Question 33 Straightarm Inc. is a calendar-year corporation. Its financial statements for the years ended...
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Question 33 Straightarm Inc. is a calendar-year corporation. Its financial statements for the years ended 12/31/17 and 12/31/18 contained the following errors Not yet answered 2017 2018 $24,000 overstatement Points out of Ending inventory$15,000 understatement 3.00 P Flag question Depreciation expense $6,000 understatement $12,000 understatement Failed to record Unearned Revenue at 12/31/18 $7,000 2018. The dividend was paid on 1/3/19, Straigbtarm debited Retained Earnings and credited Straigbtarm declared a cash dividend of $11,000 on 12/31/18 No journal entry was made in Cash 2019 Net Income is in error by Select one: a $31,000 O b $24,000 c. $21,000 O d. $17,000 O e. $20,000
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