Use the Following Information for Questions

question 32

Multiple Choice

Use the following information for questions.
Bishop Co.began operations on January 1, 2010.Financial statements for 2010 and 2011 con- tained the following errors:
In addition, on December 31, 2011 fully depreciated equipment was sold for $28,800, but the sale was not recorded until 2012.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, 2011 is understated by

• A)$400,800.
• B)$316,800.
• C)$184,800.
• D)$124,800.

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Definitions:

Identity Phase

A stage of development where individuals explore, question, and begin to solidify their personal identity and values.

Self-direction

The capability or act of managing and guiding one's own activities and progress, often towards personal goals.

Alternative Possibilities

In philosophy, the concept that for an action to be considered free, the individual must have been able to act otherwise in any given situation.

Marital Satisfaction

The degree of contentment and fulfillment an individual feels in their marriage, often used as a measure of the health and success of the relationship.