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What amount should gardiner report as adjusted beginning

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Question - Gardiner, Inc. reported a retained earnings balance of $190,000 at December 31, 2024. In June 2025, Gardiner discovered that merchandise costing $20,000 had been improperly included in ending inventory in its 2024 financial statements. Also, a $50,000 accrued expense was omitted on 12/31/24. Gardiner has a 20% tax rate. Assuming the correcting journal entry net of tax was recorded, what amount should Gardiner report as adjusted beginning retained earnings in its 2025 statement of retained earnings?

a. $226,000

b. $120,000

c. $166,000

d. $160,000

e. $134,000

Reference no: EM132617322

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