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Motor Vehicle Verification Instructions You will perform an exercise to consider how individual management assertions might relate to the significant account, PPE for ABC Company. This exercise is intended to illustrate the assertions as they would impact ABC Company. For this exercise, imagine you have been given the Vehicle Register for ABC Company as prepared by the PPE Manager, which is a detailed listing of all of the vehicles ABC Company owns. This Vehicles Register contains a few errors. If these errors are not identified, it will result in inaccurate information being included in the financial statements. You will be reviewing the Vehicles Register (PM_01_Vehicles Register) and identifying as many errors as you can. For the purposes of this exercise, assume there are no errors related to the Accumulated Depreciation of the vehicles. To perform the exercise, you will also need the PM_02_Phyiscally Verified Vehicles. (on Excel Spreadsheet) This document contains the actual physically verified details of each of ABC Company's current vehicles. The details were verified by a fellow engagement team member. Compare the information from PM_02_Physically Verified Vehicles to PM_01_Vehicles Register to identify any errors and inconsistencies between the two documents. Use WP EX_01_Vehicle Errors (on Excel Spreadsheet) to document your individual responses. PM_01_Vehicles Register ABC Company Vehicles Register Provided by: Michael Sparks, PPE Manager NOTE: For the purposes of this training exercise, assume there are no errors related to the Accumulated Depreciation column. Asset Description Cost ($) Accumulated Depreciation (S) Carrying Amount ($) Gold Truck 55,000 0 55,000 110,000 42,000 68,000 White Truck Aqua Truck* 60,000 3,000 57,000 Turquoise Truck 150,000 25,000 125,000 Orange Truck* 40,000 8,000 32,000 Brown Truck 92,000 28,000 64,000 Yellow Truck 104,000 27,000 77,000 Blue Truck * 74,000 9,000 65,000 Total 685,000 142,000 543,000 * New Purchases in 20x3 Note: There is also a GL account called Burgundy Truck, listed as an Accounts Receivable with a balance of $64,000. PM_02_Phyiscally Verified Vehicles. User Car Type Purchase date Delivery Driver 11 Green Truck February 23, 20x2 Delivery Driver 112 White Truck September 23, 20X0 Delivery Driver 13 Aqua Truck November 23, 2013 Delivery Driver #4 Turquoise Truck February 24, 20x2 Notes The truck was purchased for $102,000. it was driven 34,000 miles during the year. It has been serviced regularly and is in good condition The truck was purchased for $118,000. It has driven 16,000 miles. it has been serviced regularly The truck was purchased for $60,000 It has driven 15.000 miles it has been serviced regularly This truck was purchased for 5150,000 Delivery Driver 4 has driven 32,000 miles during the year It has been serviced 3 times. The truck was involved in an accident two weeks prior to year end, and has been valued at $110,000 by the Insurers. The truck is rented from Rent Me A Truck Ltd. It will be returned after 3 years. -ABC Company does not have an option to buy the truck at the end of the rental agreement, The truck is currently worth $40,000 per Truck Guide The truck was purchased for $92.000 It has driven 5,000 miles during the year The truck was purchased for 5104,000 It has driven 34,000 miles in total it has been serviced regularly and is in good condition theme Delivery Driver US Orange Truck January 23, 20x3 Delivery Driver is arown. Truck Aaril 13, 20x1 Delivery Driver 17 Yellow Truck February 23, 20X1 CE Delivery Orwers Blue Truck April 12, 20X1 The truck was purchased for $74,000 it has driven 5,000 miles in total Please select the appropriate assertion that has bee affected for each vehicle. Where there is no misstatement no assertion has been affectd so select 'No assertion affected' Gold White [Choose) Valuation Existence Accuracy cutoff No assertion affected Rights and obligations presentation completeness No assertions affected Aqua Turquoise [Choose] Orange [Choose] Brown [Choose) Yellow Choose) Blue [Choose) Burgundy [Choose Green [Choose