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When auditing inventories of raw materials, purchased parts, and/or merchandise inventory, the auditor's most effective means for evaluating the valuation assertion is to
a. Examine recent invoices from vendors, along with freight bills and compare with client's unit costs, as adjusted for freight and discount.
b. Compare purchases with prior year and with industry averages and account for significant fluctuations.
c. Trace quantities from tags or count sheets to final inventory listings.
d. Scan inventory listings for large extended amounts, and trace related quantities to auditor's copy of the inventory tag or listing.
At the beginning of the year, Albers, Inc., has total stockholders' equity of $840,000 and 40,000 outstanding shares of a single class of capital stock.
For its 2010 tax year, Ilex Corporation has ordinary income of $240,000, a short-term capital loss of $60,000, and a long-term capital gain of $20,000. Calculate Ilex Corporation's tax liability for 2010.
On January 1, 2010, Andrea purchased a 20-year annuity for $160,000 from LUKE LIBERTY (an established insurance company). Under the annuity, Andrea will receive payments of $1,480 for each month of annuity's life. How much of the annuity payments ..
Evaluate the inventory turnover ratio for 2010 by using the LIFO and FIFO cost-flow assumption methods.
Slaughter earned $220,000 in net income in 2013 (not including any investment income) while Bennett reported $90,000. Slaughter attributed any excess acquisition-date fair value to Bennett's unpatented technology, which was amortized at a rate of ..
The Accountant's Role in the Organization.
To adequately plan an audit, the auditor should obtain sufficient knowledge of the client's business to understand events, transactions, and practices that may have a significant effect on the financial statements.
If the dividends on preferred stock are one year in arrears (in addition to the current year), how will the total dividend be divided between the common and preferred stock?
Assuming no other changes, the effect, when moving from the change in fund balances in the governmental funds Statement of Revenues, Expenditures and Changes in Fund Balances to the change in net assets for governmental activities in the Statement..
Suppose that at the end of 2010, the Lancer Boutique used $1.5 million cash to pay off $1.5 million of accounts payable. Compute the new current ratio?
Paul invest $10,000 cash in an equipment leasing activity for 15% ownership share in the business. The remaining 85% owner is Amanda. Amanda contributes $10,000 and personally borrows $75,000 that she also invests in the business. What are the at-..
Projected sales for December, January, and February are $60,000, $85,000 and $95,000, respectively. The February expected cash receipts from all current and prior credit sales is ?
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