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Question: The preliminary assessment of the SA financial statements has shown that the account for provisions for sales returns has a high balance. This account is common in publishing companies because bookstores have the right to return books that will not be sold within a reasonable period of time. It is common in the industry for this account to be in the range of 30% to 50% of sales per title. AE titles are not classified as marketable. You conclude that this account has high intrinsic risk because there are large discrepancies between projections and actual returns over time.
1) Comment on how you would assess the reliability of the customer records supporting the forecast calculation?2) Comment on how you would estimate the return rate for recent issues.3) what other data you can use to assess the reasonableness of the forecasts.
Financial Statement Analysis and Preparation
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T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
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