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1. A December 31 year end company, with a 30% tax rate, had accrued at December...
Given the following three subsequent events (unrelated) for the December 31, 2018 year-end: i. On January...
Given the following three subsequent events (unrelated) for the December 31, 2018 year-end: i. On January 15, 2019, a contingent liability was settled. ii. On January 25, 2019 management disposed of a business segment representing 40% of the total assets iii. On January 31, 2019, management issued new common stock. The audit report date is February 2, 2019. State clearly the type of subsequent event (Type I or Type II), if any, and the required impact on the financial statements.
QUESTION 1 a. Kpogo Ltd has the following products in inventory at the end of 2019:...
QUESTION 1 a. Kpogo Ltd has the following products in inventory at the end of 2019: Units Cost per unit GH¢ XYZ (completed) 540 22 ABC (part complete) 280 26 Each product normally sells at GH¢34 per unit. Due to the difficult trading conditions, Kpogo Ltd intends to offer a discount of 15% per unit and expects to incur GH¢4 per unit in selling costs. GH¢10 per unit is expected to be incurred to complete each unit of ABC. Required:...
QUESTION 1 a. Kpogo Ltd has the following products in inventory at the end of 2019:...
QUESTION 1 a. Kpogo Ltd has the following products in inventory at the end of 2019: Units Cost per unit GH¢ XYZ (completed) 540 22 ABC (part complete) 280 26 Each product normally sells at GH¢34 per unit. Due to the difficult trading conditions, Kpogo Ltd intends to offer a discount of 15% per unit and expects to incur GH¢4 per unit in selling costs. GH¢10 per unit is expected to be incurred to complete each unit of ABC. Required:...
Entity B is an Australian company that has its financial year end on 31 December 20X6....
Entity B is an Australian company that has its financial year end on 31 December 20X6. The auditor's report is dated 31 March 20x7. The audited financials were tabled at the AGM and approved by the board on 20 April 20x7. The entity plans to liquidate on 2 February 20X8. According to relevant auditing standards, which of the following is most correct? The plans to liquidate is irrelevant as it is an event after the reporting period. O The financial...
At December 31, 2018, Hayda Corp. has assets of $10,000,000, liabilities of $6,000,000, common st...
At December 31, 2018, Hayda Corp. has assets of $10,000,000, liabilities of $6,000,000, common stock of $2,000,000 (representing 2,000,000 shares of $1 par common stock), and retained earnings of $2,000,000. Net sales for the year 2018 were $18,000,000, and net income was $800,000. As auditors of this company, you are making a review of subsequent events on February 13, 2019, and you find the following. 1. On February 3, 2019, one of Hayda’s customers declared bankruptcy. At December 31, 2018,...
Urban ple, a company that prepares its financial statements to 31 December each year, is involved...
Urban ple, a company that prepares its financial statements to 31 December each year, is involved in the construction and repair of city centre student accommodation. Before the financial statements for the year ended 31 December 2018 can be finalised, a number of outstanding issues need to be resolved. Issue 1: In early January 2019, a customer commenced legal action against Urban plc alleging that construction work completed in September 2018 had not been carried out in accordance with the...
Given the following four subsequent events (unrelated) for the December 31, 2019 year-end: On January 15,...
Given the following four subsequent events (unrelated) for the December 31, 2019 year-end: On January 15, 2020, a major customer declared bankruptcy. (3 marks) On January 25, 2020 a fire destroyed a major supplier building that warehouses inventory. (3 marks) On January 4, 2020, an investment analyst downgraded the stock of the auditee. (3 marks) The audit report date is February 15, 20207. Required: State clearly the type of subsequent event (Type I or Type II), if any,...
Question 4 --/1 View Policies Current Attempt in Progress At December 31, 2019, Flounder Company had...
Question 4 --/1 View Policies Current Attempt in Progress At December 31, 2019, Flounder Company had a net deferred tax liability of $371,300. An explanation of the items that compose this balance is as follows. Resulting Balances in Deferred Taxes Temporary Differences 1. Excess of tax depreciation over book depreciation $215,200 2. Accrual, for book purposes, of estimated loss contingency from pending lawsuit that is expected to be settled in 2020. The loss will be deducted on the tax return...
On December 31, Year 1, BIG Company had accrued salaries of $10.300. Required a. Record in...
On December 31, Year 1, BIG Company had accrued salaries of $10.300. Required a. Record in general Journal format the adjustment required as of December 31, Year 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld.) View transaction lit Journal entry worksheet < 1 Record the adjusting entry for salaries payable. Note: Enter dabits before credits General Journal Debit Credit Date December 31 Record entry Clearly View general Journal D....
Question 4 --/1 View Policies Current Attempt in Progress At December 31, 2019, Novak Company had...
Question 4 --/1 View Policies Current Attempt in Progress At December 31, 2019, Novak Company had a net deferred tax liability of $354,500. An explanation of the items that compose this balance is as follows. Resulting Balances in Deferred Taxes Temporary Differences 1. Excess of tax depreciation over book depreciation $205,600 Accrual, for book purposes, of estimated loss contingency from pending lawsuit that is expected to be settled in 2020. The loss will be deducted on the tax return when...
QUESTION 1 a. Kpogo Ltd has the following products in inventory at the end of 2019: Units Cost per unit GH¢ XYZ (completed) 540 22 ABC (part complete) 280 26 Each product normally sells at GH¢34 per unit. Due to the difficult trading conditions, Kpogo Ltd intends to offer a discount of 15% per unit and expects to incur GH¢4 per unit in selling costs. GH¢10 per unit is expected to be incurred to complete each unit of ABC. Required:...
Entity B is an Australian company that has its financial year end on 31 December 20X6. The auditor's report is dated 31 March 20x7. The audited financials were tabled at the AGM and approved by the board on 20 April 20x7. The entity plans to liquidate on 2 February 20X8. According to relevant auditing standards, which of the following is most correct? The plans to liquidate is irrelevant as it is an event after the reporting period. O The financial...
Urban ple, a company that prepares its financial statements to 31 December each year, is involved in the construction and repair of city centre student accommodation. Before the financial statements for the year ended 31 December 2018 can be finalised, a number of outstanding issues need to be resolved. Issue 1: In early January 2019, a customer commenced legal action against Urban plc alleging that construction work completed in September 2018 had not been carried out in accordance with the...
Question 4 --/1 View Policies Current Attempt in Progress At December 31, 2019, Flounder Company had a net deferred tax liability of $371,300. An explanation of the items that compose this balance is as follows. Resulting Balances in Deferred Taxes Temporary Differences 1. Excess of tax depreciation over book depreciation $215,200 2. Accrual, for book purposes, of estimated loss contingency from pending lawsuit that is expected to be settled in 2020. The loss will be deducted on the tax return...
On December 31, Year 1, BIG Company had accrued salaries of $10.300. Required a. Record in general Journal format the adjustment required as of December 31, Year 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld.) View transaction lit Journal entry worksheet < 1 Record the adjusting entry for salaries payable. Note: Enter dabits before credits General Journal Debit Credit Date December 31 Record entry Clearly View general Journal D....
Question 4 --/1 View Policies Current Attempt in Progress At December 31, 2019, Novak Company had a net deferred tax liability of $354,500. An explanation of the items that compose this balance is as follows. Resulting Balances in Deferred Taxes Temporary Differences 1. Excess of tax depreciation over book depreciation $205,600 Accrual, for book purposes, of estimated loss contingency from pending lawsuit that is expected to be settled in 2020. The loss will be deducted on the tax return when...
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