L15 6 - 40,000 Additional Paid-in-CapitalCommon 118,000...

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P13-9 Barron Co. Equity Audit The disclosure objective for the equity portion of the audit is said to be critical. Examine the partial balance sheet of Barron Co., a large, diversified financial services firm with 22,000 employees worldwide: Stockholder's Equity (000's omitted) Preferred Stock 6%, $100 par $ 42,000 Additional Paid-in-Capital—Preferred 31,000 Common Stock, $1 par
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Unformatted text preview: 40,000 Additional Paid-in-CapitalCommon 118,000 Retained Earnings 442,000 Treasury Shares (9,000) Receivable from Exercise of Stock Options (1,000) $ 663,000 a. What are the deficiencies in this disclosure? b. What further disclosures should be made in the footnotes? How does the auditor go about auditing these disclosures for accuracy and completeness?...
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