Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. work area exercise 2 up to 5 points in order to co

Work Area Exercise 2 up to 5 points In order to confirm the reported $...

80.2K

Verified Solution

Question

Accounting

image

Work Area Exercise 2 up to 5 points In order to confirm the reported $ 141,500 ending accounts receivable balance in the general ledger, your external auditor perfroms a test using transactions recorded and the ending inventory count to calculate an estimate of ending accounts receivable balance as part of substantive testing. In addition to the reported $ 141,500 ending accounts receivable balance in the general ledger, the other available information includes: 1. Cash collections from customers 2. Inventory purchases 3. Ending inventory 4. Sales prices at 150% of inventory cost 5. All sales are made on account. 225,000 375,000 135,000 Answer Requirements Calculate expected ending accounts receivable Calculate any apparent Overage(Shortage)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students