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The Walt Disney Company had the following assets and liabilities (in millions) as of September 30, 2005.
Assets $53,158
Liabilities 26,948
a. Determine the stockholders' equity of Walt Disney as of September 30,2005.
b. If assets increased by $6,840and stockholders' equity increased by $5,610, what was the increase or decrease in liabilities for the year ending September 30, 2006?
c. What were the total assets, liabilities, and stockholders' equity as of September30, 2006?
d. Based upon your answer to (c), does the accounting equation balance?
On January 1, 2013, Winn Heat Transfer leased office space under the 3 year operating lease agreement. The arrangement specified 3 annual rent payments of $80,000 each, starting January 1, 2013, the inception of lease
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Which Statement(s) on Standards for Tax Services apply in this situation (explain how and why they apply)?
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In making judgments about materiality at the account balance level, the auditor must consider the relationship between it and financial statement materiality. This should lead the auditor to plan the audit to detect misstatements that:
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