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Question - Adem Hassen, CPA, was auditing ABC Company. Adem sent positive accounts receivable confirmations to a number of ABC customers. He received a number of returned confirmations marked "we do not confirm balances because we are on voucher system."
Required -
A. List three audit procedures that Adem might use to ensure the validity of these accounts.
B. Identify and describe the two forms of account receivable confirmation requests and indicate what factors Adem should consider in determining when to use each.
C. Assume Adem has received a satisfactory response to the confirmation requests. Describe how Adem could evaluate collectability of the trade account receivable.
Journalize the adjustments pertaining to employee compensation at January 31.
Compute the ending inventory and cost of goods sold
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Crawford, Inc., wants to acquire the assets of Toxic Waste, Inc., but Toxic Waste won't sell. Toxic Waste is a publicly held company with widely dispersed share ownership. What technique can Crawford use to accomplish its goal?
Avon Co., a wholly owned subsidiary of Wilson Corp., sold goods to Wilson near the end of 2013. Prepare the Consolidation Entries TI, G and *G as required
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The Black Hole, a unit of the Space Department, was established October 1, 2013. Its purpose is to probe deep space. It is financed by an appropriation from Congress. Following are the transactions of the agency during October 2013:
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Calculate the internal rate of return of the investment opportunity and indicate whether the investment opportunity should be accepted.
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