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By how much will net income be overstated or understated

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Question - Tessari, Ltd. is a calendar-year corporation. Its financial statements for the years 2011 and 2010 contained errors as follows:

 

2011

2010

Ending inventory

$4,000 overstated

$7,000 overstated

Depreciation Expense

$2,000 understated

$8,000 overstated

Assume that the proper correcting entries were made at December 31, 2010. By how much will 2011 net income be overstated or understated?

1. $2,000 overstated

2. $2,000 understated

3. $6,000 overstated

4. $1,000 understated

5. $4,000 overstated

Reference no: EM133084958

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