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Question 45

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Use the following information for questions.
Hudson, Inc.is a calendar-year corporation.Its financial statements for the years 2011 and 2010 contained errors as follows: Use the following information for questions. Hudson, Inc.is a calendar-year corporation.Its financial statements for the years 2011 and 2010 contained errors as follows: -Assume that no correcting entries were made at December 31, 2010.Ignoring income taxes, by how much will retained earnings at December 31, 2011 be overstated or understated? A) $1,000 understated B) $5,000 overstated C) $5,000 understated D) $9,000 understated
-Assume that no correcting entries were made at December 31, 2010.Ignoring income taxes, by how much will retained earnings at December 31, 2011 be overstated or understated?


A) $1,000 understated
B) $5,000 overstated
C) $5,000 understated
D) $9,000 understated

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