Determine the balance related audit objective that might have a risk of material misstatement.

Question

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Answer 1

Question

Chapter 16, Problem 25DQP

a.

To determine

Determine the balance related audit objective that might have a risk of material misstatement.

b.

To determine

Determine significant risk related to notes receivable.

c.

To determine

Determine the number of days receivables outstanding in the current year compare

to prior years’

d.

To determine

Do you plan to send notes receivable confirmations in the current year? Why or why not?

e.

To determine

To what extent will confirmations of notes receivable help you assess collectability of

the accounts as of yearend?

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On May 10, 2005, Ramirez Company purchased P18,000 worth of merchandise from Valencia Company on account and with the following terms; 1/10, n/30, FOB shipping point. On May 12, 2005, Ramirez paid P360 on the shipment. On May 15, 2005, Ramirez returned P2,000 of merchandise for credit. Final payment was made to Valencia on May 21, 2005. The merchandise was then sold to cash customers for P30,600 on May 24, 2005. Based on the above data, what is the gross profit rate of Ramirez Company? 20% 50% 40% not given

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Answer 2

Question

Chapter 16, Problem 25DQP

a.

To determine

Determine the balance related audit objective that might have a risk of material misstatement.

b.

To determine

Determine significant risk related to notes receivable.

c.

To determine

Determine the number of days receivables outstanding in the current year compare

to prior years’

d.

To determine

Do you plan to send notes receivable confirmations in the current year? Why or why not?

e.

To determine

To what extent will confirmations of notes receivable help you assess collectability of

the accounts as of yearend?

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 16, Problem 25DQP

a.

To determine

Determine the balance related audit objective that might have a risk of material misstatement.

b.

To determine

Determine significant risk related to notes receivable.

c.

To determine

Determine the number of days receivables outstanding in the current year compare

to prior years’

d.

To determine

Do you plan to send notes receivable confirmations in the current year? Why or why not?

e.

To determine

To what extent will confirmations of notes receivable help you assess collectability of

the accounts as of yearend?

Expert Solution & Answer

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Answer 4

Question

Chapter 16, Problem 25DQP

a.

To determine

Determine the balance related audit objective that might have a risk of material misstatement.

b.

To determine

Determine significant risk related to notes receivable.

c.

To determine

Determine the number of days receivables outstanding in the current year compare

to prior years’

d.

To determine

Do you plan to send notes receivable confirmations in the current year? Why or why not?

e.

To determine

To what extent will confirmations of notes receivable help you assess collectability of

the accounts as of yearend?

Expert Solution & Answer

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Answer 5

Chapter 16, Problem 25DQP

a.

To determine

Determine the balance related audit objective that might have a risk of material misstatement.

b.

To determine

Determine significant risk related to notes receivable.

c.

To determine

Determine the number of days receivables outstanding in the current year compare

to prior years’

d.

To determine

Do you plan to send notes receivable confirmations in the current year? Why or why not?

e.

To determine

To what extent will confirmations of notes receivable help you assess collectability of

the accounts as of yearend?

Answer 6

Chapter 16, Problem 25DQP

a.

To determine

Determine the balance related audit objective that might have a risk of material misstatement.

Answer 7

Chapter 16, Problem 25DQP

a.

To determine

Determine the balance related audit objective that might have a risk of material misstatement.

Answer 8

b.

To determine

Determine significant risk related to notes receivable.

Answer 9

b.

To determine

Determine significant risk related to notes receivable.

Answer 10

c.

To determine

Determine the number of days receivables outstanding in the current year compare

to prior years’

Answer 11

c.

To determine

Determine the number of days receivables outstanding in the current year compare

to prior years’

Answer 12

d.

To determine

Do you plan to send notes receivable confirmations in the current year? Why or why not?

Answer 13

d.

To determine

Do you plan to send notes receivable confirmations in the current year? Why or why not?

Answer 14

e.

To determine

To what extent will confirmations of notes receivable help you assess collectability of

the accounts as of yearend?

Answer 15

e.

To determine

To what extent will confirmations of notes receivable help you assess collectability of

the accounts as of yearend?

Answer 16

Expert Solution & Answer

Answer 17

Expert Solution & Answer

Answer 18

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Answer 19

Ch. 16 - Prob. 1RQ Ch. 16 - Prob. 2RQ Ch. 16 - Prob. 3RQ Ch. 16 - Prob. 4RQ Ch. 16 - Explain why you agree or disagree with the...Ch. 16 - Prob. 6RQ Ch. 16 - Prob. 7RQ Ch. 16 - Prob. 8RQ Ch. 16 - Prob. 9RQ Ch. 16 - Prob. 10RQ

Determine the balance related audit objective that might have a risk of material misstatement.

Solution Summary: The author explains the risk of material misstatement related to the balance related audit objective and notes receivable.

Determine the balance related audit objective that might have a risk of material misstatement.

Determine significant risk related to notes receivable.

Determine the number of days receivables outstanding in the current year compare

to prior years’

Do you plan to send notes receivable confirmations in the current year? Why or why not?

To what extent will confirmations of notes receivable help you assess collectability of

the accounts as of yearend?

Want to see the full answer?

Chapter 16 Solutions

Determine the balance related audit objective that might have a risk of material misstatement.

Solution Summary: The author explains the risk of material misstatement related to the balance related audit objective and notes receivable.

Determine the balance related audit objective that might have a risk of material misstatement.

Determine significant risk related to notes receivable.

Determine the number of days receivables outstanding in the current year compare to prior years’

Do you plan to send notes receivable confirmations in the current year? Why or why not?

To what extent will confirmations of notes receivable help you assess collectability of the accounts as of yearend?

Want to see the full answer?

Chapter 16 Solutions

Determine the number of days receivables outstanding in the current year compare

to prior years’

To what extent will confirmations of notes receivable help you assess collectability of

the accounts as of yearend?