A company has reported revenues of $1,500,000 and expenses of $900,000 for the year. The company's accountant has identified several accounting errors and is requesting a recalculation of the financial statements. The errors include:

1. A revenue transaction of $75,000 was recorded twice
2. An expense transaction of $25,000 was recorded in the wrong period
3. An asset was mistakenly expensed for $10,000
4. A liability was mistakenly not recorded, worth $20,000

Assuming the above errors are corrected, calculate the company's revised net income, total assets, and total liabilities.

Answer rating: 100% (QA)

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