Business, 20.08.2021 04:10 donaldwilliams31
Yellow Inc. is a calendar-year corporation. Its financial statements for the years ended 12/31/12 and 12/31/13 contained the following errors:
2012 2013
Ending inventory $15,000 overstatement $30,000 overstatement
Salary expense 10,000 understatement 16,000 understatement
Assume that no correcting entries were made at 12/31/12, or 12/31/13. Ignoring income taxes, by how much will retained earnings at 12/31/13 be overstated or understated?
Answers: 3
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Yellow Inc. is a calendar-year corporation. Its financial statements for the years ended 12/31/12 an...
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