Business, 28.08.2020 19:01 Blut07ilove

At the end of the fiscal year, the usual adjusting entry for depreciation on equipment was omitted. Which of the following statements is true? a. Total assets will be understated at the end of the current year
b. The balance sheet and income statement will be misstated but the statement of owner's equity will be correct for the current year.
c. Net income will be overstated for the current year.
d. Total liabilities and total assets will be understated.

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At the end of the fiscal year, the usual adjusting entry for depreciation on equipment was omitted....

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