Galaxy Incorporated's financial statements for the years 2011 and 2012 contained the following errors:

Assuming that none of the errors were detected or corrected, and that no additional errors were made in 2013, by what amount will current assets at December 31, 2013, be overstated or understated?

Question

Galaxy Incorporated's financial statements for the years 2011 and 2012 contained the following errors:

Assuming that none of the errors were detected or corrected, and that no additional errors were made in 2013, by what amount will current assets at December 31, 2013, be overstated or understated?

Quizplus · Accepted Answer

The Answer of Galaxy Incorporated's financial statements for the years 2011 and 2012 contained the following errors:

Assuming that none of the errors were detected or corrected, and that no additional errors were made in 2013, by what amount will current assets at December 31, 2013, be overstated or understated?

Galaxy Incorporated's Financial Statements for the Years 2011 and 2012