At the end of 2022, Pepsi realized that its 2022 financial statements contained a number of errors. Consider each question independently. Ignore taxes.

1. On December 20, 2022, Pepsi sold and delivered $100 of product to Walmart. Walmart paid $10 on delivery and promised to pay the remaining $90 by February 20, 2023.The product had a cost to Pepsi of $70.Pepsi made no entry for the sale and delivery on December 20^th.

If needed adjustments were made to correct the error, what would be the reported amounts of change be for:

a) Total Current Assets as of December 31, 2022?

b) Net Income Attributable to PepsiCo for the year ended December 31, 2022?

Answer rating: 100% (QA)

To correct the error related to the sale and delivery to Walmart on December 20 2022 adjustments nee... View the full answer