Assume that each has a material effect on the financial

Assignment Help Financial Accounting

Reference no: EM133334496

Questions: The financial year of Darwin global Pty Ltd ended on 30 June 2022. Your auditor's report was signed on 27 August 2022 and the financial statements were issued on 12 September 2022.

List below are events that occurred or were discovered after the end of the financial year (subsequent events). Assume that each has a "material" ( but not pervasive) effect on the financial statements.

1. 2 August's - a lawsuit was filed against darwin global for damages that allegedly occurred before 30 June. In the opinion of darwin global's lawyers, there is no danger of a significant loss.

2. 17 August - you discovered that Alice Springs. A debtor of Darwin globs went bankrupt on 10 August. The Monet recent sale had taken place on 25 May and no transactions had occurred since that date.

3. 27 August- you discover that legal action commenced against darwin global in relation to a faulty product sold in May 2022.

4. 14 September- a fire burnt down one of darwin globals warehouses, resulting in a loss of 15% of the inventory that was on hand at that date

5. 20 September- you discover that Katherine , a debtor of darwin global, went bankrupt on 31 July
. Sales to honesty were all made before the end of the year.

Reference no: EM133334496

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