Determine whether additional audit work should be done

Assignment Help Financial Accounting
Reference no: EM13133546

The Hamster Stop has $93,650 in the Accrued Payroll account. Hamster's weekly payroll is $156,000 and the accrual represents payroll for 3 days. If controls are strong, determine whether additional audit work should be done on this account.

Reference no: EM13133546

Questions Cloud

Find an interval in which would expect return to fail : For each mutual fund, find an interval in which you would expect 95.44 percent of all yearly returns to fall. Assume returns are normally distributed.
How much was depreciation expense : This resulted in a loss of $4,000. Assuming that no other assets were disposed of during the year, how much was depreciation expense for 2008?
Information about radius of curvature : At what points of the curve x = a(t - sint), y = a(1 -cost), z = 4acos(t/2) does the radius of curvature take its local maximum?
Shareholder basis for the stock : If the entity is an S corporation and the transaction qualifies under § 351, the S corporation's basis for the property and the shareholder's basis for the stock are:
Determine whether additional audit work should be done : The Hamster Stop has $93,650 in the Accrued Payroll account. Hamster's weekly payroll is $156,000 and the accrual represents payroll for 3 days. If controls are strong, determine whether additional audit work should be done on this account.
Curve fitting techniques : Task: Apply curve-fitting techniques and interpret the results. As such, your work will include doing scatterplots, determining the equation and graph of the curve on the scatterplot, finding the r^2 value,
Evaluate the company vulnerability to current : Evaluate the company’s vulnerability to current financial threats such as a recession, higher interest rates, and global competition.
List at least three qualitative attributes of snack food : List at least 3 qualitative attributes of the snack food about which they might want to ask consumers. Make sure at least one of them is nominal.
Obtuse arc length and area of sector : A windshield wiper is 3 feet long and the blade is 2 feet long. If the wiper can trace out an angle of 110 degrees, what area can the blade wipe?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Overhead allocation plant wide rate

Overhead allocation plant wide rate direct labor hours Machine hour basis - Top management complains that if the accountants had been more accurate in estimating overhead then they wouldn't have over applied overhead. Is this true? Explain.

  Determine the retained earnings on december

Computation of retained earnings using given information and evaluate the retained earnings on December 31, 2005, and 2006.

  Illustrate what is the discounted payback period

An investment project costs $21,500 and has annual cash flows of $4,200 for 6 years. If the discount rate is 20 percent, illustrate what is the discounted payback period?

  Analyze weaknesses and financial strengths of the company

Analyzing the weaknesses and financial strengths of the company

  Illustrate what adjustment would have been required

Consolidated financial statements were prepared for 2011. Illustrate what adjustment would have been required for the retained earnings balance as of January 1, 2011?

  Evaluate the internal rate of return for each project

Evaluate the internal rate of return for each project

  Discuss how this increase in ownership affects the account

Discuss how this increase in ownership affects the accounting for and reporting upon the investment in Broome. Include in your discussion adjustments.

  Calculation of different variances

Calculation of Different Variances -  Determine the following variances and indicate whether each is favorable or unfavorable.

  Purpose a post-closing trial balance

Purpose a post-closing trial balance. Also prove the accuracy of subsidiary ledgers by preparing schedules of both accounts receivable and accounts payable.

  Maintain an adequate system of internal control

The extent of internal control features adopted by a company must be evaluated in terms of  cost-benefit and Companies that fail to maintain an adequate system of internal control

  Would market reaction to barron article

Do you think the company's poor disclosure prior to 1983 made it vulnerable to the attack by Barron's? Would market reaction to Barron's article have been different if the company had a better disclosure policy?

  How much cash does taft have on its balance sheet

The company's current assets consist of cash, inventories, and accounts receivable. How much cash does Taft have on its balance sheet?

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