A company forgot to record accrned and unpaid wages of $500,000 at the end of period. What world be the impact of this oversight?
a. Understate net income by $500,000.
b. Overstate net income by $500,000.
c. Have no effect on net income.
d. Understate assets by $500,000.
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Overstate net income by $500,000.
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