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On September 1, Howe Office Supply had an inventory of 30 calculators at a cost of $18 each.The company uses a perpetual inventory system. During September, the following transactions occurred.
Sept 6: Purchased 80 calculators at $20 each from DeVito Co. for cash.
Sept 9: Paid freight of $80 on calculators purchased from DeVito Co.
Sept 10: Returned 2 calculators to DeVito Co. for $42 credit (including freight) because they did not meet specifications.
Sept 12: Sold 26 calculators costing $21 (including freight) for $31 each to Mega Book Store, terms n/30.
Sept 14: Granted credit of $31 to Mega Book Store for the return of one calculator that was not ordered.
Sept 20: Sold 30 calculators costing $21 for $31 each to Barbara's Card Shop, terms n/30.
Instructions: Journalize the September transactions.
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Assume that you are the PricewaterhouseCoopers audit engagement partner and have assessed Kodak as a high-risk client. Explain the modification you would make to the audit engagement procedures to minimize any potential liability of the firm.
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Tidwell, Inc. has weekly credit sales of $19,400, and the average collection period is 34 days. The cost of production is 75 percent of the selling price. What is the average accounts receivable figure?
A Business report identifying auditing procedures and practices
When assessing the tolerable deviation rate, the auditor should consider that, while deviations from control procedures increase the risk of material misstatements, such deviations do not necessarily result in misstatements.
Describe the elements of the Generally Accepted Auditing Standards (GAAS). Describe how these standards apply to financial, operational, and compliance audits.
List each of these standards in the correct category. Identify those standards that you believe may be compromised by the listed situations. Describe specific actions that you believe should be taken to comply with the GAAS standards.
Show impact of this transaction on the fundamental equation of accounting using modified accrual accounting method for Phoenix City. Phoenix city is entitled to receive unrestricted grants from the state.
Internal control has gained increasing importance among management, external auditors, regulators, and others. Use a specific example that illustrates the answer.
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