Question: 5. What amount should be reported as adjusted earnings on December 31, 2019? Bexley Company is in the process of adjusting the books at the

5. What amount should be reported as adjusted earnings on December 31, 2019?

Bexley Company is in the process of adjusting the books at the end of 2019. The accounting records revealed the following information: The entity failed to accrue sales commissions at the end of 2017 and 2018. 2017 220,000 2018 140,000 In each case, the sales commissions were paid and expensed in January of the following year. Errors in ending inventory for the last three years: 2017 400,000 understated 2018 540,000 overstated 2019 150,000 understated The unadjusted retained earnings balance on January 1, 2019 is P12,600,000 and the unadjusted net income for 2019 was P3,000,000. Dividends of P1,750,000 were declared during 2019

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