Answer:
- Adjusted Cost of Goods sold = $1,206,860
- Adjusted Retained Earnings = $4,675,190
Explanation:
An overstated opening inventory would overstate Cost of Goods sold. The overstatement should therefore be removed from the Cost of goods sold.
An overstated closing inventory would understate Cost of Goods sold. The overstatement should therefore be added to the Cost of Goods sold.
Adjusted Cost of Goods sold 2020 = Cost of Goods sold + 2020 ending inventory - 2019 opening inventory
= 1,290,700 + 32,910 - 116,750
= $1,206,860
Adjusted Retained earnings
The retained earnings would have to be adjusted for the overstatement of the current inventory by $32,910 because this understated Cost of Goods sold.
= Retained earnings - Overstatement of inventory
= 4,708,100 - 32,910
= $4,675,190
Answer:
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Explanation:
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Answer:
Option B. Treasury Stock for $1,200
Explanation:
The reason is that when 1,000 shares which has $2 par value and were issued at $10 per share, the journal entry was:
Dr Cash Account $10,000
Cr Common Stock $2,000
Cr Paid In Capital $8,000
But when 100 shares were repurchased at $12 per share, then the accounting treatment would be
Dr Treasury Stock $1,200
Cr Cash Account $1,200
So the correct option is option B.
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