If a Company Overstates Its Ending Inventory Balance for 2015

question 30

Short Answer

If a company overstates its ending inventory balance for 2015 by $10,000, and overstates its ending inventory balance for 2014 by $5,000 what are the effects on its net income for 2015 and 2014?

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Definitions:

Defined Benefit Plans

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Civil Rights Act

A landmark piece of federal legislation in the United States that outlaws discrimination based on race, color, religion, sex, or national origin.

Woman Engineer

A female professional engaged in the practice of engineering, which involves the application of scientific principles to design, develop, and maintain structures, machines, materials, systems, and processes.

Qualified Black Attorney

A legal professional who identifies as Black and has met the necessary education, licensing, and certification requirements in their jurisdiction.