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Current Attempt in Progress Flint Enterprises Ltd. reported cost of goods sold for 2023 of $2.3 million and retained earnings of $4.4 million at December 31, 2023. Flint later discovered that its ending inventories at December 31, 2022 and 2023, were overstated by $160,000 and $42,000, respectively. Determine the correct amounts for 2023 cost of goods sold and December 31, 2023 retained earnings. Corrected cost of goods sold Corrected 12/31/23 retained earnings $ $

Current Attempt in Progress Flint Enterprises Ltd. reported cost of goods sold for 2023 of $2.3 million and retained earnings of $4.4 million at December 31, 2023. Flint later discovered that its ending inventories at December 31, 2022 and 2023, were overstated by $160,000 and $42,000, respectively. Determine the correct amounts for 2023 cost of goods sold and December 31, 2023 retained earnings. Corrected cost of goods sold Corrected 12/31/23 retained earnings $ $

FINANCIAL ACCOUNTING
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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Current Attempt in Progress Flint Enterprises Ltd. reported cost of goods sold for 2023 of $2.3 million and retained earnings of $4.4 million at December 31, 2023. Flint later discovered that its ending inventories at December 31, 2022 and 2023, were overstated by $160,000 and $42,000, respectively. Determine the correct amounts for 2023 cost of goods sold and December 31, 2023 retained earnings. Corrected cost of goods sold Corrected 12/31/23 retained earnings $
Transcribed Image Text:Current Attempt in Progress Flint Enterprises Ltd. reported cost of goods sold for 2023 of $2.3 million and retained earnings of $4.4 million at December 31, 2023. Flint later discovered that its ending inventories at December 31, 2022 and 2023, were overstated by $160,000 and $42,000, respectively. Determine the correct amounts for 2023 cost of goods sold and December 31, 2023 retained earnings. Corrected cost of goods sold Corrected 12/31/23 retained earnings $
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