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A CPA is interested in testing the fairness of the ending inventory balance at an audit client. He has relatively little experience using statistical sampling methods and, does not like to turn anything over to random chance. He used a judgmental sample of selecting items for testing. He selected 26 items with a total book value of $720,000. In his sample he found a combined $80,000 in overstatement errors. The book value of inventory on the client's record is $1,090,000. Overall materiality for the engagement is $500,000. His policy is to use 50% or less of overall materiality as tolerable misstatement for any one account.
a) What is your opinion of the method of selecting his sample?
b) Evaluate the results. Does he have sufficient evidence to conclude the balance is fairly stated
c) Provide recommendations to the CPA about how to select and evaluate a sample for testing inventory.
Kristen's AGI is $120,000 before considering effect of rental activity. What is Kristen's AGI after considering the tax effect of rental use of her home?
Calculate the gross wages of each worker for Week 4. Show clearly the basic pay, overtime pay and bonus pay; Using the answer in (a), analyze the total gross wages of the workers into Direct Wages and Indirect Wages;
Wilson Company makes all sales all sales of industrial bearings under terms of FOB shipping point. The company usually receives orders for sales approximately one week before shipping inventory to customers.
You have been running a sole-proprietorship business dealing in cosmetic products. You have been accurately recording all your sale and purchase transactions in journals and using the journals in the general ledger accounts.
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Prepare all journal entries in all funds and the GCA and GLTL accounts to record the following transactions and events.
What factors should be considered in making an estimate of the loss accrual? What information should management disclose in the footnotes to the financial statements concerning this purchase commitment?
Actual selling price: $7.50, $10.50. Budgeted selling price: $5.50, $10.50. Actual Sales Mix: 69%, 31%. Budgeted Sales Mix: 75%, 25%. What is the total sales-volume variance of revenues?
A small publishing company is planning to publish a new book. The production costs will include one time fixed costs(such as editing) and variable costs( such as printing).
How much revenue will Drysdale recognize under the cash method and under the accrual basis? Describe how Drysdale should apply the matching principle to recognize expenses. Prepare an income statement according to the accrual method. Ignore income ta..
During 1st year of operations Klump Corporation had the following transactions pertaining to its common stock.
Determine the amount of interest expense the restaurant will report on the June pro forma income statement. What amount will his restaurants report as interest expense on the July proforma income statement?
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