If the Inventory Reported on a Gottleib Company's Statement of Financial

question 26

Multiple Choice

If the inventory reported on a Gottleib Company's statement of financial position at December 31, 2013 is overstated by €1,200,000, the company's retained earnings balance at December 31, 2014 will be

• A) understated by €1,200,000.
• B) correct.
• C) overstated by €1,200,000.
• D) need more information to determine.