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You are the auditor of the Strong Group. Although you did not act as auditor of Delicate Pty Ltd, Sturdy Pty Ltd and Hardy Trading Pty Ltd (all entities owned by Strong Group), you were able to obtain copies of their unqualified auditor's report. However, despite having received a copy of the audited (and unqualified) financial report for Delicate Pty Ltd, you don't believe that this financial report is suitable for consolidation with the other entities in the group. This is because Delicate Pty Ltd operates in Egypt, which has a vastly different accounting framework from that used in Australia. You have been able to quantify the financial effects of the required adjustments on the Strong Group's financial report. However, management has refused to make these adjustments, and instead has consolidated the existing versions of the four entities' financial reports.
Required:
Problem 1: Determine the appropriate audit opinion to be issued.
Elliott’s Hardware reported cost of goods sold as follows. 2016 2017 Beginning inventory $ 20,000 $ 34,000 Cost of goods purchased 153,000 205,000 Cost of goods available for sale 173,000 239,000 Ending inventory 34,000 37,000 Cost of goods sold $139..
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Determine interest rate or yield falls in the coming months, based on discounted cash flow approach, the value of a corporate stock would be higher or lower?
The balance sheets of Davidson Corporation reported net fixed assets of $326,000 at the end of 2016. The fixed-asset turnover ratio for 2016 was 4.0, and sales for the year totaled $1,520,000. Net fixed assets at the end of 2015 were:
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