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The adjusted trial balance of November Corporation (the Company) as of and for the year...

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Accounting

The adjusted trial balance of November Corporation (the Company) as of and for the year ended December 31,2023, the Companys initial year of operations follows.
Debit
Credit
Current Assest
$460,000
Long-Term Assest
$450,000
Current Liabilities, excluding income taxes payable
$80,000
income taxes payable
$48,300
Long-term liabilities, excluding deferred income taxes
$500,000
Deferred income taxes
$21,000
Common Stock
$50,000
Retained Earnings
Revenues
$4,304,000
Expenses, excluding income tax expense
$4,024,000
current income tax expense
$48,300
Deferred income tax expenses.
$21,000
$5,003,300
$5,003,300
Required
If, the engagement team has concluded that financial statement materiality is 5% of pre-tax income.
Calculate financial statement materiality.
Would performance materiality be more or less than financial statement materiality?

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