King Company auditors found that the ending inventory reported on its 12/31/17 financial statements was $50,000 overstated. Indicate the effect of the error ution Select one O a. 12/31/17 retained earnings understated $50,000 O . 2017 cost of goods sold understated $50,000 OC 2017 net income understated $50,000 O d. 12/31/18 retained earnings overstated $25.000 O e 2018 beginning inventory understated $50,000 The following accounts were abstracted from Todd Company's unadjusted trial balance at December 31 Debid $300.000 Cech Accounts Receivable Allowance for Doubtful Accounts Nel Credit Sales 10.000 SROO 000 Todd Company estimates that 3% of net credit sales will become uncollectible. After adjustment at December 31, the allowance for doubtful accounts should have a credit balance of Select one: O a. $19,000 O b. 534,000 O c $10,000 O d. $24,000 O e. $9,000 On January 1, 2016, Colt Co, issued ten-year bonds with a face amount of $1,000,000 and a stated interest rate of 10% payable annually on January 1. The bonds were priced to yield 12%. The approximate total issue price of the bonds was: Select one O a $1,122,888 O b. $886,992 O c. $1,134,198 O d. $926,399 O e. $1,077,217 In preparing its August 31 bank reconciliation, Apex Corp. has available the following balance per bank and reconciling items: Balance per bank Deposit in transit Return of customer's check for insufficient funds Outstanding checks Collection from customer by bank $ 18,450 3.250 100 2.750 500 The 8/31 unadjusted cash balance per books is: Select one: O a. $ 19,350 O b. $18,550 c. $18.650 O d. $19,550 O e. $17.750 Given the following: 1/1/13 Total Assets 12/31/13 Total Assets 1/1/13 Total Liabilities 12/31/13 Total Liabilities 2013 Dividends 2013 Contributions from Owners 2013 Increase in Treasury Stock $100 $80 $37 $35 $3 $15 $18 2013 Net Loss is: Select one: O a $19 O b. $16 O c. $6 O d. $12 O e. $27