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Jones Accounting, LLP has been engaged to perform a separate audit of the financial statements of Sloan Manufacturing's Employee Pension Plan to comply with Department of Labor requirements. Sloan outsources all the record-keeping and accounting for this retirement plan to Fidelity investments. Sloan then uses the monthly statements provided by Fidelity to prepare the Pension Plan's separate financial statements. The Jones Accounting, LLP engagement team plans to obtain copies of the Fidelity monthly statements from Sloan management in order to test the amounts included in the Pension Plan's financial statements. Evaluate the engagement team's plan for testing the financial statement amounts. If this procedure will provide sufficient and appropriate evidence, explain why that is true. If not, describe the other procedures the auditor should perform. According to US GAAP and PCAOB is this audit evidence enough or what more should auditor do?
Describe the methods of revenue recognition - traditional U.S. GAAP method of revenue recognition fulfills the needs of the International Financial Reporting System? Why, or why not?
$8,000 per year in depreciation of the required equipment. The firm's marginal tax rate is 40 percent. What is the project's after-tax operating cash flows
You need to prepare a two page executive summary discussing the new forecasted numbers for BMY company attached.
Assume a capital structure where stock is 50% and costs 14%, bonds are 40%, what is the weighted average cost of capital when taxes are 25%
Barta reported income of $345,000 and declared and paid dividends of $100,000. Prepare the 2018 journal entries for Legan related to its investment in Barta.
Suppose now that transaction costs in the foreign exchange market equal 0.25% per transaction. Do unexploited covered arbitrage profit opportunities still exist
Explain the relationship between the current yield and YTM for premium bonds? For discount bonds? For bonds selling at par value?
What is the ticker symbol used to identify your corporation on the stock exchange? On which stock exchange is your corporation's stock traded?
On February 9 Ernst gave Gonzalez Co. a 7% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the accounts receivable.
The company earned net income of $18,000. If stockholders' equity at October 31 totals $78,000, what amount of dividends were paid during the month?
What is the net present value of the NOL carried forward to future years? Sinopia earns a 6% after-tax rate of return
Rock Corporation issued $100,000 of 6% bonds on April 1, year 5. The bonds were dated January 1 year5, and mature December 31 year 9, with interest payable
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