Mylab Accounting With Pearson Etext -- Access Card -- For Auditing And Assurance Services (17th Edition)
Mylab Accounting With Pearson Etext -- Access Card -- For Auditing And Assurance Services (17th Edition)
17th Edition
ISBN: 9780135176115
Author: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan
Publisher: PEARSON
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Chapter 19, Problem 21DQP

a.

To determine

Identify the type of evidence being used.

b.

To determine

Identify substantive analytical procedure, a test of control, a substantive test of transactions, or a test of details of balances.

c.

To determine

To identify the transaction related audit objective

d.

To determine

To identify the balance-related audit objective

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Boom Lay Corp, has a current accounts receivable balance of $327,815. Credit sales for the year just ended were $4,238,720. What is the receivables turnover? What is the day's sales in receivables? How long did it take on average for credit customers to pay off their accounts during the past year?
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