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Unqualified Audit Report. Upon completion of all field work on September 23, 20X1, the following audit report was rendered by Alexander Dlouhy, Auditor, to the directors of Rabochaya Raum Company of Docesky, the Czech Republic. To the Directors of The Rabochaya Raum Company: We have examined the balance sheet and the related statement of income and retained earnings of The Rabochaya Raum Company as of July 31, 20X1. In accordance with your instructions, a complete audit was conducted. In many respects, this was an unusual year for The Rabochaya Raum Company. The weakening of the economy in the early part of the year and the strike of plant employees in the summer of 20X1 led to a decline in sales and net income. After making several tests of sales records, nothing came to our attention that would indicate that sales have not been properly recorded. In our opinion, with the explanation given above, and with the exception of some minor errors that are considered immaterial the aforementioned financial statements present fairly the financial position of the Rabochaya Raum Company at July 31, 20X1, and the results of its operations for the year then ended, in conformity with pronouncements of International Accounting Standards Committee applied consistently throughout the period. Alexander Dlouhy, Auditor September 23, 20X1Required: List and explain the deficiencies and omissions in the auditor's report. Organize your answer sheet by paragraph (scope, explanatory, and opinion) of the auditor's report.
For ATC and AVC, plot the points on the integer: for example, the ATC of producing one tablecloth is 80, so you should start your ATC curve by placing a green triangle at the point (1, 80). For MC, plot the points between integers.
A truck was purchased 3 years ago for $45,000 and can be sold today for $24,000. The operating costs are $9,000 per year, and it is expected to last 4 more years with a $5,000 salvage value. A new truck, which will perform that same service.
Calculate monopoly output, price, and maximum profit when the market demand curve is QD = 20 - 2p, MC = 4Q, and TC = 2Q2. If a new innovation enables the monopoly to cut its costs by 50%, but it costs $50 to adopt this innovation.
Pick one of the variables that are significant at a 5% error level and explain what the slope estimate means (explain it in a way that someone outside the class would understand, and use the numerical value of the estimate in your answer.)
Suppose the ratio of deposits that banks hold in the form of reserves is 7 percent. Suppose further that people want to hold 8 percent of their deposits in the form of cash. Then if the fed wants the money supply to be $6,228 billion, what is the ..
An engineering student bought a $75 bicycle and agreed to pay for it with a single $85 payment at the end of six months. Assuming semi-annual compounding, what is the annual, effective interest rate
A baseball manufacturer is currently producing 10,000 baseballs. At this level of production, MC is estimated at $2.50 and average cost at $2.00. Baseballs sell for $3.00 at this production level, and marginal revenue is $2.25.
Examine the major complexities that would arise under expansion via capital projects. Propose key actions that the company could take in order to prevent or address these complexities.
Jane invested $ 9,000 in a high yield bank account. At the end of 15 years she closed the account and received $299,000. Compute the effective interest rate per year she received on the account if the interest was compounded yearly.
The daily production function of a lake is TP=30*F-F^2 (where TP=total daily harvest and F=number of fishermen per day). Suppose each potential sport fisherman on the lake has a daily opportunity cost of $20 and that each fish caught is valued at ..
the exchange rate between US-dollar and the euro is exactly 2 $/euro. At that time, a one-year US treasury bill yield an interest rate of 5%, while a similar German treasury bill yield 3%. Inflation during the year is expected to be 3% in the USA ..
M-commerce also known as mobile commerce is being lumped in with several strategic internet plans. Explain some of the industries that are likely to use mobile commerce and how it is working for them.
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