Question

Performance Corporation was organized on January 1.2012. At the end of 2012, the company had not yet employed an accountant; however, an employee who was “good with numbers” prepared the following statements at that date:


Required. 1. List all deficiencies that you can identify in these statements. Give a brief explanation of each one.
2. Prepare a proper income statement (correct net income is $32,250 and income tax expense is $10,750) and balance sheet (correct total assets are$140.000).


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  • CreatedJuly 01, 2014
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