Homework Clinic
Social Science Clinic => Accounting => Topic started by: a0266361136 on Feb 18, 2020
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Cyrus Corp. inadvertently recorded a $5,000 betterment as an ordinary repair. Which of the following will occur as a result of this mistake?
◦ Assets will be understated by $5,000.
◦ Net income will be overstated by $5,000.
◦ Assets will be overstated by $5,000.
◦ Retained Earnings will be overstated by $5,000.
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Assets will be understated by $5,000.
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thank you