The following presents Echo Mike Sound Systems ? ?draft financial statements for December 2 0 2 4
Question:
The following presents Echo Mike Sound Systems ?draft financial statements for December ?with comparative figures for ?Amounts are in $s
During ?the company declared and paid $$ ?of dividends.
Required:
Before the above financial statements were finalized and issued, management found another sales invoice of $ ?dated December ?Describe how this information should be reflected in Echo Mikes financial statements. Ignore the effect of income taxes.
The company omitted to record a $ ?account payable for goods purchased in the ?fiscal year. The inventory was correctly accounted for, and the payable was recorded and paid during the ?fiscal year. Identify the effect of this information on the financial statements for ?and ?and record any journal entries required.
Identify two articulation errors in the financial statements above.