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A competent auditor has done a conscientious job of conducting an audit, but because of a clever fraud by management, a material fraud is included in the financial statements. The fraud, which is an overstatement of inventory, took place over several years, and it covered up the tact that the company's financial position was rapidly declining. The fraud was accidentally discovered in the latest audit by an unusually capable audit senior, and the SEC was immediately informed. Subsequent investigation indicated that the company was actually near bankruptcy, and the value of the stock dropped from P260 per share to P10 in less than 1 month. Among the losing stockholders were pension funds, university endowment funds, retired couples, and widows. The individuals responsible for perpetrating the fraud were also bankrupt.
Required:
Problem 1: State your opinion as to who should bear the loss of the fraudulent financial reporting. Include in your discussion a list of potential bearers of the loss, and state why you believe they should or should not bear the loss.
Prepare the Watanabes' federal tax return for 2019. Chris and Stefani Watanabe live with their two boys at 1400 Victoria Lane, Riverside, CA 92501.
Sony $4.50 preferred is selling for $65.50. The preferred dividend is non-growing. What is the required return on Sony preferred stock?
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are the stocksof different companies equally risky? ifnot what are some factors that would cause a companys stockto be
Prepare common size comparative profit and .s accounts for the three-year period - prepare all relevant financial statement ratios for 2014 and 2015 (Cash Flow ratios are not required).
on january 1 2013 bishop company issued 10 bonds dated january 1 2013 with a face amount of 520 million. the bonds
How many of each product should be produced and sold to maximize profits given the constraint in lathe hours?
The Pickle construction division was working on one project for the 2012 fiscal year. They use the percentage of completion revenue recognition method.
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