# If you found that two $400 HD televisions were missing, explain which financial statements you would correct and how. Be specific as to accounts and amounts.

1 answer

###### Question:

If you found that two $400 HD televisions were missing, explain which financial statements you would correct and how. Be specific as to accounts and amounts.

## Answers

The financial statements to correct with regard to the two missing $400 HD televisions are the Income Statement and the Balance Sheet.The accounts affected are Ending Inventory and Cost of Goods Sold on the expenses side and the Retained Earnings account on the revenue side.The costs of the two missing HD televisions will reduce the Ending Inventory by $800 ($400 x 2), thereby increasing the Cost of Goods Sold for the period by $800.The necessary adjustments will also reduce the Retained Earnings by $800.Thus, finding that two $400 HD televisions were missing would definitely affect the two financial statements.Read more about the effects of missing inventory on the financial statements at https://brainly.com/question/17112049

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