In 2016 Cummings Company, which is subject to a 30 percent tax rate, recognized interest revenue of
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In 2016 Cummings Company, which is subject to a 30 percent tax rate, recognized interest revenue of $15,000. In January 2019, the accountant discovered that the correct amount of interest revenue for 2016 was $25,000. What is the effect of this error on the 2019 statement of shareholders’ equity?
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Deepak Sharma
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Related Book For 
Introduction To AccountingAn Integrated Approach
ISBN: 9781119600107
8th Edition
Authors: Penne Ainsworth, Dan Deines
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