Identry violations of the components of the conceptual framework.

P$11\mathrm{.}1$A $($LO $1,2,3,4,5)$ AP The following financial statements were provided by Sumsong Electronics Company. The owner, Gillian Sumsong, is applying for a second loan from the bank to buy some new equipment. The bank manager has requested these financial statements before considering a new loan to the company. Gillian has asked you to look at the statements and provide feedback. The company uses a perpetual inventory system and the contract$-$based approach for revenue recognition. All sales are made with terms of n$/30.$ Sumsong has a $60-$day return policy.

$\backslash$table$[[\backslash$table$[[$SUMSONG ELECTRONICS CO$],[$Balance Sheet$],[$September $30,2024]],$MPANY,$],[$Current assets$],[$Cash$,$$$500,000,],[$Accounts receivable,$2,500,],[$Merchandise inventory,$135,000,],[$Total current assets,,$$637,50$