Moonland companys income statement contained the following, Ask an Expert

Accounting

Moonland Company's income statement contained the following errors:

Ending inventory, December 31, 2016, understated by $5,500

Depreciation expense for 2016 overstated by $1,100

What is the effect of the errors on 2016 net income before taxes?

Understated by $6,600.

Understated by $4,400.

Overstated by $6,600.

Overstated by $4,400.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92021503

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