Multiple Choice
If the inventory reported on a Gottleib Company's statement of financial position at December 31, 2010 is overstated by €1,200,000, the company's retained earnings balance at December 31, 2011 will be
A) understated by €1,200,000.
B) correct.
C) overstated by €1,200,000.
D) need more information to determine.
Correct Answer:
Verified
Correct Answer:
Verified
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