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Unformatted text preview: Notes payable 80,100 $ Retained earnings (54,500) Total stockholders' equity 25,600 Total Liabilities and equity 97,100 $ 1 of 2 I-01.07 (a) Find specific errors in Pat's work. Prepare written review notes for Pat sufficient to allow Pat to understand the errors and make necessary corrections. To get you started, you may assume Pat did manage to get the listing of total assets correct. (b) Provide your notes to a fellow classmate (just call your classmate Pat for purposes of this exercise), and have them prepare corrected reports, based solely on your notes -- right or wrong! Remember that achieving professional success not only depends on technical proficiency but also your ability to communicate and mentor others. (c) Prepare corrected financial statements and compare them to the set provided by your classmate pursuant to requirement (b). 2 of 2...
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