An effective procedure for identifying unrecorded retirements of equipment is to: 1) Foot related property records...
An effective procedure for identifying unrecorded retirements of equipment is to:
1) Foot related property records
2) Recalculate depreciation on the related equipment
3) Select items of equipment in the accounting records and then locate them in the plant.
4) Select items of equipment and then locate them in the accounting records
Homework Answers
Answer- An effective procedure for identifying unrecorded retirements of equipment is to= Select items of equipment in the accounting records and then locate them in the plant.
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An effective procedure for identifying unrecorded retirements of
equipment is to:
1) Foot related property records...
Prepare a corrected lead schedule for the Property, Plant, and Equipment and related accumulated depreciation accounts. ...
Prepare a corrected lead schedule for the Property, Plant, and Equipment and related accumulated depreciation accounts. You are engaged in the audit of the financial statements of Rapidstan Corporation for the year ended December 31, 2017. The chief accountant of the client has prepared the accompanying analyses of the Property, Plant, and Equipment and related accumulated depreciation accounts. You have traced the beginning balances to your prior year’s audit working papers without exception. RAPIDSTAN CORPORATION Analysis of Property, Plant, and Equipment and Related...
An auditor was satisfied that the carrying value of factory equipment was fairly stated as of...
An auditor was satisfied that the carrying value of factory equipment was fairly stated as of the beginning of the period. During the period, the entity had several transactions involving the purchase and disposal of equipment. Which of the following would be the most effective in providing evidence that all equipment reported in the financial statements actually exists? Multiple Choice Select items on the factory floor and trace them to the accounting records. Select items from the accounting records and...
The following trial balance extract has been extracted from Kalorie Limited’s accounting records at 31 March...
The following trial balance extract has been extracted from Kalorie Limited’s accounting records at 31 March 2018: Buildings 3 994 600 Buildings – accumulated depreciation – 1 April 2017 1 766 400 Property, plant and equipment – at cost 1 516 600 Property, plant and equipment – accumulated depreciation – 1 April 2017 429 770 On 1 December 2017 a factory building that originally cost $1 350 000 carrying amount of $911 450 was severely damaged in a fire and...
The details of the January 1, 2020 purchase of property, plant & equipment by Whispering Industries...
The details of the January 1, 2020 purchase of property, plant & equipment by Whispering Industries is as follows: Cost Residual Useful Life Depreciation Value Method Machinery $1,223,000 $93,000 1 million units Activity Method Building $753,000 $93,000 30 years Straight line Computer $192,500 $11,000 5 years Double-Declining-Balance During 2020 Whispering produced 206,000 units using its machinery. Calculate the 2020 depreciation for each of the property, plant & equipment items. (Round depreciation per unit to 2 decimal places, e.g. 7.25 and...
1.To conclude that a management review control is effective, the auditor is required to identify a...
1.To conclude that a management review control is effective, the auditor is required to identify a selection of instances in which the control operated, evaluate whether management followed the procedures specified by the control, and properly evaluated and resolved exceptions. A) True B) False 2. Which of the following statements about substantive analytical procedures is correct? A) The results of the procedure provide evidence about the existence or absence of misstatement in an account. B) The results of the procedure...
The following information relating to property plant and equipment was extracted from
QUESTION THREE [20]
The following information relating to property plant and equipment
was extracted from
the accounting records of Sandile’s Supermarket:
1. Balances at 28 February 2018:
- Equipment at cost R 56 000
- Accumulated depreciation: equipment R 10 860
- Vehicles at cost R560 000
- Accumulated depreciation: vehicles R285 360
2. The following transactions in respect of property, plant and
equipment took place
during the current financial year:
2.1 An old vehicle was sold on 31 August...
1)A bank reconciliation is an analysis of the difference between the financial accounting records and the...
1)A bank reconciliation is an analysis of the difference between the financial accounting records and the bank records to ensure the accurate ending cash balance. True False 2)The estimated value of sales returns should reduce gross sales in the period items are sold, not in the later period items are returned. True False 3)The lower-of-cost-or-market rule must be applied to each individual inventory item but not to groups of items True False 4)Which of the following assets would be classified...
Question 1 At January 1, 2017, Blossom Company reported the fallowing property, plant, and equipment accounts:...
Question 1 At January 1, 2017, Blossom Company reported the fallowing property, plant, and equipment accounts: Accumulated depreciation-buildings $60.950,000 Accumulated depreciation-equipment 52,850,000 Buildings 97,300,000 Equipment 150,200,000 Land 24,000,000 The company uses straight-li ne depreciation for buildings and equipment, s estimated to havea year-end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment 10-vear useful life and no salvace value During 2017, the following selected...
Which of the following statement is not typical of property, plant and equipment as compared to...
Which of the following statement is not typical of property, plant and equipment as compared to most current asset accounts? 1) A property, plant and equipment cutoff error near year-end has a more significant effect on net inome. 2) Relatively few transactions occur in property, plant and equipment during the year. 3) The assets involved with property, plant and equipment ordinarily have relatively longer lives. 4) Property, plan and equipment accounts typically have a higher dollar value.
Check The property, plant, and equipment section of the Jasper Company's December 31, 2020, balance sheet...
Check The property, plant, and equipment section of the Jasper Company's December 31, 2020, balance sheet contained the following: $116,000 Property, plant, and equipment: Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Total property, plant, and equipment $ 936,000 (180,00) 163,000 756,000 ? The land and building were purchased at the beginning of 2016. Straight-line depreciation is used and a residual value of $36.000 for the building is anticipated The equipment is comprised of the following three machines Life...
An auditor was satisfied that the carrying value of factory equipment was fairly stated as of the beginning of the period. During the period, the entity had several transactions involving the purchase and disposal of equipment. Which of the following would be the most effective in providing evidence that all equipment reported in the financial statements actually exists? Multiple Choice Select items on the factory floor and trace them to the accounting records. Select items from the accounting records and...
The details of the January 1, 2020 purchase of property, plant & equipment by Whispering Industries is as follows: Cost Residual Useful Life Depreciation Value Method Machinery $1,223,000 $93,000 1 million units Activity Method Building $753,000 $93,000 30 years Straight line Computer $192,500 $11,000 5 years Double-Declining-Balance During 2020 Whispering produced 206,000 units using its machinery. Calculate the 2020 depreciation for each of the property, plant & equipment items. (Round depreciation per unit to 2 decimal places, e.g. 7.25 and...
QUESTION THREE [20]
The following information relating to property plant and equipment
was extracted from
the accounting records of Sandile’s Supermarket:
1. Balances at 28 February 2018:
- Equipment at cost R 56 000
- Accumulated depreciation: equipment R 10 860
- Vehicles at cost R560 000
- Accumulated depreciation: vehicles R285 360
2. The following transactions in respect of property, plant and
equipment took place
during the current financial year:
2.1 An old vehicle was sold on 31 August...
Question 1 At January 1, 2017, Blossom Company reported the fallowing property, plant, and equipment accounts: Accumulated depreciation-buildings $60.950,000 Accumulated depreciation-equipment 52,850,000 Buildings 97,300,000 Equipment 150,200,000 Land 24,000,000 The company uses straight-li ne depreciation for buildings and equipment, s estimated to havea year-end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment 10-vear useful life and no salvace value During 2017, the following selected...
Check The property, plant, and equipment section of the Jasper Company's December 31, 2020, balance sheet contained the following: $116,000 Property, plant, and equipment: Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Total property, plant, and equipment $ 936,000 (180,00) 163,000 756,000 ? The land and building were purchased at the beginning of 2016. Straight-line depreciation is used and a residual value of $36.000 for the building is anticipated The equipment is comprised of the following three machines Life...
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