10 Jan You, CA, are in charge of the audit of Fuschia Ent
You, CA, are in charge of the audit of Fuschia Enterprises, a manufacturer of crayons in Vancouver, British Columbia with sales in 2012 of $75 million. This year, sales have increased due to increasing their market share in Eastern Canada. The company has assets of $40 million and their net income last year was $6.5 million. The common shares of the company are widely owned. In previous years, the company relied on your firm for advice. You recently visited the company’s head office with the partner in charge of this file to discuss matters relating to the company’s December 31, 2013 year-end. A follow up meeting has been scheduled for two weeks from now and the partner would like you to prepare a memo that addresses any issues identified in the meantime in preparation for this meeting. During the visit, you made the following notes: Effective June 30, 2013 Fuschia Enterprises purchased Neon Limited, a company engaged in the production and distribution of coloring books. Management of Fuchsia Enteprises felt that Neon Limited would be a complement to their existing business. After the acquisition date, Neon Limited ceased to exist. At the date of acquisition, the statement of financial position of Neon Limited was as follows: Cash $501,633 Accounts receivable $475,103 Inventory $982,290 Property, plant and equipment (net) $627,201 Intangible assets $471,203 Goodwill $293,112 Total assets $3,350,542 Bank indebtedness $625,1
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