Newsman Co. made the following errors in counting its year-end physical inventories: 2012 ............................................................. $ 60,000 overstatement

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Newsman Co. made the following errors in counting its year-end physical inventories:

2012 ............................................................. $ 60,000

overstatement 2013 ................................... 108,000

understatement 2014 .................................. 90,000 overstatement.

As a result of the above undetected errors, 2014 income was

a. understated by $18,000.

b. overstated by $198,000.

c. overstated by $18,000.

d. understated by $198,000.

Related Book For answer-question

Accounting Tools for Business Decision Making

ISBN: 978-1118128169

5th edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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Posted Date: Jan 20, 2021 08:34 AM

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Newsman Co. made the following errors in counting its year-end physical inventories: 2012 ............................................................. $ 60,000 overstatement

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Accounting Tools for Business Decision Making

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