Wyfker Company and Mularkey Company Have Separate Incomes of $38,500

question 158

Multiple Choice

Wyfker Company and Mularkey Company have separate incomes of $38,500 and $42,500,respectively.They had intercompany purchases and sales of $15,000 and intercompany interest of $1,500.Consolidated net income would be

• A) $64,500.
• B) $81,000.
• C) $37,000.
• D) $23,500.

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Definitions:

Fraud

An intentional deception made for personal gain or to damage another individual.

Misrepresentation

A false statement of fact made by one party to another, which, while inducing that party to enter into a contract, leads to its breach.

Misleading Statement

False or deceptive information that can lead someone to an incorrect understanding or belief.

Expression of Opinion

The act of stating or sharing one's thoughts, beliefs, or judgements without the intention of stating a fact.