Identify the audit procedure that would not be performed while auditing stockholders’ equity .

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Chapter 10, Problem 45MCQ

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Identify the audit procedure that would not be performed while auditing stockholders’ equity.

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Clorox Company is a leading producer of laundry additives, including Clorox liquid bleach. In the 6 months ended December 31, 2011, net sales of $2,526 million produced net earnings of $235 million. To calculate net earnings, Clorox recorded $89 million in depreciation and amortization. Other items of revenue and expense not requiring cash decreased net earnings by $21 million. Dividends of $159 million were paid during the period. Among the changes in balance sheet accounts during the period were the following ($ in millions), as shown in the table. Accounts receivable Inventories $35 Decrease $65 Increase Accounts payable and accrued liabilities $136 Decrease Income taxes payable $11 Decrease Compute the net cash provided by operating activities using the indirect method.

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