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
Balance Sheet Preparation with a Missing Element The following data are available for Schubert Products Inc. as of December 31, 2012. Cash . . . . . . . . . . . . . . . . . . . . .

What organizations are responsible for governing financial reporting? What is the role of each organization? How have the roles changed in the last 20 years? How might their roles

The difficulties associated with managing organisations with multiple objectives To the level that an organisation faces a range of stakeholders then they also face multiple ob

Emily Jackson, RSC Designs management accountant, is in charge of preparing the master budget for 2013.  She has gathered the following information: 1. Annual profit for the 201

The Gladys Corporation buys office equipment costing $426,000 on May 12, 2013. In 2015, new and improved models of the equipment make it obsolete, and Gladys sells the old equipmen

Question: Vinak Ltd., which produces three products provides you the following data for 2008-2009.

In this project you will use your many skills to create multiple portfolios, using the Standard and Poor's Mid Cap 400 as your dataset. First, construct an index fund using a st

The twin objectives of inventory management are financial and operational. The operational objective implies that the materials and spares would be obtainable in sufficient quantit

how do we calculate bonus issu4 and rights issue

1. To qualify as official development assistance (ODA), development loans must have a grant element of at least 25 percent, calculated using a stated annual interest rate of 10 per