Inventory: Planter's 2010 Annual Report.
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See attached sheet. Help with problem 5-4a please.
Before releasing the 2010 annual report, Planter's controller learns that the inventory of one of the stores (amounting to $500,000) was counted twice in the December 31, 2009, inventory. The inventory was correctly counted in the December 31, 2010, inventory.
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Solution Summary
This solution illustrates how to adjust a company's financial reports over a two year period for an inventory overstatement in one of the years, and the effect of that overstatement on the financial statements and the company's current ratio.
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