PRINCIPLES OF AUDITING & OTHER ASSURANC
PRINCIPLES OF AUDITING & OTHER ASSURANC
21st Edition
ISBN: 9781264007202
Author: WHITTINGTON
Publisher: MCG
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Chapter 3, Problem 51RDC

a.

To determine

Explain the consequences if the defined matters are communicated directly to the SEC.

b.

To determine

Provide the suggestion for the given case.

c.

To determine

Provide arguments for and against requiring auditors to report illegal acts directly to regulatory agencies.

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The financial statements of Garner Manufacturing report net sales of $600,000 and accounts receivable of $120,000 and $80,000 at the beginning and end of the year, respectively. What is the average collection period for accounts receivable in days?
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