The correct 2016 net income for Magness Company, after error corrections, was $56,000. Two errors were found after net income was first reported. The January 1, 2016 inventory and the December 31, 2016, inventory were overstated by $5,000 and $10,000, respectively. What is the amount of the net income that must have been originally reported?
A) $41,000
B) $66,000
C) $71,000
D) $61,000
D
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Firms account for material errors in previously issued financial statements by retrospectively restating net income of prior periods and adjusting the beginning balance in Retained Earnings of the current period
Indicate whether the statement is true or false
Which of the following statements is true?
a. Employees resent feedback about their performance b. Employees want and need feedback about their performance c. Employees will be more productive if they are left alone to do their jobs d. Employees don't have time for regular communications with their supervisors
Which of the following is concerned with long-term planning of manufacturing activity?
A) sales and operations planning B) production activity control C) master planning D) master production scheduling E) MRP
When Best Buy advertises one price for the cost of a computer and a monitor, it is using
A. bait pricing. B. complementary product pricing. C. a one-price policy. D. product-bundle pricing. E. flexible pricing.