The accountant for Eldorado Corp. failed to make the adjusting entry to record depreciation for the…
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The accountant for Eldorado Corp. failed to make the adjusting entry to record depreciation for the current year. The effect of this error is:
a. Assets are over stated, stockholders’ equity and net income are understated.
b. Assets and expenses are understated; net income is understated.
c. Net income is overstated and liabilities are understated.
d. Assets, net income, and stockholders’ equity are all overstated.
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