I NEED THIS DONE URGENTLY, PLEASE!!!! I KNOW I AM SHORT NOTICE, BUT I NEED THIS DONE WITHIN THE NEXT 10HOURS PLEASE. LET ME KNOW IF YOU CAN DO IT, OR EVEN ONE OF THE SHEETS AND SEND THEM. THANK YOU!!!

Eagle View Company Analysis of Allowance for Uncollectible Accounts For the Years Ending December 31, 2015 and December 31, 2014 Cycle: Date: Prepared by: D-4 Revenue and Collections December 16, 2015 December 31, 2015 1012 6601 Allowance for Doubtful Accounts December 31, 2014 1012 6601 Allowance for Doubtful Accounts Bad Debt Expense Bad Debt Expense Beginning Balance as of January 1 Add annual provisions for bad debt 19,000.00 36,000.00 36,000.00 17,500.00 24,000.00 24,000.00 Subtotal Less: specific write-offs New Wave Home Systems PM Systems Sidetraxx Pro Audio Video Sound Works of Jackson All Hooked Up Harbert Home Systems Hi Tech Innovations HiFi Buys Loud and Clear Home Theater Media Concepts Nicholson's Stereo Real Home Theaters Visual Concepts 55,000.00 36,000.00 41,500.00 24,000.00 (4,302.00) (12,974.00) (9,737.00) (3,987.00) (1,865.00) (1,874.00) (982.00) (5,291.00) (6,721.00) (1,000.00) (3,128.00) (1,897.00) (1,242.00) (31,000.00) Unadjusted Balance as of December 31 24,000.00 Adjustment Adjusted Balance as of December 31 (24,000.00) 36,000.00 - 24,000.00 36,000.00 17,500.00 24,000.00 1,500.00 1,500.00 19,000.00 25,500.00 Eagle View Company Unrecorded Liabilities Testing For the Year Ended December 31, 2015 Cycle: Date: Prepared by: H-2 Purchases and Disbursements December 16, 2015 Audit Objectives: 1. To verify that all expenditures for 2015 costs are recorded in the correct year. Scope: Population: All invoices received between January 1, 2016 and January 15, 2016 Sample: Judgmental. All invoices over $500 and 10% of those less than $500, picked haphazardly. Audit Procedures: J A Trace to purchase invoice. Note agreement with amount and invoice date. Traced to client's year-end adjustment schedule, therefore already accrued for 2015. Date Recorded 1/3/2016 Barnes Lumber Company Invoice Number 2949 Dollar Amount 2,093.13 1/3/2016 1/4/2016 Seymore Trash Collection Jackson Tile 6894-35 4302 1/6/2016 Wheatland Solutions 1/8/2016 1/8/2016 1/9/2016 1/10/2016 1/10/2016 1/11/2016 1/12/2016 1/13/2016 1/13/2016 1/14/2016 Beta Office Supplies Leggo Payroll Services CIN PECO Hobbes Delivery Service TD Bank Federal Express Buddy Security Services Nittany and Hobbes Rosen Developments, LLC 1/15/2016 1/15/2016 Wheatland Solutions Trustmark Bank Payee Audit Procedures J Supplies for expansion of warehouse delivered in December 2015 175.00 1,392.34 J A J A Haul away debris from warehouse repair on December 29, 2015 Second half of bill to renovate warehouse/office bathrooms in December 2015 73214 12,487.53 J A Purchase of inventory shipped December 31, 2015 FOB shipping point 20957075 6935 238 23987951 32793-1 1846832 73580973 3972 2041 129 398.50 500.00 600.00 934.42 749.00 5,000.00 1,487.23 750.00 1,475.00 10,000.00 K J J A J J J J J J A J A Supplies purchased in January 2016 Payroll processing services for December 2015 Inventory processing services for December 2015 Utility bill for December 2015 Shipping services for January 2016 sales orders Quarterly interest payment for October - December 2015 Postage and mailing services for January 2016 sale orders Night security for warehouse and Store 6 for December 2015 Legal services for December 2015 Final installment payment on construction of Store 7 completed December 2016 73259 584587359 9,723.40 1,625.00 J J Purchase of inventory shipped January 5, 2016 FOB shipping point Quarterly interest payment for October - December 2015 Proposed adjustments: 1 Account Comments 2 Debit Credit Conclusions: What are your conclusions about the reliability of the process for recording liabilities timely? Correct year? Eagle View Company Summary of Product Warranty Expense For the Years Ended December 31, 2015 and December 31, 2014 Cycle: Date: Prepared by: J-2 Purchases and Disbursements December 16, 2015 Month Sales for Month Returns During Month Current Month 1 Month Old Sales 2 Month Old Sales 3 Month Old Sales 4 Month Old Sales 5 Month Old Sales 6 Month Old Sales Total Returns Month Sales for Month Returns During Month Current Month 1 Month Old Sales 2 Month Old Sales 3 Month Old Sales 4 Month Old Sales 5 Month Old Sales 6 Month Old Sales Total Returns Month Sales for Month Returns During Month Current Month 1 Month Old Sales 2 Month Old Sales 3 Month Old Sales 4 Month Old Sales 5 Month Old Sales 6 Month Old Sales Total Returns Month Sales for Month Returns During Month Current Month 1 Month Old Sales 2 Month Old Sales 3 Month Old Sales 4 Month Old Sales 5 Month Old Sales 6 Month Old Sales Total Returns January 2015 February 2015 March 2015 April 2015 May 2015 June 2015 532,000 316,000 359,000 479,000 486,000 414,000 646 1,896 1,314 1,834 1,188 1,350 398 672 1,938 1,770 1,690 1,250 1,398 782 468 732 1,722 2,148 1,596 1,000 280 670 702 794 1,830 2,402 1,314 1,166 842 1,340 820 1,160 2,046 2,020 1,408 716 1,472 1,532 1,054 1,098 1,616 1,390 8,626 9,500 7,946 8,878 9,636 8,878 July 2015 August 2015 September 2015 October 2015 November 2015 December 2015 371,000 460,000 442,000 533,000 586,000 800,000 1,198 884 1,368 2,108 584 1,038 970 502 674 1,032 1,894 1,436 936 610 554 1,504 750 1,328 1,788 1,150 1,288 440 1,476 2,406 1,498 1,254 1,998 1,340 846 1,538 1,660 1,704 1,648 1,106 1,158 1,008 1,570 1,868 1,752 1,204 1,048 1,032 8,150 7,084 8,362 10,412 9,660 9,482 January 2014 February 2014 March 2014 April 2014 May 2014 June 2014 486,000 303,500 275,500 443,500 470,000 325,500 193 445 599 555 570 328 323 137 533 693 423 658 289 285 177 388 837 1,287 986 763 253 222 329 319 875 1,188 1,021 485 147 369 481 662 343 792 211 61 514 480 658 320 571 445 3,013 3,018 4,691 4,439 3,005 3,049 July 2014 August 2014 September 2014 October 2014 November 2014 December 2014 336,000 438,000 407,000 480,000 511,000 696,000 256 276 625 591 456 205 457 284 313 429 441 702 228 251 210 497 569 797 1,029 812 202 292 559 462 541 735 698 517 469 583 629 639 512 490 220 505 563 666 664 604 456 272 2,866 2,648 4,116 3,804 3,542 3,730 Eagle View Company Analysis of Product Warranty Expense For the Years Ended December 31, 2015 and December 31, 2014 Cycle: Date: Prepared by: Purchases and Disbursements December 16, 2015 1) Calculate the warranty return rate for 2015 and 2014. 2015 2014 2) Describe information necessary to determine the appropriate warranty percentage. 3) Is Eagle View's methodology reasonable? What other considerations should be included in the methodology, if any? 4) What would you consider a reasonable warranty liability accrual? Explain you decision. 5) What, if any, adjustment would you propose? Record here. 1 Account 2 Debit Credit J-3 Eagle View Company Bonus Calculations For the Year Ended December 31, 2015 Cycle: Date: Prepared by: R-6 Purchases and Disbursements December 16, 2015 Sales Sales Returns and Discounts Net Sales Store 1 440,841 27,862 412,979 Store 2 549,708 34,745 514,963 Store 3 632,253 39,962 592,291 Store 4 365,737 23,117 342,620 Store 5 502,440 31,757 470,683 Store 6 167,021 10,557 156,464 Total 2,658,000 168,000 2,490,000 COGS Rent Expense Store Advertising Expense Store Payroll Expense 271,396 19,000 14,762 54,374 335,756 24,000 18,406 62,977 354,477 28,000 21,170 42,905 223,827 16,000 12,246 43,754 316,125 22,000 16,824 58,516 106,419 12,000 5,592 34,196 1,608,000 121,000 89,000 296,723 53,447 73,824 145,739 46,793 57,218 (1,743) 375,277 Net Bonus Basis BONUS RATE 5% BONUS EXPENSE Proposed adjustments: 1 Account 2 Debit Conclusions: What are your conclusions about the reasonableness of the bonus expense balance? Credit Eagle View Company Analysis of Seventh Store Lease For the Years Ended December 31, 2015 and December 31, 2014 Cycle: Date: Prepared by: Purchases and Disbursements December 16, 2015 1) Provide your conclusion on the correct accounting for this lease (capital or operating). 2) Describe information necessary to make this determination and how to obtain it. 3) For an operating lease, has this transaction been properly recorded? If not, what correction is needed? 4) For a capital lease, what correction is needed? 5) What, if any, adjustment would you propose? Record here. 1 Account 2 Debit Credit G-4 Eagle View Company Store-by-store Analysis For the Year Ended December 31, 2015 Cycle: Date: Prepared by: Sales Sales Returns and Discounts Net Sales COGS Gross Profit Adversiting and Selling Expenses Depreciation Expense Rent Expense Salaries, Commissions, Bonuses Total Operating Expenses Net Operating Income G-5 Purchases and Disbursements December 16, 2015 Store 1 440,841 27,862 Store 2 549,708 34,745 Store 3 632,253 39,962 Store 4 365,737 23,117 Store 5 502,440 31,757 Store 6 167,021 10,557 Total 2,658,000 168,000 412,979 271,396 141,583 14,762 5,600 19,000 54,374 93,736 47,847 514,963 335,756 179,207 18,406 7,050 24,000 62,977 112,433 66,774 592,291 354,477 237,814 21,170 8,100 28,000 42,905 100,175 137,639 342,620 223,827 118,793 12,246 4,700 16,000 43,754 76,700 42,093 470,683 316,125 154,558 16,824 6,400 22,000 58,516 103,740 50,818 156,464 106,419 50,045 5,592 2,150 12,000 34,196 53,938 (3,893) 2,490,000 1,608,000 882,000 89,000 34,000 121,000 296,723 540,723 341,277 PROFIT MARGIN BY STORE Analysis: Describe the relative profitability of the first five stores. Compare the profitability of the sixth store to the first five. Conclusions: What are your conclusions about the need for an impairment of the sixth store? Proposed adjustments: 1 Account 2 Debit Credit Eagle View Company Inventory Receiving and Shipping Cutoff For the Year Ending December 31, 2015 Cycle: Date: Prepared by: E-6 Purchases and Disbursements December 16, 2015 Purchases: Date Shipped Date Received Freight Terms 12/26/2015 12/28/2015 12/30/2015 12/29/2015 12/29/2015 12/30/2015 12/30/2015 12/31/2015 1/2/2016 1/3/2016 FOB Shipping FOB Shipping FOB Shipping FOB Shipping FOB Shipping Date Shipped Freight Terms Bill of Lading 12/29/2015 12/30/2015 12/31/2015 1/2/2016 1/3/2016 FOB Shipping FOB Shipping FOB Shipping FOB Shipping FOB Shipping Receiving Report # Date Recorded in AP and Inventory In Physical Count? 3987 3988 3989 3990 3991 12/30/2015 12/30/2015 1/3/2016 1/3/2016 1/3/2016 yes yes yes no no Inventory Amount Adjustment Required? 431.42 1,093.20 782.39 413.02 3,134.95 Sales: 6012 6013 6014 6015 6016 Date Recorded in AR In Physical Count? and Sales 12/30/2015 12/30/2015 12/30/2015 12/30/2015 1/3/2016 no no no yes yes Invoice Amount 9,606.00 13,467.00 13,415.00 546.00 5,507.00 Proposed adjustments: 1 Account 2 Debit Conclusions: What are your conclusions about the reliability of the the inventory accounting? Credit Inventory Amount 5,763.60 8,080.20 8,049.00 327.60 3,304.20 Adjustment Required? Eagle View Company Bank Reconciliation As of December 31, 2015 Cycle: Date: Prepared by: Cash and Financial Assets December 16, 2015 Balance per Bank Add Deposit in Transit C-2 December 31, 2015 66,165 19,620 85,785 Less Outstanding Checks 16994 16995 17001 17003 17004 17005 17006 3,489 497 1,974 2,781 4,874 1,038 923 15,576 Reconciled Balance December 31, 2015 70,209 Balance per Book December 31, 2015 71,000 Less Service Charges (291) 70,709 Less Adjustment Reconciled Balance December 31, 2015 Proposed adjustments: 1 Account Conclusions: Debit Credit Note what steps you took to determine that Eagle View had made the error and any concerns would you have with this error. Eagle View Company Listing of Proposed Adjustments For the Year Ended December 31, 2015 X-3 Cycle: Audit Conclusions Date: December 16, 2015 Prepared by: Workpaper Number Account Debit G-1 Buildings and Equipment 1,390.00 Interest Expense To reclassify interest paid on construction of new store R-3 Buildings and Equipment 30,613.40 Repairs and Maintenance Expense To reclassify capitalizable costs originally classified as expenses Credit 1,390.00 30,613.40 Book or pass? Eagle View Company Summary of Proposed Adjustments For the Year Ended December 31, 2015 Cycle: Date: Prepared by: X-4 Audit Conclusions December 16, 2015 1) Note the total adjustments (indicating increases or decreases) that require recording for each category below. Account Category Sales Gross Profit Operating Expense Net Income Current Assets Fixed Assets Total Assets Current Liabilities Total Liabilities Equity Amount to Adjust Increase or Decrease? Each team member should save a copy of this worksheet only (not the entire workbook file) and submit it in the drop box. To save this page alone: Highlight the page name below Right-click for the worksheet menu Select "move or copy" Choose "new book" from the drop down menu and check the "create a copy" box Save the new page with a different name Overall Team Evaluation 1 Overall, how effectively did your team work together on this project? Poorly Adequately Well Extremely Well 2 What percentage of your team participated actively and was fully prepared most of the time? 3 Give one specific example of something you learned from the team that you probably would not have learned working alone. 4 Give one specific example of something the other team members learned from you that they probably would not have learned otherwise. 5 Suggest at least one change the team could make could be made to improve its performance or the project. 6 Did each team member have specific, even unique, responsibilities that helped the team attain its goal(s)? List all team members by name and their individual responsibilities. Team Member Evaluation List team members: Select the description below that you feel best describes each member's work on the project. Excellent Consistently went above and beyond; tutored teammates, carried more than his or her fair share of the load Very Good Very Good Consistently did what he or she was supposed to do, very well prepared and cooperative Satisfactory Usually did what he or she was supposed to do, acceptably well prepare and cooperative Ordinary Ordinary Often did what he or she was supposed to do, minimally well prepared and cooperative Marginal Deficient Unsatisfactory Superficial No Show Sometimes failed to show up or complete tasks, rarely prepared Often failed to show up or complete tasks, rarely prepared Consistently failed to show up or complete tasks, unprepared Practically no participation No participation at all Grade Breakdown Points Component Available Audit Testing of Revenues and Collection Cycle Accounts 3 Audit Testing of Revenues and Collection Cycle Accounts - Continued 3 3 Audit Testing of Purchase and Disbursement Cycle Accounts 3 Audit Testing of Purchase and Disbursement Cycle Accounts - Warrantie 3 Audit Testing of Purchase and Disbursement Cycle Accounts - Payroll 3 Audit Testing of Purchase and Disbursement Cycle Accounts - Leases 3 Audit Testing of Purchase and Disbursement Cycle Accounts - Impairmen 3 Audit Testing of Inventory Cycle Accounts 3 Audit testing of Cash accounts 3 Concluding the audit 3 Concluding the audit - Evaluation 3 Preparing the audit report 4 Writing 40 TOTAL Points Available Description of Components Audit Testing of Revenues and Collection Cycle Accounts Depth of content: covers all aspects of the question thoroughly allowing reader to understand issues at hand Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Audit Testing of Revenues and Collection Cycle Accounts - Continued GAAP proficiency: displays adequate knowledge of the relevant GAAP standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Audit Testing of Purchase and Disbursement Cycle Accounts GAAP proficiency: displays adequate knowledge of the relevant GAAP standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Audit Testing of Purchase and Disbursement Cycle Accounts - Warranties GAAP proficiency: displays adequate knowledge of the relevant GAAP standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Audit Testing of Purchase and Disbursement Cycle Accounts - Payroll GAAP proficiency: displays adequate knowledge of the relevant GAAP standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Audit Testing of Purchase and Disbursement Cycle Accounts - Leases GAAP proficiency: displays adequate knowledge of the relevant GAAP standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Audit Testing of Purchase and Disbursement Cycle Accounts - Impairments GAAP proficiency: displays adequate knowledge of the relevant GAAP standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Audit Testing of Inventory Cycle Accounts GAAP proficiency: displays adequate knowledge of the relevant GAAP standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Audit testing of Cash accounts GAAP proficiency: displays adequate knowledge of the relevant GAAP standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Concluding the audit GAAP proficiency: displays adequate knowledge of the relevant GAAP standards and applies them appropriately Depth of content: covers all aspects of the question thoroughly allowing reader to understand issues at hand Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Concluding the audit - Evaluation GAAS proficiency: displays adequate knowledge of the relevant GAAS standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Preparing the audit report GAAS proficiency: displays adequate knowledge of the relevant GAAS standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Writing Literacy: use of correct grammar, spelling, punctuation and sentence structure Audience: awareness of the reader's prior understanding and needs Organization: effectiveness of arranging ideas, professionalism of structure Style: use of effective and appropriate tone and word choice Consistency of tone: report has one consistent tone, not several individual ones Eagle View Company Analysis of Allowance for Uncollectible Accounts For the Years Ending December 31, 2015 and December 31, 2014 Cycle: Date: Prepared by: D-4 Revenue and Collections December 16, 2015 December 31, 2015 1012 6601 Allowance for Doubtful Accounts December 31, 2014 1012 6601 Allowance for Doubtful Accounts Bad Debt Expense Bad Debt Expense Beginning Balance as of January 1 Add annual provisions for bad debt 19,000.00 36,000.00 36,000.00 17,500.00 24,000.00 24,000.00 Subtotal Less: specific write-offs New Wave Home Systems PM Systems Sidetraxx Pro Audio Video Sound Works of Jackson All Hooked Up Harbert Home Systems Hi Tech Innovations HiFi Buys Loud and Clear Home Theater Media Concepts Nicholson's Stereo Real Home Theaters Visual Concepts 55,000.00 36,000.00 41,500.00 24,000.00 (4,302.00) (12,974.00) (9,737.00) (3,987.00) (1,865.00) (1,874.00) (982.00) (5,291.00) (6,721.00) (1,000.00) (3,128.00) (1,897.00) (1,242.00) (31,000.00) Unadjusted Balance as of December 31 24,000.00 Adjustment Adjusted Balance as of December 31 (24,000.00) 36,000.00 - 24,000.00 36,000.00 17,500.00 24,000.00 1,500.00 1,500.00 19,000.00 25,500.00 Eagle View Company Unrecorded Liabilities Testing For the Year Ended December 31, 2015 Cycle: Date: Prepared by: H-2 Purchases and Disbursements December 16, 2015 Audit Objectives: 1. To verify that all expenditures for 2015 costs are recorded in the correct year. Scope: Population: All invoices received between January 1, 2016 and January 15, 2016 Sample: Judgmental. All invoices over $500 and 10% of those less than $500, picked haphazardly. Audit Procedures: J A Trace to purchase invoice. Note agreement with amount and invoice date. Traced to client's year-end adjustment schedule, therefore already accrued for 2015. Date Recorded 1/3/2016 Barnes Lumber Company Invoice Number 2949 Dollar Amount 2,093.13 1/3/2016 1/4/2016 Seymore Trash Collection Jackson Tile 6894-35 4302 1/6/2016 Wheatland Solutions 1/8/2016 1/8/2016 1/9/2016 1/10/2016 1/10/2016 1/11/2016 1/12/2016 1/13/2016 1/13/2016 1/14/2016 Beta Office Supplies Leggo Payroll Services CIN PECO Hobbes Delivery Service TD Bank Federal Express Buddy Security Services Nittany and Hobbes Rosen Developments, LLC 1/15/2016 1/15/2016 Wheatland Solutions Trustmark Bank Payee Audit Procedures J Supplies for expansion of warehouse delivered in December 2015 175.00 1,392.34 J A J A Haul away debris from warehouse repair on December 29, 2015 Second half of bill to renovate warehouse/office bathrooms in December 2015 73214 12,487.53 J A Purchase of inventory shipped December 31, 2015 FOB shipping point 20957075 6935 238 23987951 32793-1 1846832 73580973 3972 2041 129 398.50 500.00 600.00 934.42 749.00 5,000.00 1,487.23 750.00 1,475.00 10,000.00 K J J A J J J J J J A J A Supplies purchased in January 2016 Payroll processing services for December 2015 Inventory processing services for December 2015 Utility bill for December 2015 Shipping services for January 2016 sales orders Quarterly interest payment for October - December 2015 Postage and mailing services for January 2016 sale orders Night security for warehouse and Store 6 for December 2015 Legal services for December 2015 Final installment payment on construction of Store 7 completed December 2016 73259 584587359 9,723.40 1,625.00 J J Purchase of inventory shipped January 5, 2016 FOB shipping point Quarterly interest payment for October - December 2015 Proposed adjustments: 1 Account Comments 2 Debit Credit Conclusions: What are your conclusions about the reliability of the process for recording liabilities timely? Correct year? Eagle View Company Summary of Product Warranty Expense For the Years Ended December 31, 2015 and December 31, 2014 Cycle: Date: Prepared by: J-2 Purchases and Disbursements December 16, 2015 Month Sales for Month Returns During Month Current Month 1 Month Old Sales 2 Month Old Sales 3 Month Old Sales 4 Month Old Sales 5 Month Old Sales 6 Month Old Sales Total Returns Month Sales for Month Returns During Month Current Month 1 Month Old Sales 2 Month Old Sales 3 Month Old Sales 4 Month Old Sales 5 Month Old Sales 6 Month Old Sales Total Returns Month Sales for Month Returns During Month Current Month 1 Month Old Sales 2 Month Old Sales 3 Month Old Sales 4 Month Old Sales 5 Month Old Sales 6 Month Old Sales Total Returns Month Sales for Month Returns During Month Current Month 1 Month Old Sales 2 Month Old Sales 3 Month Old Sales 4 Month Old Sales 5 Month Old Sales 6 Month Old Sales Total Returns January 2015 February 2015 March 2015 April 2015 May 2015 June 2015 532,000 316,000 359,000 479,000 486,000 414,000 646 1,896 1,314 1,834 1,188 1,350 398 672 1,938 1,770 1,690 1,250 1,398 782 468 732 1,722 2,148 1,596 1,000 280 670 702 794 1,830 2,402 1,314 1,166 842 1,340 820 1,160 2,046 2,020 1,408 716 1,472 1,532 1,054 1,098 1,616 1,390 8,626 9,500 7,946 8,878 9,636 8,878 July 2015 August 2015 September 2015 October 2015 November 2015 December 2015 371,000 460,000 442,000 533,000 586,000 800,000 1,198 884 1,368 2,108 584 1,038 970 502 674 1,032 1,894 1,436 936 610 554 1,504 750 1,328 1,788 1,150 1,288 440 1,476 2,406 1,498 1,254 1,998 1,340 846 1,538 1,660 1,704 1,648 1,106 1,158 1,008 1,570 1,868 1,752 1,204 1,048 1,032 8,150 7,084 8,362 10,412 9,660 9,482 January 2014 February 2014 March 2014 April 2014 May 2014 June 2014 486,000 303,500 275,500 443,500 470,000 325,500 193 445 599 555 570 328 323 137 533 693 423 658 289 285 177 388 837 1,287 986 763 253 222 329 319 875 1,188 1,021 485 147 369 481 662 343 792 211 61 514 480 658 320 571 445 3,013 3,018 4,691 4,439 3,005 3,049 July 2014 August 2014 September 2014 October 2014 November 2014 December 2014 336,000 438,000 407,000 480,000 511,000 696,000 256 276 625 591 456 205 457 284 313 429 441 702 228 251 210 497 569 797 1,029 812 202 292 559 462 541 735 698 517 469 583 629 639 512 490 220 505 563 666 664 604 456 272 2,866 2,648 4,116 3,804 3,542 3,730 Eagle View Company Analysis of Product Warranty Expense For the Years Ended December 31, 2015 and December 31, 2014 Cycle: Date: Prepared by: Purchases and Disbursements December 16, 2015 1) Calculate the warranty return rate for 2015 and 2014. 2015 2014 2) Describe information necessary to determine the appropriate warranty percentage. 3) Is Eagle View's methodology reasonable? What other considerations should be included in the methodology, if any? 4) What would you consider a reasonable warranty liability accrual? Explain you decision. 5) What, if any, adjustment would you propose? Record here. 1 Account 2 Debit Credit J-3 Eagle View Company Bonus Calculations For the Year Ended December 31, 2015 Cycle: Date: Prepared by: R-6 Purchases and Disbursements December 16, 2015 Sales Sales Returns and Discounts Net Sales Store 1 440,841 27,862 412,979 Store 2 549,708 34,745 514,963 Store 3 632,253 39,962 592,291 Store 4 365,737 23,117 342,620 Store 5 502,440 31,757 470,683 Store 6 167,021 10,557 156,464 Total 2,658,000 168,000 2,490,000 COGS Rent Expense Store Advertising Expense Store Payroll Expense 271,396 19,000 14,762 54,374 335,756 24,000 18,406 62,977 354,477 28,000 21,170 42,905 223,827 16,000 12,246 43,754 316,125 22,000 16,824 58,516 106,419 12,000 5,592 34,196 1,608,000 121,000 89,000 296,723 53,447 73,824 145,739 46,793 57,218 (1,743) 375,277 Net Bonus Basis BONUS RATE 5% BONUS EXPENSE Proposed adjustments: 1 Account 2 Debit Conclusions: What are your conclusions about the reasonableness of the bonus expense balance? Credit Eagle View Company Analysis of Seventh Store Lease For the Years Ended December 31, 2015 and December 31, 2014 Cycle: Date: Prepared by: Purchases and Disbursements December 16, 2015 1) Provide your conclusion on the correct accounting for this lease (capital or operating). 2) Describe information necessary to make this determination and how to obtain it. 3) For an operating lease, has this transaction been properly recorded? If not, what correction is needed? 4) For a capital lease, what correction is needed? 5) What, if any, adjustment would you propose? Record here. 1 Account 2 Debit Credit G-4 Eagle View Company Store-by-store Analysis For the Year Ended December 31, 2015 Cycle: Date: Prepared by: Sales Sales Returns and Discounts Net Sales COGS Gross Profit Adversiting and Selling Expenses Depreciation Expense Rent Expense Salaries, Commissions, Bonuses Total Operating Expenses Net Operating Income G-5 Purchases and Disbursements December 16, 2015 Store 1 440,841 27,862 Store 2 549,708 34,745 Store 3 632,253 39,962 Store 4 365,737 23,117 Store 5 502,440 31,757 Store 6 167,021 10,557 Total 2,658,000 168,000 412,979 271,396 141,583 14,762 5,600 19,000 54,374 93,736 47,847 514,963 335,756 179,207 18,406 7,050 24,000 62,977 112,433 66,774 592,291 354,477 237,814 21,170 8,100 28,000 42,905 100,175 137,639 342,620 223,827 118,793 12,246 4,700 16,000 43,754 76,700 42,093 470,683 316,125 154,558 16,824 6,400 22,000 58,516 103,740 50,818 156,464 106,419 50,045 5,592 2,150 12,000 34,196 53,938 (3,893) 2,490,000 1,608,000 882,000 89,000 34,000 121,000 296,723 540,723 341,277 PROFIT MARGIN BY STORE Analysis: Describe the relative profitability of the first five stores. Compare the profitability of the sixth store to the first five. Conclusions: What are your conclusions about the need for an impairment of the sixth store? Proposed adjustments: 1 Account 2 Debit Credit Eagle View Company Inventory Receiving and Shipping Cutoff For the Year Ending December 31, 2015 Cycle: Date: Prepared by: E-6 Purchases and Disbursements December 16, 2015 Purchases: Date Shipped Date Received Freight Terms 12/26/2015 12/28/2015 12/30/2015 12/29/2015 12/29/2015 12/30/2015 12/30/2015 12/31/2015 1/2/2016 1/3/2016 FOB Shipping FOB Shipping FOB Shipping FOB Shipping FOB Shipping Date Shipped Freight Terms Bill of Lading 12/29/2015 12/30/2015 12/31/2015 1/2/2016 1/3/2016 FOB Shipping FOB Shipping FOB Shipping FOB Shipping FOB Shipping Receiving Report # Date Recorded in AP and Inventory In Physical Count? 3987 3988 3989 3990 3991 12/30/2015 12/30/2015 1/3/2016 1/3/2016 1/3/2016 yes yes yes no no Inventory Amount Adjustment Required? 431.42 1,093.20 782.39 413.02 3,134.95 Sales: 6012 6013 6014 6015 6016 Date Recorded in AR In Physical Count? and Sales 12/30/2015 12/30/2015 12/30/2015 12/30/2015 1/3/2016 no no no yes yes Invoice Amount 9,606.00 13,467.00 13,415.00 546.00 5,507.00 Proposed adjustments: 1 Account 2 Debit Conclusions: What are your conclusions about the reliability of the the inventory accounting? Credit Inventory Amount 5,763.60 8,080.20 8,049.00 327.60 3,304.20 Adjustment Required? Eagle View Company Bank Reconciliation As of December 31, 2015 Cycle: Date: Prepared by: Cash and Financial Assets December 16, 2015 Balance per Bank Add Deposit in Transit C-2 December 31, 2015 66,165 19,620 85,785 Less Outstanding Checks 16994 16995 17001 17003 17004 17005 17006 3,489 497 1,974 2,781 4,874 1,038 923 15,576 Reconciled Balance December 31, 2015 70,209 Balance per Book December 31, 2015 71,000 Less Service Charges (291) 70,709 Less Adjustment Reconciled Balance December 31, 2015 Proposed adjustments: 1 Account Conclusions: Debit Credit Note what steps you took to determine that Eagle View had made the error and any concerns would you have with this error. Eagle View Company Listing of Proposed Adjustments For the Year Ended December 31, 2015 X-3 Cycle: Audit Conclusions Date: December 16, 2015 Prepared by: Workpaper Number Account Debit G-1 Buildings and Equipment 1,390.00 Interest Expense To reclassify interest paid on construction of new store R-3 Buildings and Equipment 30,613.40 Repairs and Maintenance Expense To reclassify capitalizable costs originally classified as expenses Credit 1,390.00 30,613.40 Book or pass? Eagle View Company Summary of Proposed Adjustments For the Year Ended December 31, 2015 Cycle: Date: Prepared by: X-4 Audit Conclusions December 16, 2015 1) Note the total adjustments (indicating increases or decreases) that require recording for each category below. Account Category Sales Gross Profit Operating Expense Net Income Current Assets Fixed Assets Total Assets Current Liabilities Total Liabilities Equity Amount to Adjust Increase or Decrease? Each team member should save a copy of this worksheet only (not the entire workbook file) and submit it in the drop box. To save this page alone: Highlight the page name below Right-click for the worksheet menu Select "move or copy" Choose "new book" from the drop down menu and check the "create a copy" box Save the new page with a different name Overall Team Evaluation 1 Overall, how effectively did your team work together on this project? Poorly Adequately Well Extremely Well 2 What percentage of your team participated actively and was fully prepared most of the time? 3 Give one specific example of something you learned from the team that you probably would not have learned working alone. 4 Give one specific example of something the other team members learned from you that they probably would not have learned otherwise. 5 Suggest at least one change the team could make could be made to improve its performance or the project. 6 Did each team member have specific, even unique, responsibilities that helped the team attain its goal(s)? List all team members by name and their individual responsibilities. Team Member Evaluation List team members: Select the description below that you feel best describes each member's work on the project. Excellent Consistently went above and beyond; tutored teammates, carried more than his or her fair share of the load Very Good Very Good Consistently did what he or she was supposed to do, very well prepared and cooperative Satisfactory Usually did what he or she was supposed to do, acceptably well prepare and cooperative Ordinary Ordinary Often did what he or she was supposed to do, minimally well prepared and cooperative Marginal Deficient Unsatisfactory Superficial No Show Sometimes failed to show up or complete tasks, rarely prepared Often failed to show up or complete tasks, rarely prepared Consistently failed to show up or complete tasks, unprepared Practically no participation No participation at all Grade Breakdown Points Component Available Audit Testing of Revenues and Collection Cycle Accounts 3 Audit Testing of Revenues and Collection Cycle Accounts - Continued 3 3 Audit Testing of Purchase and Disbursement Cycle Accounts 3 Audit Testing of Purchase and Disbursement Cycle Accounts - Warrantie 3 Audit Testing of Purchase and Disbursement Cycle Accounts - Payroll 3 Audit Testing of Purchase and Disbursement Cycle Accounts - Leases 3 Audit Testing of Purchase and Disbursement Cycle Accounts - Impairmen 3 Audit Testing of Inventory Cycle Accounts 3 Audit testing of Cash accounts 3 Concluding the audit 3 Concluding the audit - Evaluation 3 Preparing the audit report 4 Writing 40 TOTAL Points Available Description of Components Audit Testing of Revenues and Collection Cycle Accounts Depth of content: covers all aspects of the question thoroughly allowing reader to understand issues at hand Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Audit Testing of Revenues and Collection Cycle Accounts - Continued GAAP proficiency: displays adequate knowledge of the relevant GAAP standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Audit Testing of Purchase and Disbursement Cycle Accounts GAAP proficiency: displays adequate knowledge of the relevant GAAP standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Audit Testing of Purchase and Disbursement Cycle Accounts - Warranties GAAP proficiency: displays adequate knowledge of the relevant GAAP standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Audit Testing of Purchase and Disbursement Cycle Accounts - Payroll GAAP proficiency: displays adequate knowledge of the relevant GAAP standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Audit Testing of Purchase and Disbursement Cycle Accounts - Leases GAAP proficiency: displays adequate knowledge of the relevant GAAP standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Audit Testing of Purchase and Disbursement Cycle Accounts - Impairments GAAP proficiency: displays adequate knowledge of the relevant GAAP standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Audit Testing of Inventory Cycle Accounts GAAP proficiency: displays adequate knowledge of the relevant GAAP standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Audit testing of Cash accounts GAAP proficiency: displays adequate knowledge of the relevant GAAP standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Concluding the audit GAAP proficiency: displays adequate knowledge of the relevant GAAP standards and applies them appropriately Depth of content: covers all aspects of the question thoroughly allowing reader to understand issues at hand Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Concluding the audit - Evaluation GAAS proficiency: displays adequate knowledge of the relevant GAAS standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Preparing the audit report GAAS proficiency: displays adequate knowledge of the relevant GAAS standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Writing Literacy: use of correct grammar, spelling, punctuation and sentence structure Audience: awareness of the reader's prior understanding and needs Organization: effectiveness of arranging ideas, professionalism of structure Style: use of effective and appropriate tone and word choice Consistency of tone: report has one consistent tone, not several individual ones Eagle View Company Analysis of Allowance for Uncollectible Accounts For the Years Ending December 31, 2015 and December 31, 2014 Cycle: Date: Prepared by: D-4 Revenue and Collections December 16, 2015 December 31, 2015 1012 6601 Allowance for Doubtful Accounts December 31, 2014 1012 6601 Allowance for Doubtful Accounts Bad Debt Expense Bad Debt Expense Beginning Balance as of January 1 Add annual provisions for bad debt 19,000.00 36,000.00 36,000.00 17,500.00 24,000.00 24,000.00 Subtotal Less: specific write-offs New Wave Home Systems PM Systems Sidetraxx Pro Audio Video Sound Works of Jackson All Hooked Up Harbert Home Systems Hi Tech Innovations HiFi Buys Loud and Clear Home Theater Media Concepts Nicholson's Stereo Real Home Theaters Visual Concepts 55,000.00 36,000.00 41,500.00 24,000.00 (4,302.00) (12,974.00) (9,737.00) (3,987.00) (1,865.00) (1,874.00) (982.00) (5,291.00) (6,721.00) (1,000.00) (3,128.00) (1,897.00) (1,242.00) (31,000.00) Unadjusted Balance as of December 31 24,000.00 Adjustment Adjusted Balance as of December 31 (24,000.00) 36,000.00 - 24,000.00 36,000.00 17,500.00 24,000.00 1,500.00 1,500.00 19,000.00 25,500.00 Eagle View Company Unrecorded Liabilities Testing For the Year Ended December 31, 2015 Cycle: Date: Prepared by: H-2 Purchases and Disbursements December 16, 2015 Audit Objectives: 1. To verify that all expenditures for 2015 costs are recorded in the correct year. Scope: Population: All invoices received between January 1, 2016 and January 15, 2016 Sample: Judgmental. All invoices over $500 and 10% of those less than $500, picked haphazardly. Audit Procedures: J A Trace to purchase invoice. Note agreement with amount and invoice date. Traced to client's year-end adjustment schedule, therefore already accrued for 2015. Date Recorded 1/3/2016 Barnes Lumber Company Invoice Number 2949 Dollar Amount 2,093.13 1/3/2016 1/4/2016 Seymore Trash Collection Jackson Tile 6894-35 4302 1/6/2016 Wheatland Solutions 1/8/2016 1/8/2016 1/9/2016 1/10/2016 1/10/2016 1/11/2016 1/12/2016 1/13/2016 1/13/2016 1/14/2016 Beta Office Supplies Leggo Payroll Services CIN PECO Hobbes Delivery Service TD Bank Federal Express Buddy Security Services Nittany and Hobbes Rosen Developments, LLC 1/15/2016 1/15/2016 Wheatland Solutions Trustmark Bank Payee Audit Procedures J Supplies for expansion of warehouse delivered in December 2015 175.00 1,392.34 J A J A Haul away debris from warehouse repair on December 29, 2015 Second half of bill to renovate warehouse/office bathrooms in December 2015 73214 12,487.53 J A Purchase of inventory shipped December 31, 2015 FOB shipping point 20957075 6935 238 23987951 32793-1 1846832 73580973 3972 2041 129 398.50 500.00 600.00 934.42 749.00 5,000.00 1,487.23 750.00 1,475.00 10,000.00 K J J A J J J J J J A J A Supplies purchased in January 2016 Payroll processing services for December 2015 Inventory processing services for December 2015 Utility bill for December 2015 Shipping services for January 2016 sales orders Quarterly interest payment for October - December 2015 Postage and mailing services for January 2016 sale orders Night security for warehouse and Store 6 for December 2015 Legal services for December 2015 Final installment payment on construction of Store 7 completed December 2016 73259 584587359 9,723.40 1,625.00 J J Purchase of inventory shipped January 5, 2016 FOB shipping point Quarterly interest payment for October - December 2015 Proposed adjustments: 1 Account Comments 2 Debit Credit Conclusions: What are your conclusions about the reliability of the process for recording liabilities timely? Correct year? Eagle View Company Summary of Product Warranty Expense For the Years Ended December 31, 2015 and December 31, 2014 Cycle: Date: Prepared by: J-2 Purchases and Disbursements December 16, 2015 Month Sales for Month Returns During Month Current Month 1 Month Old Sales 2 Month Old Sales 3 Month Old Sales 4 Month Old Sales 5 Month Old Sales 6 Month Old Sales Total Returns Month Sales for Month Returns During Month Current Month 1 Month Old Sales 2 Month Old Sales 3 Month Old Sales 4 Month Old Sales 5 Month Old Sales 6 Month Old Sales Total Returns Month Sales for Month Returns During Month Current Month 1 Month Old Sales 2 Month Old Sales 3 Month Old Sales 4 Month Old Sales 5 Month Old Sales 6 Month Old Sales Total Returns Month Sales for Month Returns During Month Current Month 1 Month Old Sales 2 Month Old Sales 3 Month Old Sales 4 Month Old Sales 5 Month Old Sales 6 Month Old Sales Total Returns January 2015 February 2015 March 2015 April 2015 May 2015 June 2015 532,000 316,000 359,000 479,000 486,000 414,000 646 1,896 1,314 1,834 1,188 1,350 398 672 1,938 1,770 1,690 1,250 1,398 782 468 732 1,722 2,148 1,596 1,000 280 670 702 794 1,830 2,402 1,314 1,166 842 1,340 820 1,160 2,046 2,020 1,408 716 1,472 1,532 1,054 1,098 1,616 1,390 8,626 9,500 7,946 8,878 9,636 8,878 July 2015 August 2015 September 2015 October 2015 November 2015 December 2015 371,000 460,000 442,000 533,000 586,000 800,000 1,198 884 1,368 2,108 584 1,038 970 502 674 1,032 1,894 1,436 936 610 554 1,504 750 1,328 1,788 1,150 1,288 440 1,476 2,406 1,498 1,254 1,998 1,340 846 1,538 1,660 1,704 1,648 1,106 1,158 1,008 1,570 1,868 1,752 1,204 1,048 1,032 8,150 7,084 8,362 10,412 9,660 9,482 January 2014 February 2014 March 2014 April 2014 May 2014 June 2014 486,000 303,500 275,500 443,500 470,000 325,500 193 445 599 555 570 328 323 137 533 693 423 658 289 285 177 388 837 1,287 986 763 253 222 329 319 875 1,188 1,021 485 147 369 481 662 343 792 211 61 514 480 658 320 571 445 3,013 3,018 4,691 4,439 3,005 3,049 July 2014 August 2014 September 2014 October 2014 November 2014 December 2014 336,000 438,000 407,000 480,000 511,000 696,000 256 276 625 591 456 205 457 284 313 429 441 702 228 251 210 497 569 797 1,029 812 202 292 559 462 541 735 698 517 469 583 629 639 512 490 220 505 563 666 664 604 456 272 2,866 2,648 4,116 3,804 3,542 3,730 Eagle View Company Analysis of Product Warranty Expense For the Years Ended December 31, 2015 and December 31, 2014 Cycle: Date: Prepared by: Purchases and Disbursements December 16, 2015 1) Calculate the warranty return rate for 2015 and 2014. 2015 2014 2) Describe information necessary to determine the appropriate warranty percentage. 3) Is Eagle View's methodology reasonable? What other considerations should be included in the methodology, if any? 4) What would you consider a reasonable warranty liability accrual? Explain you decision. 5) What, if any, adjustment would you propose? Record here. 1 Account 2 Debit Credit J-3 Eagle View Company Bonus Calculations For the Year Ended December 31, 2015 Cycle: Date: Prepared by: R-6 Purchases and Disbursements December 16, 2015 Sales Sales Returns and Discounts Net Sales Store 1 440,841 27,862 412,979 Store 2 549,708 34,745 514,963 Store 3 632,253 39,962 592,291 Store 4 365,737 23,117 342,620 Store 5 502,440 31,757 470,683 Store 6 167,021 10,557 156,464 Total 2,658,000 168,000 2,490,000 COGS Rent Expense Store Advertising Expense Store Payroll Expense 271,396 19,000 14,762 54,374 335,756 24,000 18,406 62,977 354,477 28,000 21,170 42,905 223,827 16,000 12,246 43,754 316,125 22,000 16,824 58,516 106,419 12,000 5,592 34,196 1,608,000 121,000 89,000 296,723 53,447 73,824 145,739 46,793 57,218 (1,743) 375,277 Net Bonus Basis BONUS RATE 5% BONUS EXPENSE Proposed adjustments: 1 Account 2 Debit Conclusions: What are your conclusions about the reasonableness of the bonus expense balance? Credit Eagle View Company Analysis of Seventh Store Lease For the Years Ended December 31, 2015 and December 31, 2014 Cycle: Date: Prepared by: Purchases and Disbursements December 16, 2015 1) Provide your conclusion on the correct accounting for this lease (capital or operating). 2) Describe information necessary to make this determination and how to obtain it. 3) For an operating lease, has this transaction been properly recorded? If not, what correction is needed? 4) For a capital lease, what correction is needed? 5) What, if any, adjustment would you propose? Record here. 1 Account 2 Debit Credit G-4 Eagle View Company Store-by-store Analysis For the Year Ended December 31, 2015 Cycle: Date: Prepared by: Sales Sales Returns and Discounts Net Sales COGS Gross Profit Adversiting and Selling Expenses Depreciation Expense Rent Expense Salaries, Commissions, Bonuses Total Operating Expenses Net Operating Income G-5 Purchases and Disbursements December 16, 2015 Store 1 440,841 27,862 Store 2 549,708 34,745 Store 3 632,253 39,962 Store 4 365,737 23,117 Store 5 502,440 31,757 Store 6 167,021 10,557 Total 2,658,000 168,000 412,979 271,396 141,583 14,762 5,600 19,000 54,374 93,736 47,847 514,963 335,756 179,207 18,406 7,050 24,000 62,977 112,433 66,774 592,291 354,477 237,814 21,170 8,100 28,000 42,905 100,175 137,639 342,620 223,827 118,793 12,246 4,700 16,000 43,754 76,700 42,093 470,683 316,125 154,558 16,824 6,400 22,000 58,516 103,740 50,818 156,464 106,419 50,045 5,592 2,150 12,000 34,196 53,938 (3,893) 2,490,000 1,608,000 882,000 89,000 34,000 121,000 296,723 540,723 341,277 PROFIT MARGIN BY STORE Analysis: Describe the relative profitability of the first five stores. Compare the profitability of the sixth store to the first five. Conclusions: What are your conclusions about the need for an impairment of the sixth store? Proposed adjustments: 1 Account 2 Debit Credit Eagle View Company Inventory Receiving and Shipping Cutoff For the Year Ending December 31, 2015 Cycle: Date: Prepared by: E-6 Purchases and Disbursements December 16, 2015 Purchases: Date Shipped Date Received Freight Terms 12/26/2015 12/28/2015 12/30/2015 12/29/2015 12/29/2015 12/30/2015 12/30/2015 12/31/2015 1/2/2016 1/3/2016 FOB Shipping FOB Shipping FOB Shipping FOB Shipping FOB Shipping Date Shipped Freight Terms Bill of Lading 12/29/2015 12/30/2015 12/31/2015 1/2/2016 1/3/2016 FOB Shipping FOB Shipping FOB Shipping FOB Shipping FOB Shipping Receiving Report # Date Recorded in AP and Inventory In Physical Count? 3987 3988 3989 3990 3991 12/30/2015 12/30/2015 1/3/2016 1/3/2016 1/3/2016 yes yes yes no no Inventory Amount Adjustment Required? 431.42 1,093.20 782.39 413.02 3,134.95 Sales: 6012 6013 6014 6015 6016 Date Recorded in AR In Physical Count? and Sales 12/30/2015 12/30/2015 12/30/2015 12/30/2015 1/3/2016 no no no yes yes Invoice Amount 9,606.00 13,467.00 13,415.00 546.00 5,507.00 Proposed adjustments: 1 Account 2 Debit Conclusions: What are your conclusions about the reliability of the the inventory accounting? Credit Inventory Amount 5,763.60 8,080.20 8,049.00 327.60 3,304.20 Adjustment Required? Eagle View Company Bank Reconciliation As of December 31, 2015 Cycle: Date: Prepared by: Cash and Financial Assets December 16, 2015 Balance per Bank Add Deposit in Transit C-2 December 31, 2015 66,165 19,620 85,785 Less Outstanding Checks 16994 16995 17001 17003 17004 17005 17006 3,489 497 1,974 2,781 4,874 1,038 923 15,576 Reconciled Balance December 31, 2015 70,209 Balance per Book December 31, 2015 71,000 Less Service Charges (291) 70,709 Less Adjustment Reconciled Balance December 31, 2015 Proposed adjustments: 1 Account Conclusions: Debit Credit Note what steps you took to determine that Eagle View had made the error and any concerns would you have with this error. Eagle View Company Listing of Proposed Adjustments For the Year Ended December 31, 2015 X-3 Cycle: Audit Conclusions Date: December 16, 2015 Prepared by: Workpaper Number Account Debit G-1 Buildings and Equipment 1,390.00 Interest Expense To reclassify interest paid on construction of new store R-3 Buildings and Equipment 30,613.40 Repairs and Maintenance Expense To reclassify capitalizable costs originally classified as expenses Credit 1,390.00 30,613.40 Book or pass? Eagle View Company Summary of Proposed Adjustments For the Year Ended December 31, 2015 Cycle: Date: Prepared by: X-4 Audit Conclusions December 16, 2015 1) Note the total adjustments (indicating increases or decreases) that require recording for each category below. Account Category Sales Gross Profit Operating Expense Net Income Current Assets Fixed Assets Total Assets Current Liabilities Total Liabilities Equity Amount to Adjust Increase or Decrease? Each team member should save a copy of this worksheet only (not the entire workbook file) and submit it in the drop box. To save this page alone: Highlight the page name below Right-click for the worksheet menu Select "move or copy" Choose "new book" from the drop down menu and check the "create a copy" box Save the new page with a different name Overall Team Evaluation 1 Overall, how effectively did your team work together on this project? Poorly Adequately Well Extremely Well 2 What percentage of your team participated actively and was fully prepared most of the time? 3 Give one specific example of something you learned from the team that you probably would not have learned working alone. 4 Give one specific example of something the other team members learned from you that they probably would not have learned otherwise. 5 Suggest at least one change the team could make could be made to improve its performance or the project. 6 Did each team member have specific, even unique, responsibilities that helped the team attain its goal(s)? List all team members by name and their individual responsibilities. Team Member Evaluation List team members: Select the description below that you feel best describes each member's work on the project. Excellent Consistently went above and beyond; tutored teammates, carried more than his or her fair share of the load Very Good Very Good Consistently did what he or she was supposed to do, very well prepared and cooperative Satisfactory Usually did what he or she was supposed to do, acceptably well prepare and cooperative Ordinary Ordinary Often did what he or she was supposed to do, minimally well prepared and cooperative Marginal Deficient Unsatisfactory Superficial No Show Sometimes failed to show up or complete tasks, rarely prepared Often failed to show up or complete tasks, rarely prepared Consistently failed to show up or complete tasks, unprepared Practically no participation No participation at all Grade Breakdown Points Component Available Audit Testing of Revenues and Collection Cycle Accounts 3 Audit Testing of Revenues and Collection Cycle Accounts - Continued 3 3 Audit Testing of Purchase and Disbursement Cycle Accounts 3 Audit Testing of Purchase and Disbursement Cycle Accounts - Warrantie 3 Audit Testing of Purchase and Disbursement Cycle Accounts - Payroll 3 Audit Testing of Purchase and Disbursement Cycle Accounts - Leases 3 Audit Testing of Purchase and Disbursement Cycle Accounts - Impairmen 3 Audit Testing of Inventory Cycle Accounts 3 Audit testing of Cash accounts 3 Concluding the audit 3 Concluding the audit - Evaluation 3 Preparing the audit report 4 Writing 40 TOTAL Points Available Description of Components Audit Testing of Revenues and Collection Cycle Accounts Depth of content: covers all aspects of the question thoroughly allowing reader to understand issues at hand Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Audit Testing of Revenues and Collection Cycle Accounts - Continued GAAP proficiency: displays adequate knowledge of the relevant GAAP standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Audit Testing of Purchase and Disbursement Cycle Accounts GAAP proficiency: displays adequate knowledge of the relevant GAAP standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Audit Testing of Purchase and Disbursement Cycle Accounts - Warranties GAAP proficiency: displays adequate knowledge of the relevant GAAP standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Audit Testing of Purchase and Disbursement Cycle Accounts - Payroll GAAP proficiency: displays adequate knowledge of the relevant GAAP standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Audit Testing of Purchase and Disbursement Cycle Accounts - Leases GAAP proficiency: displays adequate knowledge of the relevant GAAP standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Audit Testing of Purchase and Disbursement Cycle Accounts - Impairments GAAP proficiency: displays adequate knowledge of the relevant GAAP standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Audit Testing of Inventory Cycle Accounts GAAP proficiency: displays adequate knowledge of the relevant GAAP standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Audit testing of Cash accounts GAAP proficiency: displays adequate knowledge of the relevant GAAP standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Concluding the audit GAAP proficiency: displays adequate knowledge of the relevant GAAP standards and applies them appropriately Depth of content: covers all aspects of the question thoroughly allowing reader to understand issues at hand Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Concluding the audit - Evaluation GAAS proficiency: displays adequate knowledge of the relevant GAAS standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Preparing the audit report GAAS proficiency: displays adequate knowledge of the relevant GAAS standards and applies them appropriately Depth of analysis: provides reasonable support for all question decisions and conclusions reached Conclusions/Insights: inclusion of meaningful conclusions or insights into the question Writing Literacy: use of correct grammar, spelling, punctuation and sentence structure Audience: awareness of the reader's prior understanding and needs Organization: effectiveness of arranging ideas, professionalism of structure Style: use of effective and appropriate tone and word choice Consistency of tone: report has one consistent tone, not several individual ones