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In a practical lending situation, the proprietors would answer the questions that you have identified. Potentially, this could lead to the financial statements being modified

In a practical lending situation, the proprietors would answer the questions that you have identified. Potentially, this could lead to the financial statements being modified before your detailed financial analysis commences. In the context of this case study, there is no proprietor or accountant to provide answers to your questions, so you are asked to modify the financial statements based on your best guess of what the answers to your five key questions would be. Explain and justify each modification that you would make.

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