Biden Corp. reports on a calendar-year basis. Its 2010 and 2011 financial statements contained the following errors:

As a result of the above errors, 2011 income would be
A) overstated by $4,000.
B) overstated by $24,000.
C) overstated by $22,000.
D) overstated by $16,000.

Question

Biden Corp. reports on a calendar-year basis. Its 2010 and 2011 financial statements contained the following errors:

As a result of the above errors, 2011 income would be
A) overstated by $4,000. 
B) overstated by $24,000. 
C) overstated by $22,000. 
D) overstated by $16,000.

Quizplus · Accepted Answer

The Answer of Biden Corp. reports on a calendar-year basis. Its 2010 and 2011 financial statements contained the following errors:

As a result of the above errors, 2011 income would be
A) overstated by $4,000. 
B) overstated by $24,000. 
C) overstated by $22,000. 
D) overstated by $16,000.