You are the auditor of Heavy Metal Manufacturing Company, a small manufacturer of specialty parts used in
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Question:
You are the auditor of Heavy Metal Manufacturing Company, a small manufacturer of specialty parts used in various manufacturing processes. You are performing a search for unrecorded liabilities.
Suppose you have the following information:
Also, you discuss the holiday party with Delectable Catering and learn that this party did take place on December 23, 2021, and was for all the employees and their families.
- Do you see any problems? If so, what are these problems?
- What, if any, are your concerns about unrecorded liabilities?
- What should you do now? If an adjusting entry is to be proposed, show what that entry would be. Assume all amounts are material.
Related Book For
Cost Management Measuring Monitoring and Motivating Performance
ISBN: 978-0470769423
2nd Canadian edition
Authors: Leslie G. Eldenburg, Susan Wolcott, Liang Hsuan Chen, Gail Cook
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