Cheyenne Suppliers reported cost of goods sold for 2017 of $650.000 and retained earnings of $1,490,000 at December 31, 2017. Cheyenne later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $37,000 and $67,800. respectively. Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings. Retained Earnings Corrected amounts $ COGS $
Cheyenne Suppliers reported cost of goods sold for 2017 of $650.000 and retained earnings of $1,490,000 at December 31, 2017. Cheyenne later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $37,000 and $67,800. respectively. Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings. Retained Earnings Corrected amounts $ COGS $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Cheyenne Suppliers reported cost of goods sold for 2017 of $650.000 and retained earnings of $1,490,000 at December 31, 2017.
Cheyenne later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $37,000 and $67,800.
respectively.
Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings.
Retained Earnings
Corrected amounts $
COGS
$
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