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1 .Given the following Ending Inventory errors for the Portland Company: Year Ending Inventory Error 2020 Overstated $40 2021 Understated $30 Indicate the error in
1.Given the following Ending Inventory errors for the Portland Company:
Year | Ending Inventory Error |
2020 | Overstated $40 |
2021 | Understated $30 |
Indicate the error in the following items:
Select one:
a.
2022 Net Income | 12/31/21 Retained Earnings |
Overstated $30 | Understated $30 |
b.
2022 Net Income | 12/31/21 Retained Earnings |
Understated $30 | Overstated $30 |
c.
2022 Net Income | 12/31/21 Retained Earnings |
No error | Overstated $70 |
d.
2022 Net Income | 12/31/21 Retained Earnings |
No error | No error |
e.
2022 Net Income | 12/31/21 Retained Earnings |
No error | Understated $70 |
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