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Group Audit Rev7

Group Audit Rev7 - Team Name On Focus Audits Year End Dec...

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Team Name: On Focus Audits Group Info Team Member Names Ben Ko/ Lynn Hill Cash Amy Shao/Lynn Hill A/R Blake Meister Inventory John Dawso PP&E John Dawso Debt Lynn Hill Compilation through June 6, 2010 Responsibility/Section(s)
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McCullough's General Store Group Case Assignment Audit Case 2009 Year End - Dec. 31, 2009: Audit work performed - May 4 through June 6, 2010 Proper use of tick marks and work paper cross references are required. (Fig 5.7 & 5.8) Scope for proposed individual AJE's (adjusting journal entries) amount > $400. W/P Requirements Index 1. Use W/P 10 as your working trial balance and general ledger, 10 and record your proposed journal entries. 2. Provide W/P references on trial balance and organize sections as follows: Cash A Accounts Receivable B Inventories C Property, Plant and Equipment D Debt G 3. Perform Audit Work on Cash. A - 1 (See exhibit 1) A - 2 4. Perform Audit Work on Trade Accounts Receivable. B - 1 B-1.1 5. Perform Audit Work on Inventory. C - 1 (See exhibit 2) 6. Perform Audit Work on Property, Plant and Equipment. D - 1 (See exhibit 3) 7. Perform Audit Work on Debt G - 1 7. Complete the schedule of auditor's passed AJE's. 10 - 1 Use the applicable audit procedures and the proper work paper documentation skills to paper) Determine if the sum of all passed AJEs are material. Use $5,000 as
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McCullough's General Store Review Trial Balance JD 6/6/2010 December 31, 2009 leh 6/6/2010 10 Trial Balance & AJE's Amy 6/6/2010 Ben 6/6/2010 Blake 6/6/2010 Proposed Adjusted W/P Account # Account Name Balance AJE's Balance Reference 1100 Cash on hand 2,000 2,000 A-3 1101 General Checking (30,000) 200 (29,800) A-2; A-3.1 1102 Savings 85,000 85,000 A-2 1103 Payroll 10,000 10,000 A-2 1200 Accounts Receivable - Trade 175,000 175,000 1201 Reserve for bad debts (10,000) (10,000) 1204 A/R Employee Advances 15,600 15,600 n/a 1300 Inventory - Frozen 35,000 35,000 C-2 1301 Inventory - Grocery 55,000 55,000 C-2 1302 Inventory - Meat 37,500 420 37,920 C-2 1303 Inventory - Produce 17,000 17,000 C-2 1304 Inventory - Chemicals 7,500 7,500 C-2 1305 Inventory - Non Food 28,250 28,250 C-2 1400 Store Supplies 5,500 5,500 1500 Prepaid Expenses 12,250 12,250 1600 Deposits 22,500 22,500 1700 Fixed Assets - Leasehold Improvements 85,000 85,000 D-1 1701 Fixed Assets - Equipment 45,700 45,700 D-1 1702 Fixed Assets - Delivery Equipment 39,600 39,600 D-1 1703 Fixed Assets - Office Equipment 12,000 12,000 D-1 1704 Accumulated Depr. (75,600) (75,600) D-1 1750 Goodwill, net 85,500 85,500 1800 Note Receivable - C.F. McCullough 74,500 74,500 n/a 2000 Accounts Payable - Vouchered (95,000) (95,000) 2001 Accounts Payable - Unvouchered (65,500) (200) (65,700) A-1; A-3.1 2100 Accrued Wages (5,000) (5,000) n/a 2101 Accrued Vacation and Sick (5,000) (5,000) n/a 2102 Accrued Interest (2,400) (2,400) 2103 Accrued Payroll Taxes (1,000) (1,000) n/a 2104 Accrued Income Taxes (7,600) (7,600) n/a 2200 Current Portion of Long Term Debt (42,500) (42,500) A-2, G-2 2201 Line of Credit - Annual renewal (96,400) (96,400) A-2, G-2 2300 Note Payable - Bank (175,000) (175,000) A-2, G-2 3000 Common Stock, $1.00 par (1,000) (1,000) n/a 3001 Additional Paid in Capital (199,000) (199,000) n/a 4000 Retained Earnings - Prior Years (20,000) (20,000) n/a 4001 Current Year Net Income (19,400) (19,400) n/a 0 420 420 10-PAJE's; B-1; B-1.1; B-2; B-3;B-3 TB-10; B-1; B-1.1; B-2; B-3
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McCullough's General Store Lead Lynn Account No. 1101 General Checking Review Account No. 1102 Savings JD 6/6/2010 Account No. 1103 Payroll Amy 6/6/2010 Ben 6/6/2010 Account No. 2300 Note Payable Bank Blake 6/6/2010 December 31, 2009 A-2 Cash Analysis of Standard Form Exert form Trial Balance Sheet dated December 31, 2010 1101 General Checking -$30,000 € √ N1, N2 1102 Savings $85,000 € N1
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