slight increase in accounts receivable reflecting the timing of seasonal sales at the end of 2011 as compared with 2010. Although its primary credit risk concentrates on two clients‚ McLane and Wal-Mart‚ its accounts receivable turnover is increasing. It means Hershey’s collection ability is good. Accounts Receivable—Trade In the normal course of business‚ we extend credit to customers that satisfy pre-defined credit criteria based upon the results of our recurring financial account reviews and our
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1: Aging Schedule of Accounts Receivable AGE OF ACCOUNT | BALANCE OUTSTANDING | % OF TOTAL BALANCE OUTSTANDING | 0-15 days | $ 20‚000 | 19.59 % | 16-30 days | 30‚000 | 29.39 | 31-60 days | 40‚000 | 39.19 | 61-90 days | 10‚000 | 9.80 | Beyond 90 days | 2‚071 | 2.03 | TOTAL | $ 102‚071 | 100.0 % | 2. To evaluate the credit quality of Aero-Strip’s accounts receivables portfolio‚ we turn to their average collection period (ACP) and aging of accounts receivable. Knowing the ACP enables
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of the Pinnacle-Financials Excel file. Use the income statement information to prepare a common-size income statement for all three years. Use the information to identify accounts for which you believe there is a concern about material misstatements. Use a format similar to the following: Estimate of $ Amount Account Balance of Potential Misstatement e. Use the three divisional income statements in the Pinnacle-Financials Excel file on the Web site to prepare a common-size income
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remittances to the cashier. The cashier prepares a listing of the cash receipts and forwards a copy of the list to the accounts receivable clerk for recording in the accounts. I think that this could be weak because what I think should happen is that the mail clerk should make the list of the receipts and send it to the manger or supervisor where then it is sent to the account receivable clerk for recording. I think by the mail clerk to just send it to the cashier could leave room for errors or fraud
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CPA‚ P.C.‚ is dated January 31‚ 2012: [pic] .:. During February‚ Mitchell or his business completed the following transactions: Feb 4 Collected $4‚000 cash from a client on account. 8 Performed tax services for a client on account‚ $4‚600. 13 Paid business debt on account‚ $2‚400. 18 Purchased office supplies on account‚ $900. 20 Paid cash dividends of $2‚200. 21 Mitchell paid for a deck for his private residence using personal funds‚ $8‚000. 22 Received $2‚300 cash for consulting work just
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SCAN DETAILED LIST OF ACCOUNTS RECEIVABLE (4). 4. Scan the detailed list of trade accounts receivable and investigate significant unusual items (e.g.‚ credit balances and zero balances). Done by Date ..../../.. GUIDANCE: When scanning the detailed list of accounts receivable (aged by customer‚ if practicable)‚ the auditor should be
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certain rules and regulation regarding business. How they wished they could manage every single task a company must do for the sake of their dues business became complicated with large number of works to monitor on sales‚ collection‚ reports‚ and accounts. Such problem affected the company’s customer service commitments and caused low productivity and profit levels. The need to increase manpower certainly will affect income and complicate the company’s operation. Updating reports have wasted time
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audit during the planning phase. The purpose of assessing risks early is to help auditor plan the audit by deciding which parts of the audit to emphasize and the extent of testing. It helps auditors to understand the nature‚ timing‚ extent of the accounts‚ therefore plan a right procedure and the appropriate evidence to accumulate 2. Explain how the levels of acceptable audit risk and materiality you selected in this assignment might affect the remainder of the audit. Specifically‚ what effect would
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To: Audit partner From: Sajan Shrestha (manager) Date: 4/20/14 Subject: Identification of factors influencing risks and the relationship of risks to audit evidence After performing preliminary analytical procedures and planning activities for Pinnacle Manufacturing‚ I have found several factors influencing inherent risks and acceptable audit risk. I have categorized the determinants of acceptable audit risk into three different factors: external users’ reliance on financial statements‚ likelihood
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is: Select one: a. decrease the asset computers‚ increase the asset cash‚ decrease the liability accounts payable. b. increase the asset computers‚ increase the asset cash‚ decrease the liability accounts payable. c. increase the asset computers‚ decrease the asset cash‚ increase the liability accounts payable. d. increase the asset computers‚ decrease the asset cash‚ decrease the liability accounts payable. Question 2 Complete Mark 1.00 out of 1.00 Flag question Question text If only one side
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