Question: MODULE 7 - Post-test ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES & ERRORS 1. Moon Corp presented the following information 2019 2020 Ending inventory 130,000 overstated

MODULE 7 - Post-test ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES & ERRORS 1. Moon Corp presented the following information 2019 2020 Ending inventory 130,000 overstated 180,000 understated Utilities expense 110,000 understated 125,000 overstated Rent expense 120,000 understated 110,000 overstated What amount would 2020 net income be overstated or understated if none of the errors were detected or corrected? a. 360,000 overstated b. 360,000 understated c. 545,000 overstated d. 545,000 understated

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