If a company understates its ending inventory balance for 2016 by $15,500, what are the effects on its net income for 2017 and 2016? Effect on 2017 Net Income Effect on 2016 Net Income
a. Overstated by $15,500 Understated by $15,500
b. Understated by $15,500 Overstated by $15,500
c. Understated by $15,500 No effect
d. Overstated by $15,500 No effect
c
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