Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Background Information: Bibitor, LLC is a retail liquor company with 79 locations throughout the state of Lincoln. They sell spirits and wine products. Bibitor, LLC

Background Information:

Bibitor, LLC is a retail liquor company with 79 locations throughout the state of Lincoln. They sell spirits and wine products. Bibitor, LLC has been serving the area for over 50 years. Their wine and spirits selection is hand-picked and focused on value. Their employees are trained as personal beverage concierges and provide unmatched service to all customers. There are over 10,000 brands throughout the organization.

Task 1:

The in-charge on the engagement obtained 6 data files from the Controller and the Chief Information Officer for beginning and ending inventory, purchases, sales, purchases by invoice, and purchase prices for each inventory item.

The Controller provided a set of unaudited financial statements. There are a number of financial statement captions that are potentially represented in the data tables provided to you. These include Sales, Purchases, Excise Taxes, Freight, Inventory Change, Ending Inventory, and Accounts Payable.

Caption

Balance

Sales

453,954,194

COGS

316,707,351

Purchases

324,761,809

Freight

1,647,818

Beginning Inventory

48,876,817

Ending Inventory

58,261,316

Excise Taxes

19,008,249

Accounts Payable

35,403,338

Required:

Based on the data tables available, use a Business Intelligence Tool to verify the amounts in the unaudited financial statements agree to the information in the data tables provided. Document your test work using a standard workpaper documentation format.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Information System Audit How To Control The Digital Disruption

Authors: Philippe Peret

1st Edition

1032136162, 978-1032136165

More Books

Students also viewed these Accounting questions

Question

How could an organization's culture be used as a control mechanism?

Answered: 1 week ago