Question: Performance Corporation was organized on January 1 2014 At the

Performance Corporation was organized on January 1, 2014. At the end of 2014, the company had not yet employed an accountant; however, an employee who was “good with numbers” prepared the following statements at that date:
1. List all of the deficiencies that you can identify in these statements. Give a brief explanation of each one.
2. Prepare a proper statement of earnings for Performance Corporation for 2014 (correct net earnings is $ 30,000) and a proper statement of financial position at December 31, 2014 (correct total assets are $ 142,000).

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