Multiple Choice
Use the following information for questions.
Giselle Ltd.is a calendar-year corporation.Its financial statements for the years 2018 and 2017 contained errors as follows: 
-Assume that no correcting entries were made at December 31, 2017.Ignoring income taxes, by how much will retained earnings at December 31, 2018 be overstated or understated?
A) $4,000 understated
B) $6,000 overstated
C) $6,000 understated
D) $15,000 understated
Correct Answer:
Verified
Correct Answer:
Verified
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