Read the footnotes and review the Statement of Stockholders Equity for Advanced Drainage Systems. Then answer the following questions.

1. Looking at the footnotes, in your own words, what were the errors that occurred? (3 points)

2. What did the Audit Committee conclude regarding the reliability of the financial statements? (2 points)

3. What did The Company (Advanced Drainage Systems) do about the errors? (2 points)

We dont get to see prior period adjustments very often. Enjoy this. (1 point each)

4. What was the beginning balance in Total Stockholders Equity at April 1, 2012?

5. What was the total amount of the cumulative restatement adjustment (prior period adjustment)?

6. What was the adjusted balance in Total Stockholders Equity at April 1, 2012?

Please do not ask for additional information. It is a complete question from instructor.

solutions for all step by step.

ADVANCED DRAINAGE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY Balance ADVANCED DRAINAGE SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY Balance