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Consider the following independent situations. Discuss the audit opinion you consider most appropriate for each of these situations. (a) During the course of your audit of Alex Ltd., you noted that the company has made an allowance of $250,000 for irrecoverable receivables. Based on the audit evidence you have obtained, you are of the opinion that a provision of $450,000 should be made instead. However, the Alex' s management refuses to adjust for the same. The amount of under-provision is considered material. (b) Total cash balance at the year-end date was $740,000, kept in several bank accounts of Bob Ltd. Some of these bank accounts are in a foreign country. You have been unable to obtain bank confirmations or any other third party confirmations with respect to these foreign bank accounts. In fact, the company has been unable to provide you with any bank statements or other supporting documentation in relation to these bank accounts. The cash balance is about 30% of total current assets. (c) Due to an argument with the previous auditor, ABC Fashions Ltd. has employed you as auditor after the company's financial year end. Therefore, you have not carried out the stock take. The accounting records and other evidence were not reliable enough to enable the auditors to obtain satisfactory evidence regarding the company's stock balance.
Compare and contrast auditing, attestation, and assurance services. In your paper, address the following:
Assume that on July 1, 2012 Venzuela Co. retires half of the bonds at a cost of 1,065,000 plus accrued interest. Prepare the journal entry to record this retirement."
Prepare journal entries to record issuance of the stock options, termination of stock options, exercise of the stock option and the charges compensation expense for year ending 12/31/2010, 12/31/2011, 12/31/2012
1. unit-based product costing uses which procedure?all overhead costs are expensed as incurred.overhead costs are
Explain to management how you determined goodwill was impaired and the financial impact of such impaired goodwill. Prepare the necessary accounting entries to recognize goodwill impairment.
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Why does a company issue a bond with detachable warrants (rights)? At what value is each of these securities recorded at the time of the bond issuance?
A total cash dividend of $90,000 was declared and payable to stockholders of record. Record dividends payable on common and preferred stock in separate accounts.
One employee earning $200 per month can be terminated if product B production is dropped. Clinton's other fixed costs are allocated and will continue regardless of the decision made. A condensed, budgeted monthly income statement with both product..
When the local currency of the foreign subsidiary is the functional currency, a foreign subsidiary's inventory carried at cost would be converted to U.S. dollars by:
Barrys policy is to maintain an ending inventory equal to 25% of the next quarter's sales. Each widget costs $1 and is sold for $1.50. How much is budgeted sales revenue for the third quarter of 2004?
The partnership does not have a natural business year. What is the required tax year-end for the partnership (if no Sec. 444 election is made)?
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