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Unqualified Audit Report. Upon completion of all field work on September 23, 20X1, the following audit report was rendered by Alexander Dlouhy, Auditor, to the directors of Rabochaya Raum Company of Docesky, the Czech Republic. To the Directors of The Rabochaya Raum Company: We have examined the balance sheet and the related statement of income and retained earnings of The Rabochaya Raum Company as of July 31, 20X1. In accordance with your instructions, a complete audit was conducted. In many respects, this was an unusual year for The Rabochaya Raum Company. The weakening of the economy in the early part of the year and the strike of plant employees in the summer of 20X1 led to a decline in sales and net income. After making several tests of sales records, nothing came to our attention that would indicate that sales have not been properly recorded. In our opinion, with the explanation given above, and with the exception of some minor errors that are considered immaterial the aforementioned financial statements present fairly the financial position of the Rabochaya Raum Company at July 31, 20X1, and the results of its operations for the year then ended, in conformity with pronouncements of International Accounting Standards Committee applied consistently throughout the period. Alexander Dlouhy, Auditor September 23, 20X1Required: List and explain the deficiencies and omissions in the auditor's report. Organize your answer sheet by paragraph (scope, explanatory, and opinion) of the auditor's report.
assume that all other banks hold only the required amount of reserves. if First national decides to reduce its reserves to only the required amount, by how much would the economy's money supply increase
Assume the price of coffee is $2 and the price of a bagel is one dollar. bruce has 8 dollars to spend on bagels and coffe. Bruce decides to consume 2 bagels and 3 cups of coffee. Show that the last dollar spent on bagels each week gives bruce the ..
in a country output is produced with labor and physical capital. the production function in per-worker terms is yk12.
the demand curve for product x is given by qxd 360 - 2px.a. find the inverse demand curve.px - qxdb. how much
Agrigrow is to purchase a tractor for over-the-road hauling for $90,000. It is expected to be of use to the company for 6 years, after which it has a salvage value for $4,000. Transportation cost savings are expected to be $63,000 per year, includ..
Suppose two people, Michelle and James each live alone in an isolated region. Both have the same resources available, and the grow potatoes, and raise chickens. If Michelle devotes all her resources to growing potatoes, she can raise 200 pounds of..
Lenders perceive that you are risky, so you must pay 12 percent annual interest to borrow from one of them. You only receive 6 percent on funds you have deposited in the bank. Do the opportunity costs of borrowing and using your own funds differ i..
A fully equipped facility can be leased at a cost of $35,000 for the year. Additional projected costs are $15,000 for overhead, and $5 per automobile for materials and supplies. Full detail automobile cleaning would be priced at $25.
Calculate the elasticity of demand for burrito meals with respect to the price of burritos, the price of tacos, and per capita income.
Maintained markup is 39%, net sales are $52000, and reductions are $2500. What are the gross margin in dollars, and the initial markup as a percentage Explain why initial markup is greater than maintained markup.
1. The three fundamental economic questions of what, how, and for whom: a-exist because of scarcity. b-are much more serious in a socialist system. c-are not serious in a capitalistic system. d-are not relevant in the industrialized world of today.
A company is considering the purchase of a large stamping machine that will cost $190,000, plus $4,500 transportation and $9,000 installation charges. It is estimated that, at the end of five years, the MV of the machine will be $30,000.
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