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Using the company Cardinal Health, analyze the components of the financial statements (in the most recent annual report):
- Calculate the analytical information in the table
- Discuss the possible findings
- Discuss how the organization performed
In 2 pages, MS Word Doc, APA style with citations
Analytical Procedures for Revenue (Sales) and Accounts Receivable Accounts
(2-column table to complete):
Analytical Procedures Possible Misstatement Detected
Revenues
1. Compare gross profit percentage (by product line if data are available) with previous years
2. Compare actual revenue to budgeted revenue
3. Analysis of ratio of sales to income with in first quarter to total ratio of sales to income at the end of the year Accounts Receivable
4. Comparison of receivables turnover and days outstanding in current year to previous year
5. Comparison of bad-debt expense as a percentage of revenue in current to previous year
6. Comparison of allowance of uncollectible accounts as a percentage of accounts receivable in current year to previous year