Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. you are conducting the audit of superior company a

You are conducting the audit of Superior Company as of December 31, 2014. The following...

60.1K

Verified Solution

Question

Accounting

You are conducting the audit of Superior Company as of December 31, 2014. The following accounts receivable confirmations were sent out by you and returned to you from Superiors customers. Based on the customers comments indicate what action you would take.

January 15, 2015

Grove Retailing.

3838 Curtis Street

Hartford, Ct. 06703

Dear Mr. Jones,

Our auditor, Miller, CPA, is currently auditing our financial statements. To facilitate that audit, please confirm the balance due us as of December 31, 2014 which is shown on our records as $24,000. Indicate in the space below whether this is in agreement with your records. If there are exceptions please provide information please provide any information that will assist our auditors in reconciling the difference.

Please mail your reply directly to Miller, CPA. A stamped, self addressed envelope is enclosed for your convenience.

James Blake

James Blake

Controller

Superior Company

To Miller, CPA:

The amount shown above is correct as of December 31, 2014, except as follows:

We received $24,000 of goods on consignment from Superior on December 10, 2014, but they are not sold yet.

Andy Briggs

Accounts Payable Supervisor

Grove Retailing

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

Electrical Engineering
1.2K views

For the systems below, do what you ask, solve the calculations in a handwritten and step-by-step...

General Management
1.2K views

What has been the financial impact of the transportation industry at an industrial and organizational level?

Physics
1.2K views

Two charges 9 q are placed at A and B respectively A line of force...

Basic Math
1.2K views

Suppose a part inside a computer chip has been measured to be 0.0000266m wide, 0.0000014mlong...

Basic Math
1.2K views

Suppose a universal set consists of natural numbers that are at most 16. Two subsets...

Algebra
1.2K views

Write the following expression as a sum or difference completely log z y

Algebra
1.2K views

Evaluate and write in lowest terms if necessary 5 17 24 2 6 10 LO...

Accounting
1.2K views

Problem 4-15 (Algo) (LO 4-2) On January 1, Park Corporation and Strand Corporation had...

Accounting
1.2K views

Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1,2024. International...

Accounting
1.2K views

i am totally lost here. i have no clue what im doing. ...

Accounting
1.2K views

At the beginning of 2019, Carlson Incorporated reports an inventory of $9,000. During 2019, Carlson...

Accounting
1.2K views

Exercise 9.5(Algo) Prepare a Flexible Budget with More Than One Cost Driver [LO9-5] A...