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Cowgirl Ltd. is a listed company that supplies silicone chip components to computer manufacturers in Australia. The company has a total of $20 million inventory in the balance sheet as at 30 June 2021 and a sales of $125 million in the income statement for year ended 30 June 2021. The cost of sales to sales revenue for the company is 45% and the tax rate is 28%.
An analyst believes that the company has recognised $7 million sales in the month of June 2021 which actually belongs to the month of July 2021. She believes this was done to boost company's profit for the year ended 30 June 2021 to avoid breach of debt covenant. Thereby, she decides to adjust for the above in her financial analysis of Siam Ltd. What adjustments will she make to the following accounts in terms of dollar value.
Note: Round your answers to two decimal places.
Inventory
Accounts receivable
Tax liability
Net profit/equity
Which Branch Income ledger account is maintained in the accounting records of? Both the home office and the branch. / Neither the home office nor the branch
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