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Calculate acrual net income for the year

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X ltd. bought a machine of cost $200,000. having a useful life of 10 years. The machine has a scrap value of $5.000. After 2 years. X Ltd. revalued the machine at $120,000r having the same remaining life and scrap value. Calculate the depreciation in third year. Your answer 21. Cash flows during the first year of operations for the Harman-Kardon Consulting Company were as follows:Cash collected from customers. $120,000; Cash paid for rent $40,000: Cash paid to employees for services rendered during the yer, $120,000: Cash paid for utilities, $50,000Jn addition, you determine the customers owed the company $60,000, at the end of the year and no bad debts were anticipated. Also, the company owed the gas and electric company $2,000 at year-endr and the rent payment was for a two-year period.

Question 1: Calculate acrual net income for the year.

Question 2: What are three types of audit opinion an auditor may express, if the financial statements are not prepared as per 6MP.

Question 3: Define the terms as per audit profession Integrity objectivity and Independence.

Reference no: EM132634692

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