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Problem 1: You have been asked by your Audit Manager to plan the auditing of the major equipment for a medium sized manufacturing entity. The equipment includes manufacturing equipment which is large and unique in nature (it has been modified to meet the specific needs of the entity being audited and cannot be sold to another entity), a useful life of 30 years and is unlikely to become technically obsolete for the foreseeable future. Using your understanding of what you have learnt in relation to planning an audit, briefly outline how you would plan to "audit the equipment". (Hint: Think about the "tools" provided to the auditor to use to develop their audit strategy in determining what to audit.)
Identify the ten steps in the accounting cycle and explain the purpose of each step and breifly explain the accounting cycle steps.
Reeves, Inc., sold 1,000,000 shares of $25 par value common stock at $30. It subsequently repurchased 100,000 of those shares at $50 per share and then sold 70,000 of those shares at $55.
Prepare the journal entries to record the interest revenue and recognition of fair value for 2020. Prepare the journal entry at the date of the bond purchase.
Peterson Company uses the gross method to account for purchase discounts. Journalize Peterson Company's transactions on May 8, May 14, and May 15
Shown here are condensed income statements for two different companies ( both are organized as LLCs and pay no income taxes).
Great adventures has net income of $142,000.00 in 2017. Retained earnings at the beginning of 2017 was $132,000.00. Prepare the stockholders' equity section of the balance sheet for Great Adventures as of December 31, 2017
Calculate each of the following amounts as of both December 31, 2021, and December 31, 2022: Projected Benefit Obligation Dec 31, 2021, Dec 31, 2022
Calculate the annual depreciation expense for each year of the machine's life (estimated at 5 years or 20,000 hours, with a salvage value of $75,000). During the machine's 5-year life its hourly usage was: 3,000; 4,000; 5,000; 5,000; and 3,000 hou..
The company's bookkeeper prepares the closing entries and becomes concerned. Prepare the closing entries for the company. What caused the bookkeeper concern
The stockholders' equity accounts of Castle Corporation on January 1, 2017, were as follows. Journalize transactions and the closing entry for net income
Prepare asample Bank Reconciliation Statement (without amounts) showing all possible items that can appear therein
What is the return on investment (ROI) assuming Delta (a) uses the straight-line method for depreciation and (b) beginning-of-year net book values to compute ROI? (Round your final answer to 2 decimal places.)
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