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On January 1, 2009, the balance in Great Lakes Co.'s Allowance for Bad Debts account was $5,200. During the year, a total of $3,500 of delinquent accounts receivable were written off as bad debts. The balance in the Allowance for Bad Debts account at December 31, 2009, was $7,300.
a) What was the total amount of bad debts expense recognized during the year?
b) Explain the term "net realizable value" as it relates the presentation of Accounts Receivable on the Balance Sheet.
What are the different types of audits that retailers use. Why is auditing necessary? What benefits can be gained to offset the costs associated with them?
Auditors cannot say that the books have been done 100% correctly because they cannot possibly look over every part of them. They instead give an opinion based on a sampling of the information
Three firms which serve as comparables to Bank of America are Wells Fargo, Chase, and Capital One. In a PowerPoint presentation:
A revised or final acceptable level of detection risk is determined for each assertion after (1) assessing inherent risk, (2) performing analytical procedures in audit planning
You will be required to obtain/study annual reports of companies in the industry
Define lapping and give an example. What is a substantive test of transactions? How would it be applied to accounts receivable an inventory?
Many businesses receive most of their cash on credit sales through the mail. Suppose you own a business in which you must hire employees to handle cash receipts and perform the related accounting duties.
Show the cash flows from investing and financing activities sections of the cash flows statement.
Determine whether the responsibility to hire and fire audit managers should have prevented the firing of the chief of internal auditing by management for reporting fraudulent activity.
Your CPA firm has just been engaged as the independent auditors for Drotos Theaters. The theater chain is opening a new theater in one month.
Differences between the book value and the fair value of the identifiable assets of Salem Company
Support your response from the e-text and/or course articles, do not use only web sites and avoid the unacceptable web sites. What fundamental concepts are embodied in the definition of internal control?
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