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1. An auditor has been auditing the financial statements of Ruksud Apartments in Salalah that...

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Accounting

1. An auditor has been auditing the financial statements of Ruksud Apartments in Salalah that has 24 Flats, daily rent for each flat is RO 25. Rents are increased by 40% during Kharif that runs for 60 days. Assume that the occupancy rate for all flats is 70% during normal days but are fully occupied during Kharif. The apartments are closed for 5 days every year, during normal days (non- Kharif period) for maintenance. Assuming 365 days in the year, what is the expected revenues from the apartment? If the financial statements of the apartment show that the revenues are RO 198,400, Is there any possible material misstatement in revenues?

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