January 4 , 2 0 x 2 , you conducted a surprise count in connection with your
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Question:
January x you conducted a surprise count in connection with your audit of the financial statements of Theo Corp. for the year ended December x The following were identified on your examination:A Bills consist of one P bill; three P bills; three P bills; six P bills; seven P bills; and four P bills. Coins consist of nine P coins; eight P coins; and seven P coins.B Checks include the following:PayeeAmountDateMakerTheo Corp.PDec. CLOY COTheo CorpDec. CD IncDec. CAS Corp.Theo CorpDec. Theo Corp.CustodianC. Unreimbursed vouchers comprise of the following:DateDescriptionAmountDec. PostagePDec. TransportationDec. Computer repairsDec. SuppliesOR NoDescriptionAmountCashPCheckCashCheckCheckCheckAdditional information: An open envelope was marked P for Christmas Party" with vouchers totaling toP Based on your inquiry, the whole amount was mingled with the petty cash fund and only the expense vouchers were inserted back to the envelope.Cash collections from December to December were not yet deposited. Official receipts dated December to December were as follows: The custodian is not authorized to cash checks. Unused postage stamp amounted to P The last replenishment was on December The petty cash fund was set up atP
Required:
What is the amount of undeposited collections on December x How much is the total accountability of the custodian? What is the balance of the petty cash fund to be presented as of December x What is the total amount of shortage overage
Related Book For
Principles of Auditing and Other Assurance Services
ISBN: 978-0078025617
19th edition
Authors: Ray Whittington, Kurt Pany
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