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5 Astrodome Sports Ltd was formed in December 2000 by seven engineers who comprise the board of directors of thecompany. The seven engineers previous
3 Moffat Ltd, which commenced trading on 1 December 2002, supplies and fits tyres and exhaust pipes and servicesmotor vehicles at thirty locations. T
13 At 1 January 2005 a company had an allowance for receivables of $18,000At 31 December 2005 the company’s trade receivables were $458,000.It was de
(c) In August 2004 it was discovered that the inventory at 31 December 2003 had been overstated by $100,000.(4 marks)Required:Advise the directors on
(b) During the inventory count on 31 December, some goods which had cost $80,000 were found to be damaged.In February 2005 the damaged goods were sol
17 A business income statement for the year ended 31 December 2004 showed a net profit of $83,600. It was laterfound that $18,000 paid for the purcha
(b) Ambush loaned $200,000 to Bromwich on 1 December 2003. The effective and stated interest rate for thisloan was 8 per cent. Interest is payable by
John, CPA, is auditing the financial statements of Company A for the year ended December 31, 20×8. The un-audited information of selected financial s