Using statistical sampling to assist in verifying the yearminus end accounts payable balance, an auditor has...
Using statistical sampling to assist in verifying the
yearminus
end
accounts payable balance, an auditor has accumulated the following data
|
Number of accounts |
Book balance |
Balance determined by the auditor |
|
|
Population: |
4,000 |
$5,000,000 |
? |
|
Sample: |
200 |
$250,000 |
$300,000 |
Projecting the misstatement to the population, the auditor's estimate of
yearminus
end
accounts payable balance would be:
Homework Answers
Add Answer to:
Using statistical sampling to assist in verifying the
yearminus
end
accounts payable balance, an auditor has...
You are the auditor for a company and need to review the company’s accounts receivable using...
You are the auditor for a company and need to review the company’s accounts receivable using probability proportional to size (PPS) sampling. In addition, the board of directors has requested that you and your team present an explanation of your PPS process at its next monthly meeting. Use the following company data and the PPS Sampling Tables 1 & 2: (The data below is the PPS sampling table, they just changed the format from the table) The recorded book value...
You are the auditor for a company and need to review the company’s accounts receivable using...
You are the auditor for a company and need to review the company’s accounts receivable using probability proportional to size (PPS) sampling. In addition, the board of directors has requested that you and your team present an explanation of your PPS process at its next monthly meeting. Individual Portion: Use the following company data and the PPS Sampling Tables 1 & 2: The recorded book value of these accounts is $3,460,000. The company has a tolerable error of $63,460. The...
Milo has the following year-end account balances: Accounts Receivable, $5,000; Supplies, $12,000; Equipment, $18,000; Accounts Payable,...
Milo has the following year-end account balances: Accounts
Receivable, $5,000; Supplies, $12,000; Equipment, $18,000; Accounts
Payable, $17,000; Owner’s Equity, $43,000. The Cash account balance
was not available at year-end. Given the account balances listed,
the balance in the Cash account should be
$95,000.
cannot be determined from the data given.
$25,000.
$43,000.
Binomial Distributions Given your statistical knowledge, you have been asked to assist the quality control manager of a...
Binomial Distributions Given your statistical knowledge, you have been asked to assist the quality control manager of a local manufacturer in establishing and seeing that the factory conforms to standards set by management. The facility manufactures a new electronic toy. The factory can produce 1000 toys per day. Management has indicated that initially they will be satisfied if the defect rate is 3% or less. Since you can’t quality-test every toy produced, you suggest that a random sample of 40...
Following is a trial balance (in thousands) showing the accounts of Beta Hospital at December 31,...
Following is a trial balance (in thousands) showing the accounts of Beta Hospital at December 31, 2019. Using the information from the trial balance, answer the following questions. Show the calculations used. What is number of days’ cash on hand? What is the number of days of revenue in net patient accounts receivable? How much is the excess of revenues over expenses? What is the operating margin? What is the long-term debt-to-equity ratio at year-end? What is the interest coverage...
1. As a part of auditing depreciation expense the auditor tests whether the client has followed...
1. As a part of auditing depreciation expense the auditor tests whether the client has followed a consistent policy and the calculations are correct. Which of the following audit objectives is the auditor addressing? A) Cut-off B) Occurrence C) Completeness D) Accuracy 2. The auditor used positive confirmations to test accounts receivable, but several of the confirmations were not returned. Which of the following auditing procedures would the auditor perform on the non-responses? A) Inspect shipping documents to verify that...
Udall Corporation's post-closing trial balance at December 31, 2019, was as follows: Debit Credit Accounts Payable...
Udall Corporation's post-closing trial balance at December 31, 2019, was as follows: Debit Credit Accounts Payable $290,000 Accounts Receivable $550,000 Accumulated Depreciation-Building and Equipment 200,000 Additional Paid-in Capital-on Common Stock 1,560,000 Additional Paid-in Capital from Treasury Stock 250,000 Allowance for Doubtful Accounts 30,000 Bonds Payable 400,000 Building and Equipment 1,100,000 Cash 220,000 Common Stock ($1 par value) 150,000 Dividends Payable on Preferred Stock 4,000 Inventories 620,000 Land 380,000 Available-for-Sale Investments 285,000 Trading Investments 215,000 Preferred Stock ($50 par value) 500,000...
can anyone illustrate the T-accounts that would correspond with this post closing trial balance and the...
can
anyone illustrate the T-accounts that would correspond with this
post closing trial balance and the transactions?
The Post-Closing Trial Balance of Salami, Inc. as of December 31, 2011 appears below. READ EACH DESCRIPTION CAREFULLY and record the transaction for its ending impact for 2012 NO QUESTIONS WILL BE ANSWERED. PRINT CLEARLY and USE COMPLETE Account Titles. 496,000 499,000 50,000 525,000 150,000 875,000 215,000 Account Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Rent Prepaid Insurance Inventory Furniture and Fixtures...
Consolidated Worksheet at End of the First Year of Ownership (Equity Method) Peanut Company acquired 100...
Consolidated Worksheet at End of the First Year of
Ownership (Equity Method)
Peanut Company acquired 100 percent of Snoopy Company’s
outstanding common stock for $300,000 on January 1, 20X8, when the
book value of Snoopy’s net assets was equal to $300,000. Peanut
uses the equity method to account for investments. Trial balance
data for Peanut and Snoopy as of December 31, 20X8, are as
follows:
Cash P2. Consolidated Worksheet at End of the First Year of Ownership (Equity Method) Peanut...
The trial balance of Blue Spruce Corp.contained the following accounts at November 30, the end of...
The trial balance of Blue Spruce Corp.contained the following accounts at November 30, the end of the company's fiscal year. The company uses the perpetual inventory system. Blue Spruce Corp Trial Balance November 30, 2022 Credit Debit $8.500 28,600 42,500 6,100 131,000 Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense $ 27.000 50,500 39,400 50,000 40,000 10.500...
Milo has the following year-end account balances: Accounts
Receivable, $5,000; Supplies, $12,000; Equipment, $18,000; Accounts
Payable, $17,000; Owner’s Equity, $43,000. The Cash account balance
was not available at year-end. Given the account balances listed,
the balance in the Cash account should be
$95,000.
cannot be determined from the data given.
$25,000.
$43,000.
Udall Corporation's post-closing trial balance at December 31, 2019, was as follows: Debit Credit Accounts Payable $290,000 Accounts Receivable $550,000 Accumulated Depreciation-Building and Equipment 200,000 Additional Paid-in Capital-on Common Stock 1,560,000 Additional Paid-in Capital from Treasury Stock 250,000 Allowance for Doubtful Accounts 30,000 Bonds Payable 400,000 Building and Equipment 1,100,000 Cash 220,000 Common Stock ($1 par value) 150,000 Dividends Payable on Preferred Stock 4,000 Inventories 620,000 Land 380,000 Available-for-Sale Investments 285,000 Trading Investments 215,000 Preferred Stock ($50 par value) 500,000...
can
anyone illustrate the T-accounts that would correspond with this
post closing trial balance and the transactions?
The Post-Closing Trial Balance of Salami, Inc. as of December 31, 2011 appears below. READ EACH DESCRIPTION CAREFULLY and record the transaction for its ending impact for 2012 NO QUESTIONS WILL BE ANSWERED. PRINT CLEARLY and USE COMPLETE Account Titles. 496,000 499,000 50,000 525,000 150,000 875,000 215,000 Account Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Rent Prepaid Insurance Inventory Furniture and Fixtures...
Consolidated Worksheet at End of the First Year of
Ownership (Equity Method)
Peanut Company acquired 100 percent of Snoopy Company’s
outstanding common stock for $300,000 on January 1, 20X8, when the
book value of Snoopy’s net assets was equal to $300,000. Peanut
uses the equity method to account for investments. Trial balance
data for Peanut and Snoopy as of December 31, 20X8, are as
follows:
Cash P2. Consolidated Worksheet at End of the First Year of Ownership (Equity Method) Peanut...
The trial balance of Blue Spruce Corp.contained the following accounts at November 30, the end of the company's fiscal year. The company uses the perpetual inventory system. Blue Spruce Corp Trial Balance November 30, 2022 Credit Debit $8.500 28,600 42,500 6,100 131,000 Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense $ 27.000 50,500 39,400 50,000 40,000 10.500...
Most questions answered within 3 hours.
-
lease solve all the
questions, don't need to explanations
Q1 - All animal
species have general...
asked 4 hours ago -
Business Phasing
1.Discuss the logical progression for growing a business, which
starts from the initial idea...
asked 4 hours ago -
Modify
When executing on the command line having only
this program name, the program will accept...
asked 5 hours ago -
Kenny Electric Company's noncallable bonds were issued several
years ago and now have 20 years to...
asked 5 hours ago -
find H(e^Jtheta) at theta= 0, pi/10, pi/20, pi/2 for
the following:
a) H(e^Jtheta)= 1+e^Jtheta
b) H(e^Jtheta)=...
asked 6 hours ago -
Home Corporation will open a new store on January 1. Based on
experience from its other...
asked 6 hours ago -
In a neoclassical model, use the IS-LM to analyze the effect of
a permanent money supply...
asked 7 hours ago -
An electron passes through a point 2.67 cm from a long straight
wire as it moves...
asked 7 hours ago -
A grammar is a 4-tuple G, G = (Ν, Σ, Π, Σ, S) where, Ν is...
asked 8 hours ago -
In this part, calculate the present values. Use the Excel PV
function to compute the present...
asked 8 hours ago -
Part 1. Primitive Types, Sorting, Recursion for
Homework.java
a) Implement the static method initializeArray that receives...
asked 9 hours ago -
Using C++, build a sorter that can rank a sequence of numbers in
a descending order....
asked 9 hours ago