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Question: The financial year of your audit client Bartex Lid, a company that both manufactures and imports toys for resale, ended on 31 December 2019. Your audit report was signed on 22 February 2020 and the financial statements were issued on 7 March 2020. Each of the following independent events, which the auditors have discovered after the end of the financial year, have a material effect on the financial statements: a) 16 February 2020 Bartex Ltd disposed of equipment that had not been used in operations since June 2019 for $255,000. The book value of the equipment on balance date and included in the financial statements was $1, 100,000. b) 28 February 2020 The Australian government declares the imported 'gel blaster' toy guns as unsafe, and subsequently has placed a ban on the sale of these items with immediate effect. Bartex Ltd has $400,000 worth of these items in inventory. Required: For each of the two events above, explain the auditor's responsibilities and the auditor's appropriate course of action.
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What is the average number of units in inventory based upon ordering 250 units each time an order is placed?
Make at least two (2) recommendations for improving the accuracy and reliability of the information in the gaps that you have identified. Justify your response.
Roxy Co., which has a taxable payroll of $800,000, is subject to FUTA tax of 6.2%. What is the total amount of federal and state unemployment tax for Roxy Co.?
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Bobby Hooks, licensed master plumber, had the following transactions and events during his first month of business. Prepare journal entries to record them.
on january 1 20x8 ramon corporation acquired 75 percent of tester companys voting common stock for 300000. at the time
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