Review the following audit working paper and list the deficiencies in its preparation Hogeye Ranch Company Cattle Inventory Average Quantity Price Bulls 10 $3,000 Amount $ 30,000 Steers 35 500 17,500 Heifers (1) 41 550 22,500 Cows 103 800 82 400 Calves 67 200 13,400 $185,800 Price tested by auditor...

The Answer is in the image, click to view ...

Review the following audit working paper and list the deficiencies in its preparation. Hogeye Ranch Company Cattle

Question:

Review the following audit working paper and list the deficiencies in its preparation. image text in transcribed

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Auditing An Assertions Approach

ISBN: 9780471134213

7th Edition

Authors: G. William Glezen, Donald H. Taylor

See More Books

Question Posted: May 07, 2024 02:01 AM

See More Questions

The long-term debt working paper in Exhibit DC14-5 was prepared by client personnel and audited by AA, an audit staff assistant, during the calendar year 20X2 audit of Canadian Widgets Inc., a...
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
Exhibit EP 14B-3 contains a working paper prepared by a junior audit team member to document the audit work performed on the longterm debt balance for Canadian Widgets Inc. Evaluate the working paper...
Complete your review of the Stevens District Hospital Strategic Planning Scenario, you have been asked to provide a presentation to the governing board of the hospital. This board is comprised of the...
Determine the generating function for the number of partitions of n N where 1 occurs at most once, 2 occurs at most twice, 3 at most thrice, and, in general, k occurs at most k times, for every k ...
In testing a type of insulation, the temperature in a room was made to fall to 2 3 of the initial temperature after 1.0 h, to 2 5 of the initial temperature after 2.0 h, to 2 7 of the initial...
1. Discuss advantages and disadvantages of making decisions in groups.
A firm producing hockey sticks has a production function given by q = 2 K L In the short run, the firms amount of capital equipment is fixed at K = 100. The rental rate for K is v = $1, and the wage...
Soleil Enterprise uses regression analysis on 24 months of data. The dependent variable is overhead costs and the independent variable is machine hours. The coefficient of determination is 0.83....
1. A driver pulley of diameter 6.50 in. revolves at 1650 rpm. Find the speed of the driven pulley if its diameter is 26.0 in. 2. A driver pulley of diameter 25.0 cm revolves at 120 rpm. At what speed...
Grace Mature was conducting a training class for new audit staff assistants. She was trying to emphasize the need for them to think about proper auditing procedures rather than merely relying on the...
Indicate whether the following matters would require (1) an adjusting entry, (2) a reclassification entry, or (3) a footnote disclosure. Give reasons for your answers. a. An uncollectible account...
Suppose you are valuing a future stream of high-risk (high-beta) cash outflows. High risk means a high discount rate. But the higher the discount rate, the less the present value. This seems to say...
1.What is your process for ensuring that all your work is correct? 2.What do you mean by Batch Costing ? 3.Explain the accounting procedure for Batch Costing 4.State the applicability of Job Costing...
The increasing occurrence of freak weather incidents will have both local and global effects. Even in cases where production has been re-localized, freak weather can still greatly impact local...
Consider: x3 + c (x 1)(x 3)(x + 1) (x + 3x + 9) (x + 2x + 5) How many partial fractions are there in the partial fraction decomposition of this function? How many unknowns (A, B, ...) must be...
Hand trace the following program. 1 y 0 2 for x in range (5): y = y + x 4 print ("x",x, "and y =", y) Note: You can shorten the prompts in your hand trace if you want to.
Determine the location using physics calculations to solve the problem. Show step by step details for how you solved the problem. I don't need an explanation explaining how to solve the problem. T By...
On January 1, 2015, NewTune Company exchanges 15,000 shares of its common stock for all of the outstanding shares of On-the-Go, Inc. Each of NewTunes shares has a $4 par value and a $50 fair value....
The outer loop controls the number of students. Note that the inner loop of this program is always executed exactly three times, once for each day of the long weekend. Modify the code so that the...
Feb 1, 2025: Paid Sawyer Bank monthly mortgage payment. Date Accounts Debit Credit 2025 Feb. 1 Interest Expense Mortgage Payable Cash 1,276 8,724 10,000 Mar. 1, 2025: Paid Sawyer Bank monthly...
Problem 4-53 Special Orders (LO 4-1, 2) Sherene Nili manages a company that produces wedding gowns. She produces both a custom product that is made to order and a standard product that is sold in...
33 34 On January 1, 2020, Samford Company collected $6,000 in advance from a customer for services to be provided evenly over the next six months. If Samford prepares adjustments on January 31, the...

Review the following audit working paper and list the deficiencies in its preparation. Hogeye Ranch Company Cattle

Question:

Step by Step Answer:

Auditing An Assertions Approach

Students also viewed these Business questions