Provide 3 substantive audit procedures chosen among the following topics: free meal, lawsuit, inventory, delivery services, payroll or selection of new suppliers. You must provide 3 different procedures on 3 different accounts. Exhibit 1 Quon Queso Inc. Statement of Earnings For the period ended December 31, 2016 Revenue COGS Gross Profit Expenses Advertising Expense Insurance Expense Property Taxes General and administrative expenses Salary Depreciation expense EBIT Interest expense EBT Income Tax Expense Net Income Quon Queso Inc. Statement of Retained Earnings For the period ended December 31, 2016 Balance, December 31, 2015 Net profit Dividends Balance, December 31, 2016 547,500 191,625 355,875 27,375 2,500 5,000 16,425 202,575 28,900 73,100 13,232 59,868 17,960 41,907 0 41,907 25,000 16,907

Provide 3 substantive audit procedures chosen among the following topics: free meal, lawsuit, inventory, delivery services, payroll or selection of new suppliers. You must provide 3 different procedures on 3 different accounts. Exhibit 1 Quon Queso Inc. Statement of Earnings For the period ended December 31, 2016 Revenue COGS Gross Profit Expenses Advertising Expense Insurance Expense Property Taxes General and administrative expenses Salary Depreciation expense EBIT Interest expense EBT Income Tax Expense Net Income Quon Queso Inc. Statement of Retained Earnings For the period ended December 31, 2016 Balance, December 31, 2015 Net profit Dividends Balance, December 31, 2016 547,500 191,625 355,875 27,375 2,500 5,000 16,425 202,575 28,900 73,100 13,232 59,868 17,960 41,907 0 41,907 25,000 16,907

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following information is taken from the 2015 annual report to shareholders of Herme-Finnet (HF) Company. For Fiscal 2015 For Fiscal 2014 $ 57 million $36 million Provision for doubtful accounts Accounts receivable, net Accounts receivable, gross Beginning Balance At Fiscal Year- end 2015 13,473 million 13,673 million Using a T-account for the allowance for doubtful accounts, identify the changes in the account during fiscal year 2015. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Ending Balance At Fiscal Year-end 2014 13,942 million 14, 185 million Allowance for Doubtful Accounts
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