Multiple Choice
What is the effect of the error on Berkshire's 12/31/2013 balance sheet?
A) There are no errors in the 12/31/2013 balance sheet.
B) Assets understated by $600,000 and shareholders' equity understated by $600,000.
C) Assets understated by $420,000 and shareholders' equity understated by $420,000.
D) Liabilities understated by $180,000 and shareholders' equity overstated by $420,000.
Correct Answer:
Verified
Correct Answer:
Verified
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