EBK AUDITING AND ASSURANCE SERVICES
EBK AUDITING AND ASSURANCE SERVICES
16th Edition
ISBN: 9780134067117
Author: Hogan
Publisher: VST
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Chapter 25, Problem 20.2MCQ
To determine

Identify the procedures that are most likely to be performed during the engagement to review the annual financial statement of a non-issuer.

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Dave Ryan is the CEO of Ryan's Arcade. At the end of its accounting period, December 31, Ryan's Arcade has assets of $450,000 and liabilities of $125,000. Using the accounting equation, determine the following amounts: a. Stockholders' equity as of December 31 of the current year. b. Stockholders' equity as of December 31 at the end of the next year, assuming that assets increased by $65,000 and liabilities increased by $35,000 during the year.
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