Harold Company overstated its inventory by ($ 15,000) at December 31, 2024. It did not correct the
Question:
Harold Company overstated its inventory by \(\$ 15,000\) at December 31, 2024. It did not correct the error in 2024 or 2025 . As a result, Harold's stockholders' equity was:
a. overstated at December 31, 2024, and understated at December 31,2025 .
b. overstated at December 31, 2024, and properly stated at December 31, 2025.
c. understated at December 31, 2024, and understated at December 31, 2025
d. overstated at December 31, 2024, and overstated at December 31,2025 .
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b Stockholders equity is overstated by 15000 at December 312024 and is properly stated at December 31 ...View the full answer
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Authors: Paul D. Kimmel, Jerry J. Weygandt, Jill E. Mitchell
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