Cash Accounts Receivable Allowance for Doubtful Accts Inventory Prepaid Expenses Property, Plant, & Equipment Accounts Payable...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Cash Accounts Receivable Allowance for Doubtful Accts Inventory Prepaid Expenses Property, Plant, & Equipment Accounts Payable Accrued Liabilities Notes Payable Taxes Payable Long-term Debt Other Liabilities Common Stock Owners' Equity Revenue Expenses (excluding items below) Oceanview Marine Company Assessment of Inherent Risk December 31, 2018 Bad debt expense Depreciation Account balance based on estimates N N N N N N N N N N Y Y YES or NO Susceptible to theft or manipulation Y N N N N N N N Y N N N Complex or non-routine. transactions or calculations N N N Y N N N N N N N N Large number of transactions Y 5-3 BG 2/22/2019 N N N N N N N Y N N N Assessment of Inherent Risk High, Medium, or Low * M L L M L L L L H L M M * Any accounts that have one or more YES answers should be assessed as medium or high inherent risk. If not, explain why. ¹ Includes significant concerns about the account balance's net realizable value and should be answered yes only if estimated amounts are significant. Current workpapers-audit planning + Page 30 Cash Accounts Receivable Allowance for Doubtful Accts Inventory Prepaid Expenses Property, Plant, & Equipment Accounts Payable Accrued Liabilities Notes Payable Taxes Payable Long-term Debt Other Liabilities Common Stock Owners' Equity Revenue Expenses (excluding items below) Oceanview Marine Company Assessment of Inherent Risk December 31, 2018 Bad debt expense Depreciation Account balance based on estimates N N N N N N N N N N Y Y YES or NO Susceptible to theft or manipulation Y N N N N N N N Y N N N Complex or non-routine. transactions or calculations N N N Y N N N N N N N N Large number of transactions Y 5-3 BG 2/22/2019 N N N N N N N Y N N N Assessment of Inherent Risk High, Medium, or Low * M L L M L L L L H L M M * Any accounts that have one or more YES answers should be assessed as medium or high inherent risk. If not, explain why. ¹ Includes significant concerns about the account balance's net realizable value and should be answered yes only if estimated amounts are significant. Current workpapers-audit planning + Page 30
Expert Answer:
Answer rating: 100% (QA)
Based on the provided assessment of inherent risk for Oceanview Marine Company here is the evaluatio... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Cash Accounts Receivable Allowance for doubtful accounts Inventory Prepaid Expenses Land Building Equipment Accumulated depreciation FVTOCI Investments Patents Accounts payable Wages payable Unearned...
-
Figs. 1 and 2 show a one-line diagram of two three-phase power network. Draw the circuit diagrams of the two circuits expressing all values in per unit terms calculated to a common base of 25 MVA....
-
Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation-Equipment Unearned Fees Revenue Notes Payable Owner's Capital Service Revenue...
-
A city levies property taxes of $2 billion in June 2015for its Fiscal year beginning July 1, 2015. The taxes are due by January 31, 2016. The following (in millions) indicates actual and anticipated...
-
What e-HRM resources might you use to meet the challenges in Question 4?
-
A mixture of three amino aids is separated by gel electrophoresis. The three amino acids are glycine, valine and phenylalanine (Figure 27.14). a. The electrophoresis is carried out in a buffer...
-
In the matrix representation the species \(n\) chosen for elimination is usually referred to as the solvent. The choice of "solvent" species is arbitrary, but it can have an effect on the coefficient...
-
Bonds Company purchased a new plant asset on April 1, 2014, at a cost of $355,500. It was estimated to have a service life of 20 years and a salvage value of $30,000. Bondss accounting period is the...
-
For the past year, a firm had sales of $41,987, interest expense of $3,232, cost of goods sold of $16,500, selling and administrative expense of $11,000, and depreciation of $6,200. If the tax rate...
-
1. Bare cost and total cost (incl. O&P) of formwork for spread footings (20 pts, specify which lines (or index) in RSMeans data are used) 2. Bare cost and total cost of reinforcement for spread...
-
Your final report will be a recommendation report and will offer recommendations to solve a real problem. Your Final Assignment is to write a 3 or 4 page Recommendation Report (not including the...
-
You send \(400-\mathrm{nm}\) violet light through a slit that is \(0.500 \mathrm{~mm}\) wide. How far from the slit must you place a screen so that the distance between the \(n=1\) fringes is \(10.0...
-
Aluminum has a work function of \(E_{0}=6.54 \times 10^{-19} \mathrm{~J}\). What is the maximum wavelength of light that can free electrons from the surface?
-
In a photoelectric-effect experiment, the stopping potential difference is found to be \(3.4 \mathrm{~V}\) when 140 -nm light is used. What is the work function of the metal?
-
When \(410-\mathrm{nm}\) light is incident on a sheet of metal, the maximum kinetic energy of electrons ejected from the metal surface is measured to be \(K_{\max }=3.5 \times 10^{-20} \mathrm{~J}\)....
-
Monochromatic light of which wavelength diffracts the most through a \(3.0-\mu \mathrm{m}\) aperture: \(400 \mathrm{~nm}, 500 \mathrm{~nm}\), or \(600 \mathrm{~nm}\) ?
-
Is the Sarbannes-Oxley legislation that resulted from the Enron scandal (and other corporate scandals) a sufficient response, fully addressing the problems of ethical misconduct in the business...
-
A condenser (heat exchanger) brings 1 kg/s water flow at 10 kPa quality 95% to saturated liquid at 10 kPa, as shown in Fig. P4.91. The cooling is done by lake water at 20C that returns to the lake at...
-
The trial balance for Best Advisors Service on December 31, 2011, is as follows: The following information is also available: a. Ending inventory of office supplies, $300 b. Prepaid rent expired,...
-
The state of Ohio needs to raise $25,000,000 for highway repairs. Officials are considering issuing zero coupon bonds, which do not require periodic interest payments. The current market interest...
-
In this segment of our continuing case, you are considering whether process costing is more appropriate for your cookie company than job order costing. List reasons why your company may choose to use...
-
A food processor claims that at most \(10 \%\) of her jars of instant coffee contain less coffee than claimed on the label. To test this claim, 16 jars of her instant coffee are randomly selected and...
-
Refer to Exercise 4.2. (a) Determine the cumulative probability distribution \(F(x)\). (b) Graph the probability distribution of \(f(x)\) as a bar chart and below it graph \(F(x)\). Data From...
-
Four emergency radios are available for rescue workers but one does not work properly. Two randomly selected radios are taken on a rescue mission. Let \(X\) be the number that work properly between...
Study smarter with the SolutionInn App