What is the net effect of the errors in FIERY’s December 31 retained earnings balance? A. Overstated by ₱ 15,400 B. Overstated by ₱ 11,800 C. Understated by ₱ 20,300 D. Overstated by ₱ 20,300

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A:

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A: Formula for current ratio;Current ratio=Current AssetsCurrent liabilities

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A: solution The answer is presented in the table below

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