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Question - Blue Cow is a long-established soft drink organisation, manufacturing a popular product for major supermarket chains. The audit of the company has been straightforward in the past, and the company has reliable suppliers and loyal customers. In addition, the directors and senior management are highly respected for their abilities and the strong ethical culture they inspire, as well as the excellent internal controls they demand.
The company only sells one product - a 300ml can, which has historically been priced at a 331/3 % markup on cost, yielding a gross profit percentage (GP%) of 25%. In the past any variations on the GP% have never been outside the range of 24% to 26%.
Identify the three components of audit risk and explain what your assessment of risk is for each component, based on the above information?
A owned 40 percent of X co. (an S corporation) for 200 days during 2009. A owned 20 percent of X co. for the remaining 165 days in 2009. X co. is a calendar year taxpayer and in 2009 it had $365,000 of capital gains. A's share of X co.'s capital gain..
Calculate the percent of net fixed assets compared to total assets for the company for the two most recent years you are researching
the following passage and discuss the ethics of the situations. Who acted ethically or unethically, Why
irving music shop gives its customers coupons redeemable for a poster plus a dixie chicks cd. one coupon is issued for
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Alpha Company provided the following data concerning its income statement: sales, $1,000,000; How much are net sales for Alpha Company
According to its records, the inventory balance at year-end was $824,000. Prepare schedule to determine the correct inventory amount
Compute the budgeted factory overhead rate for Department A.
As assistant controller of Midwest Construction Company, you are reviewing with your boss, the controller, Dave Jackson, the financial statements for the year just ended. During the review, Jackson reminds you of an existing loan agreement with So..
Floozy Co. sells its products in reusable containers. The customer is charged a deposit for each container delivered and receives a refund for each container returned within two years after the year of delivery. Floozy accounts for the containers no..
question nbsptupper and tolin have decided to form a partnership to provide environmental testing services to industry.
Kantner, Inc., is a domestic corporation with the following balance sheet for book. sWhat is Kantner overall change in net deferred tax liability?
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