In connection with your firm's audit of the financial statements of Foxtrot Corporation (the Company) for the year ended December 31, 2023, you have been assigned to work with the engagement manager on the audit of the Company's accounts payable. You have completed your assigned work and determined that an account payable to a subcontractor on Project A, in the amount of $50,000, had been inadvertently omitted from accounts payable. The Company accounts for its long-term construction contracts on the percentage completion method of accounting. A summary of Project A, without inclusion of the omitted account payable follows. Other Information Project A started in February 2023 The unrecorded account payable will not impact management's estimated profit on Project A. Financial statement materiality for this audit is $20,000. The Company's working capital prior to the discovery of unrecorded account payable is $100,000. Required At the request of the engagement manager, calculate the impact of this error on the Company's balance sheet, working capital, gross profit, net income, and operating cash flows