Required: Above is a workpaper prepared by a staff auditor working on the audit of William,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Required: Above is a workpaper prepared by a staff auditor working on the audit of William, Inc. Assume that you are the senior on the audit, reviewing the workpaper. Identify at least five deficiencies that the staff auditor needs to correct. William, Inc. Bank Confirmation - General Account December 31, 2020 Balance per Bank at December 31, 2020 Deposit in Transit - per A-1-2 Outstanding Checks - per A-1-3 Other - Note Collected by Bank Bank Service Charge Balance per Books at December 31, 2020 $20,200.22 * 2,000.00 # (5,200.00) (10,000.00) ^ (9.50) $8.990.72 * f f Column footed. ^ Amount agrees to amount recorded as a deposit on the bank statement and description agrees with receipt enclosed with 12/31/20 bank statement. This note is the Kristopher note receivable that was recorded as a receipt by the client in the cash receipts journal on January 3, 2021. The receivable was appropriately credited and properly reflected in the January cash receipts journal. No adjustment needed as bank and books simply record this in different periods. #Agreed to December 31, 2020 bank statement. *Agreed to general ledger. Required: Above is a workpaper prepared by a staff auditor working on the audit of William, Inc. Assume that you are the senior on the audit, reviewing the workpaper. Identify at least five deficiencies that the staff auditor needs to correct. William, Inc. Bank Confirmation - General Account December 31, 2020 Balance per Bank at December 31, 2020 Deposit in Transit - per A-1-2 Outstanding Checks - per A-1-3 Other - Note Collected by Bank Bank Service Charge Balance per Books at December 31, 2020 $20,200.22 * 2,000.00 # (5,200.00) (10,000.00) ^ (9.50) $8.990.72 * f f Column footed. ^ Amount agrees to amount recorded as a deposit on the bank statement and description agrees with receipt enclosed with 12/31/20 bank statement. This note is the Kristopher note receivable that was recorded as a receipt by the client in the cash receipts journal on January 3, 2021. The receivable was appropriately credited and properly reflected in the January cash receipts journal. No adjustment needed as bank and books simply record this in different periods. #Agreed to December 31, 2020 bank statement. *Agreed to general ledger.
Expert Answer:
Answer rating: 100% (QA)
1 The staff auditor needs to correct the date on the workpaper from December 31 2020 to January ... View the full answer
Related Book For
Business Communication
ISBN: 978-1439080153
8th edition
Authors: Buddy Krizan, Patricia Merrier, Joyce P. Logan, Karen Schneiter Williams
Posted Date:
Students also viewed these accounting questions
-
Assume that you are a senior on an engagement and a member of your team has posed the following questions to you. How would you respond? Also discuss the relevance of professional skepticism. a. I...
-
Assume that you are reviewing the production lot size decision associated with a production operation where P = 8000 units per year, D = 2000 units per year, Co = $300, and Ch = $1.60 per unit per...
-
Assume that you are in the 25 percent marginal tax bracket and that you have $5,000 to invest. You have narrowed your investment choices down to California bonds with a yield of 7 percent or equally...
-
The following inventory information is available for Ricci Manufacturing Corporation for the year ended December 31, 2017: Beginning Ending Inventories: Raw materials Work in process Finished goods...
-
Alicia Perez was controller of the vascular products division of a major medical instruments company. On December 30, 2012, Perez prepared a preliminary income statement and compared it with the 2012...
-
How does an economy that is experiencing an expansionary gap adjust in the long run?
-
P 2 Use the Standard Normal Table or technology to find the z-score that corresponds to the cumulative area or percentile. Table 4-Standard Normal Distribution Arca 0 z Z .09 .08 .07 .06 .05 .04 .03...
-
Use the following GSS data on fear, race, and home ownership for this exercise. Variables measure respondents race, whether the respondent fears walking alone at night, and his or her home ownership....
-
Explore the principles of statistical process control (SPC) in manufacturing systems, discussing the use of control charts, process capability analysis, and process performance indices to monitor,...
-
Whispering issued an 9%, 10-year $1,800,000 bond to build a monorail mass transit system. The city received $1,587,988 cash from the bond issuance on January 1, 2025. The bond yield is 11%. Interest...
-
Discussion Question: What are different pricing policies you can use to maximise Sale?
-
Show, for a gas obeying the state equation \[p v=(1+\alpha) \Re T\] where \(\alpha\) is a function of temperature alone, that the specific heat at constant pressure is given by \[c_{p}=-\Re T...
-
A cycle is proposed as a development of the Lenoir cycle, in which the working fluid is expanded isentropically from its peak pressure down to a point where its temperature is equal to \(T_{1}\), the...
-
A Lenoir engine (described in P3.5) operates with inlet conditions of \(p_{1}=1 \mathrm{bar}\) and \(T_{1}=27^{\circ} \mathrm{C}\). The energy added to the charge is \(1000 \mathrm{~kJ} /...
-
The equation of state for a certain gas is \[\frac{p v}{\Re T}=1+p \mathrm{e}^{-\mathrm{A} T}\] where A is constant. Show that if the specific heat at constant pressure at some datum pressure...
-
A gas has the equation of state \[\frac{p v}{\Re T}=\mathrm{a}-\mathrm{b} T\] where \(\mathrm{a}\) and \(\mathrm{b}\) are constants. If the gas is compressed reversibly and isothermally at the...
-
21. During YR01 and YR02, Macy's Inc. had the following sales-related activity. Event Date 6-1-YR01 7-1-YR01 9-5-YROI 9-8-YR01 12-23-YR01 12-28-YR01 12-31-YR01 12-31-YR01 1-2-YR02 1-4-YR02 1-7-YR02...
-
A survey of 70 college freshmen asked whether students planned to take biology, chemistry, or physics during their first year. Use the diagram to answer each question. How many of the surveyed...
-
Identify at least five soft skills that employers are seeking in their prospective employees.
-
Use the spell-check feature of your word processing program to check for errors in the following paragraph. Compare the results with errors you find as you proofread the text. Lyndsey and her team...
-
Prepare to discuss in class either the pro or the con viewpoint for one of the three following statements. Support your position with examples of situations that have happened or could happen.
-
Define family law and identify the kinds of issues that are addressed in a family law practice.
-
Describe the role of a paralegal in a family law practice.
-
Identify the kinds of resources included in a basic family law library.
Study smarter with the SolutionInn App