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The summary financial statements of Concord Ltd. on December 31, 2020, are as follows: CONCORD LTD. Statement of Financial Position December 31, 2020 Assets Cash $11,000 Accounts and notes receivable 51,000 Inventory 79,000 Property, plant, and equipment (net) 125,000 $266,000 Liabilities and Shareholders' Equity Accounts and notes payable $62,000 Long-term debt 62,000 Common shares 60,000 Retained earnings 82,000 $266,000 Question 13 of 17 - / 10 Retained earnings 82,000 $266,000 The following errors were made by the inexperienced accountant on December 31, 2019, and were not corrected. 3. 1. The inventory was overstated by $13,000. 2. A prepaid expense of $2,400 was omitted. (It was fully expensed in 2019.) Accrued revenue of $2,500 was omitted. (It was recognized when cash was received in 2020.) 4. A supplier's invoice for $1,700 for purchases made in 2019 was not recorded until 2020. On December 31, 2020, there were further errors: The inventory was understated by $17,000. A prepaid expense of $750 was omitted. 7. Accrued December 2020 salaries of $1,800 were not recognized. 8. Unearned income of $2,300 was recorded in the 2020 revenue. 9. In addition, it was determined that $20,000 of the accounts payable were long-term, and that a $500 dividend was reported as dividend expense and deducted in calculating net income. 5. 6. The net income reported on the books for 2020 was $62,000. = The net income reported on the books for 2020 was $62,000. Calculate the working capital, current ratio, and debt to equity ratio for Concord Ltd. based on the original SFP information provided above. (Round Current ratio and Debt-to-equity ratio to 2 decimal places, e.g. 52.75.) Working capital Current ratio to 1 Debt-to-equity ratio to 1 List of Accounts Question Part Score --/1.5 uestion 13 of 17 - / 10 Question Part Score Calculate the corrected net income for 2020. Net income / (loss) $ List of Accounts Question Part Score --/0.5 Prepare a corrected SFP at December 31, 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Concord Ltd. Question 13 of 17 - / 10 Prepare a corrected SFP at December 31, 2020. (Enter negative amounts using elther a negative sign preceding the number e.g. -45 or parentheses eg. (45).) Concord Ltd. Statement of Financial Position Assets Unadj. Adj. Revised > GA >