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 Statement Sales $50,000,000 All Cost (incl.
Interest & Taxes) $40,000,000 Net Income $10,000,000 Summarized
Balance Sheet This Year Last Year Assets: All Current Assets
combined $50,000,000 $40,000,000 All Long-Term Assets combined
$50,000,000 $40,000,000 Total Assets: $100,000,000 $80,000,000
Liabilities & Stockholders Equity All Current Liabilities
combined $30,000,000 $25,000,000 All Long-Term Liabilities combined...