Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Case: You are the audit manager of the audit of Pretty House (PH), a limited liability company. The company's year end is 30 June, and PH has been an audit client for three years. PH sells small accessories, plant and decorative materials exclusively to the designer firms. They have 12 warehouse style shops locatedthroughout the country.
PH does not manufacture any products themselves. The audit fieldwork is due to commence in 3 weeks time and you are preparing the audit work programme for the trade receivables section of the audit. Extracts from the clients trial balance show thefollowing information.
124,500
(2,490)
0
From your reviewof last year'saudit file you have determined that last year there were 2 specificprovisions of $5,000 and $2,000 as well as a 3% general provision. Initial conversations with the client indicate that there are no specificprovisions that are to be made thisyear however they intend to reduce the general provision from 3% to 2%. You are aware that two of PH's major customers went into administration during the year and they are likely to be liquidated in the near future. Both of these customers owed material amounts at the year-end.
Required:
Question 1: Describe substantive procedures the auditor should perform on the year-end trade receivables of Builders Mate.
Question 2: Describe how audit softwarecould facilitate the audit of trade receivables.
If the bonds have 20 years to maturity and the bonds are quoted at 102.25% of the par value, what is the yield to maturity
Available on risk-free investments is 5% and that the expected rate of return on the market portfolio is 15%, what is the net present value of the project?
On September 12, 2,000 shares of Aspen Company are acquired at a price of $50 per share plus a $200 brokerage fee. On October 15, a $0.50-per-share dividend was received on the Aspen Company stock. Prepare the journal entries for the original purchas..
Lev Corp issued $200 in principal of 3-year bonds with a 4.0% stated interest rate and semi-annual interest payments. What is the annuity factor
Determine What amount should Fillmore report as its estimated warranty liability as of December 31, 2015? First year of warranty 3%
Inventory per physical count at year-end totaled P125,000. How much is the total sales for the period
Prepare the journal entry to record the land acquisition if Sage Hill elects to prepare financial statements in accordance with IFRS.
What are the major categories of revenues and expenses for a health care organization?
What potential conflicts exist? What are the potential overlapping responsibilities that require a segregation of duties with access to organizational value?
The firm writes and mails checks on a daily basis also. These checks generally clear the bank in three days. What do know about the firm float?
Adria Lopez created Success Systems on October 1, 2013. The company has been successful, and Adria plans to expand her business. She believes that an additional $86,000 is needed and is investigating three funding sources. Prepare the journal entry t..
The settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits is the definition of
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd