This long-term debt working paper was prepared by a staff accountant. You are the engagement supervisor. Identify five deficiencies in the staff accountant's work. (There are more than 5. You just need to identify five in your assignment.)

A deficiency might be a failure to do work, a failure to follow up on errors found, etc.

Widgets, Inc. Long Term Debt December 31, 2015 Prepared Reviewed GKW 1/18/16 Current Prior Year Principal Per book portion Collateral 12/31/14 Borrowings Repayments 12/31/15 12/31/15 N/P - First Commercial Inventory 50,000 300,000 100,000 250,000 X - Interest only pymts due monthly 1/31/15 5/31/2015 12% annual; due in full 1/1/18 Accrued LT portion Interest Interest 12/31/15 paid to Payable 250,000 12/25 2,500 NR N/P - Lender's Capital 2nd Mtge Interest only pymts due monthly Park St Prime + 1%; due in full 6/30/17 100,000 50,000 2/28/15 200,000 C - 200,000 N/P - Commercial Bank 1st Mtge $5,000+interest due monthly Park St 12% annual; due in full 12/31/26 720,000 60,000 660,000 C - 12 pymts 660,000 12/5 5,642 R 100,000 200,000 C - 200,000 - 1,310,000 8,142 J. Jerusha, majority stockholder Unsecured 300,000 Interest only pymts due monthly 0%; due in full 12/31/20 1,170,000 434,098 F F 12/31 - 5/31/2015 260,000 1,310,000 F - T/B F T/B F T/B F T/B F Tickmarks: Agreed to prior year workpapers Interest Expense 281,333 T/B F - Foots correctly Average loan balance 1,406,667 Agreed to board of directors' authorization and bank statement T/B - Agreed to working trial balance Agreed interest rate, terms, and collateral to copy of note and loan agreement C - Confirmed without exception X - Per confirmation, Widgets violated a provision of the loan by paying a dividend during the year. The bank called for immediate payment in full on 12/26/15. R - Recalculated without exception - Agreed to cancelled checks as to date and amount. Conclusion: Long-term debt, accrued interest payable and interest expenses are fairly presented at 12/31/15