In 2017, Antiques, Inc B) C) D)

question 63

Multiple Choice

In 2017, Antiques, Inc. incorrectly recorded ending inventory as $1,030,000 instead of $790,000. The controller discovered the error in 2019 when reviewing final entries for 2018 financial statements. The books are not closed in 2018. The 2018 ending inventory amount was correct. The tax rate for all years is 35%. Which one of the following entries is correctly written and dated?

• A) \[\begin{array} { | l | r | r | }
• \hline \text { December } 31,2017 & & \\
• \hline \text { Retained Earnings-Prior Period Adj. } & 156,000 & \\
• \hline \text { Income Tax Receivable } & 84,000 & \\
• \hline \text { Inventory } & & 240,000 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | l | r | r | }
• \hline \text { December } 31,2018 & & \\
• \hline \text { Inventory } & 240,000 & \\
• \hline \text { Income Tax Payable } & & 84,000 \\
• \hline \text { Retained Earnings-Prior Period Adj. } & & 156,000 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | l | r | r | }
• \hline \text { Ianuary } 1,2019 & & \\
• \hline \text { Inventory } & 240,000 & \\
• \hline \text { Income Tax Payable } & & 84,000 \\
• \hline \text { Retained Earnings-Prior Period Adj. } & & 156,000 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | l | r | r | }
• \hline \text { December } 31,2018 & & \\
• \hline \text { Retained Earnings-Prior Period Adj. } & 156,000 & \\
• \hline \text { Income Tax Receivable } & 84,000 & \\
• \hline \text { Inventory } & & 240,000 \\
• \hline
• \end{array}\]

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Capabilities related to the mind and intelligence, such as reasoning, problem-solving, and learning.

Binet and Simon

Alfred Binet and Theodore Simon, French psychologists who developed the first intelligence test to identify learning difficulties in children.

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