Finding Text
As a result of our audit, we proposed twenty-one (21) audit adjusting entries to correct the books as originally provided to us for audit. Most of these adjustments proposed were material to the financial statements. Adjustments were necessary for basis areas such as allowance for doubtful accounts, accounts receivable -HUD, due from the owner, MIP escrow, fixed assets, accumulated depreciation, accounts payable, accrued wages payable, accrued payroll taxes, PPP loan, PNC line of credit, debt issuance cost, net assets, revenue, and expenses.