solve this case please

Beads-TO-GO (BTG) is a manufacturer Of beads that has been in business for many years With a manufacturing facility in Hamilton. Ontario. It iS a private corporation, and its board Of directors hag 4 members: the Chief executive Officer (CEO). Roxanne glair: her brother, Who iS the vice-president Of marketing; her sister. who is the Vice-president Of manufacturing; and an banker. The founder Roxanne Started the business bv initially manufacturing a variety Of glass and ceramic beads used jewellery and toys Operations have expanded since its "Iception and now Other more expensive and exotic beads as geed beads, Czech glass. art glass, Thai silver. This immense growth Was mainly u. to this Was a unique product line When it opened "th Virtually no competition within Can E TG prepares Statements annual basis It is now 2020. You, CPA, are a consultant recently hired to replace the controller Who has been on a medical leave Of absence E TG iS preparing to have its financial statements audited financing purposes would you to assist and advise gTG in accounting, tax. and Other related business matters in preparation for the audit You CPA. ask for the draft Statements package the year ended December 31 2019. giG is only able to provide the Statement Of Financial Position to you as Shawl in Exhibit 1. You notice that the Statement did not have any note disclosures or supporting Schedules and you learn that the rest o' the statements are not ready _ At a recent rn&g, the Shareholders have expressed interest in improving the overall corporate governance Structure the quality Of and management reporting. have raised the possibility Of E TG preparing statements on a more frequent basis to meet their information needs. They have asked Sharon Supervisor Of accounting, to Obtain information to support this goal. The Shareholders are concerned about the potential acquisit6n Of ABC Company. the What tax or accounting impacts, any. Sharon Y em a CPA Student. has in turn approached you for advice the issues raised by the Shareholders. In Sharon has identified a few issues relating to accounts receivable and accounts payable, Which She iS concerned With and has made notes for you to review as outlined Collection Of accounts receivable. Accounts receivable make random calls and followup letters on Some, but not overdue When questioned about this procedure, an accounts said that some Of the sales Staff have requested that the credit not contact their CL'StomerS_ Accounts receivable aging has increased Significantly over the past years and the occurrence Of writing Off accounts receivable has also increased substantially, some Of Which Was apnved by the credit managen Payment Of vendor accountS_ All invoices are be*lg paid in 15 days regardless o' the standards term allowed bv most vendors. Cheques are being issued daily or upon Discounts available for fO-day payment are being routinely. E e ads-TO-GO Statement o' Finanal Position As *December 31, 2019 ACCO u ntS able Inventory Prep id expenses Land and buildings Bead Manufacturing equipment Computer and Other office Aca_jmulated amortization Tota I Liabilities Accounts payable/accrued liabilities Current Of 6ng-term debt Capital leases Share capital Retained earnings Tota I i red 2n r,nn 3,200.000 1,200.000 500.000 1.400.000 Prepare a memo from you, CPA, to Sharon Yee Which you need to address the financial accounting and reporting, and Other related items ag well as her concerns relating to accounts receivable and accounts payabl& In your position as the company's consultant. explain how corporate governance. financial reporting and disclosure. and Other reporting could be improved and implemented to address the new Shareholders' concerns.