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General Machinery Company Limited General Machinery Company Limited, a subsidiary company of Las Vegas Group Corporation (USA) Limited, is primarily
General Machinery Company Limited General Machinery Company Limited, a subsidiary company of Las Vegas Group Corporation (USA) Limited, is primarily a distributor of a range of machinery and equipment and also engages in other business activities. It has assets of approximately $4m, including current assets of nearly $2m. The draft Statement of Financial Performance of the company has just been completed by the company accountant and presented to the auditors, Disneyland Audit Company Ltd., to enable them to complete their audit. You, as the partner in charge of the audit, is surprised to find out that the company has made a profit this year, because your audit work during and after the end of the financial year had led you to expect a significant loss. The draft Statement of Financial Performance and some of the notes are shown below.General Machinery Company LimitedStatement of Financial PerformanceFor the year ended 30 June 1997
