Quick Pies Ltd. was set to report its financial statements for the year ended December 31, 2014,

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Quick Pies Ltd. was set to report its financial statements for the year ended December 31, 2014, along with the comparative financial statements for 2013. Just prior to doing so, it discovered it had unintentionally overstated depreciation expense and understated the carrying amount of capital assets by $50,000 when it originally reported its 2013 financial statements last year. What must Quick Pies do to deal with this misstatement?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Financial Accounting

ISBN: 978-0133472264

5th Canadian edition

Authors: Charles Horngren, William Thomas, Walter Harrison, Greg Berberich, Catherine Seguin

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