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On December 31, 2016, the Maggie Company recognized $15,000 in revenue from rent of $5,000 due in 2017 and $10,000 due in 2018, all collected
On December 31, 2016, the Maggie Company recognized $15,000 in revenue from rent of $5,000 due in 2017 and $10,000 due in 2018, all collected in advance from another company. Ignoring Income taxes, if this not detected a. Retained Earnings at December 31, 2017, will be understated by $15,000 b. Retained Earnings will be overstated by $15,000 until the error is discovered c. Retained Earnings at December 31, 2017, will be understated by $10,000 d. Retained Earnings at December 31, 2017, will be overstated by $10,000 
On December 31, 2016, the Maggie Company recognized $15,000 in revenue from rent of $5,000 due in 2017 and $10,000 due in 2018, all collected in advance from another company. Ignoring income taxes, if this error is not detected ORetained Earnings at December 31, 2017, will be understated by $15,000 Retained Earnings will be overstated by $15,000 until the error is discovered Retained Earnings at December 31, 2017, will be understated by $10,000 Retained Earnings at December 31, 2017, will be overstated by $10,000
On December 31, 2016, the Maggie Company recognized $15,000 in revenue from rent of $5,000 due in 2017 and $10,000 due in 2018, all collected in advance from another company. Ignoring Income taxes, if this not detected
a. Retained Earnings at December 31, 2017, will be understated by $15,000
b. Retained Earnings will be overstated by $15,000 until the error is discovered
c. Retained Earnings at December 31, 2017, will be understated by $10,000
d. Retained Earnings at December 31, 2017, will be overstated by $10,000
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