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Callie Peters is completing the audit of MakingNewFriends.com for the year ended December 31, 2013. Callie has been the audit manager on this engagement for the past three years. MakingNewFriends.com issued stock two years ago, but has had difficulty establishing a loyal client base and generating advertising revenues. In reviewing results for the current, Callie noted the client has had operating losses for the past three years, and their working capital ratio has declined from 1.2 in 2012 to 0.9 in 2013. Callie discussed plans for the future with the management of MakingNewFriends.com, and they indicated they are planning on obtaining debt financing in fiscal 2014; however, they have not yet secured the financing with a bank. Management also indicated they are aggressively pursuing new advertising contracts and plan to increase advertising revenues bu 20% in 2014. c.)What factors discussed above are relevant for a going-concern assessment for MakingNewFriends.com? What additional information might the auditor consider in their going-concern assessment? d.) What responsibility does the auditor have to evaluate whether management's plans will be effective?
Paul and Ray agree that some of the inventory is obsolete. The inventory account is decreased before Janet is admitted. Janet invests $190,000 for a one-fourth interest.
Equipment with an estimated market value of 75,000 is offered for sale at 95,000. the equipment is acquired for 30,00 in cash and a not payable of 50,000 due in 30 days the amount used in the buyers accounting records to the acquired asset is what..
Describe what is likely to occur if company personnel erroneously recorded a sales transaction for the wrong customer. What if a cahs receipt were applied to the wrong customer? Identify Internal control that would detect or prevent thid from occurri..
What is cost-plus pricing? Under what circumstances can it be most useful? What are some potential problems with this approach? Be specific in your responses.
Simon is the majority shareholder and managing director of Slowgo Pty Ltd which operates a chain of discount stores.
prepare a cash receipts journal based on the information given below and post it to the accounts receivable subsidiary
What is the definition of externality? Distinction between positive externalities (positive spillover costs) and negative externalities (negative spillover costs)? Why do externalities exist?
question 3 suggested time 15 minutes 15 pointsthe following information is available for flip companybeginning
NewDrugs, Inc., an international corporation, has identified a list of expenditures it believes to be intangible assets. Which items would be recognized as assets under US GAAP? Which items would be capitalized under IFRS?
If National actually produced 1,500 units, the flexible budget would show variable costs of what amount?
What premium per employee per month does Sure Care need to break even? ' If Sure Care wants to earn $100,000 in profit for the year, what is the required premium per employee per month? ' What concerns do you have about this analysis?
fireout inc. manufactures steel cylinders and nozzles for two models of fire extinguishers 1 a home fire extinguisher
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