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EP AUDITING+ASSURANCE...-MYACCT.LAB
16th Edition
ISBN: 9780134148656
Author: ARENS
Publisher: PEARSON CO
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Question
Chapter 21, Problem 29DQP
a.
To determine
Calculate the adjustments that must be made to the client’s physical inventory at December 31, 2016.
b.
To determine
Prepare a worksheet of
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Students have asked these similar questions
In conducting your audit of Blue Lagoon Corporation, a company engaged
in import and wholesale business, for the fiscal year ended June 30, 2021,
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ledger.
Sales for eleven months ended May 31, 20121 (before
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Sales for the fiscal year ended June 30, 2021 (before
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Purchases for eleven months ended May 31, 2021
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Purchases for the fiscal year ended June 30, 2021
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Inventory, July 1, 2020
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P1,615,000
1,843,000
1,296,000
1,536,000
170,200
264,000
Your audit disclosed the following additional information.
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physical inventory but recorded as June purchases.
b. Deposit of P4,000…
You are engaged to perform an audit of the Nadir Corporation for the year ended December 31, 2021. You have decided
to perform the following cutoff test for payables and accruals. Select all items greater than P25,000 for two business days
before and after year-end from the purchases journal and ensure that all transactions are recorded in the proper period.
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Vendor Name
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49472
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12/30
12/31
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Abed Consulting…
You are an audit senior of Hassan& Co and are in the process of reviewing the inventory system documentation for your audit client, Lemon Juice Co (Lemon) which manufactures computer equipment. The company’s factory and warehouse are based on one large site, and their year end is 30 June 2016. Lemon is planning to undertake a full inventory count at the year end of its raw materials, work in progress and finished goods and you will be attending this count. In preparation you have been reviewing the inventory count instructions for finished goods provided by Lemon.
The count will be undertaken by 15 teams of two counters from the warehouse department with Lemon’s financial controller providing overall supervision. Each team of two is allocated a number of bays within the warehouse to count and they are provided with sequentially numbered inventory sheets which contain product codes and quantities extracted from the inventory records. The counters move through each allocated bay…
Chapter 21 Solutions
EP AUDITING+ASSURANCE...-MYACCT.LAB
Ch. 21 - Prob. 1RQCh. 21 - Prob. 2RQCh. 21 - Prob. 3RQCh. 21 - Prob. 4RQCh. 21 - Prob. 5RQCh. 21 - Prob. 6RQCh. 21 - Prob. 7RQCh. 21 - Prob. 8RQCh. 21 - Prob. 9RQCh. 21 - Prob. 10RQ
Ch. 21 - Prob. 11RQCh. 21 - Each employee of the Gedding Manufacturing Co., a...Ch. 21 - Prob. 13.1MCQCh. 21 - Prob. 13.2MCQCh. 21 - Prob. 13.3MCQCh. 21 - Prob. 14.1MCQCh. 21 - Prob. 14.2MCQCh. 21 - Prob. 14.3MCQCh. 21 - Prob. 15.1MCQCh. 21 - Prob. 15.2MCQCh. 21 - Prob. 15.3MCQCh. 21 - Prob. 16DQPCh. 21 - Prob. 17DQPCh. 21 - Prob. 18DQPCh. 21 - Prob. 19DQPCh. 21 - Prob. 20DQPCh. 21 - Prob. 22DQPCh. 21 - Your client, Ridgewood Heating and Cooling,...Ch. 21 - Prob. 24DQPCh. 21 - Prob. 25DQPCh. 21 - Prob. 26DQPCh. 21 - Prob. 27DQPCh. 21 - Prob. 28DQPCh. 21 - Prob. 29DQP
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