Reference no: EM133167262
Question - Derek Co. reported profits of P900,000 and P1,150,000 in 2022 and 2023, respectively. In 2024, the following prior period errors were discovered:
Prepaid supplies in 2022 were understated by P125,000.
Accrued salaries payable in 2022 were understated by P240,000.
Repairs and maintenance expenses in 2022 amounting to P750,000 were erroneously capitalized and being depreciated over a period of 5 years.
The unadjusted balances of retained earnings are P3,700,000 and P6,000,000 as of December 31, 2022 and 2023, respectively.
Required -
1. How much is the correct profit in 2022?
2. How much is the correct retained earnings in 2023?
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