Prepare a report addressing adjust financial statements, Financial Accounting

You are the auditor of a small private company called XYZ Limited. Last year, which was 20X9, the audit went smoothly and every balance on the financial statements was correct. This year however, your client has hired a new CFO who is having difficulty coping with some of the complexities of accounting. Shown below are the draft financial statements she prepared for 20X10 along with comparative 20X9 financial statements where required. Also shown below is information provided to you by the CFO. Your client reports under ASPE (however, for purposes of this assignment you can ignore the ASPE requirement to split deferred tax balances into current and long-term portions. Treat all deferred taxes as long-term in nature).

Required: Please prepare a report addressing your client's concerns. This will require you to adjust financial statements using excel and to provide supporting calculations with good explanations and journal entries. Please do all of yourwork using a 10 point arial or calibri font in excel with no decimal places (use number format in excel with thousands separators and brackets for negative amounts). When you print, please ensure that the report fits onto the width of one page in portrait format. Don't make columns too wide - abbreviate words in column headings and use word wrap for column titles. If you are not sure how to do this, please talk to your instructor. You are marked not only for the right amounts appearing on your worksheets but also for the supporting calculations and for providing written commentsexplaining why you are making adjustments to the financial statements and why the client recorded items incorrectly.

Posted Date: 3/28/2013 3:58:15 AM | Location : United States







Related Discussions:- Prepare a report addressing adjust financial statements, Assignment Help, Ask Question on Prepare a report addressing adjust financial statements, Get Answer, Expert's Help, Prepare a report addressing adjust financial statements Discussions

Write discussion on Prepare a report addressing adjust financial statements
Your posts are moderated
Related Questions
Your mother-in-law is fretting about paying her mortgage. She refinanced her mortgage loan a while back, and now is thinking about refinancing again. You are going to help her eval

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4 The beta coefficient

Interest revenue: At the end of 2012, a manufacturer sells machinery to a customer for $90,000. $30,000 is paid immediately, and the customer signs a promissory note for the r

Pre-acquisition losses in subsidiary company on date of acquisition If the subsidiary company has a loss on the date of acquisition i.e. a debit balance in the retained profits

Cherry Ltd has the following segment information from the consolidated financial statements for the years ended 31 December 2011 and 2012: Operating segments C V I N$ N$ N$ Sales

Failure to record depreciation at year end will result in all of the following except Understatement of total liabilities. Overstatement of total assets. Overstatement of net incom

economic substance as in recognition of revenue


Q. What is Amortization? Amortization -Periodic and Gradual reduction of any amount, like the periodic write-down ofa BOND premium, cost of an intangible ASSET or periodic paym

OTHER ASPECTS OF THE CONSOLIDATED BALANCE SHEET The consolidated balance sheet may require a special approach under the following situations: 1) Pre-acquisition losses in subs