Question
Aklan company reported the following events during 2020: *It was decided to write off 1,800,000 from inventory which was over two years old as it
Aklan company reported the following events during 2020:
*It was decided to write off 1,800,000 from inventory which was over two years old as it was obsolete.
*Sales of 1,600,000 had been omitted from the financial statements for the year ended December 31,2019
What total amount should be reported as PRIOR PERIOD ERROR in the financial statements for the year ended December 31, 2020?
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Principles of Financial Accounting chapters 1-17
Authors: John Wild, Ken Shaw, Barbara Chiappetta
23rd edition
1259687740, 1259687747, 978-1259687747
