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Question - Your firm is responsible for the audit of Pick and Pay Ltd, a listed company with a year ended 31 December 2020. A court case began in October 2020 involving an ex-employee who is suing Pick and Pay Ltd for unfair dismissal. A confirmation letter was received from the company's lawyers on 10 January 2021, which estimates that damages of $60,000 are probable to be paid. The amount is material. The financial statements for the year ended 31 December 2020 include a note disclosing the court case and quantifying the potential damages but the amount is not included in the Statement of Financial Position or the Income Statement.
Explain whether the current treatment of the probable damages in the financial statements for the year ended 31 December 2020 is appropriate.
on june 30 of the current calendar year apricot co. paid 7500 cash for management services to be performed over a
For each of the independent situations presented above, state what type of opinion should be issued on the company's financial statements
Show and Provide the journal entries necessary to account for all the above transactions and events up to 1 July 2023, in accordance with AASB 116
Define the process you will use and address the following assessed classroom discussion questions: What procedures will be used to collect accounting evidence? What sampling tools and techniques will be used for the examination?
An individual with a taxable income of $50,000 sells 200 shares of stock at a market price of $100 per share. What is the effect of the transaction on the tax
orm Fish makes cheap fishing rods and operates in a competitive market. The company has a fixed cost of $20,000 per period. In addition the firm incurs production or variable costs depending on its output as follows:
Sales revenues are $800,000 for 2012, sales returns and allowances are $45,000, and the allowance for doubtful accounts has a credit balance of $9,000. Prepare the adjusting entry to record bad debts expense in 2012.
At date of purchase, the company recorded the note at present value of P 1,948,500. How much is the interest revenue recognized
the appliance division of malone manufacturing company reported the following results for 2014sales
inventories 4200000total 14000000current ratio 2.25acid-test ratio 1.2debt to equity ratio 1.8answer for
u.s. pump is a multidivisional firm that manufactures and installs chemical piping and pump systems. the valve division
What is the reason why, under the former accounting standard, reporting entities' 'off balance sheet lease liabilities were up to 66 times greater than the deb
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