Effects on net income, At December 31, 2008, McGovern

Effects on net income

Reference no: EM1357879

At December 31, 2008, McGovern Company overstated ending inventory by $50,000. How does this error affect net income for 2009?

- Has no effect on Net Income
- Overstates Net Income by $50,000
- Understates Net Income by $50,000
- None of the above

Reference no: EM1357879

Questions Cloud

What is the rate of inflation of the us dollar : What is the rate of inflation of the U.S. dollar is 5% and the rate of inflation of the Japanese yen is 2%. What is the percent change in the real $/Y exchange rate.

Crisis situation in the field of counseling : How was it for you to respond to a crisis situation in the field of counseling or related field.

Describe the functions of managerial accounting : A VP of operations has asked you to make recommendations at the weekly status meeting on how to improve the efficiency and effectiveness of each producing sub processes individually and as a whole.

Civil rights acts of 1964 and 1991 : Show the major tenets of Title VII of the Civil Rights Acts of 1964 and the Civil Rights Act of 1991. Then, take on the role of supervisor of a unit in a computer software company

Effects on net income : At December 31, 2008, McGovern Company overstated ending inventory by $50,000. How does this error affect net income for 2009?

Informative-supportive suicide sites : While many websites are extremely informative and supportive, some contain inaccurate or insensitive information.

How to use dss tool to support business : This is an interesting DSS tool where you can view yourself walking or driving down a street in San Francisco or Seattle. If you operated a business in this city how could you use this tool to support your business.

Term paper for management of strategic operation : Management of Strategic Operation, You are required to complete a project that reveals mastery in application of the operations management concepts emphasised in the course. This involves reporting on a specific operation or process for an organisa..

Determining interest revenue : Chase Bank loans P+P Company $120,000 on a 1 year promissory note on July 1, 2009. The interest rate of this loan is 12%. The principle and interest are due in one year. The journal entry to accrue interest earned on 12-31-09 is:

User Account

All Pages