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)。 zym6b@+jN
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: t]hfq~Ft
(Expressed in RMB thousands) t8ORfO+
FINANCLAL STATEMENTS ITEMS 9vBW CCf
20×8 Ud_0{%@
20×7 \;1nEjIA
lv#L+}T
Sales 0lU
pil
64000 SNC)cq+{
48000 '>GPk5Nq77
JvF0s}#4
Cost of sales EUbyQL
54000 mZ g'
42000 v}. ~m)
_adW>-wQ!d
Net profit |Es,$
30 _QneaPm%
-20 H#3Ma1z
U2
Cmf
A]MX^eY
December 31, 20×8 ,4r 4 <
December 31, 20×7 #&Rx?V
1]"S?
Inventory |Y30B,=M
16000 l)f 2T@bHl
12000 /k KVIlO
fs2y$HN
Current assets Hq|{Nt%Q
60000 jP.dQj^j&
50000 esd9N'.Q*
~<"{u-q#K
Total assets !?z"d
100000 zqLOwzMlLx
90000 v7<r-<I[
5}2148
Current liabilities @%8$k[
20000 |`d-;pk!%
18000 Ej<`HbJ'Q
{6mFI1;q
Total liabilities X.AE>fx*h
30000 6%MM)Vj+u
25000 5k;}I|rg %
91UC>]}H
{Hz;*1?$k
During the audit, John has the following findings: ]) #?rRw
(1)On December 31, 20×8,Company A discounted an undue commercial acceptance bill (with recourse) amounted to RMB 6000000, and was charged discounting interest of RMB 180000 by the bank. Company A made an accounting entry on December 31, 20×8 as follows: rnC<
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Dr. Cash in Bank RMB 5820000 9u>X,2gUR
Dr. Financial Expenses RMB 180000 Y]Zp[!
Cr. Notes Receivable RMB 6000000 j rg B56LL
(2)In June 20×8, Company A provided guarantee for Company B’s borrowings from Bank C. In December 20×8, since Company B failed to repay the borrowings in time, Company A was sued by Bank C to make relevant repayment amounted to RMB 3000000. As at December 31, 20×8, the lawsuit was still pending, and, based on the reasonable estimate of the guarantee losses made by the management, Company A made an accounting entry as follows: 8Rnq
&8A
Dr. Non-operating Expenses RMB 3000000 V]/$ dJ
Cr. Provisions RMB 3000000 :M.]- +(
On January 10, 20×9,Company A received a judgment on repaying RMB 2500000 [x0*x~1B
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: q*}$1 zb
Dr. Provisions RMB 3000000 }x:}9iphF
Cr. Cash in Bank RMB 2500000 &H%z1
Lp
Cr. Non-operating Income RMB 500000 GD4+f|1.*
Required: V=E5pB`Pr
(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. tdNAR|
(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: TlC??#
(a)Inventory Turnover Rate in 20×8; X]s="^
(b)Gross Profit Ratio in 20×8; &