Finding Text
As a result of our audit, we proposed nineteen (19) audit adjusting entries to correct the books as originally provided to us for audit. Most of these adjustments were material to the financial statements. Adjustments were necessary for basis areas such as prepaid insurance, replacement reserve, fixed assets, accumulated depreciation, accrued wages and payroll taxes, capital lease obligation, accrued expenses, note payable-insurance premium finance, mortgage payable, revenue, and expenses.