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Question 1: You are an auditor and are examining the client's financial statements, you know with certainty that the client will use the financial statements to apply for a loan to the bank with a guarantee of fixed assets in the form of land and buildings. Materiality is set at 5%, after you have done the audit process there are found misstatements on land and buildings and after counting it turns out the misstatement is 3%. However, because you know that banks as users of financial statements will be concerned about the assets of land and buildings that will be used as collateral, then you consider these findings as material. Explain the concept of materiality
This interest will be included in the interest checks the business receives next year. The business hasn't recorded this earned interest. What adjusting entry is made at the end of the year?
On July 1, 2015, Advocate Company exercises a $5,600 call option (plus par value) on its outstanding bonds that have a carrying value of $288,000 and par value of $280,000. The company exercises the call option after the semiannual interest is paid o..
Tracy douglas is the owner and manager heritage garden furniture llc; a afica company that makes quality outdoor furtinure. she needs advice corcern the elinattion the model c3 lawn chair. these chair are not making money.
Determine To prepare partial income statement, beginning with income from continuing operations before income tax, under ASPE
What is the NPV break-even level of diamonds sold per year assuming a tax rate of 21%, a 10-year project life, and a discount rate of 14%?
During the year, Davis Company acquired $1,000,000 of equipment to start a new product line. $500,000 of equipment was purchased for cash. $300,000 of equipment was acquired for a $30,000 downpayment with the balanced financed over 3 years.
Prepare a cash basis budgeted income statement for the fiscal year ending June 30, 2016- Prepare a cash budget for the fiscal year ending June 30, 2016.
Which section of the statement of cash flows is regarded by most financial experts to be most important?
Provide for a bad debts reserve of 5% and a reserve for discount at 1%. Prepare trading and profit and loss account as at 31st December 2011.
On January 1, Zabel Corporation purchased a 25% equity in Helbert Corporation for $181,000. At December 31, Helbert declared and paid a $47,000 cash dividend and reported net income of $176,800. Journalize the transactions. Determine the amount to be..
What is the present value of the annuity? $4,928 every year at the end of the year for the next 10 years, discounted back to the present
According how understand it is that calculated.100%/30years = .03333 or 3% .would the next step be calculating using the formula 3/30years??
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