Harold Company overstated its inventory by $15,000 at December 31, 2014. It did not correct the error
Question:
Harold Company overstated its inventory by $15,000 at December 31, 2014. It did not correct the error in 2014 or 2015. As a result, Harold’s stockholders’
equity was:
(a) overstated at December 31, 2014, and understated at December 31, 2015.
(b) overstated at December 31, 2014, and properly stated at December 31, 2015.
(c) understated at December 31, 2014, and understated at December 31, 2015.
(d) overstated at December 31, 2014, and overstated at December 31, 2015.
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