Power Bi Assignment (1)

Question 39 An auditor is required to confirm accounts receivable if the accounts receivable balances are:     Older than one year     Material to the financial statements     Smaller than esxpected     Subject to valuation estimates

Case 3 In connection with the audit of the financial statements of Malapascua Company, the audit manager provided you the instructions to examine the details of the company's accounts receivable. You have extracted the following balances from the trial balance prepared by your client as of December 31, 2021: Accounts receivable Allowance for bad debts - beginning us P1,600,000 43,500 Your audit client provided you the schedule of the accounts receivable subsidiary ledger based on ageing policy: Accounts with debit balances Page |163

Question 15 An auditor is required to confirm accounts receivable if the accounts receivable  balances are:     Older than one year     Material to the financial statements     Smaller than expected     Subject to valuation estimated

Problem 10 You are assigned to assess the collectibility of the receivables carried in the books Goliath Company, your company's audit client. The working trial balance are prepared at December 31, 2021 showed the following balances: Notes Receivable 6,000,000 Accounts Receivable 4,000,000 In the course of your examination, you discovered the following: Notes Receivable from Company A Notes Receivable from Company B 2,000,000 3,000,000 Notes Receivable from Company C 1,000,000 No interest has yet been recorded by Goliath during 2021 on any of the notes above. Company A is undergoing bankruptcy proceedings and has negotiated for a restructuring of its notes receivable. The note was for a four-year period and interest of 10% is collectible annually. All interest accrued before 2021 has been collected. The note matured on December 31, 2021. Collection of Interest was last made on December 31, 2020. The restructuring agreement with Company A calls for annual payment of P550,000 starting…

A5

1. On each sheet with data, somewhere in the empty field explain what the data on that sheet isabout and what purposes it can serve in audit. From what is provided in the worksheet, whatadditional knowledge or insights can you derive? Balance Sheet       As of As of Current Assets 12/31/2022 12/31/2021 Cash: Store front $125,498.76 $135,135.15 Cash: Corporate Accounts 293,728.03 210,019.06 Cash: Payroll 123,432.43 124,726.15 Accounts Receivable 122,849.12 193,976.31 Office Supplies 7,379.00 2,604.00 Cooking Supplies 4,777.00 4,713.00 Inventory: Ingredients 15,190.66 25,580.09 Inventory: Cake Boxes and Cupcake Cups 1,423.05 1,190.10 Inventory: Beverages 3,340.30 6,260.80 Total Current Assets $702,618.35 $701,204.66       Long-term Assets     Equipment 150,180.00 150,180.00 Accumulated Depreciation: Equipment -82,455.00 -78,828.00 Plant & Property 350,000.00 330,000.00 Accumulated Depreciation: Plant & Property -82,500.00 -79,200.00 Land…

(a) Audit tests include tests of controls and substantive procedures. Substantive procedures can be divided into substantive analytical procedures, tests of balances, tests of transactions and tests of disclosures. Required: For each test in the table below, select the type of audit test it represents.  T 1 Examine the financial report to determine whether all related party loans are properly presented 2 Recalculate depreciation figure 3 Trace sales recorded in the sales journal to shipping documents 4 Examine sales invoices for initials to indicate that prices and extensions have been checked 5 Check cost of closing inventory to subsequent sales prices 6 Confirm loan balances with financial institutions

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Question 10 When an auditor is reviewing an audit client's allowance for doubtful accounts the auditing is assessing which management assertion about the client's accounts receivables.     Existance     Completeness     Valuation     Rights and obligations

Question 1: Prepare a bank reconciliation as of May 31. Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions for the exact wording of text entries. “Deduct:” or “Add:” will automatically appear if it is required. Whenever there is more than one adjusting item in the bank portion of the reconciliation or the general ledger portion of the bank reconciliation, enter in the order presented in the instructions. Enter all amounts as positive numbers.   BRENTWOOD BIKE CO. Bank Reconciliation   1 Cash balance according to bank statement     2       3       4       5 Adjusted balance     6       7 Cash balance according to company’s records     8       9       10       11       12 Adjusted balance       Question 2: Journalize the necessary entries. The accounts have not been closed. Refer to the chart of accounts…

PROBLEM 2 You are revisiting the audit working paper presented to you by your audit staff in line with his audit procedures done in auditing T-ara Corporation’s accounts receivable. The following were lifted from the said working papers:   Audit notes: T-ara Corporation’s accounts receivable subsidiary ledger had the following details: Customers Invoice Date Invoice Amount Balance Park Ji-yeon Inc. 12/06/22 127,000     10/29/22 84,000   211,000         Hyomin Company 12/30/22 42,000     09/27/22 30,000     08/20/22 53,520   125,520         Hahn Eunjung Inc. 12/30/22 40,000     12/08/22 80,000     11/25/22 63,600   183,600         Park So-yeon Company 11/17/22 138,840     10/09/22 132,000     08/20/22 74,400   345,240         Jeon Boram Corporation 12/10/22 250,000   250,000         Qri Incorporated 09/12/22 104,400   104,400 Total     1,219,760   The…

Balance sheet Claims, litigations, and assessments Disclosure checklist Factual Hr Misstatements PayMaster Pro for a Qualified or adverse Representation letter Subsequent event

please answer all the following and give the complete solutions on how you come up with that .

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Q1: Which of the following are the techniques available as a substantive analytical procedures? 1. Reasonableness test 2. Ratio analysis 3. Trend analysis 4. Assertion a- 1and 3 only b-1 and 2 only c-1,2, and 3 only d- 1,2,3,and 4 only Q2: Which of the following is normally the most reliable source of audit evidence? a- Banker’s statements b- Minutes of Board Meeting c- Oral confirmation from the management. d- Internal audit reports of the company Q3: Benefits of planning in the audit of financial statements are: 1. to develop appropriate attention to important areas of the audit. 2. To identify and resolve potential problems on a timely basis. 3. Assisting in the selection of engagement team members with appropriate level of capabilities. a- 2 only b- 1,2, and 3 only c- 1 only d- 2 and 3 only

please answer with reason

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