In 2011, Winslow International, Inc.'s controller discovered that ending inventories for 2009 and 2010 were overstated by
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In 2011, Winslow International, Inc.'s controller discovered that ending inventories for 2009 and 2010 were overstated by $200,000 and $500,000, respectively. Determine the effect of the errors on retained earnings at January 1, 2011. (Ignore income taxes.)
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The 2009 error caused 2009 net income to be overstated but since 2009 ending inventory is 2010 begi...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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