Gardiner, Inc. reported a retained earnings balance of 31 80,000 at December 31, 2018. In June 2019, Gardiner discovered that merchandise costing $20.000 had not been included as ending inventory in its 2018 financial statements. Also, a $50,000 accrued revenue was omitted on 12/31/18. Gardiner has a 20% tax rate. Assuming the correcting journal entry net of tax was recorded, what amount should Gardiner report as adjusted beginning retained earnings in its statement of retained earnings at December 31. 2019?

Answer rating: 100% (QA)

To calculate the adjusted beginning retained earnings at December 31 2019 we need to consider the co... View the full answer