Hudson, Inc. is a calendar-year corporation. Its financial statements for the years 2015 and 2014 contained errors as follows:
2015 2014
Ending inventory $6,000 overstated $16,000 overstated
Depreciation expense $4,000 understated $12,000 overstated
Assume that no correcting entries were made at December 31, 2014, or December 31, 2015 and that no additional errors occurred in 2016. Ignoring income taxes, by how much will working capital at December 31, 2016 be overstated or understated?
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