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Communications between Predecessor and Prospective auditors
Assume that Smith & Smith CPAs audited Apollo shoes. Inc last year Now CEO Larry Lancaster wishes to engage Anderson, Olds, and Watershed, CPAs (HOW) to audit its annual financial statements. Lancaster is generally pleased with the services provided by Smith & Smith, but he thinks the audit work was too detailed and interfered excessively with norla office routines. AOW has asked Lancaster to inform Smith & Smith of the decision to change auditors, but he does not wish to do so.
Required:
List and discuss the steps AOW should follow with regard to dealing with a predecessor auditor and a new client before accepting the engagement.
The firm uses the effective interest method of amortising discounts and premiums. The bonds were sold to yield an effective interest rate of 10%.
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Progressive Home Health Care Inc. is a for-profit provider of home health care services in the Pacific Northwest-Probability of distress increases with the amount of debt in the following steps:
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Prepare the journal entry for the issuance when the market price of the common shares is $ 168 each and market price of the preferred is 210 each. (Round to nearest dollar.)
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