Auditing and Assurance Services (16th Edition)
Auditing and Assurance Services (16th Edition)
16th Edition
ISBN: 9780134065823
Author: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan
Publisher: PEARSON
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Chapter 26, Problem 25DQP
To determine

Discuss and explain the deficiencies and recommendations in purchasing department of internal audit staff of Company S.

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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)    $    111,500Allowance 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 discount…
Given solution general accounting
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