Please solve all questions pleaseSales cycle Healthcare Bhd is a listed pharmaceutical comnpany. Its principal sctivities are producinsedical and beauty-based products. Below is an extract from the statement of profit otNast and the statement of financial position for the last two financial years of the company.31 Dee 2614 De 7(MYR 0) IMYRStatement of profit or loss extractRevenue37,410(17,600)Cost of sales31,820Gross profit(21,265)19,81010,555Operating expensesAdministrationSelling and distributionInterest payable(6,175)(6,600)(4,905)(3,445)(505)(525)Investment income725Profit/(loss) before tax8,950(15)Statement of financial position extractCash and bank1,265(4,750)Account receivables11,70010,000Additional information:(i) Sales are made to companies, with income being in the form of cash and credits. Creditsales are given to trusted customers with a term of n/60. The current year accountsreceivable includes a long overdue balance of MYR 1,700 which is outstanding morethan a year. However, the company does not record any allowance for doubtfulaccounts.(ii) All items sold are delivered to the customer using Healthcare Bhd's own delivery vans.The directors of Healthcare Bhd indicate that the company has had a difficult year,but are pleased to present some acceptable results to the members.Required:a) As part of your risk assessment procedures for Healthcare Bhd, identify and provide apossible explanation for the unusual changes in the income statement.b) Confirmation of the end-of-year bank and account receivables balances are importantaudit procedures. Discuss the audit objectives pertaining to the procedures.

a) The unusual changes in the income statement is Cost of sales. Inspite of the Sales figure going…

Required: a) As part of your risk assessment procedures for Healthcare Bhd, identify and provide a possible explanation for the unusual changes in the income statement. b) Confirmation of the end-of-year bank and account receivables balances are important audit procedures. Discuss the audit objectives pertaining to the procedures.

Required: a) As part of your risk assessment procedures for Healthcare Bhd, identify and provide a possible explanation for the unusual changes in the income statement. b) Confirmation of the end-of-year bank and account receivables balances are important audit procedures. Discuss the audit objectives pertaining to the procedures.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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