Question

An audit firm is engaged in the examination of the financial statements of Zeitlow Corporation for the year ended December 31, 2013. Zeitlow Corporation’s financial statements and records have never been audited. The stockholders’ equity section of Zeitlow Corporation’s balance sheet at December 31, 2013, follows:
Stockholders’ Equity:
Capital stock—10,000 shares of $10 par value authorized:
5,000 shares issued and outstanding ............ $ 50,000
Capital contributed in excess of par value of capital stock .... 58,800
Retained earnings ..................... 105,000
Total stockholders’ equity ..................$213,800
Founded in 2005, Zeitlow Corporation has 10 stockholders and serves as its own registrar and transfer agent. It has no capital stock subscription contracts in effect. Prepare the detailed audit program for the examination of the three accounts composing the stockholders’ equity section of Zeitlow Corporation’s balance sheet.
(Do not include in the audit program for the verification of the results of the current-year operations.)



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  • CreatedSeptember 22, 2014
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