Which of the following agendas would least likely affect the total liabilities of the entity?
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You are assigned to perform a review of minutes of meeting for the year end audit ending December 31, 2021. Which of the following agendas would least likely affect the total liabilities of the entity?
Choices:
The settlement of a pending litigation with another entity on January 5, 2022.
The approval of the board of directors of the issuance of a 5-year term bond last September 2021.
Property dividends declared on December 27, 2021.
The payment of real property taxes for the year 2021 at the beginning of 2021.
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- You are assigned to perform a review of minutes of meeting for the year end audit ending December 31, 2021. Which of the following agendas would least likely affect the total liabilities of the entity? A. The payment of real property taxes for the year 2021 at the beginning of 2021. B. The approval of the board of directors of the issuance of a S-year term bond last September 2021. C. Property dividends declared on December 27, 2021 D. The settlement of a pending litigation with another entity on January 5, 2022.You are assigned to perform a review of minutes of meeting for the year end audit ending December 31, 2021. Which of the following agendas would least likely affect the total liabilities of the entity? Group of answer choices A. The payment of real property taxes for the year 2021 at the beginning of 2021. B. The approval of the board of directors of the issuance of a 5-year term bond last September 2021. C. The settlement of a pending litigation with another entity on January 5, 2022. D. Property dividends declared on December 27, 2021You are in charge of auditing PLM (PopoyLangMalakas) Company's investmentaccounts for the year ended December 31, 2021, which was incorporated last March 3, 2020. During the course of the audit, you have obtained the balances and therelated journal entries of its investment related transactions and have revealed thefollowing information: Question 1: The adjustment to correct the interest income for 2021 includes adebit/(credit) to the interest revenue account amounting to? (Put a negativesign if credit) Question 2: How much is the retroactive adjustment to the beginning balance ofretained earnings for the year 2021, pertaining to the investment in BSP bonds?(Please indicate debit or (credit), use negative sign if credit).Question 3: The correct amount of investment in BSP bonds that should bepresented in the statement of financial position as of December 31, 2021 is?
- The fieldwork for the December 31, 2018 audit of Schmidt Corporation ended on March 17, 2019. The financialstatements and auditor's report were issued on March 29, 2019. In each of the material situations (1 through 5)below, indicate the appropriate action (a, b, c). The possible actions are as followsa. Adjust the December 31, 2018 financial statements.b. Disclose the information in a footnote in the December 31, 2018 financial statements.c. No action is required.The situations are as follows:________ 1. On March 1, 2019, one of Schmidt Corporation's major customers declared bankruptcy. The customer'sfinancial condition in 2018 was deteriorating and they owed Schmidt Corporation a large sum of money as of thebalance sheet date.________ 2. On February 17, 2019, Schmidt Corporation sold some machinery for its book value.________ 3. On February 20, 2019 a flood destroyed the entire uninsured inventory in one of Schmidt'swarehouses.________ 4. On January 5, 2019, there was a significant…Jonathan Ewing is auditing the financial statements of California Company for the year ended December 31, 2020. In concluding the process of gathering sufficient appropriate evidence, Ewing has asked to meet with his supervisor on the audit (Daniel Ross) to discuss responsibility for events occurring after the date of the financial statements. Assume that on January 8, 2021, California Company agreed to acquire San Jose Inc. in a significant transaction. The date of Ewing's report was February 7, 2021, and California issued its financial statements (and Ewing's reports on its financial statements and internal control over financial reporting) on February 14, 2021. Required: How would Ewing proceed if he became aware of this subsequent event on the following dates? 1. January 10, 2021 2. February 10, 2021 3. February 20, 2021Obtain a copy of The State of New Jersey's Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2019 (CAFR). This may commonly be obtained online. It would be best, but not absolutely necessary, to use a CAFR that has a Certificate of Excellence in Financial Reporting from the Government Finance Officers Association. Answer the following questions related to your CAFR (include page numbers for reference). (A) What are the inclusive dates of the fiscal year? (B) Identify the name and address of the independent auditor. Is the auditor's opinion unmodified? If not, describe the modification. Is the opinion limited to the basic financial statements, or does the opinion include combining and individual fund statements? (C) Does the report contain an organization chart? A table of contents? A list of principal officials? A letter of transmittal? Is the letter of transmittal dated and signed by the chief financial officer? List the major items of discussion in the letter of…
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- Determine the following as a result of your audit: a. How much of the notes payable is reported in the non-current liabilities section of the statement of financial position as of December 31, 2023? b. How much is the correct interest expense for the year ended December 31, 2024? show solution:Actuary and trustee reports indicate the following changes in the PBO and plan assets of Douglas-Roberts Industries during 2021: Required:1. Determine Douglas-Roberts's pension expense for 2021.2. Prepare the appropriate journal entries to record the pension expense, to record any 2021 gains and losses, to record the cash contribution to plan assets and to record retiree benefits. Record annual pension expense. Record the change in plan assets. Record the change in the PBO. Record the cash contribution to plan assets. Record the retiree benefits paid.Mohsin Auditors is an official auditor for PDO. The audit has to begin from the first week of January 2021 for the year ended 2020. The auditors are coming up with clear objectives of audit. The auditors have already decided the audit methodology. The audit methodology of the auditors shall be based on: Issued discussed during the entrance meeting with management of PDO Audit program of Auditors Corrective action plan and their implementation Issues identified during the audit