CondoCleaners.com has been in business now for three years. The current years annual sales is $320,000, with

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CondoCleaners.com has been in business now for three years. The current year’s annual sales is $320,000, with cost of goods sold at $275,000. There is no debt, and the company has fixed assets of $4,250 (a personal computer and vacuum cleaners). The company currently provides cleaning services for 12 clusters of downtown condominium units.
REQUIRED
Calculate preliminary materiality for CondoCleaners.com for the current year of operations.
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Auditing The Art and Science of Assurance Engagements

ISBN: 978-0133098235

12th Canadian edition

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Ingrid B. Splettstoesser

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