Adjusting entry on client books

Assignment Help Accounting Basics
Reference no: EM13146315

A CPA is engaged in the annual audit of a fiscal year client. The client took a complete physical inventory under the CPA's observation on December 15 and adjusted its inventory account and detailed perpetual inventory records to agree with the physical inventory. The client considers a sale to be made in the period that goods are shipped. Listed below are four items taken from the CPA's sales cutoff test worksheet. Which item does not require an adjusting entry on the client's books?

Reference no: EM13146315

Questions Cloud

Find the likelihood the sample mean is atleast given value : Assume the distribution of amounts purchased follows the normal distribution. For a sample of 50 customers, answer the following questions. What is the likelihood the sample mean is at least $25.00?
Calculate the mass of calcium bromide formed : When 142g of calcium fluoride are reacted with an excess of sodium bromide,calculate the mass of calcium bromide formed.
Decrease in density with increasing altitude in the lowest : The following equation describes the observed decrease in density with increasing altitude in the lowest 100km of the atmosphere: p(z) = p0 exp(-z/h) where p(z) is the air density at altitude z, p0 is the density at sea level, and h is the scale heig..
Probability distributions for the projects : On the basis of the information regarding the risk involved in the two projects, you come up with the following probability distributions for the projects:
Adjusting entry on client books : The client considers a sale to be made in the period that goods are shipped. Listed below are four items taken from the CPA's sales cutoff test worksheet. Which item does not require an adjusting entry on the client's books?
How much heat is required to warm ice : How much heat is required to warm 221 g of ice from -44.7°C to 0.0°C, melt the ice, warm the water from 0.0°C to 100.0°C, boil the water, and heat the steam to 173.0°C?
What is a holliday structure : What is a "Holliday Structure"? Describe the differentially resolved heteroduplexes and recombinants.
How many years will it take poorland to catch up to richland : Compare real GDP per person in the two countries after 10 years and after 20 years. Approximately how many years will it take Poorland to catch up to Richland?
What is the relationship between the dipole moment : what is the relationship between the dipole moment and the bond moment? how is it possible for a molecule to have bond

Reviews

Write a Review

Accounting Basics Questions & Answers

  How the u.s. can manufacture direct materials

Evaluate and analyze how the U.S. can manufacture direct materials for technology products in the global marketplace at competitive costs.

  Determining the amount of gain or loss

Robert assumes the liability on the property. Robert's basis in his Texas Corporation stock is $100,000. What is the amount of gain or loss recognized by Robert on the distribution?

  Expenses to the apartment building

Eric lives in a home with a six-plex located at the rear of the property. On his tax returns, he allocates 60% of all expenses to the apartment building.

  What are the costs and benefits to apple

What are the costs and benefits to Apple from disclosing this information? What issues does this change raise for the auditor? What additional tests would you want to conduct as Apple's auditor?

  Fasb codification research system

What is the specific citation that provides guidance for determining whether an arrangement involving the sale of inventory is in substance a financing arrangement?

  Determine ending inventories of direct materials

Determine ending inventories of Direct Materials, Work In Process, and Finished Good,  Draft an insurance claim letter for the controller,seeking reimbursment for the damage to invemtory.

  Determining company current stock price

The company's beta is 1.25, the required return on the market is 10.50%, and the risk-free rate is 4.50%. What is the company's current stock price?

  Estimating bond valuation

You wish to purchase a 20-year, $1,000 face balue bond that makes semiannual interest payments of $40. If you require a 10% nominal yield to maturity, what price should you be willing to pay for the bond?

  Explain the meaning of temporary and permanent differences

What is the difference between pretax financial income and taxable income? Explain the meaning of temporary and permanent differences. Give at least two unique examples of each (please do not repeat what other students have posted)

  Financial statements and development of audit plan

Auditors obtain knowledge about a new client's business and its industry to understand the events and transactions that may have an effect on the client's financial statements and the development of the audit plan? True/False? Why

  Problem related to calendar-year taxpayer

Gamma Corporation, as S corp. has a fiscal year ending 03-31. It is required to switch to a calendar-year tax year. How many months of income would a calendar-year taxpayer be required to report in the year of change?

  Federal taxation 2012

Search the Internet for at least four (4) stories about major charitable contributions by individuals, including Bill Gates, Warren Buffett, Steve Jobs, and at least one (1) other individual.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd