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Question 20
Tack, Inc. reported retained earnings balance of $150,000 at
December 31, 20x3.In June 20x4, Tack discovered that
merchandise costing $40,000 had not been included in inventory
in its 20x3 financial statements. Tack has a 30% tax rate. What
amount should Tack report as adjusted beginning retained
earnings in its statement of retained earnings at December 31,
20x4?
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ACC 577 Week 6 Quiz (100 % Correct Answers)
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Week 6 Quiz Review: ACC 577
Question 1
At the time Company P acquired controlling interest of Company
S the following accounts and balances existed on the books of the
two companies: Which one of the following amounts should be
eliminated in preparing a consolidated balance sheet immediately
following the business combination?
Question 2