The last picture has the requirements needed. I just need to know which 10 out of the 13 points are wrong and why, and what causes it would have towards a third party reviewing the financial statement. List items in order of magnitude.
Dave Wooden started Wooden Corporation in 1998 as a small consulting company specializing in streamlining improving grocery store displays and related inventory configurations. The company has improving client 'bottom lines' through the use of cutting edge technology to generate fairly accurate inforn current consumer trends and opportunities and providing end-results utilizing highly-creative innova each client. Currently, the to some larger, nationally recognized chains. The company itself is a closely held entity with Dave se majority stockholder and president along with a h and All remainin been very successful in company provides these services to a multitude of entities ranging from small, local concerns rving as the andful of other, unrelated smaller investors. Overall company strategy ustomer contact is driven by Dave with daily operational activities being led by Dave's oldest son, Donnie. primary c ng activities (primarily administrative and marketing) are guided by Dave's wife, Sarah. Both Donnie and h ech upervise staffs of approximately five individuals that perform the majority of the day-to-day work-load. ration, in proper form, of an unaudited Classified Balance Sheet to be used as supporting documentation in an tax returns and financial information for the corporation since January 2, 2010 Gilmer provides you with a Recap of h supervise staffs of approximately Dave (a long-time friend) has recently reached out to you (a licensed CPA in public practice) to "take a of the financial information of Wooden Corporation for the year ended 2016 Your analysis will result in the application for a long-term loan to be used for future growth Johnny Gilmer, the internal accountant for Wooden who maintains the company's financial records, has prepared all the Financial Position providing the information listed below: Recap of Financial Position (unaudited) December 31, 2016 Current Assets 501 830 An analysis of Current Assets discloses the Following h and Cash Equivalents nvestments in Land Accounts Receivable less allowance of $48,000 inventories (LUFO flow assumption) 106,500o 84 72 Other Assets indude 47,073 Burildings (less Accumulated Depredation of $1,506, 310) of life insurance policy hicles (less Accumulated Depreication of S6R 813) Equipment (less Accumulated Depreciation of $153, 724) and Equity Long-term Liabilities owners Equity Total Liabilities and Equity 2,450,465 1,500,000 4,551, 6s 8501 830 Current LUabilities include 480,000 1,682,213 150,000 138252 2450465 Notes payable (due 2019) Income Taxes payable Totals Long-term Liabilities and Equity include Retained Earnings 4,551365 1.500.000 6051365 Capital Stock (S10 par, 200,000 authonized, 150,000 issued Totals Dave Wooden started Wooden Corporation in 1998 as a small consulting company specializing in streamlining improving grocery store displays and related inventory configurations. The company has improving client 'bottom lines' through the use of cutting edge technology to generate fairly accurate inforn current consumer trends and opportunities and providing end-results utilizing highly-creative innova each client. Currently, the to some larger, nationally recognized chains. The company itself is a closely held entity with Dave se majority stockholder and president along with a h and All remainin been very successful in company provides these services to a multitude of entities ranging from small, local concerns rving as the andful of other, unrelated smaller investors. Overall company strategy ustomer contact is driven by Dave with daily operational activities being led by Dave's oldest son, Donnie. primary c ng activities (primarily administrative and marketing) are guided by Dave's wife, Sarah. Both Donnie and h ech upervise staffs of approximately five individuals that perform the majority of the day-to-day work-load. ration, in proper form, of an unaudited Classified Balance Sheet to be used as supporting documentation in an tax returns and financial information for the corporation since January 2, 2010 Gilmer provides you with a Recap of h supervise staffs of approximately Dave (a long-time friend) has recently reached out to you (a licensed CPA in public practice) to "take a of the financial information of Wooden Corporation for the year ended 2016 Your analysis will result in the application for a long-term loan to be used for future growth Johnny Gilmer, the internal accountant for Wooden who maintains the company's financial records, has prepared all the Financial Position providing the information listed below: Recap of Financial Position (unaudited) December 31, 2016 Current Assets 501 830 An analysis of Current Assets discloses the Following h and Cash Equivalents nvestments in Land Accounts Receivable less allowance of $48,000 inventories (LUFO flow assumption) 106,500o 84 72 Other Assets indude 47,073 Burildings (less Accumulated Depredation of $1,506, 310) of life insurance policy hicles (less Accumulated Depreication of S6R 813) Equipment (less Accumulated Depreciation of $153, 724) and Equity Long-term Liabilities owners Equity Total Liabilities and Equity 2,450,465 1,500,000 4,551, 6s 8501 830 Current LUabilities include 480,000 1,682,213 150,000 138252 2450465 Notes payable (due 2019) Income Taxes payable Totals Long-term Liabilities and Equity include Retained Earnings 4,551365 1.500.000 6051365 Capital Stock (S10 par, 200,000 authonized, 150,000 issued Totals
