Multiple Choice
After issuing its financial statements, a company discovered that its beginning inventory was overstated by $100,000. Its tax rate is 30%. As a result of this error, net income was:
A) Understated by $70,000.
B) Overstated by $70,000.
C) Understated by $30,000.
D) Overstated by $30,000.
Correct Answer:
Verified
Correct Answer:
Verified
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