ARCHIVO INICIO INSERTAR DISEO DE PGINA FORMULAS DATOS G32 A B Xvfx C D LUKES GENERAL STORE Long-Term Debt December 31, 20xY E Dest Audit Case Assignment-Excel (Emor de activacin de productos) REVISAR VISTA ACROBAT M Item Use Drop-down incels 4 Last of Auditing Procedures 5 1 Current Portion of Long Term Debt 6 2 Note Payable (non-current portion) $ 48,250 Select Proced 100,351 7 Total Long-Term Debt 6 12/31/X6 Balance 10 Principal 12/31/X Additions Payments Balance 5 228,601 Select Procedure A Agree beginning balance to previous year's audit workpapers B Foot cross-foot to more mathematical accuracy C Agree to confirmation sent to lender. Note Payable 3 $273,450 (44,049) 5228,401 Sency Proced D LL Agree to General Ledger balances (5.15% annual rate, 60 mos) R P 4 Client Interest Expense for year ended 12/11/17 ID 16 testruction Compare to amortization schedule principal payments to verify correct $ 12,700 Select Procecured F Perform analytical procedure, interest is deemed reasonable based on outcome of procedure. G H 17 Items 1 through 4 represent the items that an auditor ordinarily would find on a cliens-prepared debt analysis. The accompanying "List of auditing procedures represents substantive auditing procedures. For each item above, select one or more procedures, as indicated, that the auditor most likely would perform to gather evidence in support of 20 that itam. The procedures on the list may be selected once, more than once, or not at all. Use the drop-down list in 21 column G to select the procedures) 22 23 For the Interest Expense, complete the analytical procedure on the right 24 1)Show your calculation for the estimated interest expense amount 25 21 Show your calculation for the acceptable range (use +/-5) 265) Compare the client's amount to the acceptable range and select Yes (within the range) or No Jnot within the 27 range) 284) Determine if the client's interest expense is reasonable and select Yes or No Agree ending balance to amortization schedule Performed analytical procedure, interest is NOT deemed reasonable based on outcome of procedure LUKES GENERAL STORE Interest tapense Analytical c Client's beginning balance of note payable Client's ending balance of note payable Average balance 1)Calculate auditors estimated interest expensa 3)Calculate auditors estimated acceptable range 3)Compare to client's interest expense of $273,450 228 601 251,026 $ 12,700 is the client's interest expense within the acceptable estimated range? 411s the client's interest expense sentid reasonable and adequate? 25 30 31