Multiple Choice
In 2010 MacFee Inc discovered that its ending inventory in 2007 was too big by $45,000.How much will MacFee's beginning retained earnings (Jan.1,2010) need to be adjusted to correct this error given a tax rate of 30%.
A) Increase retained earnings $31,500
B) Do not adjust retained earnings
C) Decrease retained earnings by $45,000
D) Decrease retained earnings $31,500.
Correct Answer:
Verified
Correct Answer:
Verified
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