Question
Giselle Ltd. is a calendar-year corporation. Its financial statements for the years 2020 and 2019 contained errors as follows: 2020 2019 Ending inventory $2,000 overstated
Giselle Ltd. is a calendar-year corporation. Its financial statements for the years 2020 and 2019 contained errors as follows:
| 2020 | 2019 | |||
| Ending inventory | $2,000 overstated | $3,000 overstated | ||
| Depreciation expense | $6,000 understated | $12,000 overstated |
Assume that no correcting entries were made at December 31, 2019, or December 31, 2020 and that no additional errors occurred in 2021. Ignoring income taxes, by how much will working capital, at December 31, 2021 be overstated or understated?
|
| $0 |
|
| $4,000 overstated |
|
| $4,000 understated |
|
| $6,000 understated |
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Care And Counsel For Combat Trauma Training Program Workbook For Audit Only
Authors: Cru Military, American Association Of Christian Counselors, Light University, Karen D Watkins
1st Edition
0986363081, 978-0986363085
