Debit	Credit	Debit	Credit
Cash and cash equivalents	$13,446,154		$6,123,884
Accounts receivable	70,485,625		64,867,910
Allowance for doubtful accounts		$704,856		$648,679
Inventory	55,100,000		57,900,000
Investments (derivatives)	13,419,231		13,805,769
Deferred income taxes (current)	2,857,692		3,584,615
Prepaid expenses and other current assets	9,265,385		6,446,154
Property, plant, and equipment	103,803,846		97,576,923
Accumulated depreciation		39,761,538		35,207,692
Identifiable intangible assets and goodwill	3,723,007		3,851,923
Accumulated amortization
Deferred income taxes and other assets (noncurrent)	9,557,692		8,410,849
Current portion of long-term debt		2,115,385		300,125
Notes payable		21,376,923		34,823,077
Accounts payable		14,986,457		22,561,538
Accured liabilities		25,803,846		24,150,000
Income taxes payable		2,211,539		3,726,923
Long-term debt		23,661,538		17,119,106
Deferred income taxes and other liabilities (noncurrent)		4,915,384		4,330,769
Common stock at par value		111,538		107,692
Capital stock in excess of par value		19,415,385		16,484,615
Unearned stock compensation	253,846		480,769
Accumulated other comprehensive income	5,011,538		4,746,154
Beginning retained earnings		122,857,692		98,150,473
Dividends	3,866,838		3,299,423
Repurchases of common stock	4,627,381		2,939,393
Revenue		277,338,461		269,442,308
Cost of sales	169,346,154		163,003,846
Selling and administrative	79,092,308		78,246,154
Interest expense	1,438,461		1,773,077
Other expense	453,846		757,692
Income tax expense	9,511,538		9,238,462
Totals	$555,260,542	$555,260,542	$527,052,997	$527,052,997

d. Analyze and draw conclusions about the nature, timing, and extent of substantive procedures:

1. Given your conclusions about inherent risk and assuming that tests of controls show that internal controls are effective, what are your conclusions about detection risk for the assertions identified as high or maximum inherent risk? Explain your conclusions.

2. For the assertions you identified as high or maximum inherent risk, what is the substantive procedure you would suggest performing (nature of the test)? Explain your conclusions.

3. For the assertions you identified as high or maximum inherent risk, when do you suggest performing the substantive procedure (timing of the test)? Explain your conclusions.

4. For the assertions you identified as high or maximum inherent risk, how extensively should the auditor test these assertions (extent of the test)? Explain your conclusions.