test - Audit Rev7

test - Audit Rev7 - Team Name: On Focus Audits Group Info...

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Unformatted text preview: 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) 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 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 2,000A-3 1101 General Checking (30,000) 200 (29,800)A-2; A-3.1 1102 Savings 85,000 85,000A-2 1103 Payroll 10,000 10,000A-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 15,600n/a 1300 Inventory - Frozen 35,000 35,000C-2 1301 Inventory - Grocery 55,000 55,000C-2 1302 Inventory - Meat 37,500 420 37,920C-2 1303 Inventory - Produce 17,000 17,000C-2 1304 Inventory - Chemicals 7,500 7,500C-2 1305 Inventory - Non Food 28,250 28,250C-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 85,000D-1 1701 Fixed Assets - Equipment 45,700 45,700D-1 1702 Fixed Assets - Delivery Equipment 39,600 39,600D-1 1703 Fixed Assets - Office Equipment 12,000 12,000D-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 74,500n/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)...
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This note was uploaded on 07/27/2011 for the course ACCT 102 taught by Professor Huxhold during the Spring '11 term at UCSD.

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test - Audit Rev7 - Team Name: On Focus Audits Group Info...

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