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Card Shop Inc. (CSI) is a small owner-managed greeting card specialty store. Due to the small size of the store, the bookkeeper has established a very simplistic accounting system. Inventory items are ordered by either the owner or the store manager using pre-numbered purchase orders. When items are received, they are recorded on pre-numbered receiving documents. When the vendor invoice is received from the supplier, the bookkeeper matches it to the purchase order and receiving documents. The bookkeeper records the purchase of the inventory or any items at the time the cheque is generated. The bookkeeper provides the owner with the unsigned cheques and the related supporting documentation. The owner reviews the documents and signs and mails all cheques. At the end of each quarter, the bookkeeper prepares financial statements for internal use. In order to record the payables, the bookkeeper prepares an excel spreadsheet listing all outstanding invoices. Included in the listing is the vendor name, invoice number, amount owed, and a receiving document reference. A separate file is maintained with hard copies of all outstanding invoices included in the spreadsheet. The bookkeeper then prepares an adjusting entry to record the accounts payable at the balance sheet date. The entry is then reversed at the beginning of the next period.RequiredExplain how the lack of an ongoing accounts payable system will affect the auditor tests for the purchases and payables cycle. Your answer should also identify assertions and account balances affected. When testing accounts payable, explain why an auditor would choose to select suppliers with nil balances in the accounts payable sub-ledger. Explain why it is unlikely that an auditor would do the same for accounts receivable. List four audit procedures, other than confirmations, that the auditor could perform to audit the completeness assertion for accounts payable.
Perez Company retires its delivery equipment, which cost $41,000. Accumulated depreciation is also $41,000 on this delivery equipment. No salvage value is received.
List at least three items which will increase a partner's basis in a partnership and at least three items which will decrease a partnership's basis.
Prepare the journal entries to record above events in the accounts of S & X. . Assume that distribution of earnings onNovember 30 was payment of a dividend that was declared on November20.
Funtime Inc. makes small toys in a one department production process. Plastic is added at the beginning of the process, all other materials are considered indirect. The following information is available relative to September 2010 production.
What are some nonfinancial performance measures? What do they tell us about the performance of an organization? Why is it important for managers to include nonfinancial performance standards in their analysis of their operations?
Mark Hancock is a self employed attorney who operates his law practice as an unincorporated sole proprietorship. In 2010, the IRS disallowed several business deductions he took in 2007 and 2008. In addition to paying the deficiency and assessed pe..
Jerry bought his home 15 years ago for $60,000. Three years ago Jerry married Debbie and she moved into the same house and has lived there since. If they sell Jerry's house in December, 2010 for $340,000, what is their taxable gain on a joint tax ..
In generating theories of accounting based upon what accountants actually do, it is assumed (often implicitly) that what is done by the majority of accountants is the most appropriate practice.
I need to determine the best form of business entity for a business having the following characteristics and explain why choose that form of business:
In the current year, Teal Corporation becomes insolvent and is declared bankrupt. During the corporation's existence, Emily was paid an annual salary of $60,000. How should she treat her losses for tax purposes?
Signed a three-month, zero-interest-bearing note on November 1, 2010 for the purchase of $150,000 of inventory. The face value of the note was $152,205.
The company expects to sell 10% of its merchandise for cash. Of sales on account, 58% are expected to be collected in the month of the sale, 38% in the month following the sale, and the remainder in the second month following the sale. Prepare a s..
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