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Unqualified Audit Report. Upon completion of all field work on September 23, 20X1, the following audit report was rendered by Alexander Dlouhy, Auditor, to the directors of Rabochaya Raum Company of Docesky, the Czech Republic. To the Directors of The Rabochaya Raum Company: We have examined the balance sheet and the related statement of income and retained earnings of The Rabochaya Raum Company as of July 31, 20X1. In accordance with your instructions, a complete audit was conducted. In many respects, this was an unusual year for The Rabochaya Raum Company. The weakening of the economy in the early part of the year and the strike of plant employees in the summer of 20X1 led to a decline in sales and net income. After making several tests of sales records, nothing came to our attention that would indicate that sales have not been properly recorded. In our opinion, with the explanation given above, and with the exception of some minor errors that are considered immaterial the aforementioned financial statements present fairly the financial position of the Rabochaya Raum Company at July 31, 20X1, and the results of its operations for the year then ended, in conformity with pronouncements of International Accounting Standards Committee applied consistently throughout the period. Alexander Dlouhy, Auditor September 23, 20X1Required: List and explain the deficiencies and omissions in the auditor's report. Organize your answer sheet by paragraph (scope, explanatory, and opinion) of the auditor's report.
Suppose that an initial $20 billion increase in investment spending expands GDP by $20 billion in the first round of the multiplier process. If GDP and consumption both rise by $10billion in the second round of the process, what is the MPC in this..
refer to the following matrix, where each entry shows the level of utility attained by group members from following a particular strategy. Cooperate Shirk Cooperate 10,8 5,4 Shirk 6,10 8,7 If there is as..
The following data represent the daily demand (y in thousands of units) and the unit price (x in dollars) for a product. Daily Demand (y) Unit Price (x) a. Compute and interpret the sample covariance for the above data. b. Compute and interpret the s..
Assume that biomass production generates net power per unit area of 0.5 W/m2 and that your consumption of energy is 240 kWh/day. How many square meters of land would it require to provide your annual energy consumption Use the economics underly..
In year 1, the quantity produced is Q1 and the price is P1. In year 2, the quantity produced is Q2 and the price is P1. In year 2, the quantity produced is Q1 and the price is P2. In year 3, the quantity produced is Q3
A multiproduct firm's cost function was recently estimated as C(Q1, Q2) = 75 - 0.25Q1Q2 + 0.1Q1^2 + 0.2Q2^2 a. Are there economies of scope in producing 10 units of product 1 and 10 units of product 2 b. Are there cost complementaritites in producing..
Market supply of labor The following table shows the hours per week supplied to a particular market by three individuals at various wage rates. Calculate the total hours per week (QT) supplied to the market. Hourly Wage Hours per week
Assume that there are no excess reserves inthe banking system and the reserve ratio is 40 percent. John Smith finds $10,000 incash under his mattress, stashed there by his great aunt who didn't believein banks.
Rubax, a United States producer of athletic shoes, estimates the following linear trend model for shoe sales:
Why is advertising prevalent in many oligopolies, especially when industry demand is inelastic Illustrate your answer by assuming that with advertising, a firm's demand curve has price elasticity of -1.5 and without advertising, it is -2. If MC is..
You have the chance to buy either one of two bonds. The first is a tax-free municipal with a coupon yield of 6.5%. The second is a corporate bond with a yield of 8.5%. Both bonds are rated AA. Your tax rate is 28%.
By assuming there is no change in the level of the MPC and MPS and planned investment jumps by 200 and is sustained at that higher level, recomputed the table. What is the new equilibrium level of Y Is this consistent with what you compute using t..
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