Ranger Company Uses a Periodic Inventory System

question 70

Multiple Choice

Ranger Company uses a periodic inventory system.If the company's beginning inventory in the current year is overstated,and that is the only error in the current year,then the company's income for the current year will be

• A) understated and assets correct.
• B) understated and assets overstated.
• C) overstated and assets overstated.
• D) understated and assets understated.

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