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Question - You are performing the audit for Premium PetCare Pty Ltd (PP), who operate a luxury boarding kennel and daycare facility for dogs and cats. PP bill their customers after their pet's stay, with 30 day payment terms. The Accounts Receivable turnover has slowed in the past year, with the average collection period going from 31.3 days in the previous period to 50.6 days this financial year. PP's revenues have remained stable over the past 3 years.
In the draft financial statements, PP's interest-bearing liabilities consist solely of an interest-only 10-year bank loan of $400,000 at a fixed interest rate of with 6.17% per annum. Their interest expense in the past financial year is recorded as $30,850.
Upon assessing the design of internal controls for PP, you conclude that there is a fundamental segregation of duties present and that general IT controls are strong.
What is the auditor's preliminary assessment of control risk?
a. medium
b. none
c. high
d. low
Prepare and present calculations for partial credits for questions with calculations and presentations - Explain the issues related to difference and how they would be resolved.
"A monopolist can control the price or the quantity sold, but cannot control both."
It will hold the shares in the treasury until resold. On November 1, the corporation sells 1,000 shares of treasury stock for cash at $70 per share. Journalize the treasury stock transactions.
consider the following data regarding budgeted operations for 20x7 of the portland division of machine products average
cordell inc. has an operating leverage of 3. sales are expected to increase by 9 next year. what is the expected change
1. for the purpose of government-wide financial statements the cost of cleaning up a government-owned landfill and
The financial year for Drip Dry Cleaning Services ends on 30 June. Using the following information, make the necessary adjusting entries at year-end
Monforte Inc. began operations in January 2015. For certain of its property sales, Monforte recognizes income in the period of sale for financial reporting purposes. However, for income tax purposes, Monforte recognizes income when it collects..
There was no other changes in shares issued and outstanding during the year. What is the net income for the current year
Vulcan Company is a monthly depositor whose tax liability for march is $2,505.
Compute the amount of 2015 dividends, in total and per share, payable to each class of stockholders for each case. Show computations. Round per-share amounts to two decimal places.
xavier auto parts inc. manufactures a wide range of auto parts which it sells to auto manufacturers primarily in the
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