Bonita Enterprises reported cost of goods sold for 2020 of $1,419,800 and retained earnings of $5,569,300 at December 31, 2020. Bonita later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $99,040 and $31,710, respectively. Determine the corrected amounts for 2020 cost of goods sold and December 31, 2020, retained earnings. Correct cost of goods sold: Corrected 12/31/20 Retained Earnings:
Bonita Enterprises reported cost of goods sold for 2020 of $1,419,800 and retained earnings of $5,569,300 at December 31, 2020. Bonita later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $99,040 and $31,710, respectively. Determine the corrected amounts for 2020 cost of goods sold and December 31, 2020, retained earnings. Correct cost of goods sold: Corrected 12/31/20 Retained Earnings:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Bonita Enterprises reported cost of
goods sold for 2020 of $1,419,800 and
retained earnings of $5,569,300 at
December 31, 2020. Bonita later
discovered that its ending inventories
at December 31, 2019 and 2020, were
overstated by $99,040 and $31,710,
respectively.
Determine the corrected amounts for
2020 cost of goods sold and
December 31, 2020, retained earnings.
Correct cost of goods sold:
Corrected 12/31/20 Retained Earnings:
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