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When Don't Go Bacon My Heart gave you its financial statements for the year ended December 31, 2022, it had an opening retained earnings balance
When Don't Go Bacon My Heart gave you its financial statements for the year ended December 31, 2022, it had an opening retained earnings balance of $600,000. However, when we calculated retained earnings using the formula (Prior Year Opening Retained Earnings + Prior Year Net Income - Prior Year Dividends = Prior Year Ending Retained Earnings), we calculated $550,000. Why is this an issue? Question 28 options: Potentially did not report income in the tax year ended December 31, 2020. Potentially did not report income in the tax year ended December 31, 2021. Potentially did not report expenses in the tax year ended December 31, 2020. Potentially did not report expenses in the tax year ended December 31, 2021
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