Hi, there is a incorrect filled out balance sheet attached, please help me fill it out the correct way with an explanation on the inventory thank you.

updates, fixes, and improvements, choose Check for Updates 1. Review the completed horizontal balance sheet and correct the entries that contain errors. . . Background - You are a member of the company's executive team. As a team, you'll need to designate a role for each team member based on your declared major and relevant work and course experience. For example, an accounting major may be designated as the CFO, while a marketing major may be designated as the VP of marketing for the firm. Click here for a great article about who makes up an executive team. Remember - you have some flexibility here depending on your team's makeup. I This document was provided by your accounting team for your review. As part of the executive team of this company, you will correct any errors and use the corrected version to construct a full set of financial statements, which will help guide your decision- making process. 2. Your team will use the CORRECTED horizontal balance sheet and templates provided to complete the following financial statements: Income Statement Vertical Balance Sheet Cash Flow Statement Statement on Stockholder's Equity 3. Use the complete set of financial statements as a basis for your management team's Advisory Board Meeting 4. Flexible budget (using template provided) to include the following assumptions: Three sales volume levels Sales Revenue at a projected sales price of $3.50 per unit at each volume level Cost of Goods Sold using weighted average method for the budget (Use inventory tracking sheet in template to calculate COGS using FIFO for the financial statements. Weighted average method is for the budget ONLY) Operating Expenses - Fixed Costs pulled from your Horizontal Balance Sheet Calculate purchases for desired ending inventory of $35,000, assuming your ending inventory from the horizontal balance sheet is your beginning inventory for budgeting purposes A breakeven calculation (show your work on the excel file) of how many bars you need to sell in order to break even. . . . . United States fixes, and Improvements, choose Check for Updates. Survey of Accounting Comprehensive Assignment - Financial Statements & Flexible Budget Year 1 Transaction List: 1. Acquired $550,000 by signing a note payable with a local bank on Jan 1. 2. Sold 25,000 shares of $22 par value Common Stock for $1,500,000 3. Purchased Equipment for $300,000 cash 4. Purchased 25,000 Units of Inventory on Account at $1.15 per unit 5. Sold 15,000 units at $3.50 on Account I 6. Collected $70,000 of accounts receivable 7. Paid $17.250 of Accounts Payable 8. Purchased 170,000 Units of Inventory on Account at $1.50 per unit 9. Sold 175,000 units at $3.50 on Account 10. Collected $472,500 of accounts receivable 11. Paid $118,600 of Accounts Payable 12. Purchased 275,000 units of Inventory on Account at $1.35 per unit 13. Sold 200,000 units at $3.50 on Account 14. Collected $735,000 of accounts receivable 15. Paid $294,150 of Accounts Payable 16. Purchased 300,000 Units of Inventory on Account at $1.15 per unit 17. Record Sales & Marketing Expenses of $30,000 (paid in cash) 18. Record Operating Expenses of $75,708 (paid in cash) 19. Record Wage Expenses of $40.000 (paid in cash) 20. Record Product Line Research & Development Expenses of $150,000 (paid in cash) 21. Record Advertising Expenses of $87.500 (paid in cash) 22. Made the yearly required payment on the note payable. The note carries a 7% interest rate and requires payments of $50,000 plus interest each December 31. 23. Record Year 1 Depreciation on Equipment with Salvage Value of $38,000 and useful life of 7 Years (straight-line depreciation) 24. Declared a $10,000 cash dividend for stockholders 25. Paid a $10,000 cash dividend for stockholders Ramal Formatting as the mytes Once Update Toko up-to-date with security updates on, and improvements Check for datos X f3 . Events B.Once Assets Cah ACCI Inventory found and BARCm Deo Acet Poyable DOC LAcquired $550.000 by signing a note payable with a local bank 25 5000 2. Sold 25.000 shares of $22. Common Stock for $1.500.000 3 1.500.000 3. Purchased Equipment $ 1300.000) Purchased Inventory on Account - 25.000 units at $1.15 per un 20.20 so. Sold 15.000 unes $3.50 On Account 28.7ED S 52,500 56. COCS lor sales on Account RE IDEOLLI 6. Colect 570.00 On Account 70.000 0.0001 Z. Pald $17.250 Accounts Payable 22 117.2501 8. Purchased twentorvon ACCOUNT 170,000 Unb at $150 por unit 12000 17.00 Ya. Sold 175.000 units of 3.50 ON ACCOUNT 5 212500 TI 95.COKAS Tor Sales on Account 27301 10. Colec472.500 on Account 422.501472.00 ID.POS 118700 Accounts Payable (118.6001 LILIB.600.COM 12. Prventory on Account 275 DCO Units 513 perunt 125 371250 130. Soki 200 000 units $3.50 OR ACCOUNT 30. COGS Tor Sales on Account 270,25 14 Colect25.000 on Account 235.000 7850201 IS. Pad294150 of Accounts Payable 3 1794 150 094130 DO 16 Predinventoryzon Account Unit 15 per un 345.000 345.000 17. Record Sales & Marketing Expenses of $20.000 300001 18. Record Operating Expertes 14975208 5 675.2001 19. Record Wage Expenses of 540.000 20. Record Product Research Development Expenses of 153.000 11:50.0001 333333 187.500 22. Made the yearly required payment on the note poyable. The note corries a 7 158,500 interest rate and requires payments of $50,000 plus interest each December 31 23. Record Yr 1 Depreciation on Equipment with Solvage Value of $38,000 & useful le $ 37.426 57 of Yn $ 24. Declared a $10.000 cash didend for stockholders 10.000) 25. Rodo10.000 coshdvidend forstockholder $195.79241 balance of end of 87.500 450.750 300.000 2010 es LE Inwertery Trading Bogel Template Income Balance Sheet Bohem ordal Sheet Morontal Bal Sheet for REVIEW Gone OOK Com Porn Tube Paie Pema Here are on Update Tokep up to date with securtypes and improvement, choose Check for SLB x x Check for updates FV TE Also nory Bar Lord Ranger Accoyote DVR ob Next 900.000 ROOM Comment ARS VIDRIO ACCO 51 550.000 950.000 309,00 28.750 31 24.750 TOUT DES LOGO 31 11 17. TVO NEW KIER 400.00 320 ZO 120.2.1 10 OR BUL LI BEYOOO TO WEVE OURT Learch DEL BRO $ I. 08.00 slapen 1 Drino 137.42 BULAN LAGI WOOD DEO VERIOR VOLG LITTLE JELU EXOR VELES ca Shel Dodoma Hann hefur REVIEW th updates, fixes, and improvements, choose Check for Updates 1. Review the completed horizontal balance sheet and correct the entries that contain errors. . . Background - You are a member of the company's executive team. As a team, you'll need to designate a role for each team member based on your declared major and relevant work and course experience. For example, an accounting major may be designated as the CFO, while a marketing major may be designated as the VP of marketing for the firm. Click here for a great article about who makes up an executive team. Remember - you have some flexibility here depending on your team's makeup. I This document was provided by your accounting team for your review. As part of the executive team of this company, you will correct any errors and use the corrected version to construct a full set of financial statements, which will help guide your decision- making process. 2. Your team will use the CORRECTED horizontal balance sheet and templates provided to complete the following financial statements: Income Statement Vertical Balance Sheet Cash Flow Statement Statement on Stockholder's Equity 3. Use the complete set of financial statements as a basis for your management team's Advisory Board Meeting 4. Flexible budget (using template provided) to include the following assumptions: Three sales volume levels Sales Revenue at a projected sales price of $3.50 per unit at each volume level Cost of Goods Sold using weighted average method for the budget (Use inventory tracking sheet in template to calculate COGS using FIFO for the financial statements. Weighted average method is for the budget ONLY) Operating Expenses - Fixed Costs pulled from your Horizontal Balance Sheet Calculate purchases for desired ending inventory of $35,000, assuming your ending inventory from the horizontal balance sheet is your beginning inventory for budgeting purposes A breakeven calculation (show your work on the excel file) of how many bars you need to sell in order to break even. . . . . United States fixes, and Improvements, choose Check for Updates. Survey of Accounting Comprehensive Assignment - Financial Statements & Flexible Budget Year 1 Transaction List: 1. Acquired $550,000 by signing a note payable with a local bank on Jan 1. 2. Sold 25,000 shares of $22 par value Common Stock for $1,500,000 3. Purchased Equipment for $300,000 cash 4. Purchased 25,000 Units of Inventory on Account at $1.15 per unit 5. Sold 15,000 units at $3.50 on Account I 6. Collected $70,000 of accounts receivable 7. Paid $17.250 of Accounts Payable 8. Purchased 170,000 Units of Inventory on Account at $1.50 per unit 9. Sold 175,000 units at $3.50 on Account 10. Collected $472,500 of accounts receivable 11. Paid $118,600 of Accounts Payable 12. Purchased 275,000 units of Inventory on Account at $1.35 per unit 13. Sold 200,000 units at $3.50 on Account 14. Collected $735,000 of accounts receivable 15. Paid $294,150 of Accounts Payable 16. Purchased 300,000 Units of Inventory on Account at $1.15 per unit 17. Record Sales & Marketing Expenses of $30,000 (paid in cash) 18. Record Operating Expenses of $75,708 (paid in cash) 19. Record Wage Expenses of $40.000 (paid in cash) 20. Record Product Line Research & Development Expenses of $150,000 (paid in cash) 21. Record Advertising Expenses of $87.500 (paid in cash) 22. Made the yearly required payment on the note payable. The note carries a 7% interest rate and requires payments of $50,000 plus interest each December 31. 23. Record Year 1 Depreciation on Equipment with Salvage Value of $38,000 and useful life of 7 Years (straight-line depreciation) 24. Declared a $10,000 cash dividend for stockholders 25. Paid a $10,000 cash dividend for stockholders Ramal Formatting as the mytes Once Update Toko up-to-date with security updates on, and improvements Check for datos X f3 . Events B.Once Assets Cah ACCI Inventory found and BARCm Deo Acet Poyable DOC LAcquired $550.000 by signing a note payable with a local bank 25 5000 2. Sold 25.000 shares of $22. Common Stock for $1.500.000 3 1.500.000 3. Purchased Equipment $ 1300.000) Purchased Inventory on Account - 25.000 units at $1.15 per un 20.20 so. Sold 15.000 unes $3.50 On Account 28.7ED S 52,500 56. COCS lor sales on Account RE IDEOLLI 6. Colect 570.00 On Account 70.000 0.0001 Z. Pald $17.250 Accounts Payable 22 117.2501 8. Purchased twentorvon ACCOUNT 170,000 Unb at $150 por unit 12000 17.00 Ya. Sold 175.000 units of 3.50 ON ACCOUNT 5 212500 TI 95.COKAS Tor Sales on Account 27301 10. Colec472.500 on Account 422.501472.00 ID.POS 118700 Accounts Payable (118.6001 LILIB.600.COM 12. Prventory on Account 275 DCO Units 513 perunt 125 371250 130. Soki 200 000 units $3.50 OR ACCOUNT 30. COGS Tor Sales on Account 270,25 14 Colect25.000 on Account 235.000 7850201 IS. Pad294150 of Accounts Payable 3 1794 150 094130 DO 16 Predinventoryzon Account Unit 15 per un 345.000 345.000 17. Record Sales & Marketing Expenses of $20.000 300001 18. Record Operating Expertes 14975208 5 675.2001 19. Record Wage Expenses of 540.000 20. Record Product Research Development Expenses of 153.000 11:50.0001 333333 187.500 22. Made the yearly required payment on the note poyable. The note corries a 7 158,500 interest rate and requires payments of $50,000 plus interest each December 31 23. Record Yr 1 Depreciation on Equipment with Solvage Value of $38,000 & useful le $ 37.426 57 of Yn $ 24. Declared a $10.000 cash didend for stockholders 10.000) 25. Rodo10.000 coshdvidend forstockholder $195.79241 balance of end of 87.500 450.750 300.000 2010 es LE Inwertery Trading Bogel Template Income Balance Sheet Bohem ordal Sheet Morontal Bal Sheet for REVIEW Gone OOK Com Porn Tube Paie Pema Here are on Update Tokep up to date with securtypes and improvement, choose Check for SLB x x Check for updates FV TE Also nory Bar Lord Ranger Accoyote DVR ob Next 900.000 ROOM Comment ARS VIDRIO ACCO 51 550.000 950.000 309,00 28.750 31 24.750 TOUT DES LOGO 31 11 17. TVO NEW KIER 400.00 320 ZO 120.2.1 10 OR BUL LI BEYOOO TO WEVE OURT Learch DEL BRO $ I. 08.00 slapen 1 Drino 137.42 BULAN LAGI WOOD DEO VERIOR VOLG LITTLE JELU EXOR VELES ca Shel Dodoma Hann hefur REVIEW th