Reference no: EM132943750
ABC Company recorded a net income, after the 30% income tax, of Php105,000 in 2020. The entity paid Php24,000 for a 2-year insurance coverage and has failed to prepare the necessary' journal entries during the year The correct prepaid insurance as of December 31,2021 is Php3,000
Problem 1: If the error has remained undiscovered, how much is retained earnings over or understatement as of December 31, 2021?
Option 1: 2,700 understated
Option 2: 3,000 understated
Option 3: 12,000 understated
Option 4: 9,000 overstated
Option 5: None of the choices
Problem 2: How much is the adjusted net income after tax in 2020?
Option 1: 98,700.00
Option 2: 96,000.00
Option 3: 143,700.00
Option 4: 107,700.00
Option 5: None of the choices
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