Solved: Assuming that none of the error were detected or corrected, Accounting Basics

Assuming that none of the error were detected or corrected

Question - Financial statement for the years 2014 and 2015 contained the following errors:

2014

Ending Inventory........$6,000 understated

Depreciation expense.....$12,000 overstated

2015

Ending inventory....$9,000 overstated

Depreciation expense...$7,500 overstated

Assuming that none of the error were detected or corrected, and that no additional errors were made in 2016, by what amount will current assets at December 31, 2016 be overstated or understated?

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Accounting Basics: Assuming that none of the error were detected or corrected

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Accounting Basics: Assuming that none of the error were detected or corrected

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