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Documenting Audit Findings in the Junior Auditor case

Most major accounting firms rely on three main revenue streams: Auditing services, Tax services & Business consulting. Since the Securities and Exchange Commission (SEC) requires publicly traded companies to be audited by an external CPA firm, auditing can be a significant part of most accounting firms' revenue. Review

The Benefits of Hiring an Internal Auditor

A client has an out-of-control system and a recommendation has been made to hire an internal accountant. Write a recommendation brief for the client in which you justify the benefits of using an internal auditor. Conclude your recommendation by referring a particular person for the job based on their background. Explain how t

Notes Receivables, interest revenue and more (Gale Sondergaard Company)

(Reporting of Notes Receivable, Interest, and Sale of Receivables) On July 1, 2007, Gale Sondergaard Company sold special-order merchandise on credit and received in return an interest-bearing note receivable from the customer. Sondergaard will receive interest at the prevailing rate for a note of this type. Both the principal a

Bank Fees and Bank Reconciliation

Bank fees are squeezing customers according to an article in The Record (Hackensack,NJ) dated April 20, 2006. Banks are having a hard time making money lending, so many are charging more and higher fees. Meanwhile, interest paid on interest-bearing checking accounts remains low.Kayla Siska received her bank statement from the Co

Bank of North America & Kinkus Publishing

Can you help me get started with this assignment? C1. Assume that you work for Bank of North America and that you have made a $20 million loan to Kinkus Publishing, which must be repaid at the end of this year. Kinkus has undertaken a major expansion, ant eh value of its assets when the loan comes due is expected to be eithe


Adcock Plastics Company deposits all receipts and makes all payments by check. The following information is available from the cash records: MARCH 31 BANK RECONCILIATION Balance per bank $26,746 Add: Deposits in transit

The IRS and Darryl Strawberry's audit for unreported income

The IRS audited the tax returns of Darryl Strawberry, a former major league outfielder. It contended that, between 1986 and 1990, Strawberry earned $422,250 for autograph signings, appearances, and product endorsements, but he reported only $59,685 of income. Strawberry attributed the shortfall to his receipt of cash for autogra

Please assist in performing a strategic audit of Hewlett-Packard, Inc.

I need assistance in performing a strategic audit, namely analyzing all strategy aspects of Hewlett-Packard, Inc. It has experienced both success and hard times and CEO changes in recent times. Please explain the following: ? Organization mission and vision ? Products and brands ? Organizational stakeholders ? CEO and exe

Tax Strategy Problem for John Gemstone under IRS Audit

Can you help me start the following case study? I:1-49 John Gemstone, a wealthy client, has recently been audited by the IRS. The agent has questioned the following deduction items on Mr. Gemstone's tax return for the year under review: - A $10,000 loss deduction on the rental of his beach cottage. - A $20,000 charitable

Accounts Receivable changes with bad debts

P14-8 Accounts receivable changes with bad debts A firm is evaluating an accounts receivable change that would increase bad debts from 2% to 4% of sales. Sales are currently 50,000 units, the selling price is $20 per unit, and the variable cost per unit is $15. As a result of the proposed change, sales are forecast to increas

Bank excess funds: evaluate profit and risk of three options for investment

A new client just deposited $300,000 in a corporate checking account. Idle money means missing out on profits, so we want to put the additional funds to good use as soon as possible. We've identified three potential options for using the additional funds?you should evaluate the profitability and risk implications of each of the

SAS 106, AUDIT EVIDENCE: Write a report summarizing SAS 106.

Visit the AICPA website at the URL below. Print a copy of SAS 106 Audit Evidence. Write a report summarizing SAS 106. Your report should ad

Honoring a Note

Can you help me with the problems below? Exercise 9-6: Prepare journal entries to record these selected transactions for Vitalo Company. Nov. 1 Accepted a $6,000, 180-day, 8% note dated November 1 from Kelly White in granting a time extension on her past-due account receivable. Dec. 31 Adjusted the year-end a

Analyzing and journalizing notes receivable transactions

Please provide instructions on how to process the journal entries. A sample template of the link to a similar problem from the solution library would be helpful. Fundamental Accounting Principals, 18th Edition Wild, Larson, Chiappetta, McGraw-Hill Irwin Problem 9-5A: Analyzing and journalizing notes receivable transac

Anth Company has significant amounts of trade accounts receivable.

Anth Company has significant amounts of trade accounts receivable. Anth uses the allowance method to estimate bad debts instead of the specific write-off method. During the year, some specific accounts were written off as uncollectible, and some that were previously written off as uncollectible were collected. Anth also has

What is Ross's accounts receivable balance at December 31, 2004?

Please help with the following problem. Please provide a step by step calculation. Certain information relative to the 2004 operations of Ross Co. follows: Accounts receivable, January 1, 2004 $22,000 Accounts receivable collected during 2004 39,000 Cash sales during 2004 12,000 Inventory, January 1, 2004

Journalizing and Posting for Bad Debts

I need help in determining what amounts I need to use for the adjusting entries for bad debts and also how to journalize those when funds are collected later on as well. Presented below is an aging schedule for Lewis Company. Customer Total: Not Yet Due: Number of Days Past Due 1-30 31-60 61-90 Over 90

The World Bank

The World Bank is currently advising newly industrialized countries on how to encourage growth and they have asked for your help. Using the internet and other resources, research the factors behind economic growth in Hong Kong and Singapore. Which of these methods of encouraging growth would you suggest to a newly industriali

External Audit: relationship between risk and materiality with examples

To assess your company's liability for the external audit, you must discuss with your team the following topics: What is the relationship of risk and materiality? How are risk and materiality related? How are risk and materiality integrated into the audit process? What is an example of a statement that includes both ri

CSSC external audit: pre-audit planning and review meeting goals and problems

Details: The following situations have caused you to become concerned about the quality of the upcoming external audit: The CPA firm that has been contracted by CSSC management has only been in business 2 years and is a small firm with mostly young inexperienced auditors. You have just been advised that the preaudit plann