2. What is the adjusted balance of retained earnings on December 31, 2021? VIXEN Corporation is in the process of adjusting the books at the end of 2021. The accounting records revealed the following information: • The entity failed to accrue sales commissions at the end of 2019 and 2020. 2019 220,000 2020 140,000 In each case, the sales commissions were paid and expensed in January of the following year. • Errors in ending inventory for the last three years: 2019 400,000 understated 2020 540,000 overstated

2. What is the adjusted balance of retained earnings on December 31, 2021? VIXEN Corporation is in the process of adjusting the books at the end of 2021. The accounting records revealed the following information: • The entity failed to accrue sales commissions at the end of 2019 and 2020. 2019 220,000 2020 140,000 In each case, the sales commissions were paid and expensed in January of the following year. • Errors in ending inventory for the last three years: 2019 400,000 understated 2020 540,000 overstated

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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