Question
At the end of the current year, a company failed to accrue interest of $430,000 on its investments in municipal bonds. Its tax rate is
| At the end of the current year, a company failed to accrue interest of $430,000 on its investments in municipal bonds. Its tax rate is 30%. As a result of this error, net income is: |
Understated by $430,000.
Understated by $301,000.
Unaffected.
Understated by $129,000.
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Survey of Accounting
Authors: Carl S Warren
5th Edition
9780538489737, 538749091, 538489731, 978-0538749091
