Business, 07.03.2020 05:43, firefightergros7271
Company X failed to record (accrue) $5,000,000 of vendor invoices and warranty liability at year-end. With this omission, the company's summary financial statements were stated as follows:Summarized Income StatementSales $50,000,000All Cost (incl. Interest & Taxes) $40,000,000Net Income $10,000,000Summarized Balance SheetThis Year Last YearAssets:All Current Assets combined $50,000,000 $40,000,000All Long-Term Assets combined $50,000,000 $40,000,000Total Assets : $100,000,000 $80,000,000This Year Last YearLiablities & Stoickholders EquityAll Current Liabilties combined $30,000,000 $25,000,000All Long-Term Liabilities combined $25,000,000 $20,000,000Stockholders Equity $45,000,000 $35,000,000Total Liabilties & Equity $100,000,000 $80,000,0001) What is the impact of this omission on the company's current ratio?2) What is the impact of this omission on the company's ROI?3) What is the impact of this omission on the company's ROE?
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Company X failed to record (accrue) $5,000,000 of vendor invoices and warranty liability at year-end...
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