Assume no correcting entries have been made.
Refer to Exhibit 23-6.By how much was Nora's 2010 net income overstated or understated?

A) $11, 000 overstated
B) $ 7, 000 overstated
C) $ 7, 000 understated
D) $11, 000 understated

Question

Angela Ellis · Accepted Answer

Final Answer : D, Explanation :  The 2010 net income was understated by $11,000 due to the $9,000 understatement of ending inventory (which decreases net income) and the $2,000 overstatement of bad debt expense (which also decreases net income).

Assume no correcting entries have been made.
Refer to Exhibit 23-6.By how much was Nora's 2010 net income overstated or understated?

A) $11, 000 overstated
B) $ 7, 000 overstated
C) $ 7, 000 understated
D) $11, 000 understated

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Learning Objectives

Learning Objectives

Related questions

Assume no correcting entries have been made.Refer to Exhibit 23-6.By how much was Nora's 2010 net income overstated or understated?A) $11, 000 overstatedB) $ 7, 000 overstatedC) $ 7, 000 understatedD) $11, 000 understated

Definitions

Learning Objectives

Learning Objectives

Related questions

Assume no correcting entries have been made.
Refer to Exhibit 23-6.By how much was Nora's 2010 net income overstated or understated?

A) $11, 000 overstated
B) $ 7, 000 overstated
C) $ 7, 000 understated
D) $11, 000 understated