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Business, 17.02.2020 19:04 nisha87

At the end of the fiscal year, the usual adjusting entry to prepaid insurance to record expired insurance was omitted. Which of the following statements is true?
a. total assets at the end of the year will be understated.
b. insurance expense will be overstated
c. stockholders' equity at the end of the year will be understated.
d. net income for the year will be overstated.
e. None of the above

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