Please look over my filled out balance sheet and let me know if it is correct or not. Also please explain how to use this inventory tracking chart to track the inventory, thank you.

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Goods 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 LO5-6Events Cash Balance sheet $5501020 by signing a note payable with a loool bank 550.000 Acct Rec Inventory Asset old 25,030 shores of $22 Common Stock for $1,500,000 Acct Payable DIV Payable Notes Payable Equity 1.500.000 Wages Payable Common Stock APIC entory on Account - 25,000 Units at $1.15 per unit [300.000] 550.000 Retained Earnings Account Titles for Retained Eamin sold 15,030 units of $3.50 on Account 300.000 52.500 287.750 550.000 950.000 or Sales on Account 28.750 i. Collect $/0 030 on Account 750 Of Accounts Payable 70.000 52.500 8. F sed inventory on Account - 170,000 Units at $1.50 per unit [17.250 70.000 Sales 90. Sold 175,000 units of $3.50 on Account 717-2501 gb. COGS for sales on Account 595.000 255,000 255.090 10. Collect $472.500 on Account (259,0021 11. Paid $118,800 of Accounts Payable 472.500 (472.5001 595,000 Sales 12. Purchased inventory on Account - 275.000 Units at $1.35 per unit [118,600 [259 0001 Cost of Goods Sold 130. Sold 2001030 units of $3.50 on Account 13b. COGs for sales on Account 700.000 371.250 (1 18.600.001 371.250 14. Collect $735,000 on Account 15. Paid $294.150 of Accounts Payable 735,000 1735,000 700.000 Sales To. Furche " liventory on Account - 300.000 Units of $1.15 per unit 17. Record sales & Marketing Expenses of $30.000 18. Record Operating Expenses of $75.708 (30.000 345,000 345,000.00 19. Record Wage Expenses of $40,000 (75.078 20. Record Product Line Research & Development Expenses of $150,000 (40.0001 Sales/Marketing Expense 21. Record Advertising Expenses of $87.500 150.000 (75.078) Operating Expense 22. Made the yearly required payment on the note payable. The note comes a 7% Interest (87 5001 (40.000) Wages Expense note and requires payments of $50,000 plus Interest each December 31. [88,500 150.000 search Expense 23. Record Yr 1 Depreciation on Equipment with Salvage Value of $38,000 & useful lite of ; (50,000 1005 28 Advertising Expense 24. Declared a $10.030 cash dividend for stockholders 37 429.00 38.500 Interest Expense 25. Paid a $10,000 cash dividend for stockholders (10,003 Balance at end of Yr 3 10.000.00 37.425 Depreciation Expense 2.710.572 $ 70.000 $ 1,000.000 $ 300.000 37 429 [10.000 854.150 10,000.00 Dividend Total Aacts 500.000 550.000 950.000 $19.993 Total Liabilities & FortyReview the completed horizontal balance sheet and correct the entries that contain errors. I 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 beg for a great article about who makes up an executive team. Remember you have some flexibility here depending on your team's makeup. I 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 decisionmaking process. 'I'our team will use the CORRECTED horizontal balance sheet and templates provided to complete the following financial statements: I Income Statement I Vertical Balance Sheet I Cash Flow Statement I Statement on Sfockholder's Equity 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: I Three sales volume levels I Sales Revenue of a projected sales price of $3.50 per unit at each volume level I 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] I Operating Expenses Fixed Costs pulled from your Horizontal Balance Sheet I 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- I A breakeven calculation (show your work on the excel file} of how many bars you need to sell in order to break even. 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 stockholders