In 2013, Winslow International, Inc.s controller discovered that ending inventories for 2011 and 2012 were overstated by
Question:
In 2013, Winslow International, Inc.’s controller discovered that ending inventories for 2011 and 2012 were overstated by $200,000 and $500,000, respectively. Determine the effect of the errors on retained earnings at January 1, 2013. (Ignore income taxes.)
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The 2011 error caused 2011 net income to be overstated but since 2011 ending inventory is 2012 begin...View the full answer
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Related Book For 
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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