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

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Reference no: EM133183016

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

Ending inventory, December 31, 2020, understated by $4,000.

Insurance expense for 2020 overstated by $ 3,000.

What is the effect of the errors on 2020 net income before taxes?

Understated by $1,000

Overstated by $7,000

Understated by $7,000

Overstated by $1,000

Reference no: EM133183016

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