Please correct the incorrect balance sheet and make it right. Also please help me with the inventory tracking and flexible budget, thank you. I split the balance sheet so it would be more readable, please zoom in if cannot see numbers the screenshots are clear.

Survey of Accounting Comprehensive Assignment - Financial Statements & Flexible Budget As a team for the comprehensive problem, complete the following: 1. Review the completed horizontal balance sheet and correct the entries that contain errors. Background - You are a member of the company's executive team. As a team, you'll need to designate a role for each team member based on your declared major and relevant work and course experience. For example, an accounting major may be designated as the CFO, while a marketing major may be designated as the VP of marketing for the firm. Click here for a great article about who makes up an executive team. Remember - you have some flexibility here depending on your team's makeup. This document was provided by your accounting team for your review. As part of the executive team of this company, you will correct any errors and use the corrected version to construct a full set of financial statements, which will help guide your decision-making process. 2. Your team will use the CORRECTED horizontal balance sheet and templates provided to complete the following financial statements: Income Statement Vertical Balance Sheet Cash Flow Statement Statement on Stockholder's Equity 3. Use the complete set of financial statements as a basis for your management team's Advisory Board Meeting Flexible budget (using template provided) to Include the following assumptions: Three sales volume levels Sales Revenue at a projected sales price of $3.50 per unit at each volume level Cost of Goods Sold using weighted average method for the budget (Use inventory tracking sheet in template to calculate COGS using FIFO for the financial statements. Weighted average method is for the budget ONLY) Operating Expenses - Fixed Costs pulled from your Horizontal Balance Sheet Calculate purchases for desired ending inventory of $35,000, assuming your ending inventory from the horizontal balance sheet is your beginning inventory for budgeting purposes. A breakeven calculation (show your work on the excel file) of how many bars you need to sell in order to break even. These Items should be clearly identifiable in your submitted file: 1. Corrected horizontal balance sheet, 2. Complete set of financial statements, & 3. Flexible budget.Survey of Accounting Comprehensive Assignment - Financial Statements & Flexible Budget Year 1 Transaction List: 1. Acquired $550,000 by signing a note payable with a local bank on Jan 1. 2. Sold 25,000 shares of $22 par value Common Stock for $1,500,000 3. Purchased Equipment for $300,000 cash 4. Purchased 25,000 Units of Inventory on Account at $1.15 per unit 5. Sold 15,000 units at $3.50 on Account 6. Collected $70,000 of accounts receivable 7. Paid $17,250 of Accounts Payable 8. Purchased 170,000 Units of Inventory on Account at $1.50 per unit 9. Sold 175,000 units at $3.50 on Account 10. Collected $472,500 of accounts receivable 11. Paid $118,600 of Accounts Payable 12. Purchased 275,000 Units of Inventory on Account at $1.35 per unit 13. Sold 200,000 units at $3.50 on Account 14. Collected $735,000 of accounts receivable 15. Paid $294,150 of Accounts Payable 16. Purchased 300,000 Units of Inventory on Account at $1.15 per unit 17. Record Sales & Marketing Expenses of $30,000 (paid in cash] 18. Record Operating Expenses of $75,708 (paid in cash) 19. Record Wage Expenses of $40,000 (paid in cash) 20. Record Product Line Research & Development Expenses of $150,000 (paid in cash] 21. Record Advertising Expenses of $87,500 (paid in cash) 22. Made the yearly required payment on the note payable. The note carries a 7% interest rate and requires payments of $50,000 plus interest each December 31. 23. Record Year 1 Depreciation on Equipment with Salvage Value of $38,000 and useful life of 7 Years (straight-line depreciation) 24. Declared a $10,000 cash dividend for stockholders 25. Paid a $10,000 cash dividend for stockholdersEvents Balance Sheet Assets Cash Liab 1.Acquired $550,000 by signing a note payable with a local bank 500,000 Acct Rec |Inventory Equipment Land Building . Accum Depr | Acct Payable | Div Payable Notes Payable | Wages Payable | Common Stock 2. Sold 25,000 shares of $22 Common Stock for $1,500,000 $ 1,500,000 500,000 3. Purchased Equipment $ (300,000) 550,000 | $ 4. Purchased Inventory on Account - 25,000 Units at $1.15 per unit $ 300,000 5a. Sold 15,000 units at $3.50 on Account 28.750 $ $ 28.750 52,500 5b. COGS for Sales on Account 6. Collect $70,000 on Account (17,250) $ 70,000 $ (70,000) 7. Paid $17,250 of Accounts Payable (17,250) 8. Purchased Inventory on Account - 170,000 Units at $1.50 per unit (17.250) $ 178,500 9a. Sold 175,000 units at $3.50 on Account $ 178,500 $ 612,500 9b. COGS for Sales on Account $ (184,750) 10. Collect $472.500 on Account 472.500 $ (472,500) 1. Paid $118,600 of Accounts Payable $ [1 18,600) 12. Purchased Inventory on Account - 275,000 Units at $1.35 per unit $ (1 18,600.00) $ 371,250 13a. Sold 200,000 units at $3.50 on Account $ 371,250 $ 700,000 13b. COGS for Sales on Account $ (270,750) 4. Collect $735,000 on Account $ 735,000 $ (735,000) 15. Paid $294.150 of Accounts Payable $ (294,150) 6. Purchased Inventory on Account - 300,000 Units at $1.15 per unit $ (294. 150.00) 17. Record Sales & Marketing Expenses of $30,000 345,000 (30,000) 345,000.00 18. Record Operating Expenses of $75,708 75,708) 19. Record Wage Expenses of $40,000 20. Record Product Line Research & Development Expenses of $150,000 (150,000) $ $ 40,000 21. Record Advertising Expenses of $87,500 $ Zz. Made me yeary required payment on me nore payable. The more comes a (87.500) 7%% interest rate and requires payments of $50,000 plus interest each December (88,500) $ (50,000) 23. Record Yr 1 Depreciation on Equipment with Salvage Value of $38,000 & useful life of 7 Yrs $ 37,428.57 24. Declared a $10,000 cash dividend for stockholders 25. Paid a $10,000 cash dividend for stockholder (10,000) $ 10,000.00 Balance at end of Yr 3 $ 2,105,792 $ 87,500 $ 450,750 $ 300,000 $ $ $ (10,000.00) 37,429 $ 493,500 $ 450,000 $ 40,000 $ 550,000 $ Total Assets 2,905,613 Total Liabilities & Equity 2,905,613Assets Balance Sheet Cash Acct Rec Liab L$ 500,000 Inventory | Equipment | Land | Building - Accum Depr | Acct Payable ] Equity Div Payable | Notes Payable | Wages Payable | $ 1,500,000 _Common Stock APIC 500,000 Retained Earnings Account Titles for Retained Earnings $ 300,000 $ 300,000 550,000 | $ 950,000 28,750 52,500 28,750 (17,250) $ 70,000 | $ (70,000) 52,500 Sales Revenue (17,250) (17,250) Cost of Goods Sold $ 178,500 $ (17.250) $ 612,500 178,500 $ (184,750) $ 472,500 $ (472,500) 612,500 Sales Revenue Is (1 18,600) [184,750) Costs of Goods Sold 371,250 $ (1 18,600.00) $ 700,000 371,250 $ (270,750) $ 735,000 $ (735,000) 700,000 Sales Revenue $ (294,150) (270,750) Costs of Goods Sold $ 345,000 $ (294,150.00) (30,000) 345,000.00 $ (75,708) 30,000) Marketing Expense $ (150,000 40,000 75,708) Operating Expense $ 87,500 (40,000) Wage Expense (150,000) Research & Development Expense $ (88,500 87,500) efu $ Advertising Expense (50,000) $ (38,500) $ 37,428.57 Interest Expense $ (37,429) S (10,000) 10,000.00 Depreciation Expense $ 2.105.792 $ 87,500 $ 450,750 $ 300,000 $ - $ (10,000.00) 10,000) Dividends 37,429 $ 493,500 $ 450,000 $ 40,000 $ 550,000 $ 950,000 $ 423,1 13 2,905,613 2,905,613Goods Available for Sale Cost of Goods Sold Ending Inventory Price/ Price/ Price/ Units Unit Total Units Unit Total Units Unit Total Beg Bal Purchases: Total NOTE: You will need to calculate your estimated COGS for the budget template tab using the Weighted Avergae method discussed in L05-6Flexible Budget Master Budget at Actual Units Sold Actual Units Sold + Actual Units Sold In Year 1 25/000 + 50,000 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Sales & Marketing Operating Costs Wages Research & Development Expense Advertising Expense Depreciation Exp Interest Expense Net Income Inventory Production *use ending inventory from CORRECTED horizontal Beginning Inventory balance sheet for beginning inventory for the purchases + Purchases - Estimated COGS "actual units at weighted average COGS/unit Desired Ending Purchases Note: Calculate next year's estimated purchases for desired ending inventory of $35,000, assuming your ending inventory from the horizontal balance sheet is your beginning inventory for the next year. For Estimated COGS, use the previously calculated weighted average COGS and last years actual units Breakeven Calcuation BE = FC/[CM/Unit]