The current pay period ends on Friday. January 2, yet the company's fiscal year end is on
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Question:
The current pay period ends on Friday. January 2, yet the company's fiscal year end is on Wednesday, December 31. If the company does not make the proper adjusting entry to accrue payroll expenses at year end what would be live impact?
- Overstate operating income
- Understate assets
- Overstate liabilities
- Understate stockholders' equity
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