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Question - The ASX Company Bijou Electronics have reported sales problems over the last few years. Reduction in costing has been difficult due to Covid and the significant levels of imported inventory. All margins have reduced as a result. During this reporting period warranty claims on their strongest performing inventory item, the premium car battery tester, have been increasing. This has resulted in an increase from 7% of sales to 12% of sales. The problem relates to the copper wiring in the handheld tester which overheats and can spark up causing flames. The average cost to repair has risen by over 50% to $300 per warranty. The CEO of the company (your friend whom you went to university with) assured you they are not worried by this cost since each product retails for $2,999. The lenders are still willing to provide loan financing to Bijou as they expect better results next year in a post-Covid world and also this particular company pays a much higher interest rate than their other clients.
Required - Assume you are the audit manager preparing your audit plan:
1) Describe the factors would you consider when allocating staff to the audit?
2) Discuss the audit risks that need to be considered:
i) At the planning stage
ii) During the audit
iii) After the sign-off of the audit report
3) Identify the main account or groups of accounts that could be impacted and give reasons.
4) Design effective audit procedures that would be included in the audit plan.
Question - Atlantis Fisheries issues zero coupon bonds on the market at a price of $483 per bond. What is the yield to call for these bonds
Total manufacturing costs incurred during the year, 2,200,000; Compute the cost of direct materials used for the year ended December 31, 2019
Calculate the net present value of a project with a cost of $100 000 that generates cash flows of $40 000 over the next three years
1.what are the principal objections to the use of the average rate of return in evaluating capital investment
Sun Peaks Ski Resort is considering an investment of $ 250,000 in a capital project. Calculate the following: The payback period and discounted payback period
Assume that part of accounts, Record the journal entry for the collection of the 7 percent note on May 3 and the dishonor of the 9 percent note on June 2.
double eagle corporation produces the prestigious double eagle golf ball in one department using a process costing
Smith & Sons is converting its sales revenues to corresponding cash amounts using the direct method. Calculate the amount of cash received from customers
If alternative investments are available that yield a 17% return, find the opportunity cost of the purchase of the land
Show how the bank reports this investment in equity securities on its balance sheet at the end of the fourth quarter of 2019
Bonita Corporation manufactures replicators. On January 1, 2017, Prepare Bonita's January 1, 2017, journal entries
Prepare a lease amortization schedule for the term of the lease. Also record the appropriate entries for Manufacturers Southern from the inception of the lease through January 1, 2014.
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