Use the following information for questions 92 through 94.
Hudson, Inc. is a calendar-year corporation. Its financial statements for the years 2015 and 2014 contained errors as follows:
-Assume that no correcting entries were made at December 31, 2014. Ignoring income taxes, by how much will retained earnings at December 31, 2015 be overstated or understated?
A) $ 2,000 understated
B) $15,000 overstated
C) $15,000 understated
D) $18,000 understated

Question

Use the following information for questions 92 through 94.
Hudson, Inc. is a calendar-year corporation. Its financial statements for the years 2015 and 2014 contained errors as follows: 
-Assume that no correcting entries were made at December 31, 2014. Ignoring income taxes, by how much will retained earnings at December 31, 2015 be overstated or understated?
A) $ 2,000 understated 
B) $15,000 overstated 
C) $15,000 understated 
D) $18,000 understated

Quizplus · Accepted Answer

The Answer of Use the following information for questions 92 through 94.
Hudson, Inc. is a calendar-year corporation. Its financial statements for the years 2015 and 2014 contained errors as follows: 
-Assume that no correcting entries were made at December 31, 2014. Ignoring income taxes, by how much will retained earnings at December 31, 2015 be overstated or understated?
A) $ 2,000 understated 
B) $15,000 overstated 
C) $15,000 understated 
D) $18,000 understated

Use the Following Information for Questions 92 Through 94