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You are the auditor of a small private company called XYZ Limited. Last year, which was 20X9, the audit went smoothly and every balance on the financial statements was correct. This year however, your client has hired a new CFO who is having difficulty coping with some of the complexities of accounting. Shown below are the draft financial statements she prepared for 20X10 along with comparative 20X9 financial statements where required. Also shown below is information provided to you by the CFO. Your client reports under ASPE (however, for purposes of this assignment you can ignore the ASPE requirement to split deferred tax balances into current and long-term portions. Treat all deferred taxes as long-term in nature).
Required: Please prepare a report addressing your client's concerns. This will require you to adjust financial statements using excel and to provide supporting calculations with good explanations and journal entries. Please do all of yourwork using a 10 point arial or calibri font in excel with no decimal places (use number format in excel with thousands separators and brackets for negative amounts). When you print, please ensure that the report fits onto the width of one page in portrait format. Don't make columns too wide - abbreviate words in column headings and use word wrap for column titles. If you are not sure how to do this, please talk to your instructor. You are marked not only for the right amounts appearing on your worksheets but also for the supporting calculations and for providing written commentsexplaining why you are making adjustments to the financial statements and why the client recorded items incorrectly.
Q. A prior period adjustment that corrects income of a prior period requires that an entry be made to a. an income statement account. b. a current year revenue or expense account.
An entity had the following transactions during the year ended 31 December 2010: The entity invested in a convertible bond on its issue date. The bond matures four years aft
journal entries
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Illustration of maximum possible loss method A, B and C have been partners for several years, sharing profits and losses in the ratio 2:2:1. They decided to dissolve the firm o
Assets 2011 2010 Non Current Assets
I am an AAT student studying lvl 3 AAT at college. I wish to learn how to complete self assessment end of year tax return forms for other people. That is because I have already bee
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Equation illustrates the relationship in between PVA n , A, K and n. So manipulating this a bit: We find that A = PVA n [(k (1 + k) n )/((1 +k) n - 1)] [(k (1 + k) n )/(
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