Harold Company overstated its inventory by ($ 15,000) at December 31, 2016. It did not correct the

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Harold Company overstated its inventory by $\$ 15,000$ at December 31, 2016. It did not correct the error in 2016 or 2017. As a result, Harold's stockholders' equity was:

(a) overstated at December 31, 2016, and understated at December 31, 2017.

(b) overstated at December 31, 2016, and properly stated at December 31, 2017.

(c) understatedat December 31, 2016, andunderstated at December 31, 2017.

(d) overstated at December 31, 2016, and overstated at December 31, 2017.

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Financial Accounting Tools For Business Decision Making

ISBN: 9781119316022

8th Edition

Authors: Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt

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Question Posted: Jun 24, 2024 01:06 AM

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Harold Company overstated its inventory by ($ 15,000) at December 31, 2016. It did not correct the

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Financial Accounting Tools For Business Decision Making

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