The following long-term debt documentation (indexed K-l), and presented on the next page, was prepared by client
Question:
Overall Conclusions
Long-term debt, accrued interest payable, and interest expense are correct and complete at12/31/13.
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Decomber 31, 2013 Prepared by Approved by 4 Inf ere st 2013 2013 Reductions De comber 31, 2013 Interest December 31, Payment Terms Collateral Comments Dividend of $80,000 pakd 9/2/13 IW/P N3) violales a provision of the debt ogreement, which thereby permits lender to demand immediale paymert lender has refused to waive this violation First Commercial Interest only on 25th of month, principal due in full 1/1/17, Invertories $ 50,000 300,000 $100,0008 250,000 12/25/13 $2,500 1/31/13 6/30/13 Lende's Copia rime plus 1 Interest only on last Second mort 100,000 12/31/13 Prime rate was 8% the year 9% during 50,000 2/29/13 200,000' day of month, princi goge on Park pal due in full St. building Gigantic Building & Loan $5,000 principal Firs mortgage 720,000 phs interest due on on Park St 5th of month, due in bulding 12/5/13 Reclassiication entry for current portion proposed (See RIE3) 60,000 660,000t1 100,0001 20,00OTT 12/31/13 Borrowed additional $100,000 from J. Lolt on 17/12 stock holder 12/31/14 $1,170,00ơ $3 260,000 1.310,000 foots e Intere st costs from long-tem debt Intere st expense for year Average loan balance outstand ing Five year maturities (for disclo sure Confirmed without exception, WP K-2 Confirmed with exception, WP K-3 $1,406,6675s Agreed to loan agreement, valid ated hank deposit ticket, and board of directors' authonzation, WP W7 #Agreed to canceled checks and lender's monthly statements IIll Agreed to cash disbursements joumal and canceled check dated 12/31/1 3, cleanng 1/8/14 Traced to working tnal halance Agreed to 1231/12 working papers Agreed interest rate, tenn, and collater al to copy of note and lo an agreement Agreed to canceled check and board of directors' authorization, W/P W.7 Year end 12/31/14 S 60,000 260,000 260,000 310,000 60,000 12/31/17 12/31/18
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Auditing a risk based approach to conducting a quality audit
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