Eliza Company discovered the following errors in 2016: · Ending inventory at December 31, 2015, was understated by $2,000. · Accrued expenses of $3,000 were not recorded at December 31, 2015. ? ? Eliza reported net income of $45,000 for the year 2015. What is the amount of the corrected net income (ignoring income taxes) for 2015?
A) $45,000
B) $40,000
C) $46,000
D) $44,000
D
You might also like to view...
Listening to provide emotional support is referred to as
a. appreciative listening. b. empathic listening. c. comprehensive listening. d. critical/deliberative listening.
Purchasing life insurance is an example of risk reduction
Indicate whether the statement is true or false
Which of the following statements is/are true regarding the triangular distribution?
a. It is a discrete distribution with a minimum, maximum and most likely value. b. It is more flexible and intuitive than the normal distribution. c. It is a symmetric distribution. d. All of these statements are true.
The Olympus case was unique from a corporate governance perspective because it deals with:
A. A board of directors that was completely under the influence of the CEO B. Cultural differences between Japanese management and western style of management C. Cultural differences between U.S. and non-U.S. companies D. A company that consistently overrides its internal controls and commits fraud