MC.04-115

Ex.06-145.Algo

TF.05-21

MC.04-144

MC.04-113.Algo

MC.05-76

MC.04-88

Ex.05-173.Guided

MC.04-99

TF.04-04

MC.06-104

TF.05-04

Ex.06-131.Algo

Ex.04-178.Algo

TF.06-15

MC.06-98

TF.04-52

TF.06-01

MC.06-60

TF.04-70

TF.04-38

MC.04-102

MC.05-105

Ex.05-212.Guided

Ex.05-167

MC.04-136

MC.06-50

Ex.05-176

Ex.05-186

Ex.05-175.Guided

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Inventory at the end of the year was inadvertently overstated. Which of the following statements correctly states the effect of the error on net income, assets, and stockholders' equity?

A net income is understated, assets are understated, and stockholders' equity is overstated

B net income is overstated, assets are overstated, and stockholders' equity is overstated

C net income is understated, assets are understated, and stockholders' equity is understated

D net income is overstated, assets are overstated, and stockholders' equity is understated