PROBLEM 4: (ERROR CORRECTION)You are auditing the financial statements of Brin Inc. for the year 2020. The details of theunadjusted balances of its Accumulated Profit account are as follows:ACCUMULATED PROFITDateParticularsDebitCreditBalanceBeginning BalanceGain on sale of treasury sharesNet income for the yearPayment of dividends declared in 2018Paid in capital in excess of parLoss on sale of treasury sharesNet loss for the yearNet income for the yearPayment of dividends declared in 201901.01.2018500,000540,000740,000670,000690,000660,000580,000730,000640,00008.31.201840,000200,00012.31.201802.28.201970,00005.31.201920,00007.31.201930,00080,00012.31.201912.31.2020150,00012.31.202090,000Your examination disclosed the following:a. Omissions at the end of each year of the following:2017201820192020Merchandise Inventory, end| Accrued Expense4,0007,0003,0005,000b. The cost of major repairs on the company's equipment on January 1, 2018 in the amount ofP150,000 was expensed outright. Remaining life of the equipment on January 1, 2018 was 6years.c. On January 1, 2019, the company paid an operating expense in the amount of P15,000covering the period, 2019 to 2021. The company charged the entire payment as outrightexpense and no adjusting journal entry was ever made pertinent to this transaction.Compute for the following:a. Accumulated profit as of December 31, 2018 and 2020b. Profit (Loss) for the years ended December 31, 2018 and 2019

We are given the unadjusted balance of accumulated profit of Brin Inc. from 2018 to 2020. Based on…

Answered: Compute for the following: a.…

Compute for the following: a. Accumulated profit as of December 31, 2018 and 2020 b. Profit (Loss) for the years ended December 31, 2018 and 2019

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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