Multiple Choice
On December 31, 2013, Owen Corporation overstates the ending inventory account by $4,000. How will this affect Retained Earnings in the December 31, 2014 balance sheet?
A) Retained Earnings will be overstated by $4,000.
B) Retained Earnings will be understated by $4,000.
C) Retained Earnings will be correctly stated.
D) Cannot be determined with the above information.
Correct Answer:
Verified
Correct Answer:
Verified
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