6) Let's consider the notion of financial statement assertions. Read pages 243 to 246 of chapter 6. On these pages the assertions of 1) existence, 2) rights, 3) completeness, 4) cutoff, 5) valuation and 6) presentation and disclosure are defined. We'll begin by considering the assertions on a simple invoice from Xcel for electricity. Xcel Energy SERVICE ADDRESS Mr. Bill 30 Hobbithane The Shire Have a question? Use Facebook and Twitter to let us know 24/7. ACCOUNT NUMBER 7-8473 STATEMENT NUMBER STATEMENT DATE 483886419 30 Hobbit Lane SERVICE ADDRESS: NEXT READ DATE: 01/27/16 ELECTRICITY SERVICE DETAILS PREMISES NUMBER: INVOICE NUMBER: 303316647 0601576520 METER READING INFORMATION METER 19790429 DESCRIPTION Total Energy ELECTRICITY CHARGES 12/23/2015 Pegs of 6 DUE DATE 01/22/2016 AMOUNT DUE $111.74 CURRENT READING Read Dates: 11/19/15-12/22/15 (33 Days) PREVIOUS READING 61439 Actual USAGE 1063 KW 60376 Actual RATE: Residential Service DESCRIPTION USAGE UNITS RATE CHARGE Basic Service Chg $8.00 Energy Charge Winter 1063 kWh $0.080400 $05.47 Fuel Cost Charge 1063 kWh $0.024064 $25.58 Affordability Chrg $0.71 Resource Adjustment $5.51 Subtotal $125.27 City Fees $3.25 Transit Improvement Tax 0.25% $0.32 County Tax 0.15% $0.18 State Tax 6.875% $8.83 Total $137.85 INFORMATION ABOUT YOUR BILL For an average residential customer, 56% of your bill refers to power plant costs, 8% to high voltage line costs and 36% to the cost of local wires that are connected to your home. Xcel asserts several matters to customers with respect to their invoice. Using the framework for the financial statement assertions, indicate below how the assertions of Valuation, Cut- off, Rights & Obligations and Presentation & Disclosure are used by Xcel. The Existence assertion is done for you. Management assertion Evidence on the invoice Discussion of management's implicit assertion about the evidence Existence 1063 kwh Xcel is representing to the customer that it delivered no less than 736 kwh of electricity.