revenues over expenses for 20X1 and its balance sheet at December 31, 20X1?

What effect, if any, will this error have on the hospital's 20X2 excess of revenues over expenses?

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Accounting Basics: Calculate the excess of revenues over expenses

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Accounting Basics: Calculate the excess of revenues over expenses

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