Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question - Imagine you were auditing Uber in the year that the company went public (2019). When doing the audit you found a misstatement in PPE. The company had recorded all of the drivers' cars as assets. Materiality on the Uber audit was $240M and the error was $500M. To record the PPE the company Dr. PPE and Cr. AP Employees. However, the company didn't plan on paying the employees for the cars. For the 2019 audit, Uber had a $4.5 billion dollar loss before tax stemming from $7.9 billion of revenue. Total PPE on the balance sheet was $1.6 billion and total assets were $24 billion. The company also recorded an impairment loss on their PPE and had $7B of long-term debt.
a. What report would you issue for the 2019 audit if this were the only unadjusted misstatement at the end of the audit? Fully justify your response.
b. What assertion is violated by the PPE misstatement? Explain your choice.
c. What type of evidence do you think the auditor used to determine that the PPE was misstated? In other words, how do you think the auditor uncovered this error? Explain.
d. Based on the information above, what are 2 OFSL risk factors that you would identify for Uber for 2019? Why do these factors impact OFSL and how?
e. What base do you think was used for materiality for the 2019 audit? What are two supporting reasons for your choice of base?
You invest $2000 in an account that pays simple interest of 4% for 30 years. Compute the amount of money you'll have at the end of 30 years
Determine the amount of the recognized gain that is treated as § 1231 gain and the amount that is treated as § 1250 recapture (ordinary income)
Crazy Puffs Cereal Company sold 1,000,000 boxes of cereal under a new sales promotional program. What amount should Crazy Puffs report as a liability
modern energy company owns several gas stations. management is looking to open a new station in the western suburbs of
Prepare the journal entries and the shareholders' equity section of the balance sheet of Saturn Corporation as of December 31, 2014
Kool Inc. uses a weighted-average process costing system and has one production department. Determine the conversion cost per equivalent unit
mountaineer products manufactures two types of tents single-wall and double-wall. selected data related to each type of
During the second year of the equipment's life, $21,000 cash is paid for a new component expected to increase the equipment's productivity by 10% a year.
What is the ending inventory at the end of each month? Compare the units produced to the units sold and keep a running total
The Habicht Company was formed in 2009 to produce a single product. The production and sales for the next four years were as follows:
capwell corporation uses a periodic inventory system. the companys ending inventory on december 31 2013 its fiscal-year
Compare the IASB and FASB in regards to the convergence process. Give your opinion on the reasons why a single set of accounting principles would be beneficial.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd