A broadcasting company failed to make a year-end accrual of, Ask an Expert

Accounting

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:

1) Unaffected.
2) Overstated by$200,000.
3) Overstated by$120,000.
4) Overstated by$80,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797342

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