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Provide answers for the following auditing related materials. Explain the difference between occurrence and completeness for sales. What is the difference between a test of control and a substantive test of transactions? What is the difference between a substantive test of transactions and a test of details of balances? What is the relationship between tests of controls and substantive tests? Please answer broadly with details.
Padlock Corp. owns 90 percent of Safeco, Inc. During the year, Padlock sold 3,000 locking mechanisms to Safeco for $900,000. By the end of the year, Safeco had sold all but 500 of the locking mechanisms to outside parties. Padlock marks up the cost o..
Prepare a budgeted income statement for the quarter ended March 31, 2017. Complete the three sections of the budgeted statement of cash flows, then compute the net increase in cash and the balance at March 31, 2017.
Prepare the journal entry to record amortization expense for the first year. Show how this patent is reported on the balance sheet at the end of the first year.
.Enter the dollar amount of each cost item under the appropriate headings. Note that each cost item is classified in two ways: first, as variable or fixed with respect to the number of units produced and sold; and second, as a selling and administrat..
Prepare a schedule showing the intangible asset section of Heckenmueller's balance sheet at December 31, 2014. Show supporting computations in good form.
Consider the cash flow statement areas of operating, investing, and financing. Given your company type and the debt make-up, discuss the importance of the cash flow statement. What section of the cash flow statement is the most important? Why?
Perpetual Inventory Using FIFO August 1 Inventory 50 units at $80 9 Sale 30 units 13 Purchase 40 units at $85 28 Sale 25 units Beginning inventory, purchases, and sales
At what amount should each investment be carried on the balance sheet at the end of the year? Explain your answers and show any calculations necessary to arrive at your answers.
Use any of the methods to compute the following variances.- Variable-overhead spending variance.- Variable-overhead efficiency variance.- Fixed-overhead budget variance.
The business uses the following specialised journals to record its business transactions, The business uses a general ledger, an accounts receivable subsidiary ledger and an accounts payable subsidiary ledger. The 4 column running balance form of l..
Send letters directly to third parties who hold the client's inventory and request they respond directly to us. which type of audit evidence and balance related audit objective is?
Roselle Appliance uses a perpetual inventory system. For its flat-screen television sets, the January 1 inventory was 5 sets at $563.00 each. On January 10, Roselle purchased 7 units at $751.40 each. The company sold 3 units on January 8 and 5 units ..
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