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Swell Computers manufactures desktop and laptop computers. The components of the financial statements are (1) income before taxes = $50,000, (2) total assets = $1

Swell Computers manufactures desktop and laptop computers. The components of the financial statements are (1) income before taxes = $50,000, (2) total assets = $1 billion, and (3) total revenues = $3 billion.

During the course of the audit, Swells CPA firm detected misstatements that resulted in an overstatement of net income by $1.5 million. Evaluate the audit findings. Justify your decisions.

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