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? 
Definitions:
Adjusting Entries
Journal entries made at the end of an accounting period to adjust the income and expenditure records for accuracies in financial reporting.
Financial Statements
Reports that provide detailed information about a company's financial position and performance, including the balance sheet, income statement, and cash flow statement.
Accounting System
A systematic arrangement of both manual and automated accounting processes, techniques, and safeguards designed to collect, document, categorize, scrutinize, condense, elucidate, and convey precise and up-to-date financial information.
Supplies Account
An account that tracks the cost of supplies on hand and consumed by a business, which can be adjusted through adjusting entries for accurate financial reporting.
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