Powell company had the following errors over the last two, Ask an Expert

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Powell Company had the following errors over the last two years:
2009: Ending inventory was overstated by $30,000 while depreciation expense was overstated by $24,000.
2010: Ending inventory was understated by $5,000 while depreciation expense was understated by $4,000.

By how much should retained earnings be adjusted on January 1, 2011?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M965341

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