ACP AUDITING - RISK BASED APPROACH
10th Edition
ISBN: 9780357195079
Author: JOHNSTONE
Publisher: CENGAGE C
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Chapter 10, Problem 55RSCQ
To determine
Introduction: A Substantive procedure is a process or step performed by an auditor to collect sufficient and appropriate evidence regarding the completeness, accuracy, occurrence of a transaction or event.
Substantive
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Please help me with this financial accounting question
Financial Accounting Problem 6.2.11
Prior to being united in a business combination, Peru Inc. and Vital Corp.
had the following stockholders' equity figures:
Peru
Vital
Common stock ($1 par value) $220,000 $54,000
Additional paid-in capital $110,000 $25,000
Retained earnings
$360,000 $130,000
Peru issued 62,000 new shares of its common stock valued at $4.77 per
share for all of the outstanding stock of Vital.
Assume that Peru acquired Vital on January 1, 2012. At what amount did
Peru record the investment in Vital?
In Department C, materials are added at the beginning of the process.
There were 1,000 units in the beginning inventory, 10,000 units were
started during the month, and 7,000 units were completed and
transferred to the finished goods inventory. The ending inventory in
Department C in June was 40% complete as to conversion costs.
Under the average cost method, what are the equivalent units for the
period using the average cost method?
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