Q-mart failed to include inventory that was kept in a separate warehouse in its 12/31 end-of-the-period inventory count. Consequently,
Q-mart neglected to include inventory that was stored in a separate warehouse in its inventory count as of December 31. As a result, the ending inventory reported on the balance sheet for that date was understated. Please explain how this error will impact the income statement. Specifically, consider how the understatements of assets and equity may affect the financial reporting.
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