Reference no: EM132663489
DEF Company is in the process of adjusting its books at the end of 2019. The records revealed the following information:
The entity failed to accrue sales commissions at the end of each year as follows:
2017 Php 440,000
2018 Php 280,000
In each case the sales commissions were paid and expensed in January of the following year.
Errors in ending inventories for the last three years were discovered to be as follows:
2017 Php 800,000 understated
2018 Php 1,080,000 overstated
2019 Php 300,000 understated
The unadjusted retained earnings balance on January 1, 2019 is Php 25,200,000 and the unadjusted net income for 2019 was Php 6,000,000. Dividends of Php 3,500,000 were declared during 2019.
Problem 1: What is the adjusted net income for 2018?
Problem 2: What is the adjusted balance of retained earnings on December 31, 2019?
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