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For the year ended December 31, 2014, Friday & Co., CPAs ("Friday") audited the financial statements of Kim Company and expressed an unqualified opinion on the balance sheet only. Friday did not observe the taking if the taking of the physical inventory as of December 31, 2013, because that date was prior to its appointment as auditor. Friday was unable to satisfy itself regarding inventory by means of other auditing procedures, so it did not express an opinion on the other basic financial statements that year. For the year ended December 31, 2015, Friday expressed an unqualified opinion on all the basic financial statements and satisfied itself as to the consistent application of GAAP. The fieldwork was completed on March 12, 2016, the partner-in-charge reviewed the working papers and signed the auditor's report on March 19, 2016. The report on the comparative financial statements for 2015 and 2014 was delivered to Kim on march 21, 2016.
Required: Prepare Friday's audit report that was submitted to Kim's board of directors on the 2015 and 2014 comparative financial statements. Kim is a public company. Friday has conducted an audit of Kim's internal controls over financial reporting based on the COSO framework. No material weaknesses were identied.
A store has 5 years remaining on its lease in a mall. Rent is $1,900 per month, 60 payments remain, and the next payment is due in 1 month. The mall's owner plans to sell the property in a year and wants rent at that time to be high so that the prope..
what is the amount of money that must be set aside to pay for this prize?
If the discount rate is 8 percent compounded monthly, what is the value of this annuity five years from now? what is the current value of the annuity?
Carlyle Inc. is considering two mutually exclusive projects. Both require an initial investment of $15,000 at t = 0. Project S has an expected life of 2 years with after-tax cash inflows of $7,000 and $12,000 at the end of Years 1 and 2, respectively..
Sarah Andrews has boon the managing director of Ai-Sahel Corporation, a market leader in the technology sector, for over 15 years. For instance, do managerial level employees contribute more towards an innovative culture than non-managerial employees..
Carson Inc is purchasing a new delivery truck to replace their existing one.
Management Development: Describe the pros and cons of five management development techniques. What has been your experience with any one or more of these management development techniques? THIS CLASS IS HR MANAGEMENT
The stock of the Health Corporation is currently selling for $20 a share and is expected to pay a $1 dividend at the end of the year.
Consider the following information: State of Economy Probability of State of Economy Rate of Return if State Occurs Recession .30 − .13 Boom .70 .25 Calculate the expected return.
An automatic process controller will eliminate the current manual control operation. what is the maximum economical price (in dollars) for the controller?
The authorized share capital of the Alfred Cake Company is 120,000 shares. The equity is currently shown in the company's books as follows: How many shares are issued? How many shares are outstanding?
Company uses the profitability index (PI) when evaluating projects. The cost of capital is 14.52 percent. What is the PI of a project if the initial costs are $2351733 and the project life is estimated as 5 years? The project will produce the same af..
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