Jackson Roper fraudulently overstated its December 31, 2016 inventory by $8,000. As a result of this overstatement,
A) the 2016 earnings per share is overstated.
B) the 2016 current ratio is understated.
C) the 2016 cost of goods sold amount is overstated.
D) net income is overstated for 2017, and net income for 2016 is correct.
Correct Answer:
Verified
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