The comparative balance sheet of Morston Educational Supply at December 31, 2018, rep E (Click the icon to view the comparative balance sheet.) Morston's transactions during 2018 included the following: (Click the icon to view the transactions.) Read the requirements
at method to report cash flows from operating activities. (Use a minus sign or parentheses for amounts that result in a decrease in cash. i Data Table $ Payment of cash dividends $ Purchase of equipment with cash Issuance of long-term notes payable to borrow cash. Issuance of common stock for cash 21,200 54,300 51,000 109,000 Depreciation expense Purchase of building with cash Net income 16,800 101,000 600 Print Done 2018 2017 Current Assets: Cash Accounts Receivable Merchandise Inventory Current Liabilities: Accounts Payable Accrued Liabilities 84,200 $ 15,200 63,400 21,500 21,300 58,800 29,100 10,900 26,600 11,100 Print Done
Audit Reports
Comp r ehensive Material Series Audit R eports 1) Explain why auditors’ reports are important to users of financial statements and why it is desirable to have standard wording. : Auditor's r eports a r e important to users of financial statements because they info r m users of the auditor's opinion as to whether or not the statements a r e fairly stated or whether no conclusion can be made with r ega r d to the fai r ness of their p r esentation . User s especiall y loo k fo r an y deviatio n f r o m th e wo r din g o f the standa r d unqualified r eport and the r easons and implications of such deviations. Having standa r d wo r ding imp r oves communications for the benefit of users of the auditor’s r eport. When the r e a r e departu r es f r om the standa r d wo r ding, users a r e mo r e li k e...
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