At the end of 2010, Cyber Company failed accrue salary expense payable in 2011. What was the effect of this error on 2010 ending working capital and on the ending retained earnings balance? 2010 ending Working capital...........2010 ending retained earnings O Overstated , Overstated O Understated , Understated O No effect , Overstated O Overstated , Understated On May 1, 2010 Cyber decided to change from LIFO periodic inventory system to the weighted-average periodic inventory system. Cyber is on a calendar year basis. According to the generally accepted accounting principles, the cumulative effect of the change should be determined O As of January 1, 2010 O As of May 1, 2010 O By a weighted average of the purchases O As of the earliest period presented if practicable.If the cumulative effect of applying an accounting change can be determined but the period-specific effects on all periods cannot be determined, the cumulative effect of the change should be applied to O Net income of the current year O The carrying value of the assets and liabilities at the beginning of the earliest period to which it can be applied. O The end balance of retained earnings of the earliest period presented O Retained earnings of the current year Indicate whether the following statement is correct or not.? All dividends in arrears on cumulative preferred stock must be subtracted from net income in calculating basic earnings per share. O TRUE O FALSE