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Question - On January 2nd as an audit assistant at a local accounting firm, you are assigned to finish off the workpapers of an inventory audit observation that the accounting firm took part in on December 31st. The client is a retailer selling clothing, small appliances and other small electronic devices. The Accounting Manager has shared with you detailed schedules of the inventory on hand at December 31st, as well as other information about inventory transactions that have taken place within the last week which support the determination that a good inventory cutoff calculation was done as it relates to goods in transit. You are satisfied with the accuracy of the count and the determination of the balances at December 31st.
While you are finishing up your inventory workpapers the Accounting Manager shared with you that the company is very careful to evaluate the NRV of its inventory at year-end to determine if any write-downs may be necessary. The company uses the lower-of cost or market method to report the value of its FIFO inventory. You are scheduled to have a final meeting with the senior on the engagement to discuss the inventory audit. You document your conversation with the Accounting Manager in the workpapers and you meet with the Senior on the engagement. What will you discuss with the Senior on the engagement about the inventory valuation?
Research and then describe "Under Armour Inc." primary business activities. Include: A brief historical summary
What is the differences and similarities between the roles of accountants and auditors. What additional expertise must an auditor possess beyond that of an accountant?
King Sports owned by Tim Lane, sells sports equipment to schools and sporting clubs in Victoria. Record Journal entries for the business transactions
Standard hours = 11,000; Actual hours = 10,000. Austin's direct labor price variance = $5,000 Favorable (Good thing). Compute the standard pay rate
Assuming Michael can borrow up to 80 percent of the market value of his home, what is the maximum amount he can borrow
Desired ending merchandise inventory is 30% of the following (next) month's cost of goods sold. Compute the budgeted merchandise purchases for June
Each year near the balance sheet date, when the president of Bargon construction, What evidence can the auditor use to uncover the fraud
steel specialties has been in business for 52 years. thecompany maintains a perpetual inventory system uses a lifo
He has AGI of $51,000 and paid $6,300 to a qualified day care center. What amount of credit can Kobe receive for the child and dependent care credit
how much of the discount is amortized in the first year on the bonds term
On April 15, Meier Company sold merchandise to Curran Company for $5,000 on terms of 2/10, n/30, Assume a return of merchandise on April 20 of $850 and collection in full on April 25. What is the amount collected by Meier on April 25?
Compute for the gain or loss on discounting of the promissory note. (Show computations). Prepare the entries on January 1, 2020 and on August 31, 2020.
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