Homework Answers
Journal Entry:
Sales a/c Dr 1,000
To Debtor a/c 1,000
Audit Procedure:
Cut off procedures should be performed to detect such issue in advance.
Add Answer to:
On the last day of the year a truck load of machine parts with a cost...
Travis Company has just completed a physical Inventory count at year-end, December 31 or the current...
Travis Company has just completed a physical Inventory count at year-end, December 31 or the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to 565,700. During the audit, the independent CPA developed the following additional Information: a. Goods costing $870 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
Travis Company has just completed a physical Inventory count at year-end, December 31 of the current...
Travis Company has just completed a physical Inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $65,700. During the audit, the independent CPA developed the following additional Information a Goods costing $870 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
Travis Company has just completed a physical inventory count at year-end, December 31 of the current...
Travis Company has just completed a physical inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $67,000. During the audit, the independent CPA developed the following additional information: a. Goods costing $950 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
Reagan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagan's records...
Reagan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagan's records are as follows: Inventory at December 31 (based on a physical count of goods in Reagan's warehouse on December 31) $1,340,000 $ Accounts payable at December 31: Vendor Baker Company Charlie Company Dolly Company Eagler Company Full Company Greg Company Accounts pavable. December 31 Terms 3%, 10 days, net 30 Net 30 Net 30 Net 3e Net 30 Net 30 Amount 283,000 228, eee...
William Brown, an auditor with Knapp CPAs, is performing a review of Sheridan Company's inventory account....
William Brown, an auditor with Knapp CPAs, is performing a review of Sheridan Company's inventory account. Sheridan did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $623,000. However, the following information was not considered when determining that amount. 1. Included in the company's count were goods with a cost of $189,000 that the company is holding on consignment. The goods belong to Agler...
Reagan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagan's records...
Reagan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagan's records are as follows: Inventory at December 31 (based on a physical count of goods in Reagan's warehouse on December 31) $1,350,000 Accounts payable at December 31: Vendor Terms Amount Baker Company 3%, 10 days, net 30 $ 285,000 Charlie Company Net 30 230,000 Dolly Company Net 30 320,000 Eagler Company Net 30 245,000 Full Company Net 30 – Greg Company Net 30 – Accounts...
P7-1 (Algo) Analyzing Items to Be Included in Inventory L07-1 Travis Company has just completed a...
P7-1 (Algo) Analyzing Items to Be Included in Inventory L07-1 Travis Company has just completed a physical inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $67,000. During the audit, the independent CPA developed the following additional information: a. Goods costing $810 were being used by a customer on a trial basis and were...
Reagan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagan's records...
Reagan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagan's records are as follows: Inventory at December 31 (based on a physical count of goods in Reagan's warehouse on December 31) $1,400,eee Accounts payable at December 31: Vendor Baker Company Charlie Company Dolly Company Eagler Company Full Company Greg Company Accounts payable, December 31 Sales for the year Terms 2%, 10 days, net 30 Net 30 Net 30 Net 3e Net 30 Net 30 Amount...
Reagan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagan's records...
Reagan Corporation is a wholesale distributor of truck
replacement parts. Initial amounts taken from Reagan's records are
as follows:
Inventory at December 31 (based on a physical count
of goods in Reagan's warehouse on December 31)
$1,290,000
Accounts payable at December 31:
Vendor
Terms
Amount
Baker Company
2%, 10 days, net 30
$
273,000
Charlie Company
Net 30
218,000
Dolly Company
Net 30
308,000
Eagler Company
Net 30
233,000
Full Company
Net 30
–
Greg Company
Net 30
–
Accounts...
Reagan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagan's records ar...
Reagan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagan's records are as follows: Inventory at December 31 (based on a physical count of goods in Reagan's warehouse on December 31) $1,320,000 Accounts payable at December 31: Vendor Terms Amount Baker Company 2%, 10 days, net 30 $ 279,000 Charlie Company Net 30 224,000 Dolly Company Net 30 314,000 Eagler Company Net 30 239,000 Full Company Net 30 – Greg Company Net 30 – Accounts...
Travis Company has just completed a physical Inventory count at year-end, December 31 or the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to 565,700. During the audit, the independent CPA developed the following additional Information: a. Goods costing $870 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
Travis Company has just completed a physical Inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $65,700. During the audit, the independent CPA developed the following additional Information a Goods costing $870 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
Travis Company has just completed a physical inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $67,000. During the audit, the independent CPA developed the following additional information: a. Goods costing $950 were being used by a customer on a trial basis and were excluded from the inventory count at December 31 of the...
Reagan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagan's records are as follows: Inventory at December 31 (based on a physical count of goods in Reagan's warehouse on December 31) $1,340,000 $ Accounts payable at December 31: Vendor Baker Company Charlie Company Dolly Company Eagler Company Full Company Greg Company Accounts pavable. December 31 Terms 3%, 10 days, net 30 Net 30 Net 30 Net 3e Net 30 Net 30 Amount 283,000 228, eee...
William Brown, an auditor with Knapp CPAs, is performing a review of Sheridan Company's inventory account. Sheridan did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $623,000. However, the following information was not considered when determining that amount. 1. Included in the company's count were goods with a cost of $189,000 that the company is holding on consignment. The goods belong to Agler...
P7-1 (Algo) Analyzing Items to Be Included in Inventory L07-1 Travis Company has just completed a physical inventory count at year-end, December 31 of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $67,000. During the audit, the independent CPA developed the following additional information: a. Goods costing $810 were being used by a customer on a trial basis and were...
Reagan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagan's records are as follows: Inventory at December 31 (based on a physical count of goods in Reagan's warehouse on December 31) $1,400,eee Accounts payable at December 31: Vendor Baker Company Charlie Company Dolly Company Eagler Company Full Company Greg Company Accounts payable, December 31 Sales for the year Terms 2%, 10 days, net 30 Net 30 Net 30 Net 3e Net 30 Net 30 Amount...
Reagan Corporation is a wholesale distributor of truck
replacement parts. Initial amounts taken from Reagan's records are
as follows:
Inventory at December 31 (based on a physical count
of goods in Reagan's warehouse on December 31)
$1,290,000
Accounts payable at December 31:
Vendor
Terms
Amount
Baker Company
2%, 10 days, net 30
$
273,000
Charlie Company
Net 30
218,000
Dolly Company
Net 30
308,000
Eagler Company
Net 30
233,000
Full Company
Net 30
–
Greg Company
Net 30
–
Accounts...
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