Multiple Choice
A $15,000 overstatement of the 2011 ending inventory was discovered after the financial statements for 2011 were prepared.How would that inventory error impact the 2011 financial status?
A) Current assets were overstated and net income was understated.
B) Current assets were understated and net income was understated.
C) Current assets were overstated and net income was overstated.
D) Current assets were understated and net income was overstated.
Correct Answer:
Verified
Correct Answer:
Verified
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