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Imagine that your CPA license has just come in the mail. You framed it and you just finished hanging it in the wall over your desk. Your first client walks into your office. Tumble Manufacturing is a cash-strapped over-extended family-owned manufacturing company that makes plastic refuse containers, the kind you might have placed outside your home. They sell their product primarily under contracts with municipalities who specify various performance obligations for manufacturing, assembly and delivery of the containers. The client has recently applied for a bank loan to complete a much needed factory renovation that will result in increased productivity and profits. The bank has requested audited financial statements and your client is undergoing an audit for the first time. The client naturally has many questions about the audit and how they should format the financial statements for your review. Using plain language and minimal jargon, answer the following questions in a short letter to your client. 1. The client is concerned about how the bank will view the audit opinion that will accompany the financial statements. The client has asked, "What are the different types of audit opinions that could be issued, and what do they really mean?" "Is one more favorable than the other and why would you issue one versus another?" Explain using the current terminology for audit opinions in your text. The terminology on the internet may not be the most current. (2-4 paragraphs) 2. The client has prepared formal GAAP financial statements but is unsure about the final format and disclosures. They have asked you what accounting standards or disclosure requirements may have recently been issued that could impact the financial statements? Specifically your client has asked about the new guidance on going concern disclosures ASC 205-40 and ASC 606 Revenue from Contracts with Customers. The client did not consider these when the financial statements were prepared. Do some research on FASB.org or on the websites of the big four firms for either one of these topics. Summarize for either one (your choice) how, if at all, this guidance could effect the financial statement presentation now or in coming years. For example, are any disclosures needed, will their accounting policies change? (2-3 paragraphs)
when companies offer new equity security issues they publicize the offerings in the financial press and on internet
writenbspa paper of no more than 750 words in which you respond to the broadening your perspective 18-1 activity titled
a. Use the purchases journal and the cash disbursements journal to record these transactions. b. Prepare a schedule of accounts payable. There were no accounts payable on May 1.
Transit Airlines provides regional jet service in the Mid-South. The following is information on liabilities of Transit at December 31, 2011. Transit's fiscal year ends on December 31. Its annual financial statements are issued in April.
hess computer store has credit sales of 450000 in 2013 and a debit balance of 600 in the allowance for doubtful
A forensic accountant should acquire a behind-the-scenes understanding of network traffic on the Internet. An understanding begins with Internet protocols. Explain Transmission Control Protocol (TCP) and Internet Protocol (IP).
Strative costs would not be incurred. What is Salisbury's minimum price in order for them to accept the offer from the new customer (instead of Gilbert Company)?
in 2010 the easy problem company had net income of 450000 income tax of 80000 and interest expense of 50000.a. explain
George's grandmother promises to give him $1,000 at the end of each of the next five years. How much is the money worth today, assuming George could invest the money and earna 6% annual rate of return? (Round to the nearest dollar).
pacific products inc. completed and transferred 55000 particle board units of production from the pressing department.
Calculate the book value of a two year old machine that cost $200,000, has an estimated residual value of $40,000, and has an estimated useful life of four years. The company uses straight line depreciation.
superior corporation acquired taylor corporation pursuant to a statutory merger under state law. as a result of the
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