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Iota Financials Year Reported Income Actual Income Reported Liabilities Actual Liabilities 2021 $1,800,000 $1,600,000 $700,000 $800,000 2022 $2,200,000 $2,000,000 $800,000 $900,000 Requirement: Identify the discrepancies

Iota Financials

Year

Reported Income

Actual Income

Reported Liabilities

Actual Liabilities

2021

$1,800,000

$1,600,000

$700,000

$800,000

2022

$2,200,000

$2,000,000

$800,000

$900,000

Requirement: Identify the discrepancies in reported vs. actual income and liabilities for each year and analyze their financial implications.


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