A broadcasting company failed to make ayear-end accrual of $200,000 for fines du

Question

A broadcasting company failed to make ayear-end accrual of $200,000 for fines due to a violation of FCCrules. Its tax rate is 40%. As a result of this error, net incomewas: 1) Unaffected. 2) Overstated by$200,000. 3) Overstated by$120,000. 4) Overstated by$80,000. A broadcasting company failed to make ayear-end accrual of $200,000 for fines due to a violation of FCCrules. Its tax rate is 40%. As a result of this error, net incomewas: A broadcasting company failed to make ayear-end accrual of $200,000 for fines due to a violation of FCCrules. Its tax rate is 40%. As a result of this error, net incomewas: Unaffected. Overstated by$200,000. Overstated by$120,000. Overstated by$80,000. 1) Unaffected. 2) Overstated by$200,000. 3) Overstated by$120,000. 4) Overstated by$80,000.

Explanation / Answer

(1) Unaffected

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