Navajo company’s financial statements show the following. the company recently discovered that in making physical counts of inventory, it had made the following errors: inventory on december 31, 2015, is understated by $63,000, and inventory on december 31, 2016, is overstated by $33,000.for year ended december 31 2015 2016 2017(a) cost of goods sold $ 738,000 $ 968,000 $ 803,000(b) net income 281,000 288,000 263,000(c) total current assets 1,260,000 1,373,000 1,243,000(d) total equity 1,400,000 1,593,000 1,258,000 required: 1. for each key financial statement figure—(a), (b), (c), and (d) below—prepare a table to show the adjustments necessary to correct the reported amounts. (amounts to be deducted must be entered with a minus sign.)2. what is the error in total net income for the combined three-year period resulting from the inventory errors?

Match the different financial tasks to their corresponding financial life cycle phases wealth protection, wealth accumulation and wealth distribution

Prepare the operating activities section—indirect method.(lo 4), apthe income statement of paxson company is presented here.paxson companyincome statementfor the year ended november 30, 2014sales revenue $7,600,000cost of goods sold beginning inventory$1,900,000 purchases4,400,000goods available for sale6,300,000 ending inventory1,600,000total cost of goods sold 4,700,000gross profit 2,900,000operating expenses selling expenses450,000 administrative expenses700,0001,150,000net income $1,750,000additional information: prepare the operating activities section—indirect 1. accounts receivable decreased $380,000 during the year, and inventory decreased $300,000.2. prepaid expenses increased $150,000 during the year.3. accounts payable to suppliers of merchandise decreased $350,000 during the year.4. accrued expenses payable decreased $100,000 during the year.5. administrative expenses include depreciation expense of $110,000.instructionsprepare the operating activities section of the statement of cash flows for the year ended november 30, 2014, for paxson company, using the indirect method.net cash provided $1,940,000

Feedback systems do not always involve negative feedback. economic inflation, which is evidenced by continually rising prices, is a positive feedback system. a positive feedback control system, as shown on the right, adds the feedback signal to the input signal, and the resulting signal is used as the input to the process. a simple model of the price-wage inflationary spiral is shown on the right. add additional feedback loops, such as legislative control or control of the tax rate, to stabilize the system. it is assumed that an increase in workers’ salaries, after some time delay, results an increase in prices. under what conditions could prices be stabilized by falsifying or delaying the availability of cost-ofliving data? how would a national wage and price economic guideline program affect the feedback system?