Determine whether the deficiency is significant and should be reported to the audit committee.

Question

Rentokil Limited issued a 10-year bond on January 1 2011. It pays interest on January1. The below amortization schedule and interest schedule reflects this. Its year end isDecember 31. a) Indicate whether the bonds were issued at a premium or a discount and explainhow you came to your decision and Compute the stated interest rate and the effective interest rate c) Prepare the journal entries for the following years:I. 2011, 2012 & 2018

Answer 1

Question

Chapter 11, Problem 51EC

a.

To determine

Determine whether the deficiency is significant and should be reported to the audit committee.

b.

To determine

Determine whether the significant deficiency should be reported elsewhere and how.

c.

To determine

Determine the impact of policy on the audit.

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Rentokil Limited issued a 10-year bond on January 1 2011. It pays interest on January1. The below amortization schedule and interest schedule reflects this. Its year end isDecember 31. a) Indicate whether the bonds were issued at a premium or a discount and explainhow you came to your decision and Compute the stated interest rate and the effective interest rate c) Prepare the journal entries for the following years:I. 2011, 2012 & 2018

Off-set the losses for the appropriate years using the rules as applied in Trinidad and Tobago and those in Jamaica: XYZ Company Limited in year of assessment 2015 makes net income of $8,000,000 and its PYL was $9,000,000. XZY registered in December 2014 for GCT/VAT and declared that its estimated income for the year of assessment 2015 as $2,999,000.

Timberline Services Company, a division of a major energy company, provides various services to the operators in the Rocky Mountain oil fields. For the most recent year, the company reported sales of $22,500,000, net operating income of $7,500,000, and average operating assets of $40,000,000. What is the margin for Timberline Services Company? Accounting

Answer 2

Question

Chapter 11, Problem 51EC

a.

To determine

Determine whether the deficiency is significant and should be reported to the audit committee.

b.

To determine

Determine whether the significant deficiency should be reported elsewhere and how.

c.

To determine

Determine the impact of policy on the audit.

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Answer 3

Question

Chapter 11, Problem 51EC

a.

To determine

Determine whether the deficiency is significant and should be reported to the audit committee.

b.

To determine

Determine whether the significant deficiency should be reported elsewhere and how.

c.

To determine

Determine the impact of policy on the audit.

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Answer 4

Question

Chapter 11, Problem 51EC

a.

To determine

Determine whether the deficiency is significant and should be reported to the audit committee.

b.

To determine

Determine whether the significant deficiency should be reported elsewhere and how.

c.

To determine

Determine the impact of policy on the audit.

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Answer 5

Chapter 11, Problem 51EC

a.

To determine

Determine whether the deficiency is significant and should be reported to the audit committee.

b.

To determine

Determine whether the significant deficiency should be reported elsewhere and how.

c.

To determine

Determine the impact of policy on the audit.

Answer 6

Chapter 11, Problem 51EC

a.

To determine

Determine whether the deficiency is significant and should be reported to the audit committee.

Answer 7

Chapter 11, Problem 51EC

a.

To determine

Determine whether the deficiency is significant and should be reported to the audit committee.

Answer 8

b.

To determine

Determine whether the significant deficiency should be reported elsewhere and how.

Answer 9

b.

To determine

Determine whether the significant deficiency should be reported elsewhere and how.

Answer 10

c.

To determine

Determine the impact of policy on the audit.

Answer 11

c.

To determine

Determine the impact of policy on the audit.

Answer 12

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Ch. 11 - Explain the difference between a customers order...Ch. 11 - Prob. 2RQ Ch. 11 - Prob. 3RQ Ch. 11 - State briefly the objective of the billing...Ch. 11 - Prob. 5RQ Ch. 11 - Prob. 6RQ Ch. 11 - Prob. 7RQ Ch. 11 - Prob. 8RQ Ch. 11 - Prob. 9RQ Ch. 11 - Prob. 10RQ

Determine whether the deficiency is significant and should be reported to the audit committee.

Solution Summary: The author explains the importance of reporting a significant deficiency to the audit committee and the impact of unethical accounting policies on audit.

Determine whether the deficiency is significant and should be reported to the audit committee.

Determine whether the significant deficiency should be reported elsewhere and how.

Determine the impact of policy on the audit.

Chapter 11 Solutions