Problem
A. Look at the balance sheet for the last two years. What caused the changes in the balance sheet from last year to this year? Use account names and numbers for both years to explain your answer.
B. Look at the Income Statement (sometimes called Statements of Operations) for the last two years. What caused the changes in the Income Statement from last year to this year? Use account names and numbers for both years to explain your answer.
C. What type of audit opinion did the external auditors give? What accounting standards did they use? Where are each of these components found?