Question
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
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 assets58,000 36,000
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: make 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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Introduction to Managerial Accounting
Authors: Peter C. Brewer, Ray H. Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan
5th Canadian edition
77429494, 1259105709, 1260480798, 978-1259105708
