Accrue Expenses for Southern Company
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Southern Company's accountant failed to accrue as of 12/31/03 some employee fringe benefit program expenses that were incurred in 2003 and that will be paid in 2004. The result of this omission is to:
overstate 2003 net income and understate long-term liabilities at 12/31/03.
understate 2003 expenses and current liabilities at 12/31/03.
understate 2003 expenses and overstate current liabilities at 12/31/03.
understate 2003 net income and overstate assets at 12/31/03.
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Solution Summary
The solution explains the impact of not accruing some expenses.
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