If ending inventory for the year ended December 31,2015,is understated,this error will cause owners' equity to be:
A) overstated at the end of 2015 and understated at the end of 2016.
B) understated at the end of 2015 and overstated at the end of 2016.
C) overstated at the end of 2015 and correctly stated at the end of 2016.
D) understated at the end of 2015 and correctly stated at the end of 2016.
Correct Answer:
Verified
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