Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Apollo Shoes, Inc. R - 1 Schedule of Revenues Prepared by For Year Ended 12/31/2007 Reviewed by PBC (Audited) Unaudited Balance Balance Acct # Account
Apollo Shoes, Inc. | R - 1 | ||||||
Schedule of Revenues | Prepared by | ||||||
For Year Ended 12/31/2007 | Reviewed by | ||||||
PBC | |||||||
(Audited) | Unaudited | ||||||
Balance | Balance | ||||||
Acct # | Account Title | 12/31/2006 | 12/31/2007 | Comments | |||
40000 | Sales | $246,172,918.44 | $245,213,452.88 | ||||
41000 | Sales Returns | ($4,497,583.20) | ($13,600,220.89) | ||||
42000 | Warranty Expense | ($1,100,281.48) | ($1,158,128.47) | ||||
Net Sales | $240,575,053.76 | $230,455,103.52 | |||||
45000 | Income from Investments | $0.00 | $1,426,089.31 | ||||
46000 | Interest Income | $204,302.81 | $131,881.46 | ||||
47000 | Miscellaneous Income | $0.00 | $2,145,000.00 | ||||
$240,779,356.57 | $234,158,074.29 |
|
After looking at this please answer the following question [please} A. Use analytic procedures on returns and warranty expense to make sure that they are reasonable (found in the 2007 schedule of revenues)
Use analytic procedures on returns and warranty expense to make sure that they are reasonable (found in the 2007 schedule of revenues) | ||||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started