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Callie Peters is completing the audit of MakingNewFriends.com for the year ended December 31, 2013. Callie has been the audit manager on this engagement for the past three years. MakingNewFriends.com issued stock two years ago, but has had difficulty establishing a loyal client base and generating advertising revenues. In reviewing results for the current, Callie noted the client has had operating losses for the past three years, and their working capital ratio has declined from 1.2 in 2012 to 0.9 in 2013. Callie discussed plans for the future with the management of MakingNewFriends.com, and they indicated they are planning on obtaining debt financing in fiscal 2014; however, they have not yet secured the financing with a bank. Management also indicated they are aggressively pursuing new advertising contracts and plan to increase advertising revenues bu 20% in 2014. c.)What factors discussed above are relevant for a going-concern assessment for MakingNewFriends.com? What additional information might the auditor consider in their going-concern assessment? d.) What responsibility does the auditor have to evaluate whether management's plans will be effective?
Orange Co. can estimate the amount of loss that will occur if a foreign government expropriates some of the company's asset in that country. If expropriation is reasonably possible, a loss contingency should be:
you have been selected as the consultant to develop a business plan for durango manufacturing company which is a
ERP Implementation Case
wheelco a foreign corporation manufactures motorcycles for sale worldwide. wheelco markets its motorcycles in the
find an industry that generates by-products as a result of creating a main product. identify what unique accounting
agency funds report assets and liabilities, but not net assets, revenues, or expenses. Briefly explain why this is so. For example, why would an agency fund not have revenue? Why would it not have expenses?
on january 1 2012 palmer company leased equipment to woods corporation. the following information pertains to this
Next year's sales forecast shows that 20,000 units of Product A and 22,000 units of Product B are going to be sold for prices of $10 and $12, respectively.
What term is commonly used to describe the concept whereby the cost of manufactured products is composed of direct materials cost, direct labor cost, and factory overhead cost?
it is common for an entity to have transactions with related entities - some of which are fully owned some of which
Taxable income of a corporation: a. differs from accounting income due to differences in intraperiod allocation between the two methods of income determination b. differs from accounting income due to differences in interperiod allocation and perma..
Northwood paid $150,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to three places, and use your computed percentages throughtout.
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