What is the amount of overstatement of retained earnings
Question:
Mendez Manufacturing Company failed to record accrued interest for 2008, $800; 2009, $700; and 2010, $950. What is the amount of overstatement or understatement of the retained earnings account at December 31, 2011?
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What is the amount of overstatement or understatement of the retained earnings account at December 31, 2011?
Give the entry required to record the company's depreciation expense for 2011.
The circumstances change, can that company switch back to its prior method of accounting before the change? Why or why not?
Identify and describe the approach the FASB requires for reporting changes in accounting principles.
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