Harold Company overstated its inventory by $15,000 at December 31, 2011. It did not correct the…

Harold Company overstated its inventory by $15,000 at December 31, 2011. It did not correct the error in 2011 or 2012. As a result, Harold’s owner’s equity was:

a. overstated at December 31, 2011, and understated at December 31, 2012.

b. overstated at December 31, 2011, and properly stated at December 31, 2012.

c. understated at December 31, 2011, and understated at December 31, 2012.

d. overstated at December 31, 2011, and overstated at December 31, 2012.

"Is this question part of your assignment? We can help"

ORDER NOW

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *