Bonita Enterprises reported cost of goods sold for 2020 of $1,419,800 and retained earnings of $5,569,300 at December 31, 2020. Bonita later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $99,040 and $31,710, respectively. Determine the corrected amounts for 2020 cost of goods sold and December 31, 2020, retained earnings.

cost of goods sold in 2020 = $1,352,470

retained earnings in December 31, 2020 =$5,537,590

Explanation:

For cost of goods sold in 2020

Corrected cost of goods sold =  Reported cost of goods sold in 2020 - overstated value of ending inventory in year 2019 + overstated value of ending inventory in year 2020

=  $1,419,800 -$99,040+  $31,710,

= $1,352,470    

For retained earnings in December 31, 2020

Corrected retained earnings == Reported retained earning in 2020 -  overstated value of ending inventory in year 2020

= $5,569,300-$31,710

=$5,537,590

match each type of restriction with one of its effects.

a. land-use laws

b. labor laws

c. banking regulations

a. controlled development of towns and cities

b. protection of young workers

c. greater financial stability

you can put this in your 11 sentence summary

" most of the money would be invested in innovation, economic convergence."