What would be the correct amounts

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The Company paid amounts totaling $122,000 to consultants throughout 2006 for an advertising campaign developed during the year. It is the Company's policy to expense the costs of all advertisements as of the first date the advertisements take place. The Company launched the campaign on December 31, 2006. The accountant mistakenly capitalized all advertising costs in its balance sheet. If this mistake is corrected, that is, if the amount is correctly recorded as an expense,

Problem 1: What would be the correct amounts for the following?

Gross profit ? ____________________
Selling, general and administrative expenses? ____________________
Current assets? ____________________
Retained earnings? ____________________
Cash?

Reference no: EM132659924

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