Reference no: EM131222110
1. James Burrow is the loan officer for the National Bank of Dallas. National has a loan of $325,000 outstanding to Regional Delivery Service, a company specializing in delivering products of all types on behalf of smaller companies. National’s collateral on the loan consists of 25 small delivery trucks with an average original cost of $24,000.
Burrow is concerned about the collectability of the outstanding loan and whether the trucks still exist. He therefore engages Samantha Altman, CPA, to count the trucks, using registration information held by Burrow. She was engaged because she spends most of her time auditing used automobile and truck dealerships and has extensive specialized knowledge about used trucks. Burrow requests that Altman issue a report stating the following:
1. Which of the 25 trucks is parked in Regioinal’s parking lot on the night of June 30, 2011.
2. Whether all of the trucks are owned by Regional Delivery Service.
3. The condition of each truck, using the guidelines of poor, good, and excellent.
4. The fair market value of each truck, using the current “blue book” for trucks, which states the approximate wholesale prices of all used truck models and also using the poor, good, and excellent condition guidelines.
A. For each of the following parts of the definition of auditing, state which part of the preceding narrative fits the definition?
1. Information
2. Established Criteria
3. Accumulating and evaluating evidence
4. Competent, Independent person
5. Reporting results
B. Identify the greatest difficulties Altmans are likely to have doing this audit.
Noncontrolling interest reflected in consolidated balance
: Company A buys Company B and pays $5 million more than the fair value of the identifiable assets and liabilities. The $5 million was recorded as Goodwill. Big Company buys 80 percent of the outstanding shares of Little Company on January 1, Year One...
|
Why the issue is important and providing advice to qut
: MGN410 Case essay. As an individual, you should write 800-1000 words (in a journal post/blog with hyperlinks), explaining why the issue is important and providing advice to QUT about the issue
|
What are major challenges of mining a huge amount of data
: What are the major challenges of mining a huge amount of data (e.g., billions of tuples) in comparison with mining a small amount of data (e.g., data set of a few hundred tuple)?
|
Analyze the leadership and oratory styles
: Analyze the leadership and oratory styles of Martin Luther King, Jr. through the lens of ethos, logos, and pathos, and compare his styles to your own.
|
Which part of the preceding narrative fits the definition
: James Burrow is the loan officer for the National Bank of Dallas. National has a loan of $325,000 outstanding to Regional Delivery Service, a company specializing in delivering products of all types on behalf of smaller companies. National’s collater..
|
Review the various project management frameworks
: List the activities that must be performed to complete the requirements definition of an IT project based on the provided articles. Compare the listed activities with the processes described in Figure 3.2 Process - flow of Requirements Engineering..
|
Difference between discrimination and classification
: Explain the difference and similarity between discrimination and classification, between characterization and clustering, and between classification and regression.
|
What is a competitive advantage
: What is a competitive advantage? Does Cherry Lane have one? If so, what is it?
|
Determine correct of rent expense to be included in income
: Pfister Corporation prepaid a full year's rents on their warehouse for the period from September 1, 2008 to August 31, 2009. At that time, they debited prepaid rent and credited cash for $24,000. Determine the correct of rent expense to be included i..
|