ACC 304 Course Great Wisdom / tutorialrank.com ACC 304 Course Great Wisdom / tutorialrank.com | Page 60

a. Accounts payable.

b. Inventory.

c. Equipment.

d. Not on the balance sheet.

28. If a company uses the periodic inventory system, what is
the impact on net income of including goods in transit f.o.b.
shipping point in purchases, but not ending inventory?