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Your task is to conduct a quality control review of working paper 5014 Alvarado Confirmation slections, and prepare review notes -comments and questions WP 5014

Your task is to conduct a quality control review of working paper 5014 Alvarado Confirmation slections, and prepare review notes -comments and questions image text in transcribed
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WP 5014 Alvamdo industies Confirmation Selections Prepared by Roviewed by MRF 2/2/R/0 12/31/18 (a) IWP 5014 Alvarado Industries Prepared by MRF 2/2/2019 Confirmation Selections Reviewed by TJB 2/5/2019 12/31/18 (a) Selected based on the following criteria: Planning Materit $5 millon; Dollar sampling interval of $2.5 million, using standard firm sampling software; based on the population size, a total of twenty selections were made. (b) Reply received; no exception. No reply received. Obtained shipping documents from (c) Shipping Department Manager noting shipment to billing address prior to invoice date. No reply recelved. Agreed subsequent collection to cash (d) receipts summary by customer invoice obtained from cash manager in Treasurer's office. No reply received. Customer paid $7,456. Remaining balance was adjusted via credit memo dated January 25, 2019. Obtained and read credit memo noting proper approval by VP Sales. Amount appears to be a valid recelvable at 12/31/2018. No reply recelved. Per discussion with Shipping Department Manager, the shipment is on hold pending final delivery instructions from the customer. This is a long standing customer with limited warehouse capability and the Company often holds delivery for them. Verified this information by discussions with the VP Sales who personally approves every delayed shipment. The customer has no history of significant account adjustments or late payments. Amounts appear to be valid recelvables at 12/31/2018. No reply received. Obtained shipping documents from shipping manager noting shipment in March 2018. Invoice reissued in November. Per discussion with the Credit Manager, customer had been having difficulty payiong, but now has a new product in production. Customer began paying its outstanding invoices, beginning with the oldest, and is now considered current. Accordingaly, in consideration of the customer's resumption of payments and to reflect the actual situation with the customer, all invoices have been adjusted to reflect current dating and to show the actual past due status should any future payments be missed. As the company expects the customer to continue paying as it has for the past several months, no specific allowance is considered necessary. Noted approval by VP Sales and Credit Manager. Appears reasonable. Reply received with exception. Per discussion with the VP Sales, replacement condensers were shipped last week and the customer has paid the fulliamount of the invoice. Accordingly the balance as of 12/31/2018 appears collectible. No reply received. Obtained shipping documents from Shipping Department Manager noting shipment to independent public warehouse as of the invoice date. (1) No reply received. Agreed subsequent collection to cash receipts summary by customer invoice obtained from cash manager in Treasurer's office. WP 5014 Alvamdo industies Confirmation Selections Prepared by Roviewed by MRF 2/2/R/0 12/31/18 (a) IWP 5014 Alvarado Industries Prepared by MRF 2/2/2019 Confirmation Selections Reviewed by TJB 2/5/2019 12/31/18 (a) Selected based on the following criteria: Planning Materit $5 millon; Dollar sampling interval of $2.5 million, using standard firm sampling software; based on the population size, a total of twenty selections were made. (b) Reply received; no exception. No reply received. Obtained shipping documents from (c) Shipping Department Manager noting shipment to billing address prior to invoice date. No reply recelved. Agreed subsequent collection to cash (d) receipts summary by customer invoice obtained from cash manager in Treasurer's office. No reply received. Customer paid $7,456. Remaining balance was adjusted via credit memo dated January 25, 2019. Obtained and read credit memo noting proper approval by VP Sales. Amount appears to be a valid recelvable at 12/31/2018. No reply recelved. Per discussion with Shipping Department Manager, the shipment is on hold pending final delivery instructions from the customer. This is a long standing customer with limited warehouse capability and the Company often holds delivery for them. Verified this information by discussions with the VP Sales who personally approves every delayed shipment. The customer has no history of significant account adjustments or late payments. Amounts appear to be valid recelvables at 12/31/2018. No reply received. Obtained shipping documents from shipping manager noting shipment in March 2018. Invoice reissued in November. Per discussion with the Credit Manager, customer had been having difficulty payiong, but now has a new product in production. Customer began paying its outstanding invoices, beginning with the oldest, and is now considered current. Accordingaly, in consideration of the customer's resumption of payments and to reflect the actual situation with the customer, all invoices have been adjusted to reflect current dating and to show the actual past due status should any future payments be missed. As the company expects the customer to continue paying as it has for the past several months, no specific allowance is considered necessary. Noted approval by VP Sales and Credit Manager. Appears reasonable. Reply received with exception. Per discussion with the VP Sales, replacement condensers were shipped last week and the customer has paid the fulliamount of the invoice. Accordingly the balance as of 12/31/2018 appears collectible. No reply received. Obtained shipping documents from Shipping Department Manager noting shipment to independent public warehouse as of the invoice date. (1) No reply received. Agreed subsequent collection to cash receipts summary by customer invoice obtained from cash manager in Treasurer's office

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