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Question - You are completing your audit of ABC Ltd, an importer of Computer from China. Total sales this year were $77,500,000. The results of your audit work on inventory are summarized in the following table:
Description # of SKU's $ Value
Population 140 $6,000,000
Sample 48 $2,000,000
Errors found 7 200,000
Using the monetary unit method, calculate the projected inventory error, and assess it against materiality.
Assuming the declining-balance depreciation rate is double the straight-line rate, compute annual depreciation for the first and second years under the declining-balance method.
What is the formal definition in the glossary of the term "Current Assets?" Provide one drill-down reference from the Master Glossary for where the term "Current Assets" is used in the Codification.
Lenova Company expects to sell the brackets for $45 each. How many brackets should Lenova produce in January
If the intra-entity sales were upstream, how would consolidated net income be allocated to the controlling and noncontrolling interest
Prepare a schedule of expected collections from customers for March and prepare a schedule of expected payments for direct materials for March.
Danny received the following interest and dividend payments this year. What amount should Danny include in his gross income
Augie Corporation purchased a truck at a cost of $66,000. What is the amount of depreciation that Augie should record for year 3
Prepare journal entries for the transactions listed above
Planet issued $10,000 of 8% bonds on January 1, 2019 at par. The bonds mature in 10 years and pay interest annually on December 31. Star purchased the bonds.
Havaci Company reports pretax financial income of $80,000 for 2012. Compute taxable income and income taxes payable for 2012
marsden manufactures a cat food product called special export. marsden currently has 10000 bags of special export on
Prepare journal entries to record income taxes in all 4 years. Assume that the change in the tax rate to 40% was not enacted until the beginning of 2015
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