planning the audit of a client ’s inventory‚ an auditor identified the following issues that need audit attention. 1. Inventories are properly stated at the lower of cost or market. 2. Inventories included in the balance sheet are present in the warehouse on the balance sheet date. 3. Inventory quantities include all products‚ materials‚ and supplies on hand. 4. Liens on the inventories are properly disclosed in notes to the financial statements. 5. The client has legal title to the
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Page No. 1. Cover Page……………………………………………………………………1 2. Contents. ………………………………………………………………….2 3. Computing the Amounts……………..……………………………3 4. Trading‚ Profit & Loss Account and Balance Sheet….9 5. Comments on the Performance of the Business…….10 6. Explaining the Limitation of Comparison…………...….12 7. References………………………………………………..……………..13 (A) Compute the following amounts: (I) Average Stock: Average stock = opening
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Question 20 marks Brushstroke Art Studio Company provides quality instruction to aspiring artists. The Business adjusts its accounts monthly‚ but performs closing entries annually on December 31. Given below is the studio’s unadjusted trial balance dated December 31‚ 2011. Brushstroke Art Studio Company | Unadjusted
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1、(1) What are the primary line items within Citigroup’s balance sheet and income statement? Balance Sheet Asset Cash and due from banks Deposits with banks Federal funds sold and securities borrowed or purchased under agreements to resell Trading account assets Investments Total loans‚ net Liability Total deposits Short-term borrowings Long-term debt Equity Common stock Additional paid-in capital Retained earnings Income Statement Income Total revenue Total provisions Total
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explanation of Balance Sheet‚ which can be characterized as"A proclamation of an organization’s benefits‚ liabilities and stockholder value at a given stretch of time‚ it the asset report is a record of what the organization own and what is owe. the benefit in one side and liabilities and value on the other side. Asset = Liabilities + Equity.
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Coca Cola Company Balance sheet As at Dec 31‚ 2012 (millions) Assets Current Assets Cash 8‚442 Short-term Investments and Marketable Securities 8‚109 Inventories 3‚264 Prepaid Expenses 2‚781 Other Current Assets
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Jeronimo Martins Group’s Consolidated Balance Sheet as of 31 December 2011 and 31 December 2010‚ has been analyzed respectively the correspondents values‚ structure and relevant changes for assets and Liabilities & Shareholder’s Equity with following conclusions: I. The main assets of Jeronimo Martins Group are noncurrent (about 75%) concentrated mostly in tangible assets (about 50%) followed for the intangible assets (about 18%); II. The current assets are mostly inventories and cash or cash equivalent;
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TAX FORM/RETURN PREPARATION PROBLEM C9-57 The Dapper-Dons Partnership (employer identification no. 89-3456798) was formed ten years ago as a general partnership to custom tailor men’s clothing. Dapper-Dons is located at 123 Flamingo Drive in Miami‚ Florida 33131. Bob Dapper (Social Security No. 654-32-1098) manages the business and has a 40% capital and profits interest. His address is 709 Brumby Way‚ Miami‚ Florida 33131. Jeremy Dons (Social Security No. 354-12-6531) owns the remaining 60%
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Analysis of balance sheet and profit and loss account The whole industry that we have developed considers three companies. Confidence‚ Lafarge surma and the other one is Heidelberg cement. Considering the four year balance sheet and income statement we have got the account for the whole industry. In the horizontal and vertical analysis of the balance sheet we can get the picture of the overall industry. The company Heidelberg cement is increasing its Current Asset account not in terms of receivables
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EXERCISES AND PROBLEMS ch 1 Carry Yoki’s Lounge consists of the following. Carry‚ the owner believed that people would come to hear a band play on Friday‚ Saturday‚ and Sunday evening. During the remainder of the week‚ she believed her customers would watch sporting events on several television sets located throughout the lounge. Carry employed two bartenders‚ three servers‚ two assistant servers‚ two cooks‚ one dishwasher and a clean-up person. She had a bar‚ 15 barstools‚ 4 tables‚ 40 chairs
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