Multiple Choice
If undetected, what is the effect of this error on Berkshire's 12/31/2012 balance sheet?
A) Assets understated by $600,000 and shareholders' equity understated by $600,000.
B) Assets understated by $420,000 and shareholders' equity understated by $420,000.
C) Assets understated by $600,000, liabilities understated by $180,000, and shareholders' equity understated by $420,000.
D) None of the above is correct.
Correct Answer:
Verified
Correct Answer:
Verified
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