Effective leaders have a strong need to control resources

An overstated cost of goods sold of $100 will cause:

A) net income to be understated. B) net income to be overstated. C) merchandise inventory to be understated. D) None of these answers is correct.

William, a single taxpayer, has $3,500 state income tax withheld from his paychecks in 2016 . When he filed his 2016 state income tax return on April 15, 2017, he calculated and received a $600 refund. The $600 refund was received on May 27, 2017 . What are the federal tax effects of the state income tax events of 2016 and 2017? I. If his itemized deductions including state income taxes total

$6,600 in 2016, William includes $300 in gross income for 2017, II. If he did not itemize his deductions in 2016, none of the refund is included in 2017 gross income. a. Only statement I is correct. b. Only statement II is correct. c. Both statements are correct. d. Neither statement is correct.