Determine the income statement and balance sheet effects of

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Karysa Co.'s real estate taxes have been increasing at the rate of 10% annually. Determine the income statement and balance sheet effects of not accruing 2010 taxes at December 31, 2010 (assuming that taxes in requirement 2 of $7,200 are not accrued and that it is not the amount of prior year taxes). (a) Current liabilities at 12/31/10 will be (Click to select)understatedoverstated by $ ? (b) Expenses for 2010 will be (Click to select)understatedoverstated by $ ?

Reference no: EM13613803

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