At the end of 2022, Pepsi realized that its 2022 financial statements contained a number of errors.
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Question:
At the end of 2022, Pepsi realized that its 2022 financial statements contained a number of errors. Consider each question independently. Ignore taxes.
1. On December 20, 2022, Pepsi sold and delivered $100 of product to Walmart. Walmart paid $10 on delivery and promised to pay the remaining $90 by February 20, 2023.The product had a cost to Pepsi of $70.Pepsi made no entry for the sale and delivery on December 20th.
If needed adjustments were made to correct the error, what would be the reported amounts of change be for:
a) Total Current Assets as of December 31, 2022?
b) Net Income Attributable to PepsiCo for the year ended December 31, 2022?
Related Book For
Financial Reporting Financial Statement Analysis and Valuation a strategic perspective
ISBN: 978-1337614689
9th edition
Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
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