Pomona Company made the following errors:
Accrued wages of $7 by debiting Wages Payable and crediting Cash
Recorded the $13 payment of an Account Payable by debiting Inventory and crediting Unrealized Gain on Trading Securities
Recorded a $23 credit sale by debiting Cash and crediting Depreciation Expense
The overall effect of these errors is that Net Income is:
Select one:
a. Overstated $6
b. Understated $17
c. Overstated $20
d. Overstated $43
e. Understated $3