( Keep in mind that the confirmations were done as of December 3 1 , but that...
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Question:
Keep in mind that the confirmations were done as of December but that Cloud has a January yearend. So pay special attention to balance as of the confirmation date.
Also be sure to state whether the misstatement is an overstatement, or an understatement and which accounts are affected. Also, be sure to clearly state the amount, if there is a misstatement.
Customer No with a receivable balance of $ on December disputed receivables in the amount of $ as a shipment of shoes was not received until January Further investigation showed that the customer ordered the goods on December and they were not counted in inventory when the inventory was taken on that date. The freight carrier came by late in the day and picked up the goods, even though the warehouse was normally shut down for inventory on December The goods were shipped FOB shipping point. The receivable was paid in full on January
What is the audit conclusion for Issue
What is the misstatement with Issue if relevant? If no misstatement, write "None".
Related Book For
Managerial Accounting
ISBN: 9780073526706
12th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
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