Identify that the audit procedures performed by Person G were sufficient or not.

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Answer 1

Question

Chapter 20, Problem 23DQP

a.

To determine

Identify that the audit procedures performed by Person G were sufficient or not.

b.

To determine

Identify the audit objective that would satisfy the additional procedure recommended.

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Algers Company produces dry fertilizer. At the beginning of the year, Algers had the following standard cost sheet: Direct materials (5 lbs. @ $2.60) $ 13.00 Direct labor (0.75 hr. @ $18.00) 13.50 Fixed overhead (0.75 hr. @ $4.00) 3.00 Variable overhead (0.75 hr. @ $3.00) 2.25 Standard cost per unit $ 31.75 Algers computes its overhead rates using practical volume, which is 54,000 units. The actual results for the year are as follows: Units produced 53,000 Direct materials purchased 275,000 pounds at $2.50 per pound Direct materials used 270,200 pounds Direct labor Fixed overhead Variable overhead 40,100 hours at $17.95 per hour $ 1,61,600 $1,21,900 Compute the price variance for direct materials.

Algers Company produces dry fertilizer. Compute the usage variance for direct materials. At the beginning of the year, Algers had the following standard cost sheet: Direct materials (5 lbs. @ $2.60) $ 13.00 Direct labor (0.75 hr. @ $18.00) 13.50 Fixed overhead (0.75 hr. @ $4.00) 3.00 Variable overhead (0.75 hr. @ $3.00) 2.25 Standard cost per unit $ 31.75 Algers computes its overhead rates using practical volume, which is 54,000 units. The actual results for the year are as follows: Units produced 53,000 Direct materials purchased 275,000 pounds at $2.50 per pound Direct materials used 270,200 pounds Direct labor 40,100 hours at $17.95 per hour Fixed overhead Variable overhead $1,61,600 $1,21,900

What is the forecasted accounts receivable on these general accounting question?

Answer 2

Question

Chapter 20, Problem 23DQP

a.

To determine

Identify that the audit procedures performed by Person G were sufficient or not.

b.

To determine

Identify the audit objective that would satisfy the additional procedure recommended.

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Answer 3

Question

Chapter 20, Problem 23DQP

a.

To determine

Identify that the audit procedures performed by Person G were sufficient or not.

b.

To determine

Identify the audit objective that would satisfy the additional procedure recommended.

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Answer 4

Question

Chapter 20, Problem 23DQP

a.

To determine

Identify that the audit procedures performed by Person G were sufficient or not.

b.

To determine

Identify the audit objective that would satisfy the additional procedure recommended.

Expert Solution & Answer

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Answer 5

Chapter 20, Problem 23DQP

a.

To determine

Identify that the audit procedures performed by Person G were sufficient or not.

b.

To determine

Identify the audit objective that would satisfy the additional procedure recommended.

Answer 6

Chapter 20, Problem 23DQP

a.

To determine

Identify that the audit procedures performed by Person G were sufficient or not.

Answer 7

Chapter 20, Problem 23DQP

a.

To determine

Identify that the audit procedures performed by Person G were sufficient or not.

Answer 8

b.

To determine

Identify the audit objective that would satisfy the additional procedure recommended.

Answer 9

b.

To determine

Identify the audit objective that would satisfy the additional procedure recommended.

Answer 10

Expert Solution & Answer

Answer 11

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Answer 12

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Answer 13

Ch. 20 - Prob. 1RQ Ch. 20 - Prob. 2RQ Ch. 20 - Distinguish among a payroll master file, a W-2...Ch. 20 - Prob. 4RQ Ch. 20 - Prob. 5RQ Ch. 20 - Prob. 6RQ Ch. 20 - Prob. 7RQ Ch. 20 - Prob. 8RQ Ch. 20 - Prob. 9RQ Ch. 20 - Prob. 10RQ

Identify that the audit procedures performed by Person G were sufficient or not.

Solution Summary: The author explains the audit procedures performed by Person G were insufficient as the company's vacation pay accrual; taxes on payroll and accrued bonus were not appropriately inspected.

Concept explainers

Identify that the audit procedures performed by Person G were sufficient or not.

Identify the audit objective that would satisfy the additional procedure recommended.

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Chapter 20 Solutions