Incurred special insurance costs

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Reference no: EM13543697

During December of year 1, Nile C. incurred special insurance costs but did not record these costs until payment was made during the following year. These insurance costs directly related to inventory that had been sold by December 31, year 1. What is the effect of the omission of Nile s accrued liabilities and retained earnings at December 31, year 1? Accrued Liabilities: No effect; Retained Earnings: No Effect
Accrued Liabilities: No effect; Retained Earnings: Overstated
Accrued Liabilities: Understated ; Retained Earnings: Overstated
Accrued Liabilities: Understated ; Retained Earnings: No Effect

Reference no: EM13543697

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