Please help me look over my comprehensive assignment! Please let me know if I have any errors and help me complete the parts I did not complete, thank you! I split the horizontal balance sheet in half so it would be easier to read, zoom in if you 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 4. 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.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 stockholdersBalance Sheet Events Assets Liab Cash Acct Rec | Inventory | Equipment| Land Building _ Accum Depr | Acct Payable Div Payable Notes Payable | Wages Payable | Common Stock 1.Acquired $550,000 by signing a note payable with a local bank 550,000 550,000 2. Sold 25,000 shares of $22 Common Stock for $1,500,000 $ 1,500,000 550,000 | $ 3. Purchased Equipment (300,000) $ 300,000 4. Purchased Inventory on Account - 25,000 Units at $1.15 per unit 28,750 $ 28,750 5a. Sold 15,000 units at $3.50 on Account 52,500 5b. COGS for Sales on Account (17,250) 6. Collect $70,000 on Account $ 70,000 | $ (70,000) 7. Paid $17,250 of Accounts Payable (17,250) $ [17.250) 8. Purchased Inventory on Account - 170,000 Units at $1.50 per unit 255,000 9a. Sold 175,000 units at $3.50 on Account 612,500 9b. COGS for Sales on Account $ (259,000) 10. Collect $472.500 on Account $ 472.500 $ (472,500) 11. Paid $118,600 of Accounts Payable (1 18,600) $ (1 18,600.00) 12. Purchased Inventory on Account - 275,000 Units at $1.35 per unit $ 371,250 $ 371,250 13a. Sold 200,000 units at $3.50 on Account $ 700,000 13b. COGS for Sales on Account $ (270,750) 14. Collect $735,000 on Account $ 735,000 | $ (735,000) 15. Paid $294,150 of Accounts Payable $ (294,150.00) 16. Purchased Inventory on Account - 300,000 Units at $1.15 per unit 345,000 345,000.00 7. Record Sales & Marketing Expenses of $30,000 30,000) Record Operating Expenses of $75,708 75,708) Record ises of $40,000 (40,000) 20. F Line Research & Development Expenses of $150,000 [150,000) 21. Record Advertising Expenses of $87,500 87,500) zz. Made me yeary requirea payment on The nore payable. The note comes a 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 $ 37,429.00 24. Declared a $10,000 cash dividend for stockholders $ 10,000.00 25. Paid a $10,000 cash dividend for stockholder $ (10,000) $ (10,000.00) Balance at end of Yr 3 $ 2,409.942 $ 87,500 $ 198,000 $ 300,000 $ - $ 37,429 $ 570,000 $ 500,000 $ I's 550,000 $ Total Assets 2,958,013 Total Liabilities & Equity S 3,070,279Balance Sheet Cash Acct Rec Inventory Accum Depr Liab $ 550,000 |Acct Payable Equity Div Payable Notes Payable | Wages Payable Common Stock APIC 1,500,000 550,000 Retained Earnings Account Titles for Retained Eamings (300,000) $ 550,000 $ 950,000 $ 28.750 52,500 28.750 $ 70,000 $ (70,000) $ 52,500 Sales (17,250) (17,250) COGS $ (17.250) $ 612,500 255,000 $ (259,000) $ 472.500 $ (472,500) $ 612,500 Sales $ (1 18,600) 259,000) Cost of Goods Sold $ 371,250 $ (1 18,600.00) $ 700,000 $ 371,250 $ (270,750) $ 735,000 $ (735,000) 700,000 Sales [270,750) COGS $ 345,000 $ (294,150.00) (30,000) 345,000.00 (75.708) (40,000) (30,000) Sales/Marketing Expense (150,000) 75,708 Operating Expense 87.500) (40,000) Wages Expense (150,000) Product/Research Expense $ (88,500) (87.500) Advertising Expense $ (50,000) $ (38,500 Interest Expense $ 37,429.00 $ (37,429) $ (10,000) $ 10,000.00 Depreciation Expense $ $ 2,409,942 $ 87,500 $ 198,000 $ 300,000 $ - $ (10,000.00) 10,000) Dividend 37,429 $ 570,000 $ I's 500,000 $ S 550,000 $ 950,000 | $ 500,279 2,958,013 3,070,279Goods Available for Sale Cost of Goods Sold Ending Inventory Price/ Price/ Price/ Units Unit Total Units Unit Total Units Unit Total Beg Bal Purchases: 25,000 1 28,750 (15,000) 1 (17.250) 170,000 2 255,000 (10,000) 1 (11,500) 275,000 $ 1.35 $ 371.250 (165,000) $ 1.50 (247.500) 300,000 $ 1.15 345,000 (5,000) $ 1.50 | $ (7.500) (195,000) (263,250) Total 770,000 $ 1,000,000 (390,000 (547,000) NOTE: You will need to calculate your estimated COGS for the budget template tab using the Weighted Avergae method discussed in LO5-6Flexible Budget Master Budget at Actual Units Sold Actual Units Sold + Actual Units in Year 1 25,000 Sold + 50,000 Sales Revenue $ 1,365,000.00 5 1452,500.00 $1,540,000.00 Cost of Goods Sold (547,000.00) (539,500.00) $ (572,000.00) Gross Profit S 818,000.00 S 913,000.00 $ 968,000.00 Operating Expenses Sales & Marketing S [30,000.00] (30,000.00) 5 (30,000.00) Operating Costs S [75,708.00) [75,708.00] [75,708.00) Wages (40,000.00) (40,000.00) $ (40,000.00) Research & Development Expense (150,000.00) S (150,000.00) $ (150,000.00) Advertising Expense (87,500.00) S (87,500.00) $ (87,500.00) Depreciation Exp [37/428.57) [37/428.57) (37/428.57) Interest Expense (38,500.00) (38,500.00) [38,500.00) Net Income S 358,863.43 S 453,863.43 S 508,863.43 Inventory Production *use ending inventory from CORRECTED horizontal Beginning Inventory 380,000.00 balance sheet for beginning inventory for the purchases + Purchases 70,000.00 - Estimated COGS 415,000.00 *actual units at weighted average COGS/unit Desired Ending 35,000.00 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) BE Unit 208698.44 BE Cost 730444.55Income Statement Year 1 Sales Revenue 1,365,000 Less: Cost of Goods Sold (547,000) Gross Margin 818,000.00 Less: Expenses Sales & Marketing (30,000) Operating Costs (75,708) Wages (40,000) Research & Development Expense (150,000) Advertising Expense (87,500) Depreciation Expense (37,429) Interest Expense (385,000) Total Operating Expenses Net Income (Loss) 358,863.43Balance Sheet Year 1 Assets Cash $ 2,115,792.00 Accounts Recievable S 87,500.00 Inventory S 453,000.00 Equipment S 300,000.00 Acc Depreciation S (37,428.57) Total Assets 2,918,863.43 Liabilities Accounts Payable $ 570,000.00 Dividends Notes S 500,000.00 Wages Total Liabilities $ 1,070,000.00 Stockholders Equity Common Stock 550,000 APIC 950,000 RE 348,863 Total Stockholders Equity 1,848,863.43 Total Liabilities and Stockholders Equity 2,918,863.00Statement on Stockholders' Equity Year 1 Beginning Common Stock Plus: common stock issued 550,000.00 Plus: additional paid in capital 950,000.00 Ending Common Stock 550000 Beginning Retained Earnings 0 Plus: Net Income 358863.43 Less: Dividends -10000 Ending Retained Earnings 348863.43 Total Stockholders' Equity 1848863.43Statement of Cash Flows Year 1 Cash flows from operating activities Cash receipts from revenue 1277500 Cash payments for expenses -851708 Net cash flow from operating activities 425792 Cash flows from investing activities: Cash payments to purchase equipment -300000 Cash flows from financing activities: Cash receipts from borrowing funds 550000 Cash receipts from issuing common stock 1500000 Cash payments to repay borrowed funds -50000 Cash payments for dividends -10000 Net cash flow from financing activities 1990000 Net increase/(decrease) in cash Plus: beginning cash balance Ending cash balance