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Question: Other Information in a Financial Review Section of an Annual Report. Gustav Humphreys (chair of the board) and Ingrid VanEns (vice president, finance) prepared the draft of the financial review section of the annual report. You are reviewing it for consistency with the audited financial statements. The draft contains the following explanation about income coverage of interest expense: Last year, operating income before interest and income taxes covered interest expense by a ratio of 6:1. This year, on an incremental basis, the coverage of interest expense increased to a ratio of 6.59:1. The relevant portion of the audited financial statements showed the following:
Required: a. Determine whether the financial review section statement about coverage of interest is or is not consistent with the audited financial statements. Be able to show your conclusion with calculations.
b. Assume that you find an inconsistency and the officers disagree with your conclusions. Draft the other-matter paragraph you should include in your auditors' report.
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At the end of the current year, the accounts receivable account has a debit balance of $851,000 and net sales for the year total $9,650,000.
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Explain how a study using capital markets research methodology can be designed to determine whether the movement in the share prices of QBE and NAB was linked to the respective news announcements?
Record the acquisition of the net assets of Crow Company on Bart Company's books. Record the sale of the net assets on the books of Crow Company.
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