Three programmers at Feenix Computer Storage, Inc., write an operating systems control manual for Hill-McGraw Publishing, Inc., for which Feenix receives royalties equal to 12% of net sales. Royalties are payable annually on February 1 for sales the previous year. The editor indicated to Feenix on December 31, 2018, that book sales subject to royalties for the year just ended are expected to be $330,000. Accordingly, Feenix accrued royalty revenue of $39,600 at December 31 and received royalties of $40,130 on February 1, 2019.
Required:
A) What adjustments, if any, should be made to retained earnings or to the 2018 financial statements? Explain.
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