"A firm is considering purchasing a computer system. The following data has been collected. - Cost of the system: $179,000 - Project life: 6 years - Salvage value at the end of year 6: $11,000 - Depreciation method: five-year MACRS - Tax rate: 41% - Annual revenue from project: $136,000 - Annual expenses (not including depreciation): $85,000 The firm will borrow the entire $179,000 at 7.5% interest to be repaid in 2 annual payments. The firm's MARR is 13%. Determine the IRR for the computer system. Enter your answer as a percentage between 0 and 100."

What do you understand from the following, describe all in detail, and ADD the specimens wherever applicable………

1. Audit Engagement Letter

2. Audit Appointment Letter

3. Audit Planning and Initial Assessments / Walk Through in Audits

4. Audit Verification and Six Point Technique

5. Vouching – the first step towards substantial analysis

6. Verification of Assets, Verification of Liabilities and Revenue Accounts

7. Professional Ethics for CPAs and External Audits ( All aspects )

8. Code of Corporate Governance in Saudi Arabia

• do not forget to have references of all materials and write the references at the end )

Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,730,000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below:

Assume that Beavis recognizes revenue on this contract over time according to percentage of completion.

Required:
Compute the amount of gross profit recognized during 2020 and 2021.

Please prepare the necessary journal entries for Bowlen Inc. in 2019.

Please prepare the necessary journal entries for Bowlen Inc. in 2022.

Melody Instruments, Inc. sells musical instruments. On December 31, 2017, after its first month of business, Melody Instruments, Inc. had the following balances in its accounts, listed alphabetically. Accounts Receivable $ 5,000 Accounts Payable 15,000 Advertising Expense 2,000 Building 16,500 Cash ? Common Stock 50,000 Dividends 1,200 Equipment 2,000 Land 70,000 Notes Payable 60,000 Office Supplies 3,400 Salaries Expense 4,000 Service Revenue 72,000 Utilities Expense 4,100 Determine the balance in the cash account and prepare the trial balance.

Soon to be famous, Texas Smokers, a locally owned business and manufacture of barbeque smokers wants to calculate its breakeven point for its business. Its Classic smoker sells for $335 with a unit variable cost of $235. The fixed cost is $57,000.

- What is the unit contribution margin ($)?

-What is the breakeven volume?

-What is the breakeven revenue?

-If 700 units built, what is the profit?

- If the price is raised by $50, what is the new breakeven volume?

- If the variable cost per unit is raised by $25, what is the new breakeven volume? Use the original selling price.

) Craigco currently has a contribution margin ratio of 35% and its current breakeven point is $450,000 in revenue.

a)What is Craigco’s break-even point in sales dollars if fixed costs increase by 15%?

Ans:

b) What is Craigco’s break-even point in sales dollars if fixed costs decrease by 15%?

c) What is Craigco’s break-even point in sales dollars if variable costs per unit decrease by 15%?

d) What is Craigco’s break-even point in sales dollars if variable costs per unit increase by 15%?

The records for the Clothing Department of Sharapova’s Discount Store are summarized below for the month of January.

Gators technology CO. introduced a new Product X to the market on January 1, 201X. It carries a one year warranty. In its first month on the market, Gators sold 1,000 Units of this product for a total of $1,000,000. CUstomers have an unconditional right to return in 90 days if they are not completely satisfied with the product. During the first month, customers returned 400 units of the new product that they had purchases for $400,000. Required : Determine when it would be appropriate for Gators to recognize revenue from the first month sales of this product. Base your evaluation on IAS 18.