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  3. during 2026, saul company discovered that the endi

During 2026, Saul Company discovered that the ending inventories reported on its financial statements were...

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Accounting

imageimage During 2026, Saul Company discovered that the ending inventories reported on its financial statements were incorrect by the following amounts: Prior to any adjustments for these errors and ignoring incomes taxes, 2025 Net Income would be: Select one: a. Correct b. $15,000 overstated c. $75,000 overstated d. $135,000 overstated e. $15,000 understated The Reddy Company made the following errors at 12/31/19 : - Paid \$6 for a one-year insurance policy in advance; debited Depreciation Expense and credited Accumulated Depreciation - Borrowed \$13 on a noncurrent Note Payable; debited Interest Revenue and credited Discount on Bond Payable - Recorded the $11 write-off of an account receivable by debiting Account Receivable and crediting Treasury Stock 2019 Net Income is in error by: Select one: a. \$17 b. \$6 c. \$3 d. \$7 e. $19

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