The following balances appeared in the audit balance of a company: Salaries of 650 dinars. Share revenue of 400 dinars. On the date of the inventory, the following inventory information was given: 1- The actual monthly salaries are 50 dinars. 2- Receipts of shares received in advance of 100 dinars. Required :- 1- Conducting inventory entries and necessary inventory adjustments 2- The effect of this on the general budget

Q: second question The following balances appeared in the audit balance of a company: Salaries of 650…

A: Salary paid in advance :       Salary paid in advance should be deducted from salaries for the year…

Q: Farley Bains, an auditor with Nolls CPAs, is performing a review of Ryder Company’s Inventory…

A: Certain costs does not form part of Inventory Obsolete Inventory Office Supplies Goods received…

Q: The following accounts are taken from the accounting records of Dory Company at December 31, 2020…

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Q: Upon inspection of the records of Eisenhower Company in connection to its financial statement audit…

A: * Prepaid insurance for 3 months of 2022 is adjusted as they are paid in advance * Opening inventory…

Q: E6-2 Farley Bains, an auditor with Nolls CPAs, is performing a review of Ryder Company's nventory…

A: Step 1 Inventory cost must be determined to find the correct value of product

Q: On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: The management of Sarasota Instrument Company had concluded, with the concurrence of its independent…

A: Earnings per share is a financial ratio that indicates a company’s ability to earn revenue for its…

Q: Number of Payroll Checks Number of Reports Department R    482   75 Department S 1,470   80…

A: Payroll expense refers to all the costs which are incurred by the employer for giving compensation…

Q: In an audit of Ingenious Company for the year ended December 31, 2013, the entity took its annual…

A: Inventory refers to the raw materials utilised in manufacturing as well as the finished goods that…

Q: tems 15 to 17 are based on the following information: You are engaged to perform an audit of the…

A: Sales- The revenue created by a company through selling its goods and services to clients is…

Q: During your audit of the books of Antigua Corporation for the year ended December 31, 2021, you…

A: Accounting Errors: These are the errors that are caused by either mistake made when processing…

Q: The income statement and selected balance sheet information for Direct Products Company for the year…

A: Purchases = Ending inventory + cost of goods sold - beginning inventory = 830+18000-690 = $18140…

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A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: In conducting your audit of Mangatarem Corporation, a company engaged in import and wholesale…

A:

Q: Presented below are selected accounts of Yasunari ­Kawabata Company at December 31, 2020.…

A:

Q: You were able to gather the following in connection with our audit of the TMC Corporation for the…

A: Accrued expenses: Accrued expenses refer to all those expenses that have been incurred and recorded…

Q: A government would account for inventory the same as would a business, with one additional feature.…

A: Purchase and Consumption these are two methods used in USA.  In…

Q: Assume that in an annual audit of Cullumber Inc. at December 31, 2020, you find the following…

A: Introduction: FOB destination: The term FOB are seen while purchasing goods it mean the seller is…

Q: Kante Company uses periodic FIFO for its internal report and periodic LIFO for its external reports.…

A: Calculate pretax income (LIFO) would Kante reports in external reports as show:

Q: You were assigned to audit the "TRADE RECEIVABLES" account with a debit balance of P2,000,000 of Red…

A: Trade receivables: Trade receivables are also called accounts receivable. Trade receivables are due…

Q: Sterling Company reported their inventory as $50,700 on the books at December 31, 2021. At the close…

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A: Income Statement: An income statement is a financial statement prepared by a company to report their…

Q: Partial balance sheet data for Diesel Additives Company at August 31 are as follows: Finished goods…

A: Solution-                                      Current assets section of Diesel Additives Company’s…

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Q: Presented below are selected accounts of Yasunari ­Kawabata Company at December 31, 2020.…

A: Workings: Cash and cash equivalents = 87000 Restricted cash for plant expansion = 50000         =…

Q: Wikki Inc. had the following transactions for the current year with respect to its inventory:

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Q: According to its records, the inventory balance at year-end was $37,000. However, the following…

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Q: he following information were made available to you by Katz Corp. in line with your audit of its…

A: Introduction :- Financial statements (sometimes called financial reports) are formal records of a…

Q: NewCorp reported $367,000 of inventory on January 1 when the company decided to adopt Dollar-Value…

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Q: Sellall Department Stores reported the following amounts in its adjusted trial balance preparedas of…

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Q: On January 1, The Parts Store had a $370,000 Inventory at cost. During the first quarter of the…

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Q: One of the companies decided to check the debtors' balance of 264,000 dinars as it appears in the…

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Q: The home office bills its branch for shipment of goods at 25% above cost. During the year, goods…

A: Branch ending inventory at cost = allowance for overvaluation  / % above cost

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Q: goods out on consignment. What amount should be reported as inventory at year end?

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A: Correct net income is calculated after making adjustments in the net income and correct retained…

Q: Upon inspection of the records of Eisenhower Company in connection to its financial statement audit…

A: To find a correct income need to add back the expense that does not belong to a year 2021 and less…

Q: Q1:The following balances appeared in the audit balance of a company Salary of $ 650 Share revenue…

A: ** salary paid in advance -    salary paid in advance should be deducted from salaries for the year…

Q: Partial income statements for Sherwood Company summarized for a four-year period show the following:…

A: A partial income statement presents data for only a portion of a standard accounting period. This…

Q: Zaheer Abbas, an auditor with Saeed CPAs, is performing a review of K Company’s inventory account. K…

A: Inventory:  Inventory refers to the stock of goods purchased, utilized and maintained by the company…

Q: Upon inspection of the records of Eisenhower Company in connection to its financial statement audit…

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Q: What amount should be reported as inventory at a year-end

A: P3,100,000 amount should be reported as inventory at a year-end.

Q: CCC Company took a physical inventory at the end of the year and determined that P2,600,000 of goods…

A: The inventory to be reported in balance sheet includes physical inventory, goods purchased under FOB…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.