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What pretax total amount should be reported as prior period

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Reference no: EM132869210

An entity reported the following events during 2018

  • It was decided to write off P800,000 of obsolete inventory
  • A counting error relating to the inventory on December 31, 2017 was discovered. This required a reduction in the carrying amount of inventory at that date of P300,000
  • Sales of P600,000 had been omitted from the financial statements for the year ended December 31, 2017.
  • The provision for uncollectible accounts receivable on December 31, 2017 was P300,000. During 2018, P500,000 was written off the December 31,2017 accounts receivable.

Question 1: What pretax total amount should be reported as prior period errors in 2018?

a. P1,700,000

b. P1,100,000

c. P1,900,000

d. P900,000

Reference no: EM132869210

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