Question 21 of 34Genius Company reported an Accumulated Profits and Losses balance of P300,000 at December 31, 2014. In June 2015, Genius discovered that merchandisecosting PI00,000 had not been included in inventory in its 2014 financial statements. Assume Genius has 32% tax rate.What amount should Genius report as adjusted beginning Accumulated Profits and Losses on January 1, 2015?Select the correct response:P232,000P300,000P368,000P400,000< PreviousContinue >

1. Accumulated profit as on December 31, 2014 is already after tax. 2.…

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What amount should Genius report as adjusted beginning Accumulated Profits and Losses on January 1, 2015?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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