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 21, Problem 21.11RQ
To determine

Concept Introduction:American institute of certified public accountant is a national professional organization that set the ethical principles for the institution and professions. AICPA also have rules for the auditor independence that describe the client as the result of the action or relationship.

To discuss: The six potential assurance services that could be offered by CPA firms

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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 $85 per share at the end of 2024, and there are 315,000 shares outstanding, what is the MVA in 2024?  E) Given that the firm’s WACC is 14%, what is the EVA during 2024?  F) Create common size income statement and balance sheet for 2024, 2023 and 2022.  G) Using 2022 as the base year, create income statement and balance sheet percentage change analysis for 2024 and 2023.   QUESTION #2: In addition to the AAA Ltd. financial statements in Problem One, you are given more information as follows.   Sales are forecast to increase by 80% in 2025.   Short-term Debt, Long-term Debt, and Common…
Brightwoodę Furniture provides the following financial data for a given enod: Sales Less Variable E Contribwaon Margin Less Fixed Expenses et Income - Aount ($) Per Unit ($) 150,000 3 L96,000 13 10 35,000 25,000 a. What is the company's CM ratio? b. If quarterly sales increase by $5,200 and there is no change in fixed expenses, by how much would you expect quarterly net operating income to increase?
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