The Correct 2010 Net Income for Margie Company, After Error

question 72

Multiple Choice

The correct 2010 net income for Margie Company, after error corrections, was $56, 000.Two errors were found after net income was first reported.The January 1, 2010 inventory and the December 31, 2010, inventory were overstated by $4, 000 and $9, 000, respectively.The net income that must have been originally reported was

• A)$43, 000
• B)$51, 000
• C)$61, 000
• D)$69, 000

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Definitions:

Linear Acceleration

A measure of the rate of change of velocity of an object, with respect to time, in a straight line.

Vestibular Fibers

These are nerve fibers associated with the vestibular system, which helps in the process of balance and spatial orientation.

Vestibular Canal

A part of the inner ear that contributes to the body's sense of balance and spatial orientation.

Organ of Corti

The structure within the inner ear of vertebrates that contains receptor cells that sense sound vibrations.