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What amount should be reported as net effect of the errors

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Reference no: EM133054004

Question - Saturn Company reported the following errors:

 

2020

2021

Ending inventory

50,000 understated

100,000 overstated

Depreciation expense

150,000 overstated

200,000 overstated

None of the errors were detected or corrected and that no additional errors were made in 2022.

Required -

1. What amount should be reported as net effect of the errors on retained earnings on December 31, 2021?

a. 150,000 overstated

b. 150,000 understated

c. 250,000 overstated

d. 250,000 understated

2. By what amount would current assets on December 31, 2022 be overstated or understated?

a. 100,000 understated

b. 100,000 overstated

c. 50,000 overstated

d. 0

Reference no: EM133054004

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