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Comparative figures for Polaris and Arctic Cat follow.
Required:
1. Compute total asset turnover for the most recent two years for Polaris and Arctic Cat using the data shown.
2. Which company is more efficient in generating net sales given the total assets it employs? Assume an industry average of 1.0 for assetturnover.
Timberly Construction negotiates a lump sum purchase of several assets from a company that is going out of business.
What are management assertions? How do they affect the financial statements? How does the auditor formulate audit objectives based on management assertions?
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