GEN COMBO LL PRINCIPLES OF AUDITING & OTHER ASSURANCE SERVICES; CONNECT AC
GEN COMBO LL PRINCIPLES OF AUDITING & OTHER ASSURANCE SERVICES; CONNECT AC
21st Edition
ISBN: 9781260427202
Author: Ray Whittington, Kurt Pany
Publisher: McGraw-Hill Education
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Chapter 12, Problem 31OQ

Adapted AICPA Task-Based Simulation

For each of the independent situations described below select the appropriate inherent risk factor described and the effect of the inherent risk factor on the company’s net income using the following:

Chapter 12, Problem 31OQ, Adapted AICPA Task-Based Simulation For each of the independent situations described below select , example  1

Chapter 12, Problem 31OQ, Adapted AICPA Task-Based Simulation For each of the independent situations described below select , example  2

Chapter 12, Problem 31OQ, Adapted AICPA Task-Based Simulation For each of the independent situations described below select , example  3

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The following data were selected from the records of Fluwars Company for the year ended December 31, current year:   Balances at January 1, current year:     Accounts receivable (various customers) $ 111,500 Allowance for doubtful accounts   11,200     The company sold merchandise for cash and on open account with credit terms 1/10, n/30, without a right of return.   The following transactions occurred during the current year: Sold merchandise for cash, $252,000. Sold merchandise to Abbey Corp; invoice amount, $36,000. Sold merchandise to Brown Company; invoice amount, $47,600. Abbey paid the invoice in (b) within the discount period. Sold merchandise to Cavendish Inc.; invoice amount, $50,000. Collected $113,100 cash from customers for credit sales made during the year, all within the discount periods. Brown paid its account in full within the discount period. Sold merchandise to Decca Corporation; invoice amount, $42,400. Cavendish paid its account in full after the…
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GEN COMBO LL PRINCIPLES OF AUDITING & OTHER ASSURANCE SERVICES; CONNECT AC

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