A company discovered in 2013 that it had overstated the inventory balance for Dec 31, 2011 by $10,000. The company had (incorrectly) reported Net Income to be $300,000 for 2011, and $400,000 for 2012. What are the corrected Net Incomes for 2011 and 2012?

Select one:

A.

Corrected 2011 Net Income	Corrected 2012 Net Income
$310,000	$390,000

B.

Corrected 2011 Net Income	Corrected 2012 Net Income
$290,000	$390,000

C.

Corrected 2011 Net Income	Corrected 2012 Net Income
$290,000	$410,000

D.

Corrected 2011 Net Income	Corrected 2012 Net Income
$310,000	$410,000

The following journal entry is necessary upon discovery of a NSF check during a bank reconciliation:

Select one:

A.

Accounts Receivable

Cash

B.

Not Sufficient Funds Expense

Cash

C.

Miscellaneous Expense

Cash

D. No entry is necessary because the bank makes the entry.

E. None

Whitney Company received its February bank statement, which included a memo indicating that the check of Colon Company for $870 had been returned as NSF Whitney's bank reconciliation should list this check as a(n):

Select one:

A. Addition to balance per bank statement

B. Deduction from balance per bank statement

C. Addition to balance per general ledger

D. Deduction from balance per general ledger

E. None of the above