A broadcasting company failed to make a year-end accrual of $380,000 for fines due to a violation of FCC rules. Its tax rate is 20%. As a result of this error, net income was: Multiple Choice Unaffected. Overstated by $380,000. Overstated by $304,000. Overstated by $76,000.

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15-08-2022
Mathematics

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A broadcasting company failed to make a year-end accrual of $380,000 for fines due to a violation of FCC rules. Its tax rate is 20%. As a result of this error, net income was: Multiple Choice Unaffected. Overstated by $380,000. Overstated by $304,000. Overstated by $76,000.

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abiolataiwo2015 abiolataiwo2015 · Answer 1 · 2022-08-16T20:47:45+02:00

If a broadcasting company failed to make a year-end accrual of $380,000 for fines due to a violation of FCC rules. Its tax rate is 20%. As a result of this error, net income was: Overstated by $304,000.

Net income overstatement

Using this formula

Net income overstatement=Failed year end accrual -(Failed year end accrual×Tax rate)

Let plug in the formula

Net income overstatement=$380,000-($380,000×20%)

Net income overstatement=$380,000-$76,000

Net income overstatement=$304,000 overstated

Therefore If a broadcasting company failed to make a year-end accrual of $380,000 for fines due to a violation of FCC rules. Its tax rate is 20%. As a result of this error, net income was: Overstated by $304,000.

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