Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

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Answer 1

Question

Chapter 1, Problem 49CP

a.

To determine

Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

b.

To determine

Indicate whether the amount of dividend would affect the reported net income of financial statements, and calculate the percentage of return if salary of $36,000 is taken into consideration.

c.

To determine

Indicate whether there is a legitimate reason for the difference between net income shown in financial statement and net income reported on the tax returns and explain the manner in which the firm might obtain additional assurance about the propriety of the financial statements.

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On 1st May, 2024 you are engaged to audit the financial statement of Giant Pharmacy for the period ending 30th December 2023. The Pharmacy is located at Mgeni Nani at the outskirts of Mtoni Kijichi in Dar es Salaam City. Materiality is judged to be TZS. 200,000/=. During the audit you found that all tests produced clean results. As a matter of procedures you drafted an audit report with an unmodified opinion to be signed by the engagement partner. The audit partner reviewed your file in October, 2024 and concluded that your audit complied with all requirements of the international standards on auditing and that; sufficient appropriate audit evidence was in the file to support a clean audit opinion. Subsequently, an audit report with an unmodified opinion was issued on 1st November, 2024. On 18th January 2025, you receive a letter from Dr. Fatma Shemweta, the Executive Director of the pharmacy informing you that their cashier who has just absconded has been arrested in Kigoma with TZS.…

Answer 2

Question

Chapter 1, Problem 49CP

a.

To determine

Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

b.

To determine

Indicate whether the amount of dividend would affect the reported net income of financial statements, and calculate the percentage of return if salary of $36,000 is taken into consideration.

c.

To determine

Indicate whether there is a legitimate reason for the difference between net income shown in financial statement and net income reported on the tax returns and explain the manner in which the firm might obtain additional assurance about the propriety of the financial statements.

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Answer 3

Question

Chapter 1, Problem 49CP

a.

To determine

Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

b.

To determine

Indicate whether the amount of dividend would affect the reported net income of financial statements, and calculate the percentage of return if salary of $36,000 is taken into consideration.

c.

To determine

Indicate whether there is a legitimate reason for the difference between net income shown in financial statement and net income reported on the tax returns and explain the manner in which the firm might obtain additional assurance about the propriety of the financial statements.

Expert Solution & Answer

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Answer 4

Question

Chapter 1, Problem 49CP

a.

To determine

Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

b.

To determine

Indicate whether the amount of dividend would affect the reported net income of financial statements, and calculate the percentage of return if salary of $36,000 is taken into consideration.

c.

To determine

Indicate whether there is a legitimate reason for the difference between net income shown in financial statement and net income reported on the tax returns and explain the manner in which the firm might obtain additional assurance about the propriety of the financial statements.

Expert Solution & Answer

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Answer 5

Chapter 1, Problem 49CP

a.

To determine

Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

b.

To determine

Indicate whether the amount of dividend would affect the reported net income of financial statements, and calculate the percentage of return if salary of $36,000 is taken into consideration.

c.

To determine

Indicate whether there is a legitimate reason for the difference between net income shown in financial statement and net income reported on the tax returns and explain the manner in which the firm might obtain additional assurance about the propriety of the financial statements.

Answer 6

Chapter 1, Problem 49CP

a.

To determine

Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

Answer 7

Chapter 1, Problem 49CP

a.

To determine

Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

Answer 8

b.

To determine

Indicate whether the amount of dividend would affect the reported net income of financial statements, and calculate the percentage of return if salary of $36,000 is taken into consideration.

Answer 9

b.

To determine

Indicate whether the amount of dividend would affect the reported net income of financial statements, and calculate the percentage of return if salary of $36,000 is taken into consideration.

Answer 10

c.

To determine

Indicate whether there is a legitimate reason for the difference between net income shown in financial statement and net income reported on the tax returns and explain the manner in which the firm might obtain additional assurance about the propriety of the financial statements.

Answer 11

c.

To determine

Indicate whether there is a legitimate reason for the difference between net income shown in financial statement and net income reported on the tax returns and explain the manner in which the firm might obtain additional assurance about the propriety of the financial statements.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 1 - Prob. 1MC Ch. 1 - Prob. 2MC Ch. 1 - Prob. 3MC Ch. 1 - Prob. 4MC Ch. 1 - Prob. 5MC Ch. 1 - Prob. 1Q Ch. 1 - Prob. 2Q Ch. 1 - Prob. 3Q Ch. 1 - Prob. 4Q Ch. 1 - Prob. 5Q

Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

Solution Summary: The author explains the manner in which person K has arrived 30% of return and calculates the percentage return if firm was purchased for 300,000.

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Explain the manner in which person K has arrived 30% of return and calculate the percentage of return if firm was purchased for $300,000.

Indicate whether the amount of dividend would affect the reported net income of financial statements, and calculate the percentage of return if salary of $36,000 is taken into consideration.

Indicate whether there is a legitimate reason for the difference between net income shown in financial statement and net income reported on the tax returns and explain the manner in which the firm might obtain additional assurance about the propriety of the financial statements.

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