Business, 19.02.2020 00:19 amanda2517
McGinnis Construction is a cash-basis company with a fiscal year-end of June 30. McGinnis’ employees earn a normal weekly wage of $12,500 during a five-day work week. June 30 falls on a Thursday for the current year. McGinnis also performed services of $40,900 during the last four days of June, but they are not paid in full until July 8. As a result of operations, there will be an of McGinnis’ net income for the most recent fiscal year of .
A. overstatement; $10,000.
B. understatement; $30,900.
C. overstatement; $30,900.
D. understatement; $40,900.
Answers: 3
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McGinnis Construction is a cash-basis company with a fiscal year-end of June 30. McGinnis’ employees...
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