Analyzing the effect of prior-period adjustments

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Reference no: EM131820309

Question: Analyzing the effect of prior-period adjustments Miller Corporation discovered in 2017 that it had incorrectly recorded in 2016 a cash payment of $80,000 for utilities expense. The correct amount of the utilities expense was $25,000.

Requirements: 1. Determine the effect of the error on the accounting equation in 2016.

2. How should this error be reported in the 2017 financial statements?

Reference no: EM131820309

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