ADVANCED ACCT.,SEL.CH.-W/ACCESS>CUSTOM<
14th Edition
ISBN: 9781307566574
Author: Hoyle
Publisher: MCG
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Subject: Financial Accounting A manufacturing company failed to make a year-end accrual of $280,000 for environmental penalties. Its tax rate is 35%. As a result of this error, net income was: (a) Unaffected (b) Overstated by $182,000 (c) Overstated by $98,000 (d) Overstated by $280,000
Matrix Solutions reported net income of $350,000.
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