Prepare the detailed audit plan for examination

Assignment Help Financial Accounting

Reference no: EM13137163

Stockholders’ Equity:

Capital stock—10,000 shares of $10 par value authorized: $ 50,000
5,000 shares issued and outstanding
Capital contributed in excess of par value of capital stock 32,580
Retained earnings 47,320
Total stockholders’ equity $129,900

Pate Corporation was founded in 1985. The corporation has 10 stockholders and serves as its own registrar and transfer agent. There are no capital stock subscription contracts in effect.

Required

a. Prepare the detailed audit plan for the examination of the three accounts composing the stockholders’ equity section of Pate Corporation’s balance sheet. Organize the audit plan under broad financial statement assertions. (Do not include in the audit plan for the audit of the results of the current year operations.)

Reference no: EM13137163

Questions Cloud

Explain heat pump is used to maintain a house at a constant : A heat pump is used to maintain a house at a constant temperature of 23 °C. The house is losing heat to the outside air through the walls and the windows at a rate of 60,000 kJ/hr while the energy generated within the house from people

What is an entitlement program : What is an entitlement program? Provide an example of an entitlement program and analyze it from the standpoints of: purpose, recipient needs, potential benefits and disadvantages.

Show the complete anova table for test statistic : Show the complete ANOVA table for this test including the test statistic. The null hypothesis is to be tested at 95% confidence. Determine the critical value for this test. What do you conclude?

People''s social economic status and their intelligence : topic is about the relationship between people's social economic status and their intelligence. I think sometime our world views wealth as intelligence. not all wealthy people are intelligent and educated...... my argument being " we should not treat..

Prepare the detailed audit plan for examination : Prepare the detailed audit plan for the examination of the three accounts composing the stockholders’ equity section of Pate Corporation’s balance sheet.

How many grams of iodine is present : A compound of a transition metal and iodine is 65.1% metal by mass. How many grams of iodine is present in 859 g of this compound?

Johnson & williams : Johnson & Williams have approached you to obtain funding for the proposed expansion of their manufacturing capacity and product range.

Us income tax versus uk vat tax : Compare the current Federal income tax structure of the U.S. with that of the VAT national tax implemented by the United Kingdom.

Explain employing the ideal gas model : Employing the ideal gas model, determine the change in specific entropy between the indicated states, in Btu/lbmol?ºR. Solve 2 ways: Use the appropriate ideal gas table AND also by using a constant specific heat value.

User Account

All Pages