Solved: During the taking of its physical inventory on december 31, Accounting Basics

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During the taking of its physical inventory on december 31

1. During the taking of its physical inventory on December 31, 2010, Best Interiors Company incorrectly counted its inventory as $145,000 instead of the correct amount of $175,000. Indicate the effect of the misstatement on Best Interiors' December 31, 2010, balance sheet and income statement for the year ended December 31, 2010.

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Accounting Basics: During the taking of its physical inventory on december 31

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