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How much is the correct retained earnings

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Reference no: EM132795320

Jindo Company reported profits of P4,000,000 and P8,000,000 in 2021 and 2022, respectively. In 2023, the following prior period errors were discovered:

  1. The inventory on December 31, 2021 was understated by P200,000.
  2. An equipment with an acquisition cost of P1,200,000 was erroneously charged as expense in 2021. The equipment has an estimated useful life of 5 years with no residual value. Jindo Company provides full year depreciation in the year of acquisition.
  3. The unadjusted balances of retained earnings are P8,800,000 and P16,800,000 as of December 31, 2021 and 2022, respectively.

Problem 1) How much is the correct profit in 2021?

Problem 2) How much is the correct profit in 2022?

Problem 3) How much is the correct retained earnings in 2021?

Problem 4) How much is the correct retained earnings in 2022?

Reference no: EM132795320

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