During 2017, Sheffield Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2016 and 2015 (Sheffield’s first year of operations) under FIFO was $162,140 and $181,860, respectively. Pretax income using weighted-average pricing in the prior years would have been $153,100 in 2016 and $174,200 in 2015. In 2017, Sheffield reported pretax income (using weighted-average pricing) of $205,200. Show comparative income statements for Sheffield, beginning with "Income before income tax," as presented on the 2017 income statement. (The tax rate in all years is 25%.)

1. what is the lowest balance during this period? 2. lily just received her bank statement below. a. what does the bank think her ending balance is? b. how much more does the bank think lily has? c. what transactions are missing? 3. what is the danger of not balancing your bank account? lily’s bank statement deposits: 2/25 $35 2/26 $20 3/1 $256.32 checks: 2/24 ck #301 $25 2/26 #302 $150 debit card: 2/24 american eagle $75.48 2/25 chick fa la $4.67 2/27 mcdonalds $3.56 2/28 chevron $34.76 withdrawal: 2/27 $40 beginning balance $423.34 deposits $311.32 total debits $333.47 ending balance $401.19