Question
Denham Partners LLP , received the partial comparative balance sheet below from Saddle Hill Farms . Saddle Hill Farms LLC Partial Balance Sheet December 31,
Denham Partners LLP, received the partial comparative balance sheet below from Saddle Hill Farms.
Saddle Hill Farms LLC
Partial Balance Sheet
December 31, 2019, and 2018
20192018
ASSETS
Current assets
Cash$350,000$275,000
Accounts receivable (net of $200,000 in 2019 and
$215,000 in 2018)250,000390,000
Marketable securities (at fair value)255,000180,000
Other current assets58,00036,000
Total current assets$913,000$881,000
The cash balance consists of the following three bank balances.
InstitutionAddressBalance as of December 31, 2019
FirstBank, 4 Bank Street , Christiansted, St. Croix, 00831$ 155,000
Banco Popular10 Bank Street Fredricksted, St. Croix, 00832120,000
Merchant's Bank20 Bank Street Charlotte Amalie, St, Thomas 0080275,000
Required: do a detailed auditing plan for the cash account making sure to address the basic assertions that management is making about the accounts
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