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What is the effect of the errors on net income

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Reference no: EM132534928

Question - Moonland Company's income statement contained the following errors:

Ending inventory, December 31, 2016, understated by $6,000

Depreciation expense for 2016 overstated by $1,000

What is the effect of the errors on 2016 net income before taxes?

a. Overstated by $5,000.

b. Understated by $5,000.

c. Understated by $7,000.

d. Overstated by $7,000.

Reference no: EM132534928

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