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Problem
Macrosoft Company reports net income of $63,000. The accounting records reveal depreciation expense of $78,000 as well as increases in prepaid rent, accounts payable, and income tax payable of $58,000, $12,000, and $17,000, respectively.
Prepare the operating activities section of Macrosoft's statement of cash flows using the indirect method.
Describe and evaluate this type of internal audit. What types of organisation would it be most useful for?
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Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors.
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Prepare a memo on the 'state of the company's industry' and associated risk factors.
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