In 2015,Antiques,Inc.incorrectly recorded ending inventory as $970,000 instead of $790,000.The controller discovered the error in 2017 when reviewing final entries for 2016 financial statements.The 2016 ending inventory amount was correct.Tax rates for all years is 40%.Which one of the following entries is correctly written and dated?
A)

B)

C)

D)

Question

In 2015,Antiques,Inc.incorrectly recorded ending inventory as $970,000 instead of $790,000.The controller discovered the error in 2017 when reviewing final entries for 2016 financial statements.The 2016 ending inventory amount was correct.Tax rates for all years is 40%.Which one of the following entries is correctly written and dated?
A)
In 2015,Antiques,Inc.incorrectly recorded ending inventory as $970,000 instead of $790,000.The controller discovered the error in 2017 when reviewing final entries for 2016 financial statements.The 2016 ending inventory amount was correct.Tax rates for all years is 40%.Which one of the following entries is correctly written and dated? A) B) C) D)

B)

C)

D)

Quizplus · Accepted Answer

The Answer of In 2015,Antiques,Inc.incorrectly recorded ending inventory as $970,000 instead of $790,000.The controller discovered the error in 2017 when reviewing final entries for 2016 financial statements.The 2016 ending inventory amount was correct.Tax rates for all years is 40%.Which one of the following entries is correctly written and dated?