Answer Happy

During the taking of its physical inventory on December 31, 2014, Barry's Bike Shop incorrectly counted its inventory as $226,167.00 instead of the correct amours of $172,825.00 What would be the effect on the balance sheet and income statement? Select the correct answer. O assets overstated by $57,362.00 retained earnings understated by $52.362.00 net income statement understated by $52,362.00 Oassets overstated by $226,1117.00 retained earnings understated by $173,825.00 no effect on the inconie statement O assets and retained earnings overstated by $52.362.00 net income overstated by $52.362.00 O assets and retained sarnings overstated by $175.825.00 net income understated by $226,187.00 PIEVOQUE NEXT