Accounting

| September 29, 2018

our task is to prepare an income statement and a balance sheet ingood formatafter adjusting for the two errors below.A physical count of inventory indicates $70,500 on hand.There’s a check for $5,000 from a customer that has not been recorded in the working trial balance. The sale was never recorded in the first place, so the transaction relating to this sale is missing.In addition:Describe the effect of the errors on the income statement and balance sheet.Is this company profitable? How do you determine whether or not this is the case?Is the company in a solid financial position? (Comment on balance sheet.)

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