At the end of the current year, a company overstated prepaid insurance by $80,000 and understated

At the end of the current year, a company overstated prepaid insurance by $80,000 and understated supplies expense by $100,000.  By what amount is net income for the current year overstated or understated?  Show your calculations. (Ignore taxes)

    • Posted: 6 years ago
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