5.74,75 CP7-4 Review of Business Operations and Preparation of a Correct Statement of Earnings Comprehensive and Challenging Case) It is July 15, 2017 You, a junior accountant at a small accounting firm, go over your notes from you afternoon meeting with Marco Douga. Marco came to your office looking for help with his business, Marco's Professional Print Shop Ltd. (MPP). Marco is the owner manager of MPP, a copy and print shop located in Newville. He recently approached a bank for a loan. At his last meeting with the bank, the bank manager indicated that the loan is almost approved and told Marco that he needed to examine MPP's 2016 financial statements. In your file, you have the following information: Exhibit I: Summary notes of the discussion with Marco Douga Exhibit II: Statement of earnings for the years ended December 31, 2016 and 2016, prepared by the client. Your supervisor is eager to see a draft statement of earnings for the year ended December 31, 2016, based on the information you have thus far. Required: 1. Identify any areas of concern that you may have about the operation of the business, particularly the proper accounting for revenue and expenses, and the control of operations. 2. Prepare a revised statement of earings based on the information that you gathered during your meeting with Marco 3. Identify the weaknesses in MPP's intemal control of operations. What changes would you reconimend? Explain. 5.74,75 CP7-4 Review of Business Operations and Preparation of a Correct Statement of Earnings Comprehensive and Challenging Case) It is July 15, 2017 You, a junior accountant at a small accounting firm, go over your notes from you afternoon meeting with Marco Douga. Marco came to your office looking for help with his business, Marco's Professional Print Shop Ltd. (MPP). Marco is the owner manager of MPP, a copy and print shop located in Newville. He recently approached a bank for a loan. At his last meeting with the bank, the bank manager indicated that the loan is almost approved and told Marco that he needed to examine MPP's 2016 financial statements. In your file, you have the following information: Exhibit I: Summary notes of the discussion with Marco Douga Exhibit II: Statement of earnings for the years ended December 31, 2016 and 2016, prepared by the client. Your supervisor is eager to see a draft statement of earnings for the year ended December 31, 2016, based on the information you have thus far. Required: 1. Identify any areas of concern that you may have about the operation of the business, particularly the proper accounting for revenue and expenses, and the control of operations. 2. Prepare a revised statement of earings based on the information that you gathered during your meeting with Marco 3. Identify the weaknesses in MPP's intemal control of operations. What changes would you reconimend? Explain