Eliza Company discovered the following errors in 2016: Ending inventory at December 31, 2015, was understated by $2,000. Accrued expenses of $3,000 were not recorded
Eliza Company discovered the following errors in 2016:
Ending inventory at December 31, 2015, was understated by $2,000.
Accrued expenses of $3,000 were not recorded at December 31, 2015.
Eliza reported net income of $45,000 for the year 2015. What is the amount of the corrected net income (ignoring income taxes) for 2015?
a. $45,000
b. $40,000
c. $46,000
d. $44,000
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Authors: U. S. Government Accountability Office
1st Edition
1287232027, 978-1287232025
