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Question 25 During 2015, Passage Company discovered that the ending inventories reported on its financial statements were incorrect by the following amounts: Prior to any

Question 25

During 2015, Passage Company discovered that the ending inventories reported on its financial statements were incorrect by the following amounts:

Prior to any adjustments for these errors, working capital at January 1, 2015, would be:

Select one:

a. Correct

b. $75,000 overstated

c. $15,000 overstated

d. $135,000 overstated

e. $15,000 understated

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