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Unformatted text preview: employees in the summer of 2008 led to a decline in sales and net income. After making several tests of sales records, nothing came to our attention that would indicated that sales have not been properly recorded. In our opinion, with the explanation given above, and with the exception of some minor errors that are considered immaterial, the aforementioned financial statements present fairly the financial position of The Rancho Corporation at July 31, 2008, and the results of its operations for the year then ended, in conformity with pronouncements of the Accounting Principles Board and the Financial Accounting Standards Board applied consistently throughout the period. Timothy Ross, CPA September 23, 2008...
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- Fall '08
- Generally Accepted Accounting Principles, standard unqualified report, The Rancho Corporation, Rancho Corporation