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Complete your calculations by filling in the highlighted cells, and embed a copy of the completed spreadsheet into this report. Note: the PV Annuity table is provided for you. Discuss if you think the cookie business should accept or reject the purchase of the new equipment and why.

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Cookie Business Final Project Now that your cookie business is well underway, you are going to use the knowledge that you have gained in this course to evaluate the financial information for the company. You will be creating a series of reports and analyzing the results using the templates provided to guide you through the […]

What level of understanding does the auditor need to have regarding the nature of work performed by the specialist?

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Auditors are required to understand the client’s industry and business but may not be experts in identifying the quantity and value of certain inventory items. For example, consider observing a physical inventory and testing inventory valuation for a client that mines rare gems. In such cases, auditors may use a specialist to assist in testing […]

Why is the balance-related presentation audit objective so important for stock-based compensation?

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Chief executive officer compensation can be a material amount and is often scrutinized by regulators, analysts, competitors, and investors. For CEOs of pub- licly traded companies, compensation can consist of salary, bonus, stock option grants, or other stock awards that can be restricted in terms of how long the officers and directors are required to […]

Explain the relationship between the payroll and personnel cycle and inventory valuation.

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Identify five general ledger accounts that are likely to be affected by the payroll and personnel cycle in most audits. 20-2 (OBJECTIVES 20-1, 20-3) Explain the relationship between the payroll and personnel cycle and inventory valuation. 20-3 (OBJECTIVE 20-2) Distinguish among a payroll master file, a W-2 form, and a payroll tax return. Explain the […]

What procedures would you perform related to the ending balances in the accounts?

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Your client, Edgartown Corporation, provided the following schedule of land, buildings, and equipment for the audit of financial statements for the year ended December 31, 2019: Account Description 1/1/19 Beginning Balance Additions Disposals 12/31/19 Ending Balance Land $ 7,500,000 — — $ 7,500,000 Building–Office 27,000,000 $250,000 — 27,250,000 Production equipment 2,345,000 178,223 $ 34,779 2,488,444 […]

Which of the following analytical procedure results might suggest that certain repairs and maintenance expenses have been inappropriately capitalized?

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The following questions concern the audit of asset accounts in the acquisition and payment cycle. Choose the best response. a. In testing for unrecorded disposals of equipment, an auditor most likely will (1) select items of equipment from the accounting records and then locate them dur- ing the plant tour. (2) compare depreciation journal entries […]

What is meant by the analysis of expense accounts? List four expense accounts that are commonly analyzed in audits.

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1. Distinguish between the evaluation of the adequacy of insurance coverage and the verification of prepaid insurance. Explain which is more important in a typical audit. 2. In verifying accounts payable, it is common to restrict the audit sample to a small portion of the population items, whereas in auditing accrued property taxes, it is […]

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