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You are the audit manager in charge of auditing the accounts of Jamieson Ltd. Materiality for the audit has been set at $250,000. The balance date was 30 June 2020. It is the 18 of August 2020 and you are at the client's premises to undertake the audit. The pre-audited balance of accounts receivable for Jamieson Ltd at 30 June 2020 is $925,000. The audited balance of accounts receivable as at 30 June 2019 was $555,000.
Problem a) Identify and explain which assertion(s) related to accounts receivable is/are most likely to be at the greatest risk of material misstatement.
Problem b) Suggest substantive procedures to verify the assertion(s) you identified in part a and explain why the tests are appropriate in this scenario.
Derf Corporation uses a standard cost system in which it applies manufacturing overhead on the basis of standard direct labor-hours. Two direct labor-hours are required for each unit produced. The denominator activity was set at 12,600 units. The var..
The board of directors of Ichiro Corporation is considering whether or not it should instruct the accounting department to shift from a first-in, first out (FIFO) basis of pricing inventories to a last-in, first out (LIFO) basis.
Al borrows $40,000 from the bank. This loan is in the form of a note that is due in two years (7/31/16) and bears interest at the rate of 6% per year. All of the interest and principal is due at the end of the note period. What is the journal entry f..
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Calculate profit or loss. Give your answer in dollars and cents to the nearest cent. If your answer is a loss then place a negative sign in front of your a
All sales were on account. Net cash provided by operating activities for 2014 was $245,880. Capital expenditures were $136,060, and cash dividends were $57,618
Determine the amount of manufacturing overhead that would have been applied to units of product during the period.
Franklin Co. borrowed $30,000 from a bank on August 1, 2017 and agreed to pay it back in eight months at an annual interest rate of 16%.
Selected current assets and current liabilities to calculate the net cash provided or used by operating activities using the direct method.
Compute the price of the bond and record sale entry. Assume rock corporation re-purchased the bond at 119 on September 1 year 7. Record the re-purchase entry
How much can be claimed as a deduction for the income year ended at 30 June 2017, 2018 and 2019 respectively? You are required to show all the working.
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