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Before year end adjusting entries, Bass Company's account balances at December 31, 2007, for accounts receivable and the related allowance for uncollectible accounts were $600,000 and $45,000, respectively. An aging of accounts receivable indicated that $62,500 of the December 31 receivables are expected to be uncollectible. The net realizable value of accounts receivable after adjustment is?
You are responsible for auditing a wholesale cosmetics distributor with an inventory consisting of thousands of individual items.
Explain for the client the benefits of using an internal auditor. Explain how their background benefits the client.
What would be the reliability of the bank system below if each of the three components had a backup with a reliability of .80?
Discuss how database systems along with their characteristics (such as referential integrity -- but there are others) can help companies have an effective internal control system. Gives the three database characteristics and explains them.
Examine the CPA profession and licensing requirements (Use New Jersey's please). Explain how a licensed CPA (as an outside auditor) could be of value to your company. Critique current auditing standards.
Each year since 2007, the accounting firm of Goode and Thuro was contracted to prepare audited financial statements for Family First Farm. Each year until the current audit, the CPAs did not find any discrepancies.
Identify and describe Reed's responsibilities to detect Smith's errors and fraud. Do not identify specific audit procedures.
Prepared in good form a working paper and conclude whether the auditor can rely on the control of authorization of credit. Your working paper could add the sampling steps identified in the textbook for tests of controls.
Verna's makes all sales on account, subject to the following collection pattern: 25% are collected in the month of sale; 60% are collected in the first month after sale; and 15% are collected in the second month after sale.
Imagine you are a company controller. Identify the internal control reporting options. Create criteria against which the options may be evaluated. Include internal controls for IT.
The general ledger account for Accounts Receivable shows a debit balance of $40,000. The Allowance for Uncollectible Accounts has a credit balance of $2,000. Net sales for the year were $250,000.
Lowe Inc.'s bank statement from Western Bank at August 31, 2010, gives the following information. Determine deposits in transit. (Assume the July 31 deposit in transit cleared the bank in August). b) Determine outstanding checks. (You are calculating..
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