Exhibit 22-6 North Company has a fiscal year ending on December 31. Its financial statements for the years ended December 31, 2014 and 2015 contained the following errors: Assume no correcting entries have been made.
-Refer to Exhibit 22-6. By how much was North's 2015 net income overstated or understated?
A) $23,000 understated
B) $14,000 overstated
C) $ 7,000 understated
D) $35,000 overstated

Question

Exhibit 22-6 North Company has a fiscal year ending on December 31. Its financial statements for the years ended December 31, 2014 and 2015 contained the following errors: Assume no correcting entries have been made.
-Refer to Exhibit 22-6. By how much was North's 2015 net income overstated or understated?
A) $23,000 understated 
B) $14,000 overstated 
C) $ 7,000 understated 
D) $35,000 overstated

Quizplus · Accepted Answer

The Answer of Exhibit 22-6 North Company has a fiscal year ending on December 31. Its financial statements for the years ended December 31, 2014 and 2015 contained the following errors: Assume no correcting entries have been made.
-Refer to Exhibit 22-6. By how much was North's 2015 net income overstated or understated?
A) $23,000 understated 
B) $14,000 overstated 
C) $ 7,000 understated 
D) $35,000 overstated

Exhibit 22-6 North Company Has a Fiscal Year Ending on December