Bienvenu Enterprises reported cost of goods sold for 2020 of $1,400,000 and retained earnings of $5,200,000 at
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Bienvenu Enterprises reported cost of goods sold for 2020 of $1,400,000 and retained earnings of $5,200,000 at December 31, 2020. Bienvenu later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $110,000 and $35,000, respectively. Determine the corrected amounts for 2020 cost of goods sold and December 31, 2020, retained earnings.
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Cost of goods sold as reported 1400000 Overstatement of 123119 inventor...View the full answer
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Sandhya Sharma
I hold M.Sc and M.Phil degrees in mathematics from CCS University, India and also have a MS degree in information management from Asian institute of technology, Bangkok, Thailand. I have worked at a international school in Bangkok as a IT teacher. Presently, I am working from home as a online Math/Statistics tutor. I have more than 10 years of online tutoring experience. My students have always excelled in their studies.
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Related Book For
Intermediate Accounting
ISBN: 978-1119503668
17th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel
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