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Question - Ethel Corporation reported profit for the year 2019 and 2020 at P550,000 and P700,000, respectively. Your audit of the company's account disclosed the need for adjustments as follows:
Overstatement of ending inventory due to error in pricing
2019- 29,000
2020 - 33,000
Omission of depreciation on newly-acquired equipment
2019 - 15,000
2020 - 15,000
Understatement of commission receivable
2019 - 22,000
2020 - 18,000
A purchase of merchandise was not recorded until the following year, and also was not included in the ending inventory
2019 - 60,000
Required - What is the effect of the foregoing errors (overstatement) on total assets at December 31, 2020?
A. 66,000
B. 45,000
C. 36,000
D. 30,000
Financial Statement Analysis and Preparation
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