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Category > Accounting Posted 09 May 2017 My Price 6.00

Acct 1056 auditing

Acct 1056 auditing

 

For the past five years, the College of Forensic Investigation (CFI) has ordered the printing of 50 000 copies of its monthly magazine from RPL at a cost of $600 000. RPL’s profit margin on the printing of these magazines is $7 each. The yearly contract is cancellable by CFI on seven days’ notice.

 

On 15 June 2015, CFI announced that it was investigating merging with the International Institute of Fraud Investigators. As part of the merger proposal, the magazines of the two entities will be combined and will be available only by online download from the new combined website. The CFI board has informed RPL that the contract for the printing of the monthly magazine will be cancelled if the merger goes ahead.

 

On 15 July 2015, CFI advised RPL that the merger agreement had been signed and that it was cancelling its order for 50 000 magazines for the next 12 months.

 

Require:

Identify whether treating each situation independently (assuming other situations did not occur) will require adjustment or disclosure in the 2015 financial report, or require no amendment to the financial report.   

Explain the reasons for your answer  about  loss of major customer

Answers

SuperTutor
(15)
Status NEW Posted 09 May 2017 08:05 AM My Price 6.00

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