Assume you are the
senior accountant on an audit engagement of a fictitious business,
Pine Street...
Assume you are the
senior accountant on an audit engagement of a fictitious business,
Pine Street Company (PSC). Assume the instructor is the engagement
partner. You are to prepare an audit program for PSC. The firm
manufactures and sells bicycles. The audit program must be in one
of the following areas of the business: accounts receivable and
revenues; inventories and costs of goods sold; accounts payable;
payroll; or property, plant and equipment.
Submit an audit
program for one of the...
Assume you are the senior accountant on an audit engagement of a
fictitious business, Pine Street...
Assume you are the senior accountant on an audit engagement of a
fictitious business, Pine Street Company (PSC). Assume the
instructor is the engagement partner. You are to prepare an audit
program for PSC. The firm manufactures and sells bicycles. The
audit program must be in one of the following areas of the
business: accounts receivable and revenues; inventories and costs
of goods sold; accounts payable; payroll; or property, plant and
equipment. Submit a well written audit program for cash....
You have just been hired as a financial analyst for Barrington
Industries. Unfortunately, company headquarters (where...
You have just been hired as a financial analyst for Barrington
Industries. Unfortunately, company headquarters (where all of the
firm's records are kept) has been destroyed by fire. So, your first
job will be to recreate the firm's cash flow statement for the year
just ended. The firm had $100,000 in the bank at the end of the
prior year, and its working capital accounts except cash remained
constant during the year. It earned $5 million in net income during...
You are evaluating audit results for assets in the audit of
Bradleys
Manufacturing. You set the...
You are evaluating audit results for assets in the audit of
Bradleys
Manufacturing. You set the preliminary judgment about
materiality at $75,000.
The account balances, performance materiality, and estimated
overstatements in the accounts are shown next.
(Click the icon to view the account balances, performance
materiality, and estimated overstatements.)
Requirements
a.
Assume you tested inventory amounts totaling $750,000
and found $37,500
in overstatements. Ignoring sampling risk, what is your estimate
of the total misstatement in inventory?
b.
Based on the...
You have just been hired as a financial analyst for Barrington
Industries. Unfortunately, company headquarters (where...
You have just been hired as a financial analyst for Barrington
Industries. Unfortunately, company headquarters (where all of the
firm's records are kept) has been destroyed by fire. So, your first
job will be to recreate the firm's cash flow statement for the year
just ended. The firm had $100,000 in the bank at the end of the
prior year, and its working capital accounts except cash remained
constant during the year. It earned $5 million in net income during...
Assume that you have been hired as a consultant by CGT, a major
producer of chemicals...
Assume that you have been hired as a consultant by CGT, a major
producer of chemicals and plastics, including plastic grocery bags,
styrofoam cups, and fertilizers, to estimate the firm's weighted
average cost of capital. The balance sheet and some other
information are provided below.
Assets
Current assets
$38,000,000
Net plant, property, and equipment
$101,000,000
Total assets
$139,000,000
Liabilities and Equity
Accounts payable
$10,000,000
Accruals
$9,000,000
Current liabilities
$19,000,000
Long-term debt (40,000 bonds, $1,000 par value)
$40,000,000
Total liabilities
$59,000,000...
Assume that you have been hired as a consultant by CGT, a major
producer of chemicals...
Assume that you have been hired as a consultant by CGT, a major
producer of chemicals and plastics, including plastic grocery bags,
styrofoam cups, and fertilizers, to estimate the firm's weighted
average cost of capital.
The balance sheet and some other information are
provided below.
Assets Current assets $38,000,000
Net plant, property, and equipment
$101,000,000
Total assets $139,000,000
Liabilities and Equity Accounts payable $10,000,000
Accruals $9,000,000
Current liabilities $19,000,000
Long-term debt (40,000 bonds, $1,000 par value)
$40,000,000
Total liabilities $59,000,000...
You have recently been hired as the assistant controller for
Stetson Industries, a large, publicly held...
You have recently been hired as the assistant controller for
Stetson Industries, a large, publicly held manufacturing company.
Your immediate superior is the controller who, in turn, is
responsible to the senior vice president of finance. The controller
has assigned you the task of preparing the year-end journal
entries. For accounts receivable, you have prepared an aging of A/R
and have applied historical percentages to the balances of each of
the age categories. The analysis indicates that an appropriate
balance...
You have just been hired as a financial analyst for Barrington
Industries. Unfortunately, company headquarters (where...
You have just been hired as a financial analyst for Barrington
Industries. Unfortunately, company headquarters (where all of the
firm's records are kept) has been destroyed by fire. So, your first
job will be to recreate the firm's cash flow statement for the year
just ended. The firm had $100,000 in the bank at the end of the
prior year, and its working capital accounts except cash remained
constant during the year. It earned $5 million in net income during...