The auditor asked for the general information sheet of the company. Which of the following assertion is relevant when testing the valuation assertion? Group of answer choices The number of shares issued and outstanding The par value of each class of shares Date of incorporation Listing of top 20 shareholders

The auditor asked for the general information sheet of the company. Which of the following assertion is relevant when testing the valuation assertion? Group of answer choices The number of shares issued and outstanding The par value of each class of shares Date of incorporation Listing of top 20 shareholders

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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As auditor for Chrisley and Dale Associates, you have been assigned to check McKessonCorporation’s computation of earnings per share for the current year. The financial controller has supplied you with the following computations. Net Income $6,800,000Ordinary shares issued and outstanding:Beginning of year 650,000End of year 4,000,000Average 2,325,000Earnings per share calculation:$6,800,000 = $2.922,325,000You have gathered the following information:On January 1, 2020, McKesson Corp. issued 650,000 shares. Additional issues of shares for the year were as follows:April 1 150,000 shares.May 1 A 20% share dividendAugust 1 700,000 shares.September 1 340,000 shares.November 1 A 2 for 1 share splitAll 4,000,000 shares were outstanding at December 31, 2020.On January 1, 10% convertible debentures, $60,000,000 face value, were issued at par. Each $1,000 debenture is convertible into 40 ordinary shares. The interest expense for the current year related to the liability component of the…
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