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For each of the following scenarios, perform the three steps in the materiality process: (1) determine planning materiality, (2) determine tolerable misstatement, and (3) evaluate the audit findings.
Assume further that the auditor's firm provides guidance that tolerable misstatement will be set 50% of planning materiality.
Scenario 1:
Murphy & Johnson is a manufacturer of small motors for lawnmowers, tractors, and snowmobiles. The components of its financial statements are net income before taxes = $21 million,total assets = $550 million, and total revenues = $775 million. Murphy & Johnson uses maximum percentage applicable on net income for determining planning materiality.Determine planning materiality, and tolerable misstatement. Justify your decisions.
You Would like to make 43 equal payments over the next 21 years (The first payment to be made immediately all other payment to be made at 6 month internals, with the final payment to be made at he 21st. birthday. So that you will be able to cover ..
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