Complete the Old Turkey Mash case including original financial statement with advertising (see below), revised financial statement, and a discussion of which financial statement to submit to the bank and why? (please be brief).

1 There is a typo in the Old Turkey Mash problem.

on page 83, it says that the additional warehousing cost is $40,000 per year for each additional 20,000 barrels (100,000 gal).

It should be for each additional 2,000 barrels (100,000 gal).

2 an important piece of information was missing from the problem.

The statements provided did not include the cost of advertising. The company consistently spends $25,000 per year to air television commercials for their product. The previous accountants did not include this information.

You should first revise the existing statements to include this $25,000/year before making any other changes.

Your revised statement should also include this $25,000/year.