Questions 5.1B (a and c) page 236 in Financial and Managerial Accounting The Basis for Business Decisions 15th Ed. ISBN 9780073526997 The question is to prepar a corrected set of financial statements dated December 31, 2009 for Strong Knot Inc. (You may assume that all of the figures in the company's adjusted treial balance were reported correctly except for Notes Payable, which is some amount other than $45,000.

c. Using the financial statements prepared in part a. briefly evaluate the company's profitability and liquidity.