...Maintenance account (see Exhibit 9-4). In addition, based on the debits to the Warehouse account (see Exhibit 9-5) he had located the invoices substantiating the capitalized transactions (see Exhibit 9-7) while reviewing the invoices received by Lakeside subsequent to the end of 2012. Perform the necessary steps to test the warehouse account (#111-1) and document your procedures on an audit document similar to the one in Exhibit 9-4. Indicate and prepare on the audit document any proposed correcting entries that are needed to ensure fair presentation of this financial information. [Case 9-1.doc] Lakeside Company Tests of Buildings - Warehouse/Office December 31, 2012 Audit document No. W-3 Prepared by: KB Reviewed by: RG Reviewed by: JG Description | Amount | | Audit Procedures | Balance per books - Beg. of Year | $248,400 | | | Additions: | | Invoice No. | | Grade land and pour foundation | 21,800 | 3145 | > # | October- Warehouse Construction | 16,900 | 3189 | > # | November- Warehouse Construction | 25,300 | 3214 | > # | Roofing Repair and Warehouse Construction | 14,600 | 3228 | > # | Disposals: | | Cash Rec. No. | | | | | | | | | | | | | | Balance per books - End of Year | | | | Proposed Adjustments: | | Adj. Entry No. | | Proposed Adjustment A | (3,500) | AJE 1 | | Proposed Adjustment B | 17,100 | AJE 2 | | Proposed Adjustment C | 1,600 | AJE 3 | | Proposed Adjustment D | 2,345 |...
Words: 728 - Pages: 3
...ANALYSIS OF OBSERVATION OF PHYSICAL INVENTORY COUNT Physical inventory counting is a much unloved procedure in most merchandising and manufacturing businesses. The process ensures that the inventory on the company's financial books matches the amount of inventory on the sales floor, stockroom or warehouse. Many businesses undergo a thorough annual inventory count, usually at the end of either the calendar or their fiscal year. Sample, or cycle, counts are often conducted between full inventory counts. Sample counts are not intended to check the entire inventory. Instead, they check a portion of the inventory listed on the books. The primary reason auditors observe their client taking the physical inventory is to make sure the inventory reflected on the balance sheet actually exists and that the balance sheet includes all inventory owned by the company. This includes all raw materials, supplies, inventory in transit when using Free on Board (FOB) shipping point, inventory the company may have on consignment with another business, and inventory stored off the premises. Confirming the existence of inventory through your observations addresses the occurrence and completeness assertions as well. However, the auditor must always bear in mind that he is there not to participate in the actual counting of inventory but to rather observe. But before an auditor can pursue this audit procedure, he must first have to gather enough information about the company under audit’s inventory...
Words: 702 - Pages: 3
...in this audit with Lakeside Company, in order from one to seven, with one being the most important to the audit: 1. There appears to be a going concern for the industry that the Lakeside company is in. In 2005, Lakeside was in trouble, but has somewhat made a turnaround in 2010 and 2011; however, there are companies similar to Lakeside that are still going out of business. Within the last six months, and audio equipment company within the Richmond area went bankrupt. Also, while Roger’s distributorship business is growing, it seems that the remainder of his business is stagnant. In addition, it appears that Rogers has strayed from his original retail store operation into a new product market that may not be strong enough to support. With a failed product line in connecting with a weak market and continuous expansion on the basis of debt, this is a concern for the audit as an entity’s ability to remain a going concern and the potential for management fraud to inflate earnings and growth. 2. Rogers’ refusal to comply with his previous auditors request to report the companies sixth store with a write down in value to assess impairment, because Rogers believed no impairment existed. This argument led to the issue of a qualified opinion. The sixth store is located in an unsuccessful shopping center and has been underperforming. The company has not even come close to breaking-even and the failures of the shopping center make it appear uncertain if Lakeside could continue as...
Words: 3295 - Pages: 14
...Executive Summary De Havilland (Havilland) is Canadian aircraft manufacturer that was recently acquired by Boeing. The parent company has requested Havilland take on several initiatives including seeking 25% price reductions from suppliers, reducing the total number of suppliers and seeking more long-term fixed pricing agreements. Havilland recently received submissions for an RFQ for the supply of supply flap shrouds and equipment bay doors. The pricing received raises some concerns however, as there are large variations in pricing between the lowest price from Marton Enterprises Inc. (Marton) and the highest price from the incumbent, Dollard Plastics (Dollard). There are several viable alternatives for Havilland. They may accept the bid from Marton on the condition that it is assured Marton fully understands the scope, their facilities are sufficiently equipped, and they provide their financials. It will be in Havilland’s best interests not to pursue their policy under the Bidder Selection Board (BSB) to attempt to renegotiate the price lower since Marton already provided substantial savings. The next option for Havilland is to pursue the first option but only given Marton 80% of the work for the first year and keep the incumbent under contract for the remaining 20% of work. The third option is to cancel the RFQ, clarify with the bidders what was unclear in the specifications that resulted in such a wide variation in pricing and go out for bids again. The final option...
Words: 11214 - Pages: 45
...Executive Summary De Havilland (Havilland) is Canadian aircraft manufacturer that was recently acquired by Boeing. The parent company has requested Havilland take on several initiatives including seeking 25% price reductions from suppliers, reducing the total number of suppliers and seeking more long-term fixed pricing agreements. Havilland recently received submissions for an RFQ for the supply of supply flap shrouds and equipment bay doors. The pricing received raises some concerns however, as there are large variations in pricing between the lowest price from Marton Enterprises Inc. (Marton) and the highest price from the incumbent, Dollard Plastics (Dollard). There are several viable alternatives for Havilland. They may accept the bid from Marton on the condition that it is assured Marton fully understands the scope, their facilities are sufficiently equipped, and they provide their financials. It will be in Havilland’s best interests not to pursue their policy under the Bidder Selection Board (BSB) to attempt to renegotiate the price lower since Marton already provided substantial savings. The next option for Havilland is to pursue the first option but only given Marton 80% of the work for the first year and keep the incumbent under contract for the remaining 20% of work. The third option is to cancel the RFQ, clarify with the bidders what was unclear in the specifications that resulted in such a wide variation in pricing and go out for bids again. The final option...
Words: 11214 - Pages: 45
...assertions and thesis primarily through the use of individual success stories of athletes, computer genius, musicians, artist and community cultures. Introduction Gladwell uses a straight-forward, easy-to-digest style of mixing facts with examples and anecdotes in making his point that it is not shear genius or hard work alone that results in success. Instead, the he dives deep into the story behind exceptional performance in cultures, aptitude testing trends and individual achievements around the world. Gladwell argues that the upbringing of individuals greatly impacts their likelihood to succeed, including birth dates, access to specialized resources, parenting, and community culture. Discussion Gladwell separates the book into chapters highlighting the circumstances that resulted in the creation of each "outlier" he chooses to emphasize. According to Gladwell, the vast majority of hockey stars are born in the months of January, February and March. His explanation of their success is that these hockey players were introduced to hockey at an early age and were chosen for teams based on the calendar year that they were born. A player born in January would have almost a year of maturity and experience over a player born in December. The difference in maturity and skill levels at young ages, compounded on...
Words: 1037 - Pages: 5
...prevalence of global networked systems. To successfully complete this module, learners have to be intentional and responsible in their own learning. Learners are expected to be receptive to online tutorials by participating in discussion forums, and other e-learning approaches. In addition, learners are to read the prescribed textbook chapters, complete weekly assigned work including group assignment, and participate in online tutorial forum weekly. Dr. Choo Wou Onn Senior Lecturer Contact details Lecturer cum Tutor Dr. Choo Wou Onn Room No. 9A07, Level 9, Block E Taylor’s Business School Taylor’s University (Lakeside Campus) No. 1, Jalan Taylor’s, 47500 Subang Jaya. Email: WouOnn.Choo@taylors.edu.my Extension: 5664 Tutor Ms. Leow Yen Mee Room No. 9A05, Level 9, Block E Taylor’s Business School Taylor’s University (Lakeside Campus) No. 1, Jalan Taylor’s, 47500 Subang Jaya. Email: YenMee.Leow@taylors.edu.my...
Words: 3277 - Pages: 14
...The Scientist Bill Gates And Microsoft Program Bill Gates was born in Seyatel Washington in 28 th October in 19855. Child bill grew up in a family with along history. He was a bright member of the local organizations and banks. Bill's intelligence and ambitions has appeared in an earlier time on his life he was clever at maths and science. So, his father interred him to lakeside school which knawn by its own outstanding academic. In this school Bill Knew the computer for the first time. In the spring, of 1968, the school decided to boy a computers. Computers in this time ware large and expensive. The school has been unable to buy a computer. So, it decided together some money from father as a donations. From that moment he become found of computer. He was student in the eighth grand at that time. He spent a lot of his time in the computer room at school. He was busy with writing programs and apply them to the point that he neglected his homework and absent from school in some cases. After that. Bill and his friend interested in computers and can make many programs like bisak he realized that the age of personal computer will began. Although Bill gates was clever and dose his best with computers, he faced great difficults in dealing with staff. He was impatient and faces of people quickly. Bill be lives that if you're smart and know how to use your inelegance, you can a chive the impossible. It is worth mention that Bill Gates chose Egypt as an Arab Country...
Words: 417 - Pages: 2
...The author(s) shown below used Federal funds provided by the U.S. Department of Justice and prepared the following final report: Document Title: Lake County, California, Arrest Policies Project: A Process Evaluation Author(s): Brenda K. Uekert Ph.D. Document No.: 201874 Date Received: September 2003 Award Number: 98-WE-VX-0012 This report has not been published by the U.S. Department of Justice. To provide better customer service, NCJRS has made this Federallyfunded grant final report available electronically in addition to traditional paper copies. Opinions or points of view expressed are those of the author(s) and do not necessarily reflect the official position or policies of the U.S. Department of Justice. Institute for Law and Justice 1018 Duke Street Alexandria, Virginia Phone: 703-684-5300 Fax: 703-739-5533 E-Mail: ilj@ilj.org Lake County, California, Arrest Policies Project A Process Evaluation April 5, 2000 Prepared by Brenda K. Uekert, Ph.D. Prepared for Lake County, California National Institute of Justice Violence Against Women Office Introduction The Grants to Encourage Arrest Policies Program encourages jurisdictions to implement mandatory or pro-arrest policies as an effective domestic violence intervention that is part of a coordinated community response. Congress appropriated funds for the Arrest Program under the Violence Against Women Act (1994). The Program assumes that the arrest of a...
Words: 7104 - Pages: 29
...Addison include Jani-King and Palm Harbor Homes. Martinaire has its headquarters on the property of Addison Airport. Compuware has offices in Addison. At one time CompUSA and Pizza Hut had their headquarters in Addison, Now located in Plano. Addison is located in close proximity to the headquarters of HP Enterprise Services, JC Penney, and Frito Lay in Plano. From the readings it can be assumed that Addison became incorporated as a city during the white flight phenomenon. White flight began on a large scale after the Second World War, when African-Americans began to try to establish homes in America's cities. Many of these men and women were starting to enter the middle class themselves, with good jobs, education, and community values. In many cases, however, racism led whites to attempt to force blacks out. When this proved unsuccessful, the white population moved to the suburbs, establishing new and primarily racially homogeneous communities. Even though that is how Addison got its start, Addison has grown...
Words: 2800 - Pages: 12
...accommodation need only make such a request before the end of the second week of class. Please call the Associate VP for Student Support- 872-3178. My intention is to honor all legitimate requests. The deadline is necessary to allow sufficient time for a meaningful solution. Exceptional circumstances will also be considered at any time during the semester. Student Evaluation: Tests – 2 tests (mid-term and final- 100 pts each) 200 pts Cases: 6 total cases Group Cases: You are leader- 1@ 50 pts 50 pts You are group member- 2@25 pts 50 pts Individual Cases- 3 @ 33.33 pts 100 pts Total Points 400 pts Textbooks: Arens, Elder and , Auditing & Assurance Services: An Integrated Approach 15th ed., Prentice-Hall, 2014 Trussel, John M. and Frazer, J. Douglas The Lakeside Company: Case Studies in Auditing, 12th edition, Prentice-Hall , 2012 Student Learning Objectives- The student will be able to: 1. incorporate professional standards into case analyses and essay responses. 2. perform as a group leader and as a group member to organize work and present it in a professional manner. 3. develop solutions in light of both general business ethics and the AICPA Professional Code of Conduct. 4. demonstrate facility with basic audit steps and the documentation of such work. 5. demonstrate how...
Words: 819 - Pages: 4
...Case Study 4 CARVIN vs. ARKANSA POWER AND LIGHT, 14 F.3d 399, 1993 U.S. Court of Appeals for Eighth Circuit You be the Judge By: Jenny Wagner December 23, 2009 Did the easement relieve Arkansas Power and Lights from liability for flooding? Yes, Arkansas Power and Light should not be held liable for damage to property cased by flooding where an easement existed. In 1923-1947 Arkansas Power and Light (AP&L) constructed several dams on two Arkansas lakes, Hamilton and Catherine. AP & L obtained “flood easements” on property adjoining the lakes. AP&L sold lake side property and kept the easement in force. These flood easements permitted AP&L to “clear of trees, brush, and other obstruction and to submerge by water” certain acreage, which was described exactly, AP&L properly recorded the easements and when the current landowner bought lakeside property they were aware of the documents (Beatty, 2009, p. 455). In May of 1990, extraordinarily heavy rains caused water to reach the highest levels ever recorded. To prevent flooding to a wider area, AP&L opened the gates of Carpenter Dam causing Lake Catherine to flood which caused damage to several houses built on AP&L’s easement. Several home owners’s subsequently sued AP&L for causing the damage. AP&L should not be held liable for the damage caused by the flooding because the sole purpose for having the easements was to allow AP&L to flood the property. An easement gives one person the...
Words: 692 - Pages: 3
...(Fischer) President Hoover put agent Melvin Purvis on the case expecting to have it solved relatively quickly. (Aronson) Purvis received a tip that Dillinger was held up at a lakeside resort in Wisconsin. When they got there, they got a phone call saying that a member of Dillinger’s gang, Baby Face Nelson, had had shot and killed one law enforcement officer and wounded two others. After this incident Hoover appointed appointed Sam Cowley to take thirty of Chicago’s finest and form a “John Dillinger Squad.” At this time Dillinger was public enemy number one in the country....
Words: 856 - Pages: 4
...member of | Microsoft Berkshire Hathaway | Religion | Roman Catholicism (formerlyCongregationalism)[2] | Spouse(s) | Melinda Gates (m. 1994) | Children | 3 | Parent(s) | William H. Gates, Sr. Mary Maxwell Gates | Website | the Gates Notes | Signature | | William Henry "Bill" Gates III (born October 28, 1955) is an American business magnate, philanthropist, investor, computer programmer, and inventor.[3][4][5] In 1975, Gates and Paul Allen co-founded Microsoft, which became the world's largest PC software company. During his career at Microsoft, Gates held the positions of chairman, CEO andchief software architect, and was the largest individual shareholder until May 2014.[6][a] Gates has authored and co-authored several books. Starting in 1987, Gates was included in the Forbes list of the world's wealthiest people[9] and was the wealthiest overall from 1995 to 2014—excluding a few years after the Financial crisis of 2007–08.[10] Between 2009 and 2014 his wealth doubled from US$40 billion to more than US$82B.[11] Between 2013 and 2014 his wealth increased by US$15 billion.[12]Gates is currently the richest man in the world.[13] Gates is one of the best-known entrepreneurs of the personal computer...
Words: 9788 - Pages: 40
...determined to be a real person. Jeter, who was on parole, had waived his fourth amendment rights for search and seizure, case number CE340659 expiring 9-9-17. During a compliance check of property belonging to Jeter, deputies located additional items of personal identifying information belonging to at least nine other potential victims. Additionally in Jeter's possession were two completed checks and one blank check none of which belonged to Jeter, and a useable quantity of a brown tar-like substance consistent with heroin. The suspected heroin later showed a positive presumptive test for heroin using a NARK II...
Words: 1188 - Pages: 5
