Cullumber Corp. is a calendar-year corporation whose financial statements for 2022 and 2023 included errors as follows:
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Cullumber Corp. is a calendar-year corporation whose financial statements for 2022 and 2023 included errors as follows:
Year | Ending Inventory | Depreciation Expense | |
2022 | $36300 overstated | $29500 overstated | |
2023 | 11900 understated | 10500 understated |
Assume that purchases were recorded correctly and that no correcting entries were made at December 31, 2022 or December 31, 2023. Ignoring income taxes, by how much should Cullumber's retained earnings be retrospectively adjusted at January 1, 2024?
Related Book For
Financial Reporting And Analysis
ISBN: 9781260247848
8th Edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
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