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You were in the final stages of your audit of the financial statements of Scott Corporation for the year ended December 31, 20X0, when you were consulted by the corporation's president, who believes there is no point to your examining the 20X1 vpicjer regoster amd testing data in support of 20X0 entries. He stated that (1) bills pertaining to 20X0 that were received too late to be included in the December voucher register were recorded as of the year-end by the corporation by journal entry, (2) the internal auditors made tests after the year-end, and (3) he would furnish you with a letter representing that there were no unrecorded liabilities.
a) Assume that the client company, which handled some government contracts, had no internal auditors for a federal agency spent three weeks auditing the records and were just completing their work at this time. How would the independent auditors' unrecorded liability test be affected by the work of the auditors for a federal agency?
b) What sources in addition to the 20X1 voucher register should the independent auditors consider to locate possible unrecorded liabilities?
There was a favorable materials price variance of $380 and an unfavorable materials quantity variance of $120. Based on these variances, one could conclude that:
Capital investments are the key to the future of every company. These investments initially cost a company thousands to billions of dollars.
Compute 3M's average collection period for accounts receivable in days. (Round turnover ratio to 1 decimal place, e.g. 10.5 and collection period to 0 decimal places, e.g. 125.)
For each independent situation above, prepare the appropriate journal entry for the redemption or conversion of the bonds. (For multiple debit/credit entries, list amounts from largest to smalest
Tanner Bay Inc. has two departments, Assembly and Packaging. The company uses a job-order costing system and computes a predetermined overhead rate in each department. What is the predetermined overhead rate to be used in each department? Show comp..
The balance in Accounts Receivable was $200,000 at 1/1 and $240,000 at 12/31. At 12/31/10, Smithson estimates that 5% of accounts receivable will prove to be uncollectible. What is Bad Debt Expense for 2010?
The contribution margin of the finished products is $6 each. Inventory carrying costs are $0.40 per unit per day. What is the change in the daily contribution margin if the change is made?
Barbara sells a house with a FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of:
Maroon Corporation is considering deferred compensation plans for its executive employees over the age of 55. All of the employees use the cash method of accounting.
Please create a decision tree that shows the logical sequence of the decision problem with recommendation of whether ByComputers should initially invest in bonds or stocks?
The required rate of return is 15 percent and the tax rate is 28 percent. What is the net income from this proposed project?
In 2007, Peggy, a widow, places $3 million in trust, life estate to her children, reminder to her grandchildren, but retains the right to revoke the trust. In 2010, when the trust is worth $3.1 million, Peggy rescinds her right to revoke the trust..
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