Mark Wilson resigned from his corporate job on December $15,2021,$ to start his sole proprietorship, called Wilsons Consulting. He started on January $1,2022.$ He employed three employees to get started. He was handling the administrative functions on his own but soon realized that he needed assistance, so he invited applications for an accounting assistant. He interviewed several applicants on May $15,2022,$ and decided on employing Sharon Mighty, who came highly recommended by an associate. Sharon had a human resource diploma with very little training in accounting, but she had a vibrant personality and was a team player. Sharon was responsible for recording all transactions and extracting the financial reports from the QuickBooks software system to be sent to the external accountants for tax purposes. The external accountants charge by the hour, so Mark had indicated to Sharon, that a clean set of report sent to the accountants would minimize the level of work required by the accountants and therefore minimize the cost. He had also requested that all reports be approved by him prior to being sent to the accountants. On January $28,2023,$ Sharon extracted and sent the following trial balance to Mark for his review. Wilsons Consulting Trial Balance As at December $31,2022$ Dr Cr Cash $68,000$ Short Term Investments $17,000$ Accounts Receivable $24,000$ Allowance for Doubtful Accounts $7,000$ Supplies $6,500$ Inventory $27,300$ Prepaid Expense $2,500$ Land $125,000$ Buildings $190,000$ Accumulated Depreciation $-$ Buildings $20,000$ Accounts Payable $14,600$ Bank Loan $28,700$ Unearned Revenue $5,300$ Notes Payable $($Due August $1,2023)76,000$ Mortgage Payable $200,000$ Capital $60,000$ Sales Revenue $245,600$ Cost of Goods Sold $84,300$ Rent Expense $15,000$ Salaries Expense $25,300$ Travel Expense $10,200$ Maintenance Expense $9,700$ Utilities Expense $7,800$ Interest Expense $1,200$ Depreciation Expense $8,800$ Total $702,400702,400$ It was also noted that the following journal entries were completed by Sharon on the following dates. These journal entries were recommended to be reviewed. Date Account and Explanation Debit Credit Dec $12,2022$ Cash $6,500$ Supplies $6,500$ To record supplies purchased for cash Dec $15,2022$ Accounts Payable Interest Expense $1,200$ To record interest expense owing $1200$ Dec $21,2022$ Cash Prepaid Expense $2,500$ To record rent expense paid in advance $2,500$ Required You are required to prepare a report to Mark Wilson. Included in this report should be the corrected trial balance, the income statement, the statement of owners equity, and the balance sheet. The accounting framework should also be discussed, with any areas of concern being highlighted. Explain what you will examine in the case.

Provide background information and the most relevant facts. Isolate the issues. Isolate the sections of the study you want to focus on$.$ 

In it$,$ explain why something is working or is not working Offer realistic ways to solve what isnt working or how to improve its current condition. Talk about the strategy that you should choose. Explain why this choice is the most appropriate. 

Explain how to put the strategy into action. Be sure to set clear goals, determine roles and responsibilities, how the plan is to be monitored and what success looks like.