六、英文附加题(本题型共1题,共10分。有小数点的,保留两位小数。小数点两位后四舍五入。用英文在答题卷上解答,答在试题卷上无效)。 y2%[/L:u~
John, CPA, is auditing the financial statements of Company A for the year ended December 31, 20×8. The un-audited information of selected financial statements items is as follows: Gad&3M0r
(Expressed in RMB thousands) OY"BaSEOw}
FINANCLAL STATEMENTS ITEMS tQj=m_
20×8 f$ /C.E
20×7 :V8oWMY
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$y
Sales eI2041z
64000 "j%Gr:a
48000 lxTqGwx
}f>
81[^
Cost of sales :qXREF@h
54000 lN.&46
e
42000 "QfF]/:
(Vey]J
Net profit jhG6,;1zMI
30 *mWS+xcU(L
-20 3 }
$9./+
;d7Qw~v1s
BI2'NN\
December 31, 20×8 #\~m}O,
December 31, 20×7 l7ES*==&@0
6mZpyt
Inventory 6#d+BBKIc
16000 ADP[KZO$4
12000 L #vk77
_z^&zuO
Current assets 'e))i#/VF
60000 W*c^(W
50000 09Oe-Bg
#!z'R20PH
Total assets v]drDVJ
100000 I
L8&MA%
90000 Qe[ai?iJkt
ku v<
Current liabilities <CP't[
20000 ~o;*{ Q
18000 l&Fx<
W
4s&koH(x
Total liabilities ZONe}tv:
30000 doe u`
25000 f#vVk
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nG5:
H.)
During the audit, John has the following findings: FCr> $
(1)On December 31, 20×8,Company A discounted an undue commercial acceptance bill (with recourse) amounted to RMB 6000000, and was charged discounting interest of RMB 180000 by the bank. Company A made an accounting entry on December 31, 20×8 as follows: }WkR-5N
Dr. Cash in Bank RMB 5820000 bF3}L=z
Dr. Financial Expenses RMB 180000 iGeuO[^
Cr. Notes Receivable RMB 6000000 ErMA$UkJ
(2)In June 20×8, Company A provided guarantee for Company B’s borrowings from Bank C. In December 20×8, since Company B failed to repay the borrowings in time, Company A was sued by Bank C to make relevant repayment amounted to RMB 3000000. As at December 31, 20×8, the lawsuit was still pending, and, based on the reasonable estimate of the guarantee losses made by the management, Company A made an accounting entry as follows: CI?M2\<g
Dr. Non-operating Expenses RMB 3000000 r
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Cr. Provisions RMB 3000000 _1Iw"K49Qx
On January 10, 20×9,Company A received a judgment on repaying RMB 2500000 5@Lz4 `
to Bank C to settle the guarantee obligation. Company A made the payment and an accounting entry at the end of January 2009 as follows: EEp,Z`
Dr. Provisions RMB 3000000 UD r@
Cr. Cash in Bank RMB 2500000 {wfe!f
Cr. Non-operating Income RMB 500000 ^$O,Gy) V
Required: *$7c||J7
(1)For Revenue and Net Profit, explain which one is more appropriate to be used to calculate planning materiality for Company A’s 20×8 financial statements as a whole. Explain the reasons of that conclusion. ;lo!o9`<
(2)Based on the un-audited in formation of selected financial statements items, for the purpose of using analytical procedures as risk assessment procedures, calculate the following ratios: n|iO)L\9aB
(a)Inventory Turnover Rate in 20×8; {Uu|NA87Cd
(b)Gross Profit Ratio in 20×8; Y_
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