Question

Taylor Corporation 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?


$1.99
Sales1
Views69
Comments0
  • CreatedJune 15, 2015
  • Files Included
Post your question
5000