If ending inventory for the year ended December 31,2019,is understated,this error will cause owners' equity to be:
A) overstated at the end of 2019 and understated at the end of 2020.
B) understated at the end of 2019 and overstated at the end of 2020.
C) overstated at the end of 2019 and correctly stated at the end of 2020.
D) understated at the end of 2019 and correctly stated at the end of 2020.
Correct Answer:
Verified
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