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Chapt x WP Question 9 of 30-Week 5 - Mic X + yer/index.html?launchld=dedcb620-fb66-4e12-a642-46be58491aae/question/8 Advance Auto Parts:... HESAA Welcomes Y... Google Sheets Individual Income T... karina lucid custom... credit course Harley Quinn Mad Question 9 of 30 < View Policies < -/3.5 E Current Attempt in Progress Sheridan, Inc. has had some turnover in its parts inventory area. As a result, some inventory counting errors have been made in taking the physical ending inventory in the last two fiscal years. Its financial statements for the years 2026 and 2025 contained errors as follows: Fiscal 2026 Fiscal 2025 Ending inventory $2200 understated $16700 overstated Sheridan has a 9/30 fiscal year-end. Assume that no correcting entries were made and that no additional errors occurred in fiscal 2027. Ignoring income taxes, by how much will income be overstated or understated at 9/30/26? O $14500 overstated O $2200 understated O $18900 understated O $2200 overstated

Chapt x WP Question 9 of 30-Week 5 - Mic X + yer/index.html?launchld=dedcb620-fb66-4e12-a642-46be58491aae/question/8 Advance Auto Parts:... HESAA Welcomes Y... Google Sheets Individual Income T... karina lucid custom... credit course Harley Quinn Mad Question 9 of 30 < View Policies < -/3.5 E Current Attempt in Progress Sheridan, Inc. has had some turnover in its parts inventory area. As a result, some inventory counting errors have been made in taking the physical ending inventory in the last two fiscal years. Its financial statements for the years 2026 and 2025 contained errors as follows: Fiscal 2026 Fiscal 2025 Ending inventory $2200 understated $16700 overstated Sheridan has a 9/30 fiscal year-end. Assume that no correcting entries were made and that no additional errors occurred in fiscal 2027. Ignoring income taxes, by how much will income be overstated or understated at 9/30/26? O $14500 overstated O $2200 understated O $18900 understated O $2200 overstated

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Chapt x WP Question 9 of 30-Week 5 - Mic X + yer/index.html?launchld=dedcb620-fb66-4e12-a642-46be58491aae/question/8 Advance Auto Parts:... HESAA Welcomes Y... Google Sheets Individual Income T... karina lucid custom... credit course Harley Quinn Mad Question 9 of 30 < View Policies < -/3.5 E Current Attempt in Progress Sheridan, Inc. has had some turnover in its parts inventory area. As a result, some inventory counting errors have been made in taking the physical ending inventory in the last two fiscal years. Its financial statements for the years 2026 and 2025 contained errors as follows: Fiscal 2026 Fiscal 2025 Ending inventory $2200 understated $16700 overstated Sheridan has a 9/30 fiscal year-end. Assume that no correcting entries were made and that no additional errors occurred in fiscal 2027. Ignoring income taxes, by how much will income be overstated or understated at 9/30/26? O $14500 overstated O $2200 understated O $18900 understated O $2200 overstated
Transcribed Image Text:Chapt x WP Question 9 of 30-Week 5 - Mic X + yer/index.html?launchld=dedcb620-fb66-4e12-a642-46be58491aae/question/8 Advance Auto Parts:... HESAA Welcomes Y... Google Sheets Individual Income T... karina lucid custom... credit course Harley Quinn Mad Question 9 of 30 < View Policies < -/3.5 E Current Attempt in Progress Sheridan, Inc. has had some turnover in its parts inventory area. As a result, some inventory counting errors have been made in taking the physical ending inventory in the last two fiscal years. Its financial statements for the years 2026 and 2025 contained errors as follows: Fiscal 2026 Fiscal 2025 Ending inventory $2200 understated $16700 overstated Sheridan has a 9/30 fiscal year-end. Assume that no correcting entries were made and that no additional errors occurred in fiscal 2027. Ignoring income taxes, by how much will income be overstated or understated at 9/30/26? O $14500 overstated O $2200 understated O $18900 understated O $2200 overstated
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