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What adjustment is required to restate retained earnings

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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

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