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pochemuha
3 years ago
9

Auditors-Are-Us LLC, audited the financial statements of LINKCO Industries, a private company, for the year ended December 31, 2

020. Materiality threshold was $500,000. The following issues were encountered during the audit:
1. Management understated Income Tax Expense by $800,000. The auditors' Proposed Adjusting Journal Entry was accepted. This was a matter that involved especially challenging, subjective and complex judgements.
2. Management revealed to the auditors that it had lost a customer - Alliance Industries - on June 1, 2021. This Customer accounted for 25% of LINKCOS Revenues in 2020.
3. LINKCO is a defendant in a lawsuit alleging patent infringement. This is adequately disclosed in the Notes to the Financial Statements but no provision for liability was recorded by Management. The auditors Proposed Adjusting Journal Entry for $1,000,000 was rejected by Management. Masco's Net Income is $8,000,000 in 2020. It had weighted average common shares outstanding of 200,000 and fully diluted shares of 400,000 during 2020.
Business
1 answer:
Finger [1]3 years ago
4 0
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On January 1, 2020, Shay Company issues $700,000 of 10%, 15-year bonds. The bonds sell for $684,250. Six years later, on January
Leno4ka [110]

Answer:

Discount on bonds issuance = $15750

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A bond is issued at a discount when the issue price of the bond is less than the face value of the bond. This usually happens when the coupon rate paid by the bond is less than the market interest rate. To calculate the amount of discount on bonds issuance, we simply deduct the issue price from the face value of the bond. Thus,

Discount on Bonds = Face value - Issue price

As we know the face value of the bonds is $700000 and the issue price is $684250, we can calculate the discount on issuance to be,

Discount on bonds issuance = 700000 - 684250

Discount on bonds issuance = $15750

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3 years ago
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3 0
3 years ago
Assume that you are on the board of directors of a company that has decided to buy 80 percent of the outstanding stock of anothe
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Answer and Explanation:

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6 0
1 year ago
Carl has a checking account. He'd like to know right away when his balance gets lower than $50. What should Carl do?
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3 years ago
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Gantner Company had the following department information about physical units and percentage of completion: Ch21_Q64 If material
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Answer:

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