The following information is available for Morgan Company and Parker Company, similar firms operating in the same industry. Write a half-page report comparing Morgan and Parker using the available information. Your discussion should include their ability to meet current obligations and to use current assets efficiently
A review of the notes payable files discovers that three years ago the company reported the entire $1,000 cash payment (consisting of $800 principal and $200 interest) toward an installment note payable as interest expense. This mistake had a material effect on the amount of income in that year. How should the correction be reported in the current-year financial statements?
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