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Problem - Long-Term Note - You were engaged to examine the financial statements of Ronlyn Corporation for the year ended June 30. On May 1 the corporation borrowed $500,000 from the Second National Bank to finance plant expansion. The long-term note agreement provided for the annual payment of principal and interest over five years. The existing plant was pledged as security for the loan. Due to unexpected difficulties in acquiring the building site, the plant expansion had not begun as planned. To make use of the borrowed funds, on May 16 management invested the $500,000 was invested in securities.
Required -
a. What are the audit objectives in the examining of long-term debt?
b. Prepare an audit program for the examination of the long-term note agreement between Ronlyn and Second National Bank.
Prepare journal entries to record the purchase of materials and their use in production
Identifying and Analyzing Financial Statement Effects of Cash Dividends. On March 15, 2018, Bank of America issued 94,000 shares of 5.875% Fixed-to-Floating.
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Please write down your comments on below statements giving examples from construction industry with every question you should put references
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A. Compare the details of the cash receipts journal entries to the details of the corresponding daily deposit slips. B. Obtain the January bank statement and compare the cleared checks to the year end December bank reconciliation.
The annual depreciation for the equipment is $10,000. Prepare the balance sheet for XYZ Merchandising as of 12/31/19
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