{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T13:13:17-04:00", "answer_date": "2024-05-26 13:13:17", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1741841", "url": "\/study-help\/questions\/during-2021-wmc-corporation-discovered-that-its-ending-inventories-reported-1741841", "question_creation_date_js": "2024-05-26T13:13:17-04:00", "question_creation_date": "May 26, 2024 01:13 PM", "meta_title": "[Solved] During 2021, WMC Corporation discovered t | SolutionInn", "meta_description": "Answer of - During 2021, WMC Corporation discovered that its ending inventories reported in its financial statements were misstate | SolutionInn", "meta_keywords": "2021,wmc,corporation,discovered,ending,inventories,reported,financial,statements,misstated,material,amounts", "question_title_h1": " During 2021, WMC Corporation discovered that its ending inventories reported in its financial statements were misstated by the following material amounts: 2019 2020 understated", "question_title": " During 2021, WMC Corporation discovered that its ending inventories reported in", "question_title_for_js_snippet": "During 2021, WMC Corporation discovered that its ending inventories reported in its financial statements were misstated by the following material amounts 2019 2020 understated by overstated by $132,000 162,000 WMC uses a periodic inventory system and the FIFO cost method Required 1 Determine the effect of these errors on retained earnings at January 1, 2021, before any adjustments (Ignore income taxes ) 2 Prepare a journal entry to correct the errors Complete this question by entering your answers in the tabs below Required 1 Required 2 Determine the effect of these errors on retained earnings at January 1, 2021, before any adjustments (Ignore income taxes ) Retained earnings would be", "question_description": "\"image\"image", "transcribed_text": "During 2021, WMC Corporation discovered that its ending inventories reported in its financial statements were misstated by the following material amounts: 2019 2020 understated by overstated by $132,000 162,000 WMC uses a periodic inventory system and the FIFO cost method. Required: 1. Determine the effect of these errors on retained earnings at January 1, 2021, before any adjustments. (Ignore income taxes.) 2. Prepare a journal entry to correct the errors. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the effect of these errors on retained earnings at January 1, 2021, before any adjustments. (Ignore income taxes.) Retained earnings would be", "related_book": { "title": "Intermediate Accounting", "isbn": "978-1118159644, 9781118562185, 1118159640, 1118147294, 978-1118147290", "edition": "15th edition", "authors": "Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/253.jpg", "uri": "\/textbooks\/intermediate-accounting-15th-edition-253", "see_more_uri": "" }, "free_related_book": { "isbn": "B0B92V1RRV", "uri": "\/textbooks\/creditors-ledger-journal-accounting-accounts-payable-log-book-to-track-businesses-or-people-that-are-owed-by-your-business-or-personal-1st-edition-b0b92v1rrv-113873", "name": "Creditors Ledger Journal Accounting Accounts Payable Log Book To Track Businesses Or People That Are Owed By Your Business Or Personal", "edition": "1st Edition" }, "question_posted": "2024-05-26 13:13:17", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/fill-in-the-blanks-in-the-chart-below-year-years-390474", "description": "Fill in the blanks in the chart below: Year Years since 1960 1960 1965 1970 1975 1980 1985 1990 1995 1996 1997 1998 1999 2000 2001 2003 2005 2006 2007 2008 2009 2010 2011 0 5 [a] [b] [c] [d] [e] [f]...", "stars": 3 }, { "url": "\/what-responsibility-does-an-auditor-have-to-uncover-fraud-perpetrated", "description": "What responsibility does an auditor have to uncover fraud perpetrated by client management? 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