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Question - You are the auditor in charge of Spare Parts Ltd, a wholesaler in motor spare parts. The company operates its business from one large store in Bloemfontein.
The company's inventory consists of a variety of spare parts, ranging from nuts and bolts to motor vehicle engines. All inventories are the property of the entity and are purchased from its holding company (Producers Limited) which acts as manufacturer. The inventory records are fully computerised and a continuous inventory system is in use. The company has no internal audit function, although management does from time to time perform certain tests on the inventory.
During the planning meeting for the forthcoming audit the manager informs you that the annual inventory count will take place on 31 July 2020. The company's year-end is 30 September 2014.
The company's policy is to order inventory in such a manner that there is no inventory in transit during inventory counts, or at year-end.
Describe with motivation the direction in which you will audit inventory.
Describe the audit procedures you would perform to verify inventory account balance?
An investment cost $13500 and it generated net cash flow in each of the next seven years of $3000, calculate the present value of future cash flow
The investment is classified as trading security. Prepare the appropriate journal entry to record the purchase of the stock
Explain how the sale of a business asset which is not a capital asset can result in a capital gain. - Can a business asset sold at a loss result in a capital loss?
Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost)
The accountant for Bert's Office Supplies has had to take extended sick leave. Calculate the gross margin percentage
Beginning capital is $47,000, Net Income for the year is $19,500 and Drawing for the year is $7,700, the ending capital amount would be?
If the entity is an S corporation and the transaction qualifies under § 351, the S corporation's basis for the property and the shareholder's basis for the stock are:
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HI5017 Managerial Accounting Assignment. You are required to prepare a report to recommend about ABC model for your company
Accounts Payable, Accounts Receivable, Cash, Inventory, and Sales are not involved in the "Other Accounts" column in either the cash receipts or cash payments journal, and are not involved in any general journal entries.
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