User Account

All Pages

What adjustment is required to restate retained earnings

Assignment Help Financial Accounting
Reference no: EM132696636

Samar Company reported the following events during the year ended December 31, 2020:

  • A counting error relating to the inventory on December 31, 2019 was discovered. This required a reduction in the carrying amount of inventory at that date of P280,000.
  • The provision for uncollectible accounts receivable on December 31, 2019 was P300,000.

During 2020, an amount of P500,000 was written off related to the December 31, 2019 accounts receivable.

Problem 1: What adjustment is required to restate retained earnings on January 1, 2020?

a. 280,000 b. 300,000 c. 580,000 d. 0

Reference no: EM132696636

Questions Cloud

Disadvantages of global standardized advertising campaign : 1. Select a company or brand of an International US company. Imagine you are the marketing manager;
What total amount should be reported as related party : What total amount should be reported as related party disclosures in the notes to Dean Company's consolidated financial statements for the current year?
What are some of the signs a helper might be struggling : What are some of the signs a helper might be struggling with countertransference issues? The response must be typed, double spaced.
Main objectives of an effective customer feedback system : What are the main objectives of an effective customer feedback system?
What adjustment is required to restate retained earnings : A counting error relating to the inventory on December 31, 2019. What adjustment is required to restate retained earnings on January 1, 2020?
Discuss about the right to invade job applicant privacy : Should organizations have the right to invade job applicant privacy by asking personal questions such as drinking habits, drug use, or other questions.
What is the accumulated depreciation for the machine on dec : On January 1, 2017, Flax Company purchased a machine for P5,280,000. What is the accumulated depreciation for the machine on December 31, 2020?
Why would a manager be concerned with bandwidth : Why would a manager be concerned with bandwidth, speed, or both? How is bandwidth measured? Provide an example that demonstrates
Areas of healthcare in greenport ny : What is the accessibility to all areas of healthcare in Greenport NY? Is there a hospital or clinic? Are there mental health providers? Are there dentists?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd