The following client-prepared bank reconciliation is being examined by Kautz, CPA, during an audit of the financial
Question:
The following client-prepared bank reconciliation is being examined by Kautz, CPA, during an audit of the financial statements of Cynthia Company.
Required
Indicate one or more auditing procedures that should be performed by Kautz in gathering evidence in support of each of the items (a) through (h) above.
Transcribed Image Text:
Balance per bank (a) Deposits in transit (b) 12/30 12/31 Subtotal Outstanding checks (c) 837 1941 1966 1984 1985 1987 1991 Subtotal NSF check returned 12/29 (d) Bank charges (e) Error check no. 1932 (f) Cynthia Company Bank Reconciliation Village Bank Account 2 December 31, 2025 Customer note collected by the bank ($2,750 plus $275 interest) (g) Balance per books (h) $1,471.10 2,840.69 6,000.00 671.80 320.00 1,855.42 3,621.22 2,576.89 4,420.88 $ 18,375.91 4,311.79 22,687.70 (19,466.21) 3,221,49 200.00 550.00 148.10 (3,025.00) $ 1,094.59
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (4 reviews)
The following table explains the auditing procedures that should be performed associated with the le...View the full answer
Answered By
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others.
I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years.
I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+
2+ Reviews
10+ Question Solved
Related Book For
Auditing A Practical Approach With Data Analytics
ISBN: 9781119785996
2nd Edition
Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton
Question Posted:
Students also viewed these Business questions
-
49. When developing a forecast and production plan; utilization refers to: a) The minimum number of labour hours required to produce full capacity b) The total number of units in the production plan...
-
The following client prepared bank reconciliation is being examined by Kautz, CPA, during an audit of the financial statements of Cynthia Company: Required Indicate one or more auditing procedures...
-
The following client- prepared bank reconciliation is being examined by Zachary Kallick, CPA, during the examination of the financial statements of Simmons Company. Required: Items (a) through (e)...
-
A firm has total debt of $6,000,000 and stockholder's equity is $4,000,000. The firm wants to calculate equity-to- total asset ratio in order to make decision about further raise of capital. What is...
-
A study showed that trained police of officers can detect a lie 65 percent of the time, based on controlled studies of videotapes with real-life lies and truths. What are the odds in favor of a lie...
-
Current assets and current liabilities for Brimstone Company follow: a. Determine the working capital and current ratio for 2019 and 2018. b. Does the change in the current ratio from 2018 to 2019...
-
A \(250-\mathrm{m}\)-long ship has a wetted area of \(8000 \mathrm{~m}^{2}\). A \(\frac{1}{100}\)-scale model is tested in a towing tank with the prototype fluid, and the results are: Calculate the...
-
The CEO of Fresh Snacks Corp. is concerned about the amount of resources currently spent on customer warranty claims. Each box of snacks is printed with the following logo: Satisfaction guaranteed or...
-
In wandering, a grizzly bear makes a displacement of 1521 m due west, followed by a displacement of 3267 m in a direction 37.0 north of west. What are the : The magnitude of the displacement from...
-
On January 1, 20X5, Pond Corporation purchased 75 percent of Skate Companys stock at underlying book value. At that date, the fair value of the noncontrolling interest was aJanuary 1, 20X8, and...
-
All of the following are risk assessment procedures for the audit of accounting estimates except: a. Gain an understanding of what is required by the applicable financial reporting framework. b....
-
Which of the following cash transfers results in a misstatement of cash at December 31, 2025? a. b. C. d. Cash Disbursement per Books 12/31/25 12/31/25 1/4/26 1/3/26 Cash Paid by the Bank 1/5/26...
-
A bit that is turned off represents the following value: __________. a. 1 b. 1 c. 0 d. no
-
11. Selected information for Blake's Restaurant Supply follows. ($ millions) 2020 2021 Net sales 694 782 Cost of goods sold 450 502 Depreciation 51 61 Net income 130 142 Finished goods inventory 39...
-
John would like to buy an RV to fulfill his dream of travelling across the country and camping at every national park a. He knows that the RV will cost him $140,000. How many years will it take him...
-
and the % of business use. Assume the residential rental and business office activities are owned by The following items of business property are followed by the date each was placed in service, its...
-
What are the main role of a businessmen to build the good business relation and communication to make the business better everyday?
-
Based on the layer cake found at www.starchefs.com/recipes/layer-cake Pastry Chef Erin Kanagy-Loux has created a recipe for a layer cake that consists of five different kinds of cakes, and four...
-
A car manufacturer orders in an engine component as it is needed. The holding cost is $10 per component and the order cost is $180 per order. Five thousand of the components are used each year by the...
-
2. Assume a person bends forward to lift a load "with his back" as shown in Figure P12.42a. The person's spine piv- ots mainly at the fifth lumbar vertebra, with the principal supporting force...
-
Starr Corp. approved a plan of merger with Silo Corp. One of the determining factors in approving the merger was the strong financial statements of Silo, which were audited by Cox & Co., CPAs. Starr...
-
Henry Owens, CPA works in a local accounting firm. He is the tax manager on a major client in the office. The firm prepares compiled financial statements for the client on a quarterly basis. The...
-
The AICPA rule on general standards identifies four aspects of professional behavior. Identify each of the four aspects and develop an example illustrating the violation of each aspect.
-
You are asked to examine two broad areas of investment opportunities: precious metals and crude oil. After a few days of data mining, you come up with an estimate of returns on one precious metals...
-
A NNE ARUNDEL COUNTY IS LOCATED south of Baltimore, MD, and is the home of Annapolis, MD, the location of the U.S. Naval Acad- emy. Annapolis and the surrounding area has become a popular...
-
TranscribedText: Intel is currently trading at $34.69, interest rates are currently 5.3%, and 1.5 year call options on Intel with a strike of $37 are trading at an implied vol of 41%. Suppose you...
Study smarter with the SolutionInn App