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What is net effect of errors on January for Silver Company

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Reference no: EM132788566

The following were discovered in the course Of examination Of the Silver Company's financial records.

  • Year 2014 wages payable for P34,OOO was not recorded.
  • Accrued vacation pay {or the year 2014 for P62.500 was not recorded because the bookkeeper "never learned that you had to do it
  • Insurance for a 12-month period purchased on 1, 2014 was charged to expense in the amount of P37,200 because "the amount Of the check is about the same every year".

Problem 1: What is the net effect of the above errors on the January 1, 2015 accumulated profits, understated or overstated by what amount?

Reference no: EM132788566

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