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$) Your client RH Inc. prepared the following schedule for Long Term Debt. For the audit of Financial Statements for the year ended December 31,
$) Your client RH Inc. prepared the following schedule for Long Term Debt. For the audit of Financial Statements for the year ended December 31, 2015 Note Payable Interest | Due Date Beginning Additions Payments Ending Description Rate 1/1/2015 (5) 12,31, 2015. (S) Mortgage Payable 6.25% 2024 1.125,000 - 200.000 925,000 Unsecured Note Payable 6.00% 2026 7,500,000 - 475,000 7,025 000 Secured Bonds 5.75% 2022 12,700,000 1,250.000 300,000 3,650000 Convertible Debentures 5.25% 2029 - 10,000,000 - 10,000,000 Total 11,325,000 11,250,000 975,000 21,600,000 Required a. What type of evidence would you examine to support the beginning balance in the accounts? b. What types of evidence would you use to support the additions to each account? What types of evidence would you examine to support payments? d. What procedures would you perform related to the ending balances in the accounts? e. What evidence would you to verify interest rates and due dates?. f. How might you use the information presented above to audit interest expense and interest payable accounts?. $) Your client RH Inc. prepared the following schedule for Long Term Debt. For the audit of Financial Statements for the year ended December 31, 2015 Note Payable Interest | Due Date Beginning Additions Payments Ending Description Rate 1/1/2015 (5) 12,31, 2015. (S) Mortgage Payable 6.25% 2024 1.125,000 - 200.000 925,000 Unsecured Note Payable 6.00% 2026 7,500,000 - 475,000 7,025 000 Secured Bonds 5.75% 2022 12,700,000 1,250.000 300,000 3,650000 Convertible Debentures 5.25% 2029 - 10,000,000 - 10,000,000 Total 11,325,000 11,250,000 975,000 21,600,000 Required a. What type of evidence would you examine to support the beginning balance in the accounts? b. What types of evidence would you use to support the additions to each account? What types of evidence would you examine to support payments? d. What procedures would you perform related to the ending balances in the accounts? e. What evidence would you to verify interest rates and due dates?. f. How might you use the information presented above to audit interest expense and interest payable accounts
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