23For the three consecutive years, the River Company failed to recognize accruals, prepayments, and other4transactions in its records. Reported profits and a listing of errors appear below.201820192020Reported profit (loss)a. Failed to record accrued expensesc. Overstated ending inventoriesc. Failed to record accrued interest on notes receivabled. Failed to recognize unearned rente. Failed to record purchases on account; purchases were recordedwhen paid in the subsequent year; merchandise properly included inending inventoryf. Repairs and maintenance incurred during the year capitalized aspart of asset cost. Full year depreciation at an annual rate of 10% is7P490,000 P670,000 P(320,000)834,00028,00043,000963,00028,00036,0001012,0006,0008,0001124,00020,00018,0001225,00020,000131415120,00080,0001617provided in the year that the asset is recognized.18g. Failed to recognized insurance at yearend4,8006,2007,8001920a. Prepare a schedule to correct the reported profit for each year212223b. Prepare the necessary correcting entries in 2020, assuming that the books for 2020 are still open.24

The errors in reporting in prior periods needs to be adjusted in retained earnings.

Answered: a. Prepare a schedule to correct the…

a. Prepare a schedule to correct the reported profit for each year b. Prepare the necessary correcting entries in 2020, assuming that the books for 2020 are still open.

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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