At the end of the fiscal year, June Company omitted the usual adjusting entry for...
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Accounting
At the end of the fiscal year, June Company omitted the usual adjusting entry for depreciation on equipment. Which of the following statements is true? Net income will be understated for the current year. Total assets will be understated at the end of the current year. expenses will be overstated at the end of the current year. The balance sheet, income statement, and statement of owner's equity will be misstated for the current year. 
At the end of the fiscal year, June Company omitted the usual adjusting entry for depreciation on equipment. Which of the following statements is true?
Net income will be understated for the current year.
Total assets will be understated at the end of the current year.
expenses will be overstated at the end of the current year.
The balance sheet, income statement, and statement of owner's equity will be misstated for the current year.
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