Homework Answers
| Conf | Book Value | Audited Value | Difference |
| 1 | 120,000.00 | 120,000.00 | - |
| 2 | 30,000.00 | 29,670.00 | 330.00 |
| 3 | 214,000.00 | 214,000.00 | - |
| 4 | 130,000.00 | 120,000.00 | 10,000.00 |
| 5 | 18,000.00 | 17,460.00 | 540.00 |
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Confirmation replies: 1. “The balance of $120,000 is incorrect because we paid that amount in full...
Confirmation replies: 1. “The balance of $120,000 is incorrect because we paid that amount in full on...
Confirmation replies: 1. “The balance of $120,000 is incorrect because we paid that amount in full on December 31, 2019.” Follow-up: An analysis of the cash receipts journal revealed that the check had been received in the mail on January 9, 2020. 2. “Of the balance of $30,000, $330 is incorrect because on December 19 we returned a printer when we found that we didn’t need it. We ordered it in the middle of November when we had anticipated a need for it. When we received...
1. Included in the physical count were tools billed to a customer fo.b.shipping point on December...
1. Included in the physical count were tools billed to a customer fo.b.shipping point on December 31, 2020. These tools had a cost of $32,200 and were billed at $41,200. The shipment was on Blossom's loading dock waiting to be picked up by the common carrier. 2. Goods were in transit from a vendor to Blossom on December 31, 2020. The invoice cost was $77,200, and the goods were shipped f.o.b. shipping point on December 29, 2020. 3. Work in...
NEXT CALCULATOR FULL SCREEN PRINTER VERSION BACK Following we selected balance sheet counts of bramble Bros....
NEXT CALCULATOR FULL SCREEN PRINTER VERSION BACK Following we selected balance sheet counts of bramble Bros. Corp. at December 11, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information Selected balance sheet accounts 2020 $33.900 Property, plant, and equipment Accumulated depreciation plant assets 2019 $24,100 247,400 167,000) (173,000 ) (11,800 ) Lisbilities and stockholders equity Bods payable...
Concord Company, a manufacturer of small tools, provided the following information from its accounting records for...
Concord Company, a manufacturer of small tools, provided the following information from its accounting records for the year ended December 31, 2020. Inventory at December 31, 2020 (based on physical count of goods in Concord's plant, at cost, on December 31, 2020) $1,377,820 Accounts payable at December 31, 2020 1,262,700 Net sales (sales less sales returns) 8,704.300 Additional information is as follows. 1. Included in the physical count were tools billed to a customer f.o.b. shipping point on December 31,...
Assignments Required: Making journal entries for each transaction in chronological order. The 2019 Balance Sheet of...
Assignments Required: Making journal entries for each transaction in chronological order. The 2019 Balance Sheet of the Victoria Co. is as follows: Victoria Co. Balance Sheet As of December 31, 2019 Cash Notes Receivable Accounts Receivable Less: Allowance for Doubtful A/Cs Inventories Office Supplies Prepaid Insurance Prepaid Rent Total Current Assets Long-term Investments Investments in securities Land for future development Property, Plant, and Equipment Land Buildings Less: Accu. Depreciation Intangible Assets Capitalized Development Costs Goodwill Other Intangible Assets Total Non-Current...
18 The following (1 through 16) are the balance-related and transaction-related audit objectives. 1 2 3...
18 The following (1 through 16) are the balance-related and transaction-related audit objectives. 1 2 3 Balance-related objectives Existence Completeness Accuracy Cutoff Detail tie-in Realizable value Classification Rights & obligations Presentation 4 5 6 7 8 9 Transaction-related objectives Occurrence Completeness Accuracy Classification Timing Posting & summarization Presentation 10 11 12 13 14 15 16 Identify and write the number of the specific audit objective (1 through 16) that each of the following specific audit procedures satisfies in the audit...
Please help me with this! I'm so confused about how to prepare the trial balance before...
Please help me with this! I'm so confused about how to prepare
the trial balance before adjustment. Here is all the
information:
The 2019 Balance Sheet of the
Victoria Co. is as
follows:
Victoria
Co.
Balance
Sheet
As of
December 31, 2019
Cash
85,000
Notes Payable
150,000
Notes Receivable
34,590
Accounts Payable
125,000
Accounts Receivable
35,000
Unearned Revenue
1,000
Less: Allowance for Doubtful A/Cs
(2,930)
Property Tax Payable
0
Inventories
65,000
Interest Payable
3,500
Office
Supplies
0
Income Tax Payable...
ACCTG 331, Intermediate Accounting Simulations #3: Inventory Ch 8 and 9 25 points USE EXCEL SPREADSHEET...
ACCTG 331, Intermediate Accounting Simulations #3: Inventory Ch 8 and 9 25 points USE EXCEL SPREADSHEET FOR ALL OF YOUR WORK #1-Perpetual Inventory Method-Journal Entries-12 points Required: Prepare journal entries for each of the following transactions under the Perpetual Inventory method-include recording date and all required revenue, expense and balance sheet accounts. The Widget Company sells only one product (widgets) and uses FIFO. December 31, 2019 inventory is as follows: Date purchased December 5, 2019 December 20, 2019 December 28,...
gnment CALCULATOR FULL SCREEN PRINTER VERSION 4 ВАСK NEXT Exercise 6-2 Rachel Warren, an auditor with Laplante CPAS...
gnment CALCULATOR FULL SCREEN PRINTER VERSION 4 ВАСK NEXT Exercise 6-2 Rachel Warren, an auditor with Laplante CPAS, is performing a review of Schuda Company's inventory account. Schuda 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 $757,990. However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. (If an amount reduces the...
Exercise 6-2 x Your answer is incorrect. Try again. Rachel Warren, an auditor with Laplante CPAs,...
Exercise 6-2 x Your answer is incorrect. Try again. Rachel Warren, an auditor with Laplante CPAs, is performing a review of Larkspur, Inc.'s inventory account. Larkspur, Inc. 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 $824,000. However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. (If an amount reduces the account...
1. Included in the physical count were tools billed to a customer fo.b.shipping point on December 31, 2020. These tools had a cost of $32,200 and were billed at $41,200. The shipment was on Blossom's loading dock waiting to be picked up by the common carrier. 2. Goods were in transit from a vendor to Blossom on December 31, 2020. The invoice cost was $77,200, and the goods were shipped f.o.b. shipping point on December 29, 2020. 3. Work in...
NEXT CALCULATOR FULL SCREEN PRINTER VERSION BACK Following we selected balance sheet counts of bramble Bros. Corp. at December 11, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information Selected balance sheet accounts 2020 $33.900 Property, plant, and equipment Accumulated depreciation plant assets 2019 $24,100 247,400 167,000) (173,000 ) (11,800 ) Lisbilities and stockholders equity Bods payable...
Concord Company, a manufacturer of small tools, provided the following information from its accounting records for the year ended December 31, 2020. Inventory at December 31, 2020 (based on physical count of goods in Concord's plant, at cost, on December 31, 2020) $1,377,820 Accounts payable at December 31, 2020 1,262,700 Net sales (sales less sales returns) 8,704.300 Additional information is as follows. 1. Included in the physical count were tools billed to a customer f.o.b. shipping point on December 31,...
Assignments Required: Making journal entries for each transaction in chronological order. The 2019 Balance Sheet of the Victoria Co. is as follows: Victoria Co. Balance Sheet As of December 31, 2019 Cash Notes Receivable Accounts Receivable Less: Allowance for Doubtful A/Cs Inventories Office Supplies Prepaid Insurance Prepaid Rent Total Current Assets Long-term Investments Investments in securities Land for future development Property, Plant, and Equipment Land Buildings Less: Accu. Depreciation Intangible Assets Capitalized Development Costs Goodwill Other Intangible Assets Total Non-Current...
18 The following (1 through 16) are the balance-related and transaction-related audit objectives. 1 2 3 Balance-related objectives Existence Completeness Accuracy Cutoff Detail tie-in Realizable value Classification Rights & obligations Presentation 4 5 6 7 8 9 Transaction-related objectives Occurrence Completeness Accuracy Classification Timing Posting & summarization Presentation 10 11 12 13 14 15 16 Identify and write the number of the specific audit objective (1 through 16) that each of the following specific audit procedures satisfies in the audit...
Please help me with this! I'm so confused about how to prepare
the trial balance before adjustment. Here is all the
information:
The 2019 Balance Sheet of the
Victoria Co. is as
follows:
Victoria
Co.
Balance
Sheet
As of
December 31, 2019
Cash
85,000
Notes Payable
150,000
Notes Receivable
34,590
Accounts Payable
125,000
Accounts Receivable
35,000
Unearned Revenue
1,000
Less: Allowance for Doubtful A/Cs
(2,930)
Property Tax Payable
0
Inventories
65,000
Interest Payable
3,500
Office
Supplies
0
Income Tax Payable...
ACCTG 331, Intermediate Accounting Simulations #3: Inventory Ch 8 and 9 25 points USE EXCEL SPREADSHEET FOR ALL OF YOUR WORK #1-Perpetual Inventory Method-Journal Entries-12 points Required: Prepare journal entries for each of the following transactions under the Perpetual Inventory method-include recording date and all required revenue, expense and balance sheet accounts. The Widget Company sells only one product (widgets) and uses FIFO. December 31, 2019 inventory is as follows: Date purchased December 5, 2019 December 20, 2019 December 28,...
gnment CALCULATOR FULL SCREEN PRINTER VERSION 4 ВАСK NEXT Exercise 6-2 Rachel Warren, an auditor with Laplante CPAS, is performing a review of Schuda Company's inventory account. Schuda 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 $757,990. However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. (If an amount reduces the...
Exercise 6-2 x Your answer is incorrect. Try again. Rachel Warren, an auditor with Laplante CPAs, is performing a review of Larkspur, Inc.'s inventory account. Larkspur, Inc. 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 $824,000. However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. (If an amount reduces the account...
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