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Find what amount will income before income taxes be

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Reference no: EM132736823

The Chalet Inc. is a calendar-year corporation. Its financial statements for the years ended 12/31/17 and 12/31/18 contained the following errors:

                                  2017                                          2018

Ending inventory    $11,000 understatement     $14,000 overstatement
Advertising expense  9,500 overstatement        11,500 understatement

Problem 1: Assume that the 2017 errors were not corrected and that no errors occurred in 2016. By what amount will 2017 income before income taxes be overstated or understated?

Option 1: $2,000 overstatement
Option 2: $5,000 understatement
Option 3: $9,500 overstatement
Option 4: $20,500 understatement

Reference no: EM132736823

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