Accounting Questions and Answers September 15, 2021

Starting with 1-butanol, show the reagents you would use to prepare each of the following compounds.

(a) H. (b) HO, OH (c) (d)

Calculate forecast for week 5, 6 and 7 from the following data, by using 3 years Moving Average Method. Week Sales Data 1 18 2 20 3 25 4 36 5 6 7

The RAH Manufacturing Company has two service departments: Maintenance and Accounting. The Maintenance Department's costs of $312,000 are allocated on the basis of machine hours. The Accounting Department's costs of $132,000 are allocated on the basis of the number of employees within a specific department. The direct departmental costs for A and

Prove the theorem (elementary number theory)

1.51 Theorem. Let a, b. c, Xo. and yo be integers with a and b not both c. Then the integers 0 such that axo byo a X xo and (a, b) y Vo (a, b) also satisfy the linear Diophantine equation ax by c. This theorem leaves open the question of whether this method of gener ating alternative solutions generates all the solutions or whether there are

Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for Taxing authorities. Internal users of accounting information. External users of accounting information. The securities and exchange commission (sec).

A small capsule having a volume of 5 cm contains liquid water at 7.5 MPa and 60c. The capsule is located inside an evacuated container having a volume of 0.025 m. Subsequently, the capsule is broken by some appropriate mechanism so that the water is able to evaporate and fill the large container. Calculate the final density of the watervapour

Surveys of customers and the general population is an example of what kind of forecasting method? Multiple Choice Qualitative forecasting Predictive forecasting Quantitative forecasting Analytical forecasting

How much heat is required to raise the temperature of 38.2 g of water from 55 C to 135 C heat kcal

AF does not report the receipt of any governments grants. If it did, its approach to accounting for government grants would be significantly different from U.S. GAAP. Describe the differences between IFRS and U.S. GAAP in accounting for government grants. If AF received a grant for the purchase of assets, what alternative accounting treatments are

The focus of the article assignment is to introduce you to the relevant application of accounting to our world. You will pick an article that piqued your curiosity as it relates to accounting from the Pivot CPA magazine. You will thoroughly read, summarize and write a report analyzing the article you have chosen. You may also choose to analyze a

The chart of accounts of the Barnes School is shown here, followed by the transactions that took place during October of this year. For additional help, see the demonstration problem at the beginning of each chapter in your Working Papers. Oct. 1 Bought liability insurance for one year, $1,850, Ck. No. 1527. 3 Received a bill for advertising from

Assets Revenue 111 Cash 411 Tuition Income 113 Accounts Receivable Expenses 511 Salary Expense 512 Rent Expense 513 Gas and Oil Expense 514 Advertising Expense 515 Repair Expense 516 Telephone Expense 517 Utilities Expense 529 Miscellaneous Expense 115 Prepaid Insurance 124 Equipment 127 Furniture Liabilities 221 Accounts Payable Owners Equity 311

Brooke is an insurance agent who meets with Dan and Doreen, brand new clients who are interested in obtaining life insurance. Under Canadas Proceeds of Crime (Money Laundering) and Terrorist Financing Act, which of the following statements about Brookes obligations is CORRECT? a) If the clients make a deposit of $100,000 or more, Brooke must

You have been assigned to service an existing client. Upon review of their current coverage, you discover the insured has had a 20 year Limited Pay Term 100 policy for 28 years. The client has had the policy for a long time and it has been some time since he has reviewed it. He asks you to explain the policy to him. Which of the following

Jacob Garzon operates a photography business that takes photographs of teams and players for various youth sports leagues and tournaments. His income statement for March, when he sold 4,000 photographs, is as follows Sales revenue 80,000 2 20.00 Less variable expenses Cost of goods sold 20,000 5.00 Salaries and wages expense 8,000 2.00 Postage

Lee Carter and her husband, Jack Schiffer, became two of Waterway Industries' most valuable managers almost by accident. But now, if the snatch of conversation CEO Cyrus Maher just overheard on his way to get coffee meant what he thought it did, he was in danger of losing the very people whod contributed most to Waterways recent growth surge.

The Kaiser Company manufactured a device women could use to prevent pregnancy. This device was sold to more than 3 million women. Thousands of women filed lawsuits against the company because the device was found to be defective, causing problems of infection and health defects in children born to them. The company aggressively fought these

When payments are expected to be made over a period longer than one year, the present value of the cash borrowed must be used to determine the total value of the obligation. True False Question 2 (1 point) When accounting for this borrowing, 1,750,000 would be debited to the cash account. True False Question 3 (1 point) Interest expense to be

Nero Solutions Co. issued an S800,000, 6, threeyear bond for 806,000. The bond pays interest annually, at each yearend. At maturity, the bond can be repaid in cash or converted to 60,000 common shares at the investors option. The market interest rate for bonds of similar term and risk, but that are not convertible, is in the range of 7. 1.

The profit after tax for Barstead for the year ended 30 September 2009 was $15 million. At 1 October 2008 the company had in issue 36 million equity shares and a $10 million 8% convertible loan note. The loan note will mature in 2010 and will be redeemed at par or converted to equity shares on the basis of 25 shares for each $100 of loan note at

Pearl is the holder of a check drawn by Sharpe on Washington State Bank. Pearl also maintains an account at Washington State Bank. The check is deposited at the bank on Monday. On that same day, Sharpes account is overdrawn but she promises to make a substantial deposit, so the bank holds the check until Thursday. Sharpe does not make the deposit,

In this project, your group must submit the economic report about the Subway fast-food restaurant that your group opened somewhere last year (assume that for your analysis, it is not important to know the exact location of the restaurant). The report should have 2-3 pages and the content must be single-spaced with 12-point font size. The report

You are a newly graduated accounting clerk working at Big Bad Wolf Corporation. You have student loans to pay off, so you're happy you finally have a job and can pay down your debt. You've been working at Big Bad Wolf for three months now, and you're busy with the preparation of the financial statements for 2019. You're approached by the chief

(b). The profit after tax for Barstead for the year ended 30 September 2009 was $15 million. On 1 October 2008, the company had in issue 36 million equity shares and a $10 million 8% convertible loan note. The loan note will mature in 2010 and will be redeemed at par or converted to equity shares on the basis of 25 shares for each $100 of loan

On 1 October 2019, Etta Co had 25 million equity shares of 50 cents each. No new shares were issued during the year ended 30 September 2020. However, on that date, there was an outstanding share option to purchase 2 million equity shares at 1.20 each. The average value of equity shares during the year to September 30, 2020, was 3. Ettas profit

Compare the estimated costs you calculate to existing standard unit costs (Exhibit 3) and the revised unit costs (Exhibit 4). What causes the different product costing methods to produce such different results?

Exhibit 3 Standard Unit Costs Valves Pumps Flow Controllers Material 16.00 20.00 22.00 Direct labor 4.00 8.00 6.40 Overhead 439 ofdirect 17.56 35.12 28.10 labor Standard unit cost 37.56 63.12 56.50 Overhead Machine depreciation 270,000 Setup labor 2,688 Receiving 20,000 Materials handling 200,000 Engineering 100,000 Packing and shipping 60,000

Situation 1. Kamloopss inventory supplier shipped $15,000 of inventory to Kamloops on December 31, 2019, FOB shipping point. Alphonzo indicated that he did not record the inventory for the year ended December 31, 2019, because it was not received until January 2, 2020. Situation 2. Included in net sales and accounts receivable was $8,400 for

The chief business officer of plumbing supply company arranges a loan at $12,400 at 10 1/8% interest for 29 months. Find the amount of interest. (round to the nearest cent)

Read the case study on Gap Incorporated from Page 25 of Chapter one in the textbook and answer the following questions in your own words. Questions 1. How did Gap Inc. tackle the economic problem of consumers having different preferences for their clothing stores (5 marks) 2. Investigate each brands Web site. How does each sites design reflect the

1.. What do you see as effective solutions to problems of overcrowding in correctional institutions? 2.. Is building more prisons the answer? 3.. What about privatization?

ACE Construction Company has decided to invest $35,000 (Present)at an interest rate of 3% to buy a skid steer after 4 years. How much money will they be able to spend (Future) on the skid steer? Round your answer up to the next dollar amount. ACE Construction Company wants to buy an excavator for an estimated price of 100,000, 5 years from now

The condensed financial statements of Alton Car Company are attached. REQUIRED (1) Prepare a vertical analysis on the income statement for all three years. Round your answers to three decimal places (one decimal place for percentages). Prepare a horizontal analysis on the balance sheet from 20X2 to 20X3 and from 20X1 to 20X2. Round your percentage

Last year, Buckner Jones Company incurred the following costs Direct materials 42,000 Direct labor 63,000 Manufacturing overhead 104,500 Selling expenses 25,200 Administrative expenses 23,100 Buckner Jones produced and sold 2,060 units at a sales price of 131.25 each. Assume that beginning and ending inventories of materials, work in process,

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Jason and James have been running JJ Asian Cuisine as a partnership structure. They both recently graduated from the university. Jason is happy to continue running the business full time but James is offered a graduate position at PWC so he has accepted the job offer. He negotiated with Jason to reduce the distribution of his part of the

a. What measure of center and what measure of variability would you use with a bellshape distribution Measure of Center Measure of Variability b. What measure of center and what measure of variability would you use with a skewed distribution Measure of Center Measure of Variability

Oriole Company exchanges an industrial oven for an industrial freezer. The carrying amount of the industrial oven is 32,500 (cost 68,500 less accumulated depreciation 36,000). The ovens fair value is 21,600 and cash of 6,000 is paid by Oriole in the exchange. Prepare the entry to record the exchange. (Credit account titles are automatically

Eastern Gear, Inc., in Philadelphia, Pennsylvania, is a manufacturer of custom-made gears ranging in weight from a few ounces to over 50 pounds. The gears are made of different metals, depending on the customer's requirements. Over the past year, 40 dif- ferent types of steel and brass alloys have been used as raw materials. See Exhibit 1 for

You need to apply C CL(a a0) to both the wing and the horizontal tail. You can assume that the dynamic pressures at the wing and the tail are the same. Problem 5.2 refers to the previous problem. For the aircraft in Problem 5.2, with the additional information ARW 7.65 aLOwing 2 deg e 1 aLOail 0 deg AR 5 Sw 240 ft S 40 ft a) What is the

City of Appleton is located in an area subsect to volcano. On June 13,2014, the building which is occupied by employees was suffered several structural damage as a result of a volcano. It had been 31 years since a volcano had hit the City of Appleton area, although volcano in City of Appleton geographic area are not uncommon. The building had been

Select the example of a filler that should be eliminated when writing concise business correspondence. Can you please come to share the information you have The reason I want you come is because you have good information to share. OI want you come because you have good information to share. Since you have good information to share, I want you to

Three types of customers arrive at a small airport: check baggage (30%), purchase tickets (15%), and carry-on (55%). The interarrival-time distribution for all customers combined is EXPO(1.3); all times are in minutes and the first arrival is at time 0.The bag checkers go directly to the check-bag counter to check their bagsthe time for which is

Shamrock, Inc. is using a discounted cash flow model. Scenario 1: Cash flows are fairly certain Scenario 2: Cash flows are uncertain $170/year for 5 years 75% probability that cash flows will be $170 in 5 years The risk-adjusted discount rate is 7% 25% probability that cash flows will be $110 in 5 years The risk-free discount rate is 2% The

A) Estimate the amount of heat (in J) required to raise 4 kg of -iron from room temperature (25 C) to 100 C. in kj B) Estimate the amount of heat (in J) required to raise 4 kg of graphite from room temperature (25 C) to 100 C. in kj C) Estimate the amount of heat (in J) required to raise 4 kg of polypropylene from room temperature (25 C) to 100

A statistics Instructor believes that fewer than 20 of Evergreen Valley College students attended the opening night midnight showing of the latest Harry Potter movie. She surveys 84 of her students and finds that 11 of them attended the midnight showing. Let p proportion of Evergreen Valley College students that attended the midnight showing. A

Write a polynomialtime verification algorithm for the Clique Decision prob lem.

a. The balance sheet for Steadman Bank is as stated below. The Banks manager calculates that the duration of its assets is 8 years and the duration for its liabilities is 6 years. Interest rates are currently at 5. Assets Assets Liabilities and Equity Liabilities Equity Total liabilitiles and equity 300 275 25 Total assets 300 300 i. The manager

The table below shows the variables used in analyzing the cost of goods sold of a heat exchanger produced by laser powder bed fusion (LPBF) at an annual production volume of 10,000 parts per year. It was determined that four heat exchangers are produced per build cycle (1 build = 4 parts). Assume that the yield of the manufacturing process and

This is one of the articles on iLearn. Read the article and answer the questions following it, using the article to illustrate relevant issues where appropriate. NAB scoops up neobank 86 400 Australian Financial Review 29/01/2021 National Australia Bank will take over Australian neobank 86 400 in a $220 million deal that is planned to flesh out

1. The following transactions relate to the business of Patrick Jones. He decides that the accounting period should end on March 31", of every year. 2020 Invested the following to start the business: Cash $20,000; Furniture that cost him $10,000 Jan 1 but with a market value of $7,500; equipment with a book value of S12,000. 1 Borrowed from Town

During 2020, Flint Company started a construction job with a contract price of 1,590,000. The job was completed in 2022. The following information is avallable. 2020 2021 2022 Costs incurred to date 901,180 197,820 903,000 410,000 1,067,000 Estimated costs to complete Billings to date Collections to date 590,000 297,000 0 1,590,000 1,434,000

An important concept used in incremental analysis is: a. Relevant cost and revenues. b. Opportunity Cost. c. Sunk Cost. d. All of the above are used in incremental analysis.

dy 4yy dx Solve 8.

Identify factors that may influence the choice of measurement approach. Discuss how the measurement approach adopted impacts on the quality of accounting information produced

The following are accounting items taken from the records of Sterling Company for 2016: Payment of dividends $24,000 Decrease in accounts payable $19,000 Decrease in accounts receivable $21,000 Increase in inventories $ 6,000 Increase in salaries payable $18,000 Net income $42,000 Payment for purchase of land and buildings $60,000 Issuance of

The following data relates to DEK Trading for the year 2017 Accumulated Depreciation as at 31 December 2016 Motor Vehicles Fixtures and Fittings Provision for doubtful debts as at 31 December 2016 Cash in hand Cash at bank Bank loan (repayable in 2025) Discounts received Sales returns Purchases returns Inventory at 1.1.2017 Capital Accounts

True or False Two variable costs will be highly correlated if they are driven by different cost drivers True False

Write a MATLAB script to display the cubes of the numbers 1,..Up to a given integer entered by the user. Sample output Input number of terms 5 1 3 1 2 3 8 3 3 27 4 3 64 5 3 125

A company purchases an equipment for 160,000 to be used for 12 years. a) Construct the table of the switchover method. Use 125 DB and market value of 25,000 at the EOY 12 (1.25 marks). b) Construct the table of the switchover method. Use 125 DB and market value of 10,000 at the EOY 12 (1.25 marks). You are required to show all calculations.

1) Executive summary for the case analysis 2) The motivation for adopting an Enterprise system (ERP) within Cadbury 3) The benefits gained after the implementation of ERP system 4) Concluding statements about the implementation of ERP in Cadbury Cadbury case: Our first successful ERP implementation case study focuses on Cadbury, a 123 year-old

Finn Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of June. 1 Purchased raw materials for 20,000 on account. 8 Raw materials requisitioned by production June Direct materials Indirect materials 8,000 1,000 15 Paid

Which of the following costs is relevant to a company considering accepting a special order for a part that it currently manufactures avoidable costs only Both incremental costs and avoidable costs Neither incremental costs nor avoidable costs. O incremental costs only

Compare how organisations are adapting management accounting systems to respond to financial problems. Analyse how, in responding to financial problems, management accounting can lead organisations to sustainable success.

What is important information to consider before making investment decisions?

Riverbed Limited has a calendar-year accounting period. The following errors were discovered in 2017. 1. The December 31, 2015 merchandise inventory had been understated by $51,100. 2. Merchandise purchased on account in 2016 was recorded on the books for the first time in February 2017, when the original invoice for the correct amount of $2,600

A Hotel Management System is a software built to handle all online hotel activities easily and safely. This System will give the hotel management power and flexibility to manage the entire system from a single online portal. The system allows the manager to keep track of all the available rooms in the system as well as to book rooms and generate

On January 1, Chan Chan, CPAS received a 15,000 cash retainer for accounting services to be rendered ratably over the next 3 months. The full amount was credited to the liability account Unearned Service Revenue. Assuming that the revenue is recognized equally over the 3month period, what adjusting journal entry should be made at January 31

Refer to the Springfield Noreasters Case. Suppose the profit margin for concession sales is 50 instead of 39 stated in the case. Estimate the ticket sales revenue and the concession profit from single game tickets if single game tickets are sold at 8 each. Show your formula for calculations.

What are the advantages and disadvantages of using the present value method? How do we use present value in making important business decisions? Two projects have an identical net present value of $5,000. Are both projects equal in desirability? Discuss and be specific!

Discuss the relationship of cost accounting to financial accounting and managerial accounting.

Bill and Suze are setting up a business together and considering either a partnership or a company structure for the business. There are two parts to this question. (a) Identify and explain one major advantage and one major disadvantage for a partnership structure. (b) Identify and explain one major advantage and one major disadvantage for a

Define a class called book with protected data members ISBN, title, author, price, edition and public member functions set(), get( ), display( ), and a parameterized constructor with default values for the data members. Define a class called textbook, which publicly inherits the class book. It has the private data members coureseCode, courseTitle

The company in the following question has made errors in accounting for the given transaction. State how these errors affected the financial statements. Your response should include both the direction of the effect (understatement overstatement) and the amount of the effect for assets, liabilities, and shareholders equity. If your response is No

An AND gate is equivalent to Normallyclosed contacts in series Normallyopen contacts in series Normallyopen contacts in parallel Normallyclosed contacts in parallel

The following information is available at the end of the period for the completed job 73: beginning balance $17,000 direct materials $30,600 direct labor $24,500 overhead applied $41,700 total number of units produced 35,000 total number of units sold 28,500 what is the unit cost for job 73?________

Use the following data to calculate the current ratio. Koonce Office Supplies Balance Sheet December 31, 2012 Cash $130,000 Accounts Payable $140,000 Prepaid Insurance 60,000 Salaries Payable 20,000 Accounts Receivable 100,000 Mortgage Payable 160,000 Inventory 140,000 Total Liabilities $320,000 Land held for Investment 150,000 Land 180,000

At the end of Year 1, Schule Company incorrectly recorded notes payable as accounts payable. The error was discovered during Year 3. The companys Year 3 annual report includes comparative financial statements covering Years 2 and 3. The company should: a) Record a journal entry to correct the notes payable and accounts payable balances. b)

Jordana is self employed in the T shirt distribution business, the following is Jordanas income statement, for the calendar year ending December 31. Statement of Income For the Year ended Dec 31 Gross Revenue 60,000 Cost of Goods sold (10,000) Gross Profit 50,000 Expenses: Accounting and Legal 2,000 Advertising 800 Golf Dues 3,000 Reasonable

Sherri Corporation issued $800,000 of 12% bonds on April 1, 2018 for $851,705.70. The bonds are due March 31, 2022, were issued to yield 10% and pay interest semiannually on September 30 and March 31. Sherri Corporation uses the effective interest method. Required: 1. Prepare a bond interest expense and premium amortization schedule. 2. Assume the

Which item is not included on the government-wide Statement of Activities? Multiple Choice A. Revenues B. Expenses C. Assets D. Operating grants E. Capital contributions

The behavior of the gap of the semiconductor alloy Al, Gai E,(x) 1.42 1.087z0.438x2 As can be approximated quite well by The gap is direct for 0.43. Calculate a) the alloy to obtain a semiconductor that emits at 780 nm and b) the range of wavelengths that can be covered efficiently (direct gap) for this family of semiconductor alloys.

State true or false. Metadata is a subset of data that is most recently entered.

Which of the following steps in the management decision-making process generally involves the managerial accounting? Determine possible courses of action. make the appropriate decision based on relevant data. prepare internal reports that review the impact of decisions. assign responsibility.

Thermos had just started to use departmental overhead rates to allocate indirect costs to control production costs. The company differentiated two departments: Preparation Department and Finishing Department. The company prepared the following production estimates for the two departments: Manufacturing overhead is allocated on the basis of machine

Preparation Department Finishing Department Machine hours. 6,000 5,000 Direct labor cost. 150,000 250,000 ..... Direct labor hours.. Manufactured overhead. 18,750 25,000 S 30,000 100,000 The accounting records for Job T10 reveal the following Preparation Department Finishing Department Machine hours.. 200 50 Direct labor cost. 16,000 18,000 1,800

The following data were included in a recent Pear Inc. annual report ( in millions) In millions 2011 2012 2013 33,179 2,951 2014 21,015 1,276 Net sales 24,906 1,837 34,837 2,464 Net property, plant, and equipment Required 1. Compute Pears fixed asset turnover ratio for 2012, 2013, and 2014. (Round your final answers to 2 decimal places.) 2012

What is activity-based costing? How is it different from traditional costing methods? When should it be used? When should it not be used?

A cylindrical wire of radius 2.0 mm carries a current of 2.5 A. The potential difference between points on the wire that are 46m apart is 3.7 V. a) what is the electric field in the wire? b) What is the resistivity of the material of which the wire is made?

Schister Systems uses the following data in its Cost-Volume-Profit analyses: Total Sales $ 350,000 Variable expenses 210,000 Contribution margin 140,000 Fixed expenses 110,000 Net operating income $ 30,000 What is total contribution margin if sales volume increases by 20%?

Earth Corporation has a single class of common stock outstanding. Tammy owns 1,000 shares, which she purchased in 2011 for $160,000. Earth declares a stock dividend payable in 8% preferred stock having a $230 par value. Each shareholder receives one share of preferred stock for ten shares of common stock. On the distribution dateDecember 10,

How does technological change influence the planning for capital spending decisions?

What is the purpose of DHCP server. what is the purpose of DNS server. what command do we use to troubleshoot connectivity between Hosts. what command do we use to lookup ip address. what is the purpose of VPN server. what is the purpose of PROXY server. what is the purpose of FIREWALL server.

Figure below shows a periodic square waveform. voltageV timems T 2ms a) What are the frequency and the angular frequency of the waveform b) Write down the corresponding Fourier series. c) Draw the corresponding frequencydomain representation (amplitude component only) showing the first four harmonics. Indicate clearly the four frequencies and the

Regarding the microinstruction, What is the purpose of the Addr and JAM bits? What is the purpose of the ALU bits? What is the purpose of the C bits? What is the purpose of the Mem bits? What is the purpose of the B bits?

An auditor is performing a test of controls of accounts receivable. During the risk assessment, an auditor uses analytics to identify 20 customers with past due accounts receivable. These customers make up a small percentage of the overall customer base. The auditor is moving on to perform substantive procedures Which action should be taken next

A solid, infinite metal cylinder of radius a 1.5 cm is centered on the origin, and has charge density Ainner 5 nCcm. Surrounding this cylinder is a cylindrical metal shell of inner radius b 3.0 cm and outer radius c 4.5 cm. This shell is also centered on the origin, and has total charge density Ashell 2 nCcm. Ashell C a 1.5 cm b 3.0 cm C

Explain how business applications and information technology support a firms business process, decision making, and strategies for competitive advantage? How can information systems lead to the success or failure of modern organizations?

Find a formula for the nth term of the arithmetic sequence. First term 1.7 Common difference 0.5 An n 3D

What is a flexible budget, and how can management use it?

Citizens Gas Company (CGC) provides natural gas service to 200,000 customers. The customer base is divided into the following three revenue classes: Class Customers Sales in Cubic Feet Revenues Residential 160,000 80 billion $160 million Commercial 38,000 15 billion $ 25 million Industrial 2,000 50 billion $ 65 million Totals 145 billion $250

On the first day of the fiscal year, a company issues a $877,000, 7%, 10-year bond that pays semiannual interest of $30,695 ($877,000 x 7% x 1/2), receiving cash of $920,900. Journalize the entry to record the first interest payment and amortization of premium using the straight-line method. If an amount box does not require an entry, leave it

Which of the following would be accounted for as a change in accounting principle? a. Adopting a new accounting standard b. Changing the useful life of a piece of equipment from 8 years to 20 years c. First-time presentation of consolidated financial statements d. Changing an estimate for the allowance for doubtful accounts

For companies using FIFO or average cost, inventory is valued at O Replacement cost. O Net realizable value. A Lower of cost or net realizable value. O Cost.

In the audit of long-term bonds payable, what would an auditor most likely perform as reasonableness testing? Shall a confirmation of the existence of individual bondholders at year-end provide evidence that the bonds payable balance is complete? In the substantive audit of intangible assets, what would an auditor most likely perform on the