Kerby Company’s December 31 year-end financial statements contained the following errors:
An insurance premium of $66,000 was prepaid in 2014 covering the years 2014, 2015, and 2016. The entire amount was charged to expense in 2014. In addition, on January 3, 2016, fully depreciated machinery was sold for $15,000 cash, but the entry was recorded in 2015.
Compute the total effect of the errors on Retained Earnings at 12/31/16
a) $7,000 overstated
b) $15,000 overstated
c) $7,000 understated
d) $37,000 overstated
e) $22,000 understated
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