Reference no: EM132604201
Peach Inc.'s financial statements for the years 2019 and 2020 contained errors as follows:
2019 2020
Ending Inventory $ 3,000 understated $ 5,000 overstated
Depreciation Expense 5,500 overstated 3,500 overstated
Question 1: Assuming that the errors made in 2019 were corrected, but that the errors made in 2020 were not detected, by what amount will 2020 income before taxes be overstated or understated?
Option 1: $1,500 understated
Option 2: $1,500 overstated
Option 3: $8,500 overstated
Option 4: $5,000 overstated
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