Milwaukee Surgical Supplies, Inc., sells on terms of 3/10, net 30. Gross sales for the year are $1,200,000 and the collections department estimates that 30% of the customers pay on the tenth day and take discounts, 40% pay on the thirtieth (30th) day, and remaining 30% pay, on average, 40 days after the purchase. (Assume 360 da
Adjusting Entries: Data relating to the balances of various accounts affected by adjusting or closing entries appear below. (The entries which caused the changes in the balances are not given.) You are asked to supply the missing journal entries which would logically account for the changes in the account balances. Interest rece
Since an auditor is unable to examine every transaction, it is necessary to determine how many transactions to examine. After completing all the steps of the internal control audit process, the auditor determines a sample of transactions to audit. The statistical use of PPS is one way to determine sample size for certain ac
Identify the investment bank that Dell uses to issue stock? MSN.com. (2010). Delta Air Lines Inc: financial statement. Retrieved July 28, 2010 from http://moneycentral.msn.com/investor/invsub/results/statemnt.aspx?Symbol=DAL&stmtn MSN.com. (2010). Dell Inc: Financial statement. Retrieved July 28, 2010 from http://moneyc
Gaskin Industries began 2008 with a debit balance in accounts receivable of $16,000. During 2008 Gaskin incurred expenses of $62,000. Also, in 2008, Gaskin sold $115,000 worth of merchandise to customers of which $112,000 was collected by year end. What is the balance in accounts receivable in 12/31/08?
See attached file. Your job will be to explain how we got to the answers. Use the starting point in the tables and go from there. Here is the Mt. Hood Furniture solution. Please use the same starting point. The task is to figure out how this was calculated. Write a memo based on the solution. Describe how you got to the solu
It is generally held that external auditors require more documentation to the audited transactions than do the internal auditors - why, in your opinion, do the external auditors probe more deeply into the transactions than the internal auditors? Is this due to the risk the external auditors have in the certification process
Assume that you have recently been appointed CFO of a mid sized company which did not have an internal audit function - how would you justify the incremental expenses of establishing an internal audit function in your company?
Information related to Hermesch Company for 2008 is summarized below. Total credit sales $2,200,000 Accounts receivable at December 31 825,000 Bad debts written off 33,000 (a) What amount of bad debts expense will Hermesch Company report if it uses the direct writeoff method of accounting for bad debts? (b) Assume that
My visa card was no longer able to be used as overdraft protection or to make cash advances. I need you to help me write a letter to bank. Please help me to tell Bank USAA why my online access and credit protection should be accepted.
See the attached files for Case 57. Respond to the questions of the Case
Using Bank of America, research this international company. Conduct a brief organizational analysis by answering the following questions. 1. Are its production facilities centralized or decentralized? 2. Does it standardize products or adapt them for different markets? 3. Does the company make use of work teams? 4. Wh
This is a marketing research where I want to benchmark what I have done with what someone else would get. I will not use what I do get from an OTA as my only work. Problem: Here is an outline for the audit: 1. Executive Summary a. Two page summary of the entire audit 2. Company Description a. Highlights of the fir
If the company you work for has or will have a Board of Directors why is it important to know as much as you can about what a Board does? How is a Board involved in the annual audit process that involves the outside Independent auditors? Thanks for your help!
Can you please assist with the questions below? I would like to focus on Bank of America in the DOW Jones Stock Market 1)Why do you think it will be an interesting focus for your economic analysis? 2. What is the price of the stock? How many shares can you purchase with your $1000? To keep things simple, assume the broker
Please I need one or two pages. TPC wants to be ensured that the audit report for year-end 2005 is a standard unqualified audit report. Management has requested that you create a presentation about how to obtain an unqualified audit report. Include the following details: - What are the circumstances that could prevent the
AIN is a financial planning firm which has an accounts receivable balance of $97,600. AIN uses the direct write-off method for bad debt. AIN determined that one of its clients which owes $7,300 has filed bankruptcy. Also, when reviewing the books, the accountant determined that one customer was overbilled by $275 and another cus
8. An employee of Wu Company collects $100 from a customer for payment of a balance due account. The employee keeps the money for personal use, debits sales returns and allowances, and credits accounts receivable in the general journal. Which internal control procedure would have discouraged this embezzlement? a. Comparing the
Medwig Corporation has a DSO of 17 days. The company averages $3,500 in credit sales each day. What is the company's average accounts receivables? What is the nominal and effective cost of trade credit under the credit terms of 3/15, net 30?
Joe Accountant and Mary Supervisor are very busy in meeting some deadlines in their department. The have been under a great deal of pressure to meet the deadlines. All week long they have worked long hours. It is Thursday afternoon and Rudy Auditor comes in and says to Mary that he needs certain files and reports by Monday mo
Audit of general motors revenue. Each car and truck has an invoice on the window and is in GM's computer system, and that 8 million cars and trucks were sold. The automobile revenues of General Motors are $100 billion. How many invoices out of 8 million would you want to examine in order to verify the $100 billion of reven
As audit manager you realize that to complete the audit of xyz company you will need to bring in two more auditors and another audit supervisor March 15th 2010. However the cost of the additional auditors will cause the audit manager to increase the cost of Audit of XYZ company by $45,000. Without the additional auditors the a
What cutoff tests are performed for accounts receivable, how are they performed, and to what account audit objectives does the evidence pertain?
Can you help me get started on this assignment? Control measures analysis for the "Panasonic Group". Evaluation and control Please include references! The website is link is: http://www.panasonic.net/corporate/ Strategic Audit for the Panasonic group.
During the audit of a regulated company you find that in three instances there were events that occurred that required the company to notify the regulatory agency of their occurrence. However, the regulatory agency was not notified. None of these events had any effect on the financials and the company was to receive a clean op
Explain what you believe to be the additional requirements a graduate accountant needs to become a very successful auditor.
In audit planning, the audit of Circuits Technology, Inc. (CTI). CTI resells, installs, and provides computer networking products (client software, gateway hardware and software, and twinax hardware) to other businesses. Required: a. Calculate purchases, gross margin, inventory turn days, accounts receivable turn days, and
How does the auditor evaluate the results of audit procedures? What types of qualitative factors will the auditor consider when encountering an error? How will the results affect the audit conclusion?
Textbook:Accounting Principles 9th edition, ISBN 978-0470-31754-9, Weygandt Read Chapter 9. Pages 414 and 415 show the formulas needed for this assignment. Bledel Company had accounts receivable of $100,000 on January 1, 2010. The only transactions that affected accounts receivable during 2010 were net credit sales of $1
An auditor's report is the formal presentation of all the effort that goes into an audit. Below is a list of the classifications of audit opinions that can be found in an auditor's report as well as a list of phrases describing the opinions. Classifications of Audit Opinions a. Unqualified opinion b. Qualified opinion