Pharoah Enterprises reported cost of goods sold for 2017 of $1,459,100 and retained earnings of $5,510,900 at December 31, 2017. Pharoah later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $100,450 and $38,500, respectively.Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings. Corrected cost of goods sold $ Corrected 12/31/17 retained earnings $
Pharoah Enterprises reported cost of goods sold for 2017 of $1,459,100 and retained earnings of $5,510,900 at December 31, 2017. Pharoah later discovered that its ending inventories at December 31, 2016 and 2017, were overstated by $100,450 and $38,500, respectively.Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings. Corrected cost of goods sold $ Corrected 12/31/17 retained earnings $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Pharoah Enterprises reported cost of goods sold for 2017 of $1,459,100 and
Determine the corrected amounts for 2017 cost of goods sold and December 31, 2017, retained earnings.
| Corrected cost of goods sold |
$
|
|
| Corrected 12/31/17 retained earnings |
$
|
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