q.12 Powell Company had the following errors over the last two years: 2016: Ending inventory...
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q.12
Powell Company had the following errors over the last two years: 2016: Ending inventory was overstated by $54,000 while depreciation expense was overstated by $24,200. 2017: Ending inventory was understated by $13,500 while depreciation expense was understated by $4,200. By how much should retained earnings be adjusted on January 1, 2018? (Ignore taxes)
Multiple Choice
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Decrease by $30,000.
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Increase by $40,500.
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Decrease by $33,500.
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Increase by $33,500.
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