Use the Following Information for Questions 61 Through 63

question 83

Multiple Choice

Use the following information for questions 61 through 63.
Bishop Co. began operations on January 1, 2014. Financial statements for 2014 and 2015 con- tained the following errors: In addition, on December 31, 2015 fully depreciated equipment was sold for $28,800, but the sale was not recorded until 2016. No corrections have been made for any of the errors. Ignore income tax considerations.
-The total effect of the errors on the amount of Bishop's working capital at December 31, 2015 is understated by

• A) $390,800.
• B) $306,800.
• C) $174,800.
• D) $114,800.

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Definitions:

Selling Points

Key features or benefits of a product or service that are emphasized in marketing or sales efforts to attract and convince potential customers.

Academic Performance

The extent to which a student, teacher, or institution has achieved their short or long-term educational goals.

Knowledge

Information, understanding, or skill that one gets through experience or education.

Professionalism

Professionalism refers to the conduct, behavior, and attitude expected of an individual in a work or business environment, emphasizing ethics, respect, and competence.