Peach Blossom Project

Peach Blossom Project - 7.7% Inventory 24 10.3% Fixed...

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Peach Blossom Cologne Company P-1 Time Budget December 31, 2009 Prior Current Current Var. Explanation of Year Year Year from Variance from Audit Area Actual % Budget % Actual % Budget Budget Planning 6 2.6% Interim: Understanding internal control 5 2.1% Testing control design effectiveness 3 1.3% Testing control operting effectiveness 3 1.3% Cash 2 0.9% Accounts Receivable 2 0.9% Inventory 4 1.7% Fixed assets 2 0.9% Accounts Payable 2 0.9% Accrued liabilites 2 0.9% Federal income taxes 2 0.9% Notes Payable 2 0.9% Capital Stock 1 0.4% Retained Earnings 1 0.4% Operating accounts 2 0.9% Trial balance and adjusting entries 3 1.3% Other (Explain): Total Interim 36 15.4% Year-end: Cash 16 6.8% Accounts Receivable 18
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Unformatted text preview: 7.7% Inventory 24 10.3% Fixed Assets 16 6.8% Accounts Payable 22 9.4% Accrued Liabilities 8 3.4% Federal Income Taxes 8 3.4% Notes Payable 7 3.0% Capital Stock 1 0.4% Retained Earnings 2 0.9% Operating accounts 14 6.0% Commitments & Contingencies 3 1.3% Minutes & Correspondence 6 2.6% Representations Letter 1 0.4% Unrecorded Liabilities 8 3.4% Report Preparation 8 3.4% Internal Control Letter 1 0.4% In-Charge Memorandum 5 2.1% Other (Explain): Total Year-end 168 71.8% Total Planning 6 2.6% Total Interim 36 15.4% Supervision & Review 24 10.3% Total Hours 234 100.0%...
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This note was uploaded on 11/13/2011 for the course ACCT 470 taught by Professor Fdsafd during the Summer '09 term at Franklin.

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