A company's accounts payable department has identified that a supplier has overcharged them for a certain product.
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Question:
A company's accounts payable department has identified that a supplier has overcharged them for a certain product. The company was charged $200 per unit of the product, whereas the fair market price for the product was only $150 per unit. The supplier has overcharged the company for 50 units of the product. If the company had paid the fair market price for the product, what would be the impact on their net income?
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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