financial statements of Jessica Corporation: PROBLEM 6-1 Income Statement and SFP Errors 2) Accounts receivable of P30,000 in 2020 was erroneously debited to notes You discovered the following errors in connection with your examination of the 1) Interest expense of P20,000 in 2020 was erroneously debited to rent Enancial statements of Jessica Corporation: expense. receivable. The following data were extracted from the financial statements of Jessica Corporation: 2020 2021 100,000 300,000 Net income 150,000 Working capital RE, end of the year 400,000 100,000 250,000

financial statements of Jessica Corporation: PROBLEM 6-1 Income Statement and SFP Errors 2) Accounts receivable of P30,000 in 2020 was erroneously debited to notes You discovered the following errors in connection with your examination of the 1) Interest expense of P20,000 in 2020 was erroneously debited to rent Enancial statements of Jessica Corporation: expense. receivable. The following data were extracted from the financial statements of Jessica Corporation: 2020 2021 100,000 300,000 Net income 150,000 Working capital RE, end of the year 400,000 100,000 250,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A company made a material error in calculating and reporting amortization expense in Year 1. The error was discovered in Year 2. The item should be reported as a prior period adjustment:
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