Business, 27.02.2020 18:26 tylorroundy

Dinosaur Junior Corporation purchased a one-year insurance policy in January 2015 for $75,000. The insurance policy is in effect from May 2015 through April 2016. If the company neglects to make the proper year-end adjustment for the expired insurance.

a. Net income and assets will be understated by $50,000.
b. Net income and assets will be overstated by $50,000.
c. Net income and assets will be understated by $25,000.
d. Net income and assets will be overstated by $25,000.

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Dinosaur Junior Corporation purchased a one-year insurance policy in January 2015 for $75,000. The i...