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Assume that the following separate circumstances could be sufficiently material to require the expression of a qualified opinion:
1. Management wanted to reduce the allowance for doubtful debts by $5 million. The auditor did not agree and felt that it should stay at its current level.2. The auditor was engaged to audit the client after the entity's year-end, so the auditor could not observe the inventory count that was held at year-end.3. The entity is a defendant in a major litigation (relating to a faulty product) that has not been settled as of the date of signing the auditor's report.4. A fire in the company's office because of a faulty photocopier has destroyed all records of accounts receivable as at year-end.
Problem 1: Indicate the effect of the above circumstances on the auditor's report.
Consider that you are Conglomerate Corporation's outside auditor performing a quarterly review and you become aware of these practices and the directive of the president, would you require disclosure of these shifting practices in the quarterly fi..
Given the following information about a? product, at Phyllis? Simon's firm, what is the appropriate setup? time? Setup labor cost ?$30.00 per hour Annual holding cost ?$17 per unit Daily production 1,200 ?units/day Annual demand 29,000 Desired lot si..
What is the fact based on the numbers? How would you comment on the rethinking capitalism and balance between shareholders and stakeholders?
Determine the total sales and the total cost of goods sold for the period. Journalize the entries in the sales and cost of goods sold accounts
What was the total amount of expenditures recorded by the general fund during the period? How were those expenditures classified? What top 3 biggest assets are reported for the general fund?
Find What is the labor rate variance? A negative number indicates an favorable variance and a positive number indicates an unfavorable variance.
Determine the cost of goods sold during the period under a periodic inventory system using (a) the FIFO method, (b) the LIFO method, and (c) the average-cost method.
Compute for the respective shares of the partnership profit. Bonus to Partner A of 20% of the profit after partners salaries, "the bonus being treated"
Record the Issuance of Common and Preferred Stock.It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 500,000 shares
Describe the six basic accounting concepts that all healthcare managers should understand
Calculate depreciation expense per mile under units-of-activity method - Actual miles driven were 16,100 in 2015 and 10,800 in 2016
On January 1, 2002, Duncan Inc. purchased equipment for $65,000. The equipment had an estimated life of 10 years, an estimated salvage value of $5,000, and was expected to be used to produce 150,000 units over its life. Calculate the amount of accumu..
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