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What pretax total amount should be reported as prior period

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Reference no: EM132888835

An entity reported the following events during 2020:

  • It was decided to write-off P800,000 of obsolete inventory.
  • A counting error relating to the inventory on December 31, 2019 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, 2019.
  • The provision for uncollectible accounts receivable on December 31, 2019 was P300,000. During 2020, P500,000 was written off the December 31, 2019 accounts receivable.

Problem 1: What pretax total amount should be reported as prior period errors in 2020?

a. 1,700,000

b. 1,100,000

c. 1,900,000

d. 900,000

Reference no: EM132888835

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