During the taking of its physical inventory on December 31, Almond Supplies Company incorrectly counted its inventory as $545,000 instead of the correct amount of $554,000. Indicate the effects of the misstatement on Almond Supplies Company’s balance sheet and income statement for the year ended December 31.

A. j. was a newly hired attorney for idle time gaming, inc. even though he reported directly to the president of the company, a. j. noticed that the president always had time to converse with the director of sales, calling on him to get a pulse on legal/regulatory issues that, as the company attorney, a. j. could have probably handled. a. j. also noted that the hr manager’s administrative assistant was the go-to person for a number of things that would make life easier at work. a. j. was recognizing the culture at idle time gaming.