If you give wrong answer I will give you unhelpful rate A broadcasting company failed to make ayear-end accrual of $200,000 for fines due toa violation of FCC rules. Its tax rate is 40%. Asa result of this error, net income was:a) Unaffected.b) Overstated by $200,000.c) Overstated by $120,000.d) Overstated by $80,000.

Given:Fine not accrued: $200,000Tax rate: 40% or 0.401. Accrued Expense Impact: The company should…

Answered: A broadcasting company failed to make a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A broadcasting company failed to make a year-end accrual of $200,000 for fines due to a violation of FCC rules. Its tax rate is 40%. As a result of this error, net income was: a) Unaffected. b) Overstated by $200,000. c) Overstated by $120,000. d) Overstated by $80,000.