The Controller of IPS showed you the most recent draft financial statements

The Controller of IPS showed you the most recent draft financial statements (Balance Sheet, Income Statement, and Statement of Cash Flows). He admitted that major transactions had not been entered. Your task is to correct the financial statements.Apparently, the following three events were missed when preparing the financial statements:

A write-off of an Accounts Receivable amount of $1.5 million: The party which owed this amountwent bankrupt. IPS does not expect to retrieve any of the amount owed.

IPS sold aProperty, Plant, and Equipment asset valued at $5 million for cash, whichgenerated a profit of $2.1 million.

IPS gave a 10percent discount to a customer. This discount was not recorded, reducing therevenues of the goods sold to the customer from $8 million to $7.2 million.

Question 4: Calculate the impact of the missing transactions on the major financial statements: the Balance Sheet, Income Statement, and Statement of Cash Flows.Which elements in the financial statements change and by how much?

Once you have completed your calculations, combine your responses to thequestions and the supporting data into a single report on the financialviability of IPS.

Before starting yourcalculations, review materials on the preparation of financial statements.

Submit your Financial Viability of IPS Report and Calculations to the dropbox below. Be sure to show your calculations in Excel and provide a narrative analysis in PowerPoint. Your narrative analysis should summarize the results of your analysis and make recommendations for the benefit of company. You can answer this one?