Taylor Corporation discovered in 2017 that it had incorrectly recorded in 2016 a cash payment of $50,000

Question:

Taylor discovered in 2017 that it had incorrectly recorded in 2016 a cash payment of $50,000 for utilities expense. The correct amount of the utilities expense was $60,000.
Requirements
1. Determine the effect of the error on the accounting equation in 2016.
2. How should this error be reported in the 2017 financial statements? Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...