Evaluate financial statement components for adherence to Generally Accepted Accounting Principles $($GAAP$)$ standards Apply accounting principles and methods to current assets and liabilities Apply accounting principles and methods to long$-$term assets Scenario Your company, Angelo Manufacturing, has just announced that a new chief operating officer $($COO$)$ will be joining the company. Her job is to look at the profitability of the company and examine the company$$s financial health. Her assessment relies on accurate financial statements to make decisions for the company. As the company$$s accountant, you have been tasked with providing a written report that analyzes the company$$s financial statements and recommends strategies for increasing profitability and maintaining strong liquidity. Because the COO is new and needs to understand the company$$s financial position, you will be required to be extremely thorough in your analysis and recommendations. Directions For this project, you will use information in the Project Financial Statements spreadsheet, linked in Supporting Materials, to write a $5-$ to $7-$page report analyzing the company$$s financial statements and recommending strategies for increasing profitability and maintaining strong liquidity. Specifically, you must address the following: Part One: Financial Statements Summarize the principles in GAAP that apply to the preparation of financial statements. Apply the appropriate AICPA professional standards to the preparation of financial statements. Contrast the objectives for accrual basis accounting and cash basis accounting. Justify the implementation of internal controls in financial reporting. Describe the consequences that can arise when internal controls are not implemented. Part Two: Current Assets and Liabilities Explain which principles in GAAP impact the reporting of current assets and liabilities. Analyze the company$$s current assets and general ledger records for accuracy. Analyze the company$$s financial ratio analysis for current assets and liabilities. Outline the company$$s strategy for managing its current assets and liabilities. Assess the company$$s performance level based on its liquidity ratios. Part Three: Long$-$Term Assets Explain which principles in GAAP impact the reporting of long$-$term assets. Analyze the company$$s long$-$term assets and general ledger records for accuracy. Outline the company$$s strategy for managing its long$-$term assets. Identify appropriate depreciation methods for the company. Use evidence from the company$$s financial statements to support your recommendation. Recommend a strategy for increasing the company$$s profitability and maintaining strong liquidity. Use evidence from the company$$s financial ratio analysis for long$-$term assets and liquidity ratios to support your recommendation.