You have accepted a job as the Controller of a start-up company - a consulting firm, called Sheila Shaw Consulting. Sheila is an excellent consultant, but not a good accountant. She has attempted to prepare the first month's financial statements; however, the statements do not balance. Her financial statements are a good starting point, but your job is to correct the errors.
The statements are presented here.
Sheila is grateful to have you on board as her Controller, and you are eager to make a good impression on her by finding the errors in her statements. Download Sheila's statements and make the changes to them. All the information you need to find the errors is contained in these statements.
Checklist:
Identify two errors in the Balance Sheet, one error in the Income Statement, one error in the Statement of Owner's Equity, and two errors in the Statement of Cash Flows.
You will want to keep in mind all that you have learned in terms of the items on financial statements which are duplicated and flow from one statement to another.
Prepare corrected financial statements referencing GAAP.