Business, 22.04.2020 04:01 ericchen4399
Waterway Enterprises reported cost of goods sold for 2020 of $1,385,600 and retained earnings of $5,415,900 at December 31, 2020. Waterway later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $103,320 and $38,040, respectively.
Determine the corrected amounts for 2020 cost of goods sold and December 31, 2020, retained earnings
a. Corrected cost of goods sold $___
b. Corrected 12/31/20 retained earnings $ .
Answers: 1
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Waterway Enterprises reported cost of goods sold for 2020 of $1,385,600 and retained earnings of $5,...
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