You work for a CPA firm, and you have been assigned the task of performing the firm's second-year audit of the financial statement of Paul's Guitar Shop, Inc.For each line item in the financial statements,describe the substantive testing you will performto determine whether these financial statements are materially correct in accordance with U.S. generally accepted accounting principles assuming control risk is high.

Paul's Guitar Shop, Inc. Statement of Financial Position December 31, 2015 Assets Current Assets Cash 32,800 Inventory 39,800 Total Current Assets 72,600 Fixed Assets Leasehold Improvements 100,000 Accumulated Depreciation (2,000) Total Fixed Assets 98,000 Other Assets Trademarks 20,000 Accumulated Amortization (8,000) Total Other Assets 12,000 Total Assets 182,600 Liabilities Current Liabilities Accounts Payable 49,000 Accrued Expenses 1,000 Total Current Liabilities 50,000 Long-term Liabilities 25,000 Total Liabilities 75,000 Owner's Equity Owner's Equity Common Stock 20,000 Retained Earnings 87,600 Total Owner's Equity 107,600 Total Liabilities and Owner's Equity 182,600