The accountant for Eldorado Corp. failed to make the adjusting entry to record depreciation for the…
The accountant for Eldorado Corp. failed to make the adjusting entry to record depreciation for the current year. The effect of this error is:
a. Assets are over stated, stockholders’ equity and net income are understated.
b. Assets and expenses are understated; net income is understated.
c. Net income is overstated and liabilities are understated.
d. Assets, net income, and stockholders’ equity are all overstated.
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