As auditor of the Star Manufacturing Company, you have obtained a trial balance taken from the books of Star one month before year-end: Cash in Bank 87,000 Mortgages Payable (400,000) Trade Accounts Receivable 345,000 Capital Stock (300,000) Notes Receivable 125,000 Retained Earnings (510,000) Inventories 317,000 Sales (3,130,000) Land
As auditor of the Star Manufacturing Company, you have obtained a
|
Cash in Bank |
87,000 |
Mortgages Payable |
(400,000) |
|
Trade |
345,000 |
Capital Stock |
(300,000) |
|
Notes Receivable |
125,000 |
|
(510,000) |
|
Inventories |
317,000 |
Sales |
(3,130,000) |
|
Land |
66,000 |
Cost of Sales |
2,300,000 |
|
Buildings, net |
350,000 |
General and administrative exp |
622,000 |
|
Furniture, Fixtures, and equipment, net |
325,000 |
Legal and professional fees |
3,000 |
|
Trade Accts payable |
(235,000) |
Interest Exp |
35,000 |
.6-10 Full Alternative Text
There are no inventories consigned either in or out.
All notes receivable are due from outsiders and held by Star.
Required
- Which accounts should be confirmed with outside sources? Briefly describe from whom they should be confirmed and the information that should be confirmed. Organize your answer in the following format:*
|
Account Name |
From Whom Confirmed |
Information to Be Confirmed |
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