REQUIRED: Draft the appropriate audit opinion given the following scenarios. Each situation is independent of the other situations. 1. Proli Footwear’s management refuses to accrue the accounts receivable loss related to the bankruptcy of Moccasins For All. 2. The bank is expected to withdraw its financing because: a. The Company has projections that indicate continued decrease in earnings and reduced revenues; OR b. The Company has violated certain loan covenants that the bank will not waive
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different ways‚ but no matter there is always a balanced outcome. http://www.moneyinstructor.com/lesson/accountingtransaction.asp * Transaction‚ t-account: A t-Account provides a visual aid to show an account in a business’ financial books. It provides a method of organization. http://blog.reallifeaccounting.com/2005/12/07/t-accounts-a-great-tool-for-solving-accounting-transactions/ * General ledger: All transactions are documented in the general ledger. It is the foundation
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Transaction T account – A term used for double entry book keeping‚ a ledger with 2 separate lines separating debits and credits -http://www.investopedia.com/terms/t/t-account.asp Debit – A subtraction from an account‚ when you purchase something it should be deducted from your account. http://www.investopedia.com/terms/d/debit.asp Credit – When an addition is added to your ledger or account. http://blog.accountingcoach.com/what-is-a-credit/ • Account balance the amount of money in your account or in
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Design/Methodology: The study employed trend and econometric analyses using an unbalanced panel data of 11 Ghanaian oil marketing firms form 2001 to 2008. For the econometric analysis‚ the study adopted the number of days inventory‚ number of day accounts receivable‚ number of days accounts
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insurance carrier‚ the company Conclusion #1 The company has sold its accounts receivable to a nonconsolidated multi-seller securitization vehicle. In return‚ the company received cash and beneficial interest to reduce its own bank debt. During the year‚ $11 million of receivables were sold. How is this transaction treated in the cash flow statement? In addition‚ is there a timing issue? Issue #2 The company has sold its accounts receivable to a nonconsolidated multi-seller securitization vehicle
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the profit increasing or decreasing? What were the sales records like over the past 48 months? What types of contracts are involved? (Leases‚ purchase agreements with suppliers‚ etc.) Can I see the lists of liabilities‚ accounts receivable‚ and accounts payable? Can I acquire a copy of the clearance certificate from the state tax authority? Was the equipment located inside of the building purchased or leased? Can I have copies of all advertising and sales literature? As the owner
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causes his employer to issue a payment by submitting invoices for fictitious goods or services‚ inflated invoices or invoices for personal purchases.” 1 In this case‚ it just so happened that the new chief internal auditor decided to stop by the accounts payable department to collect a series of recently submitted invoices so that he could meet with the vice president to understand how the accounting codes work. In doing so‚ they found that a number of invoices had been forged. According to the 2010
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Peregrine Systems was founded in 1981 in Irvine‚ California. The founders were Chris Cole‚ Gary Store‚ Ed Beck‚ Kevin Keyes and Richard Diedrich. “The company was focus on developing enterprise solutions that would help organizations address precise business problems‚ and asset management practices for reduced costs‚ improved productivity and service and lower risk.” Peregrine Systems was headquartered in San Diego‚ California and had offices in America‚ Europe and Asia Pacific. Peregrine Systems
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a 5 year usable life. La Familia can sell the old drill at $60‚000 inclusive of removal cost. The purchase of this new drill will result in increase business and impact on the following: • Accounts Receivable increase by $55‚000 • Inventories by $25‚000 • Accounts payable by $42‚000 At the end of the 5 years the new drill will have a residual value of $50‚000 and should be sold for that amount. La Familia funds it assets as follows : Long term Bonds 25% Preferred
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Working Capital Simulation: Managing Growth Gregory Smith FIN/571 March 10‚ 2015 Mrs. Debra Hartsfield Working Capital Simulation: Managing Growth The Harvard Business Simulation asked that one act as the C.E.O. of Sunflower Nutraceuticals (which will be referred to as SNC throughout this paper). Within the simulation there were phase in which decisions were made to help SNC with the growth of the company. This paper will explain the decisions made will influence SNC to estimate the value of the
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