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Assume the two scenarios: 1.You evaluate accounts receivable internal control and conclude the IC risk as being low. Also, you have estimated inherent risk low. The total balance in AR is relatively low. 2.You evaluate accounts receivable internal controls and conclude the IC risk as being at the maximum and inherent risk is moderate. The total balance in AR is very material. Required: Create two separate audit programs, one for scenario a, and one for scenario b. Problem 2 The in-charge auditor has calculated, using PPS, that a sample of 117 account receivable invoices should be selected to help determine the accuracy of the AR balance. The invoices were selected and confirmations were sent. The following issues were uncovered. What is your response to each of the issues? 1.Confirmation #34 was not returned. 2.Confirmation #21 was sent back with a comment from the customer saying the amount was paid in January. 3.Confirmation #74 was returned with a comment that the amount is too high due to a returned shipment by the customer. 4.Confirmation #82 was returned to your client. 5.Confirmation #98 was returned with a comment stating that the customer only keeps books as a total balance not individual invoices.
palisade creek co. is a merchandising business. the account balances for palisade creek co. as of may 1 2014 unless
how could unethical behavior related to the use of information systems impact a business?how can a business secure its
If customers experience problems between regularly scheduled visits, Rawl makes service calls at no additional charge. Instead of paying monthly, customers may pay an annual fee of $540 in advance. For a customer who pays the annual fee in advance..
M estimated that there were 200 vacation days available at December 31, 2009. M's employees earn an average of $150 per day. In its December 31, 2009, balance sheet, what amount of liability for compensated absences is M required to report?
On the problems you just completed for me, how did you come up with the cost price to the retailer of $7.11? I understand the profit margin is 40% so wouldn't that mean that 9.95*.60=5.97 would be the cost to retailer?
Create a chart of accounts for a small business. If you are currently working in the accounting field, you may use the chart of accounts from your business as the basis of your work. Include your explanation of the structure.
like engineers operations managers are very concerned about product and process design. however rather than focusing on
Based on the information above, Complete the following statements with dollar amounts:
The Hightown council refused to increase the town budget. Robert Reed was laid off from work on Aug 4 2010. Earlier in the year he had been temporarily disabled from a job related injury and had received disability benefits. At year end Robert Ree..
On April 30,2010, Hackman corporation issued $1 million face value 12% bond dated january1,2010, for $1023,000 plus accrued interest. the bond pay interest semiannually on june 30,and Dec 31, and are due dec 31,2017 the company use the straight li..
Explain how you would decide whether to record each of the following expenditures as an asset or an expense. Assume all items are material.
The Garrett Corporation uses the lower-of-cost-or-market method to value inventory. Data regarding the items in work-in-process inventory are presented below.
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