Bethany Corp reported $80,000 of net income for 2016. The following errors were then discovered: · Ending 2016 accrued expense was overstated by $2,000. · 2016 earned revenue was overstated by $3,000. · Ending 2016 prepaid expense was overstated by $500. Ignoring income taxes, what is the correct amount of 2016 net income?
A) $85,500
B) $84,500
C) $78,500
D) $76,500
C
You might also like to view...
A customer payment of $247 was correctly posted in the general ledger but was recorded as $274 in the customer's account receivable. Describe a specific internal control procedure that would detect this error
The stage in which product ideas are presented to groups of target consumers physically or symbolically is referred to as ________
A) concept testing B) concept development C) test marketing D) marketing strategy development E) crowdsourcing
List the five guidelines for parking design described in the chapter
What will be an ideal response?
Which of the following is an example of retail advertising?
A. Advertising done by the Beef Council to stimulate the demand for beef B. Advertisement for Pink Airlines that appears in newspapers all across the country C. Advertisement of a health drink that compares its benefits to its competitor's D. Advertisement for Fizzy Cola placed in a trade magazine to promote it to food store managers E. Newspaper advertisement for a discount at a restaurant located on the outskirts of San Diego