What is the effect of the foregoing errors on retained earnings at December 31, 2011?A. P 22,000 overstatedB. P 38,000 understatedC. P 67,000 overstatedD. P 82,000 overstated Robi Corporation reported profit for the years 2012 and 2011 at P700,000 and P550,000,respectively. Your audit of the company's accounts disclosed the need for adjustments as follows:20112012Overstatement of ending inventoriesdue to error in pricingOmission of depreciation on newly-acquired equipmentUnderstatement of Commission receivableP 29,000P 33,00015,00022,00015,00018,000A purchase of merchandise was not recordeduntil the following year, and also was notincluded in the ending inventory.60,000

Assets - treated as income so added to the net income except for beginning inventory because it will…

Answered: P 67,000 overstated D. P 82,000…

Business

Accounting

P 67,000 overstated D. P 82,000 overstat

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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22. Subject :- Accounting
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Prepare the statement of retained earnings with the information attached.
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18 A company understated its income and accounts receivable last year by $5,000 Which entry should be made in the current year to correct this material error? O Debit Sales for $5,000; Credit Retained Earnings for $5,000 O Debit Accounts Receivable for $5,000; Credit Retained Earnings for $5,000 Debit Retained Earnings for $5,000; Credit Accounts Receivable for $5,000 Debit Retained Earnings for $5,000; Debit Sales for $5,000
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I followed the formulas per my textbook and cannot figure these practice questions out. Can you help me figure out what I am doing wrong?
Exercise 10-9 (Static) Find missing amounts for retained earnings (LO10-5) Consider each of the following independent situations: Required: For each situation, calculate the missing amount. a. b. C. d. 69 69 69 $ $ Beginning Retained Earnings Net Income for Dividends for the Year the Year 320,000 $ 120,000 $ 540,000 $ 230,000 290,000 S LA 69 170,000 $ 20,000 $ 50,000 $ 30,000 69 Ending Retained Earnings 700,000 360,000 490,000
Cash Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable (due 2032) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense Debit ? 1,310 1,110 48,110 1,060 9,110 1,510 1,310 Credit $ 4,110 10,110 610 2,110 9,110 10,110 25,110 10,110