Please I need help with this and please don't tell it needs information, becuase it's very clear and complete. by the way, this is the fifth time i am posting this question...

Requirement:

The Net Sales revenue reported is derived from the sale of products. Each year Findley records from cash sells, sells on account and completed purchase orders. During 2016 and 2017, approximately 12% of the revenue recorded was generated from purchase orders for which customers have not taken possession of the products. However, the products have been segregated from other products in the warehouse and are available for the customers to pick-up. The customers have various reasons for not taking possession of the products:

1) a lack of available space for inventory,

2) current inventory levels are high, but it is anticipated that the inventory will decrease in the coming months and

3) the production schedule has been delayed, so the customer is not ready for the products, yet. The Controller of Findleyhas stated that only a small portion of the revenue is derived from customers that have not picked up their products, thus the financial statements accurately reflect Findleys financial performance.

Please prepare a memo that either supports or refutes the Controllers position including the following sections:

Relevant Facts

Accounting Issue

Conclusion

Support

Actions to be Taken

NOTE: This question does NOT need to be clarified and it does NOT need more information.

K3] - EEFGH| KLMAqR S Akcetnt ,520 11,201 $8,769 9,432 $11,965 11,355 9,716 SE,18 $,174 9,457 11,402 $15,023 14,372 $3,645 s,82 $7,287 s,97 9 Accumulated depreciation Mon current a5t $13,470 $12,549 $16,316 $12.70 $13,736 $11,315 $10,172 $10,430 $9,031 $11,969 $8,714 $13,183 $18,310 $18,04; $9,434 $7,955 $7,437 $7,514 10 Lang-tern receivable Mon-current sit $250 $25 2 3 2 37 25? $3,527 3,435 2,05 $159 $230 $2,71 .jp? $2,12 ;,945 $1,40 1,259 $4,542 $1,479 11 Ocfcfcd lax5 eks Ngn-currcrika; E $25 $75 $2] $24 $ $$19 $337 $261 $26 46 :35 :265 $25 $29 5 179 19 $135 5 187 12 Accounts payable Current liability 2,250 3,426 3,565 $2,797 3,WJs 4,824 $5,252 $3,881 $2,121 2,433 4,03 >4,565 $5,9g ;5,413 $3,775 $2,911 2,791 13 AccTuecd expenscs CuTIcent liability $1,7s 1,544 1999 $1,492 $1,04 4,437 34,919 2,2? $1,92 1,491 3, 3[ $3,495 $4,336 3,710 $2,855 92,034 $2,443 3 2,342 1* Tax6* payable curr#n; liability $375 }75 $10518,30530 5777 7 59 $571 ,74 $ig5 :57 $1,74; $4,413 $35 $524 502 15 Current perlisrl sf Long-kterrra Currct liability $500 $ $59$ $47 $07 $2,82z $2,023 $1,5sg $349 $49 $1.974 $1.62? $1,72 $ 347 $1,Opg $1107 1,11 $1,242 16 Lung-term liability Non-current liability $5,010 $5,501 $6,050 $4,740 $5,037 $7,726 $8,05 $6,195 $3,531 $4,830 $g,405 $7,294 59,547 ;8,BUg $6,898 $4,409 4,454,455 17 Ocfcrred tax liabilitic! Man cuTIcrit liability $30 21034145332 $354 3,050 3,199 1,39 $20 2 5g 2,543 $1,389 $2,139 1,745 $1,4331,03? $1,459 $1,409 1 Preferred tock Equity $1,0. 1,d $1,202 $4 $1,017 $2,54 $2,201 $1,724 $$83 $2d $1,954 1,BRE 2,27 2,220 $1,352 $1,19 $1,2931,240 19 corrnern stock Equity $ig $ $657 $21 $ $20 $293 $236535 $4g $477 $4C $6 50630623. 22 206 0 APIC - common stock Equity 3,0756253,717 2,315 3,134 1,173611,432 1,582 1,70257:1,49 2,365:2,37541561,0741,02 21 Relained carnings Equity 7,35; 6,760 $5,644 7,51 5,121 $11.47] $15,164$10,311 $g,199 6,774 10,739 $11,477 15,495 $12,66159,537 $6,07? $7,733 7,414 22 D%ridends Equity $2,07 $6sa 53717 2,g15 $3,134 $1,422 $1,26 $1,72 $1,566 1,65 1,102 $1,753 $2,48 $2,43 7 91 $657 $1,29$ $1,243 Z3 Mct +ale: Revenue $3,40 $41,7qg $5,651 $45,9 $49,6; $62,04? $61,j31 551,423 $31,734 $41,44$ $50,221 $$1,405 79,07? $3,53; $45,079 $34,57 $49,567 $35,97? 2#Other income Revenue 70257566; $6 $182 $127 $112 :36 44137112125 $134 $665 $6481 25 Interest incom Revenue 30 $25 :2g zg7g 176 :34 $12 $14 $11557 $105 5277 $26 :63 50 Cost af gasd: scold Expense $31,460 23,1ag :38,120 29,824 $32,06 $41,435 45,273 $35,569 $21,071 $27,89 35,575 41,17 $55,075 4,535 $32,59g $23,675 $26,67? $25,578 27 General and administrative ex Expense $12,590 $3,735 $1,64 $11,462 $12.32 $12,6249 $12,742 11,175 7,577 $3,60 $10,275 $12,825 $17,507 $26,1:54 59,351 $7,13 59,382 5,036 28 Interest expens Expense $27; $300 3 22 $261 $278 $1,162 1,458 $85 $192 $265 $1,073 $88E $1,088 $64] $76 $487 $645 $618 29 Income tax expenpg Expense $2,315 $1,695 $2,796 $2,135 $2,35 $2,659 $2,092 $2,109 $1,452 $1,B45 $1,936 $2,431 $3,216 $3,223 $1,54? $1,451 $1,582 $1,517 30 2 31 32 33 Sheeti +)