Reference no: EM133112666
Question - Mars Corporation reported the following information for the year ended March 31, 2021
Administrative expenses $15,000
Cost of goods sold 60,000
Dividends paid by Mars to its shareholders 18,000
Dividends received by Mars from investments 10,000
Error calculating cost of goods sold in 2019 (increase income) 13,000
Interest earned on available-for-sale debt securities 6,000
Unrealized gain on hedging transactions 8,000
Loss on sale of debt securities 14,000
Net Sales 150,000
Retained earnings April 1, 2020 100,000
Selling expenses 12,000
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