Auditing & Assurance Services: A Systematic Approach (Irwin Accounting)
Auditing & Assurance Services: A Systematic Approach (Irwin Accounting)
10th Edition
ISBN: 9780077732509
Author: William F Messier Jr, Steven M. Glover Associate Professor, Douglas F. Prawitt Associate Professor
Publisher: McGraw-Hill Education
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Chapter 19, Problem 19.26MCQ
To determine

Concept Introduction:

Auditing is an independent examination of financial statements. The set of financial statements includes balance sheet, income statement, statement of owner’s equity, and statement of cash flows. The audit is performed by an independent auditor.

To choose: The person/ entity to whom the auditor should not disclose the confidential information of entity.

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QUESTION #1: A) What is the Net Operating Profit After Tax (NOPAT) for 2024?B) What is the Operating Cash Flow for 2024?  C) What is the Free Cash Flow for 2024?  Note: Marketable securities are non-operating current assets, and short-term debt (bank loan) is a non-operating current liability. Both of these items are excluded from the calculation of net operating working capital. D) If the stock trades for $85 per share at the end of 2024, and there are 315,000 shares outstanding, what is the MVA in 2024?  E) Given that the firm’s WACC is 14%, what is the EVA during 2024?  F) Create common size income statement and balance sheet for 2024, 2023 and 2022.  G) Using 2022 as the base year, create income statement and balance sheet percentage change analysis for 2024 and 2023.   QUESTION #2: In addition to the AAA Ltd. financial statements in Problem One, you are given more information as follows.   Sales are forecast to increase by 80% in 2025.   Short-term Debt, Long-term Debt, and Common…
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