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Jeff Johns is a staff accountant and has been assigned to the audit of Worldwide Enterprises, Inc. Subsequent to the completion of fieldwork; Jeff was assigned to draft the audit report. The content of one of the paragraphs he has drafted reads as follows: As explained in Note 2 to the financial statements, Worldwide Enterprises has charged goodwill and certain other intangible assets acquired in two separate acquisitions directly to shareholders' equity. Under generally accepted accounting principles, these intangibles should have been recorded as assets and amortized to income over future periods. Had these intangibles been capitalized, total assets would have increased by $400,000 as of December 31, 2011 and net income and earnings per share would be increased by $380,000 and $2.25, respectively (assuming a 20-year amortization period).
a. Based on the contents of the paragraph above, which condition requiring a departure from a standard unqualified opinion exists in the engagement?
b. Assuming that the engagement partner agrees with the paragraph Jeff has prepared above, where in the auditor's report should the paragraph be placed?
c. How would the materiality of the condition above affect the final choice of opinion.
Create a forecast of the units and cost of raw material that will be required for February, March, and April. The expected cost per pound of raw material is expected to be $2 in February, $2.30 in March, and $2.40 in April.
Red Co. acquired 100% of Green, Inc. on January 1, 2012. On that date, Green had inventory with a book value of $42,000 and a fair value of $52,000. This inventory had not yet been sold at December 31, 2012. How much total expense will be in the cons..
valuation of bond at applicable inflation rates and change in the risk free rates.a one-year-maturity u.s. treasury
US GAAP follows the Historical Cost Concept in valuing the cost of Long-Term Assets. Explain this principle and how it compares to the standards used in the reporting of Long-Term Assets under International Financial Reporting Standards (IFRS). If th..
The government has many sources of regulations for operation (e.g., creating financial statements). List three categories of regulations and specific examples for each category.
What is the value of a 10 percent annual coupon, $1,000 par value bond with 20 years to maturity if the required rate of return on the bond is 12 percent? a-$1,236.48 b-$925.42 c-$850.61 d-$798.79 e-$737.55
Barton Company uses the indirect method of preparing the Statement of Cash Flows and reports the following comparative balance sheet information. Prepare a Cash Flow Statement using the indirect method.
Prepare the spreadsheet for the 2012 statement of cash flows. Format cash flows from operating activities by the indirect method.
Paid $1,200,000 to the municipal stadium as advance rent for use of the facilities for the five month period from May 1 through September 30. This payment was initially recorded as Prepaid Rent.
Suppose you have $7,000 to invest and you can leave the money alone to collect interest for at least five years. Which of the following investments is best for you?
Alabama Alarm Co. issued $4,000,000 of 7 year, 12% bonds with interest payable semiannually at an effective interest rate of 10%. Use the tables in Appendix A to determine the present value of the bonds payable. Round to the nearest dollar.
inventory errors the net income per books of adamson company was determined without knowledge of the errors indicated
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