State the effect of each of the following errors made 1 answer below »

State the effect of each of the following errors made by Clawson Inc. on the income statement and the balance sheet (1) of the current period and (2) of the succeeding period:
(a) The ending inventory is overstated as a result of a miscount of goods on hand.
(b) The company fails to record a purchase of merchandise on account, and the merchandise purchased is not recognized in recording the ending inventory.
(c) The ending inventory is understated as a result of a miscount of goods on hand.

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