Question
Sleepy Company has retained earnings for $117,592 at January 1, 2020. They discovered an error in the 2019 financial statements. Salary expense was mistakenly reported
Sleepy Company has retained earnings for $117,592 at January 1, 2020. They discovered an error in the 2019 financial statements. Salary expense was mistakenly reported at $26,173 higher than it should have been. The company had a 30% tax rate. What is adjusted retained earnings at January 1, 2020 after accounting for the correction?
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Financial Accounting An International Introduction
Authors: David Alexander, Christopher Nobe
6th Edition
1292102993, 978-1292102993
