14-56 1 During the course of the audit of Nature Sporting Goods, the auditor discovered the...
On January 1, 2020, Wade Corp. had retained earnings of $558,000. During 2020, Wade reported the following information: 1. Income from continuing operations: $1,210,000. 2. Wade increased its percentage of uncollectible accounts receivable from 5% in 2019 to 10% in 2020. The new percentage was used in calculating the current year’s bad debt expense. 3. Wade discontinued operations of one of its subsidiaries at a loss of $190,000 before taxes. The disposal met the criteria for discontinued operations. 4. An...
On January 1, 2020, Wade Corp. had retained earnings of $558,000. During 2020, Wade reported the following information: 1. Income from continuing operations: $1,210,000. 2. Wade increased its percentage of uncollectible accounts receivable from 5% in 2019 to 10% in 2020. The new percentage was used in calculating the current year’s bad debt expense. 3. Wade discontinued operations of one of its subsidiaries at a loss of $190,000 before taxes. The disposal met the criteria for discontinued operations. 4. An...
IF THIS IS NOT THE PAPERWORK YOU NEED LET ME KNOW WHAT YOU NEED!!!! Uleanview Marine Company Utatement of Income and Ret ol Income and Retained Earnings December 31, 2018 Sales 1-2 Sales returns and allowances Net sales Cost of sales Gross profit PBC 2017 2016 2018 $26,456,647 37,557 26,419,090 19,133,299 7,285,791 $22.889,060 27,740 22.861,320 16,530,114 6,331,206 $20,950,521 28,753 20.921,768 15,176,410 5,745,358 EXPENSES Accounting and auditing Advertising Depreciation Bad debt expense Business publications Cleaning services Fuel Garbage collection Insurance Interest...
Cloud 9 - Continuing Case W&S Partners has just won the January 31, 2023, audit for Cloud 9. The audit team assigned to this client is: • Partner, Jo Wadley • Audit manager, Sharon Gallagher • Audit senior, Josh Thomas . IT audit manager, Mark Batten • Experienced staff, Suzie Pickering . First-year staff, Ian Harper W&S Partners use the following percentages as starting points for the various benchmarks: Benchmark Threshold (%) Income before tax Total revenue Gross profit 2.0...
Goldberg Company is a retail sporting goods store that uses an accrual accounting system. Facts regarding its operations follow: Sales are budgeted at $200,000 for December and $170,000 for January, terms 1/eom, n/60. Collections are expected to be 50% in the month of sale and 48% in the month following the sale. Two percent of sales are expected to be uncollectible and recorded in an allowance account at the end of the month of sale. Bad debts expense is included...
Goldberg Company is a retail sporting goods store that uses an accrual accounting system. Facts regarding its operations follow: Sales are budgeted at $190,000 for December and $160,000 for January, terms 1/eom, n/60 Collections are expected to be 50% in the month of sale and 48% in the month following the sale. Two percent of sales are expected to be uncollectible and recorded in an allowance account at the end of the month of sale. Bad debts expense is included...
Patel, CPA, has completed the audit of the financial statements of Bellamy Corporation as of and for the year ended December 31, 2016. Patel also audited and reported on the Bellamy financial statements for the prior year. Patel drafted the following report for 2016: We have audited the balance sheet and statements of income and retained earnings of Bellamy Corporation as of December 31, 2016. We conducted our audit in accordance with generally accepted accounting standards. Those standards require that...
Goldberg Company is a retail sporting goods store that uses an accrual accounting system. Facts regarding its operations follow: Sales are budgeted at $190,000 for December and $160,000 for January, terms 1/eom, n/60. Collections are expected to be 50% in the month of sale and 48% in the month following the sale. Two percent of sales are expected to be uncollectible and recorded in an allowance account at the end of the month of sale. Bad debts expense is included...
Cloud 9 - Continuing Case W&S Partners has just won the January 31, 2023, audit for Cloud 9. The audit team assigned to this client is: • Partner, Jo Wadley • Audit manager, Sharon Gallagher • Audit senior, Josh Thomas • IT audit manager, Mark Batten • Experienced staff, Suzie Pickering • First-year staff, Ian Harper As a part of the risk assessment phase for the new audit, the audit team needs to gain an understanding of Cloud 9's structure...
On 1/1/2018, Sam's Sporting Goods has the following account balances 62,000 23,000 2,100 35,200 100,000 Cash Accounts Receivable Allowance for Doubtful Accts Inventory Consists of #3520 urtits @ $10 cost per unit Building A/D Building Accounts Payable Notes Payable (Syr, 6%, interest due every 12/31) Common Stock Retained Earnings 25,000 12,200 50,000 110,000 20,900 220,200 220,200 During the month of January 2018, the following transactions occur: Jan 1: Sell Building for $60,000 cash. Jan 1:Purchase warehouse Equipment with cash $20,000....