NO extensions Angie, When completing the ending inventory, one must be careful

NO extensions
Angie,
When completing the ending inventory, one must be careful not to over
or understate because this will cause an impact to the balance sheet. If
the inventory is overstated the impact will causes total assets, current
assets and retained earnings to also be overstated. This shows the
balance sheet to be “stronger” because of the overstatements. If the
inventory is understated the impact will cause understated net income,
understated assets, overstated cost of goods and understated equity. No
matter which mistake is made, the balance sheet will be greatly
impacted.