Reference no: EM133042088
Question - On January 10, 2022, prior to authorization of Bea Co.'s December 31, 2021 financial statements for issue, the accountant of Bea Co. was informed of the following:
A bill for an advertisement made in the month of December2021 amounting to P400,000 was received. This expense was not seemed as of December 31, 2021.
Depreciation expense recognized in 2021 is overstated by P400300.
As of this date, the books of the entity are still open.
Required -
a. Ignoring the effect of income tax, what amount should be adjusted to retained earnings, increase (decrease)?
b. What if the books are already closed, what net amount of adjustments should be made by the company to retained earnings, increase (decrease)?
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