Explain how much will working capital at december

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Reference no: EM13130595

can you same time explain to me the concept too

Question:

2011 ending inventory $3000 Overstated, Depreciation Expense $2000 Understated.
2010 ending inventory $8000 Overstated, Depreciation Expense $6000 overstated.

Questions as following:

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

2. Assume that no correcting entries were made at December 31, 2010. Ignoring income taxes, by how much will retained earnings at December 31, 2011 be overstated or understated?

3. Assume that no correcting entries were made at December 31, 2010, or December 31, 2011 and that no additional errors occurred in 2012. Ignoring income taxes, by how much will working capital at December 31, 2012 be overstated or understated?

Reference no: EM13130595

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