Principles of Accounting Assignment Question(s): (Marks 15) Question 1: (5 Marks) Sarah owns a boutique that sells women’s clothing and accessories. She keeps track of her business transactions using a journal. On March 1, Sarah invested SAR 10,000 cash in her business to start operations. Prepare the journal entry. On March 5, Sarah purchased inventory […]
The goal of this analysis is to determine a financial valuation of the fair market value of 100% of The Duke’s Sporting Goods Store (“Duke’s”), by using two of the three approaches to valuation . The valuation date is December 31 of the current year. The following Excel file containing two spreadsheets: Duke’s Discounted Cash […]
EVR1001C- Lab: Resource / Waste – Home Chemicals Identify one product that you use for each of the categories on the Home Chemicals activity sheet. If you do not use a particular category of product, simply enter the phrase “do not use” and explain why. For example, if you do not use pet care products, […]
Cash Flow Use this excel template Download template to create a cash flow statement from the list of transactions below. Your beginning of year cash is $0, and your end of year cash is $940. Q1 Investor puts $1,500 cash into business for 50% equity Buy $200 of inventory Pay utilities of $250 Buy equipment […]
The following questions concern engagements other than the audit of financial statements performed by accountants. Choose the best response. a. Which of the following is a prospective financial statement for general use upon which an accountant may appropriately report? (1) Financial projection (2) Partial presentation (3) Pro forma financial statement (4) Financial forecast 838Part 6 […]
The Frist Corporation has the following internal controls related to inventory: 1. Only authorized inventory and warehousing personnel are allowed in inventory stor- age areas. 2. All inventory products are stored in warehousing areas that are segregated from other storage areas used to house equipment and supplies. 3. All inventory held on consignment at Frist […]
In your audit of Aviary Industries for calendar year 2019, you found a number of matters that you believe represent possible adjustments to the company’s books. These matters are described below. Management’s attitude is that “once the books are closed, they’re closed,” and management does not want to make any adjustments. Planning materiality for the […]
Explain the relationship between the acquisition and payment cycle and the inventory and warehousing cycle in the audit of a manufacturing company. List several audit procedures in the acquisition and payment cycle that support your explanation. 21-2 (OBJECTIVE 21-3) Many auditors assert that certain audit tests can be significantly reduced for clients with adequate perpetual […]
INTEGRATION OF THE TESTS Integrate the various parts of the audit of the inventory and warehousing cycle.
You are responsible for the audit of inventory for Honey Best Grocery Wholesale, Inc., a closely held grocery wholesaler that sells to independent grocery stores. Inventory is by far the largest account on their balance sheet. Honey Best operates in 10 southeastern states with a central distribution center in Atlanta and local distribution centers in […]
