You are auditing Arthur Ltd. Company for the year ending 31 December 2020. The company is exempt from corporate income tax. Following are misstatements discovered during the audit: a) Sales and accounts receivable were overstated by $50,000 because of cutoff errors. b) The loan confirmation from the bank revealed that interest payable for December was $5,200, but the company did not record this accrued expense. c) The company's inventories did not include $20,000 of merchandise purchased on account, FOB shipping point, which was in transit at the balance sheet date. d) A clerical error resulted in the December accrued rent of $5,000 was mistakenly recorded as a long-term rather than a current liability. e) The company did not record a $60,000-car as a contributed capital asset on May 1, 2020. The car is estimated to have a 10-year life with no salvage value. Required: 1. Explain the effects of the misstatements on the financial statements (including total assets, liabilities, owners' equity, and net income). 2. Suppose the client agrees to correct all of the above misstatements. What are adjusting entries?

Question 1 (3 points) saved what is the solution for the following system of equations? use any method to solve. y = -x +4 y = x - 2 question 1 options: ( 4 , -2) (2, 1) (3, 1) (3, -2) question 2 (3 points) saved the solution to a system of equations is where the lines intersect. question 2 options: true false question 3 (3 points) which ordered pair is the best estimate for the solution of the system of equations? the graph of the system of equations : y = 3/2x +6 and y=1/4x - 2 question 3 options: (-6, -3) (-6.5, -3.5) (-7, -4) (-7, -3.5) question 4 (3 points) what is the solution for the following system of equations? use any method to solve. 2x + 8y = 4 x = -3y + 5 question 4 options: x = 14, y= -3 x = 2, y = -3 x = -3, y = -3 x = 12, y = 5 question 5 (3 points) solve the following system using any method. 8a - 4b = 20 5a - 8b = 62 question 5 options: a = 5, b = -4 a = 8, b = 4 a = -5, b = -8 a = -2, b = -9 question 6 (3 points) breana is selling tickets to a choral performance. on the first day of ticket sales, she sold 3 senior citizen tickets and 1 child ticket for a total of $38. breana took in $52 on the second day by selling 3 senior citizen tickets and 2 child tickets. what is the price of a senior citizen ticket? question 6 options: question 7 (3 points) a farmer has 5 times as many cows as pigs. the farmer only has cows and pigs, and he has 168 animals. how many cows does he have? question 7 options: 140 cows 120 cows 50 cows 28 cows question 8 (3 points) how many solutions does the system have? question 8 options: zero one infinitely many question 9 (3 points) what is the solution to the system of equations? graph of x+2y = 6 and y = x question 9 options: (1 , -2) (2, 2) (3, 5) (-2, 2)