Hudson, Inc. is a calendar-year corporation. Its financial statements for the years 20 I 5 contained errors as follows: (I) By how much will 20 I 5 income before taxes be overstated or understated? (2) By how much will current asset at December 31, 2015 be overstated or understated?
Part C. (4 marks) Hudson, Inc. is a calendar-year corporation. Its financial statements for the years 2015 contained errors as follows: 2015 Ending inventory $3,000 overstated Depreciation expense $2,000 understated (1) By how much will 2015 income before taxes be overstated or understated? (2) By how much will current asset at December 31, 2015 be overstated or understated?
