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

---

Definitions:

Astronomical Tables

Charts or tables listing the positions of celestial objects at various times, used for navigation, predicting eclipses, and setting calendars.

Americas

Refers to the continents of North and South America and the cultures, histories, and countries within them.

Trade Accounts

Financial records that detail transactions between a buyer and a seller, often in the context of international trade.

North America

A continent in the Northern Hemisphere, largely in the Western Hemisphere, bordered by the Arctic Ocean to the north, the Atlantic Ocean to the east, the Pacific Ocean to the west, and South America and the Caribbean Sea to the south.