Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

EZ Furniture Wholesalers, Inc.

17/10/2020 Client: murugan Deadline: 10 Days

  


EZ Furniture Wholesalers, Inc.


You are a staff auditor with BLB CPAs. BLB CPAs has been retained to perform the audit of the fiscal year 2019 by EZ Furniture Wholesalers, Inc. EZ Furniture Wholesalers, Inc. has been a client of BLB CPAs for several years. You are auditing the allowance for doubtful accounts and have concerns about some contradictory evidence.


Background Information


EZ Furniture Wholesalers, Inc. reserves for its allowance for doubtful accounts based on standard reserve percentages supported by historical collection experience. Management uses the same process for estimating the allowance for doubtful accounts (the “reserve”), as it did in the prior year. As part of its risk assessment procedures, the engagement team identified the following risk of material misstatement related to the valuation assertion: 


· The entity may not appropriately update its reserve policy (including updates to reserve percentages) for changes in circumstances.


Note that the engagement team may have identified additional risks of material misstatement related to the valuation assertion identified as part of its risk assessment procedures; however, you must focus on this specific risk of material misstatement. 


In addition, this risk was not identified as a fraud risk. You obtained the following evidence from the audit procedures performed to address this risk:


· The current-year reserve as a percentage of gross receivables is consistent with prior years, although there was an increase in revenues, gross receivables, and the related reserve. 


· Bad debt expense has remained consistent as a percentage of gross revenue over the past several years.


· Retrospective review of receivable collections indicates that management’s reserves have historically been accurate.


· Economic conditions have been fairly stable and are predicted to remain stable. 


· Revenues increased substantially year over year as a result of the introduction of a new product line. 


· The new product line is marketed toward customers in the restaurant industry, in which the entity does not currently have an established customer base.


· The restaurant industry generally has a higher rate of business failure than other customer segments.


· The entity’s collections experience has primarily been with customers in the retail and professional services industries; the entity has very little collections experience with the new product line, given the recent launch.


· Approved sales terms have not changed year to year (e.g., sales personnel may offer an extension of credit of up to 100 percent of the purchase price consistent with prior year, creditworthiness is determined in the same manner, payment terms are consistent with prior year).


· Sales of the new product line are more frequently 100 percent financed versus sales of the existing product lines, resulting in an increase in gross receivables.


· Competitors who manufacture similar restaurant furniture products have higher reserves as a percentage of their trade receivables.


Required:


Your manager has asked you to prepare a document (Titled EZ Furniture Wholesalers Summary of Contradictory Evidence) answering the following questions. The format of the document should first state the question; second, provide the relevant PCAOB AS Standard(s), and AICPA AU Standard(s) (you may cut and past the applicable sections of the standard); and third, your interpretation of how the standards applies to the case. Each question should follow this format. Save the document as YourLastNameEZ.


1. Identify and summarize the corroborative and contradictory audit evidence. 


2. Determine what additional information, if any, is needed to reach a conclusion regarding management’s assertion.


3. On the basis of the case facts, determine whether management’s assertion is supportable and how additional information obtained might change your conclusion.

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Top Grade Essay
Essay Writing Help
Assignments Hut
Pro Writer
Instant Assignments
Financial Hub
Writer Writer Name Offer Chat
Top Grade Essay

ONLINE

Top Grade Essay

Working on this platform from a couple of time with exposure of dynamic writing skills gathered with years experience on different other websites.

$77 Chat With Writer
Essay Writing Help

ONLINE

Essay Writing Help

I am a qualified and experienced Writer, Researcher, Tutor, analyst and Consultant. I hold MBA (Strategic Management) (Finance and Marketing) & CPA.K (Accounting and Finance.)

$77 Chat With Writer
Assignments Hut

ONLINE

Assignments Hut

I am 100% sure that I will meet your expectations in writing the essay . I have written over 4000 high quality plagiarism free papers and deliver within stipulated deadlines. I am familiar with a number of citation styles among them MLA, APA, APSA, Oxford, Chicago, OSCOLA, Harvard and Turabian. I believe that I am the right candidate for this project, and I guarantee quality work. I have a wide knowledge in this subject and I believe this will come a long way in giving you quality work. Thank you in advance

$70 Chat With Writer
Pro Writer

ONLINE

Pro Writer

Hello, I can assist you in every kind of writing. I am a professional academic/research writer and an MBA in business and finance. Please connect in chat session to further discuss the details.

$70 Chat With Writer
Instant Assignments

ONLINE

Instant Assignments

Good day dear client, I am a full-time freelance writer with years of experience. My strongest strengths are strong dedication to duty, reliability, quality and excellence. I am going to do an outstanding job for you, kindly PM me and let us commence. Thank you so much in anticipation of your positive response. Thank you very much.

$70 Chat With Writer
Financial Hub

ONLINE

Financial Hub

Hey, I have gone through your job posting and become very much interested in working with you.I can deliver professional content as per your requirements. I am a multi-skilled person with sound proficiency in the English language for being a native writer who worked on several similar projects of content writing and can deliver quality content to tight deadlines. I am available for both online and offline writing jobs with the promise of offering an incredibly responsive and supreme level of customer service. Thanks!

$70 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Electronic journal of foreign language teaching - Ac rms to dc conversion - Islington council emergency repairs - War horse book facts - Unit 8 discussion 1 - INTERNSHIP - IT402 - Finance Paper - How to analyse a text - Discussion - A national manufacturer of ball bearings is experimenting with two - Write 5 pages argumental essay in MLA format - Discussion - Codeblocks 16.01 mingw setup exe download - What is non positional number system - Pdhpe sample units of work - Cap chap 3 - A group of college students believes that herbal tea - What are two types of oligarchies quizlet - The process of changing from a gas to a liquid - Limcon steel connection design software - Leadership Preference Reflection Essay- Final Draft - The redeemed christian church of god newcastle - Galeria indigena puerto vallarta - Segmented variable costing income statement - Southwest airlines swot analysis - Overview diagram of the job costing system - Nsw fair trading moving out - Risk log template prince2 - Why people resist change in an organisation - Hysteria ts eliot analysis - 45 degree angle bracket lowes - Urgent 2- 7 hours - Watts volts x amps - Angelo's pizza case study - STAFFING PLAN FOR A GROWING BUSINESS - Vocabulary rubric for words - Meetings Terminology - Making fossils with plaster of paris - Multicultural health pdf - Business - New Media Assignment - Unit 6 - We ll never conquer space essay - Typical drilled shaft diameters - List of 2015 massively multiplayer online video games - Law crime - Freakonomics questions and answers chapter 1 - What are the two functions of saliva - Does lady macbeth kill herself - Psyc325 unit 3 individual project - Netflix case study questions and answers - Google scholar or chapman/Brandman Library Research - Reflection paper on what i learned in english class - Chesapeke bay - Project constraints for a coffee shop - Australian bureau of statistics textile waste - Which of the following best describes a critical update? - Andy warhol influenced by - Serial podcast questions and answers - Pink floyd ringing british telephone - Can you reuse breathalyzer mouthpieces - How much is 60 euros in us dollars - Week 7 Discussion: What Do I Value? - Trafalgar court flats mundesley - History of present illness example nursing - What is an academic argument - Isosceles triangle with an obtuse angle - Mobile app investigation - Risk management case study with solution - WORK - Skip to the lou my darling a potty book - Discussion - Ethics - When is footpath trading allowed - Five principles of cultural safety - Elements named after places - Flakt woods me1 6 - Www educationworld com administrator's desk - Cbc bearings wetherill park - 129 lb ft to nm - Ops 571 operations consulting powerpoint - Legal studies unit 3 4 study design - Computer science - Crawly cruncher surface spray where to buy - Accounting hlps - Hemel en aarde valley wine route map - Why do paleolithic female figurines vastly outnumber those representing males? - Graded assignment unit test part 2 basic tools and transformations - Humpty dumpty bungee jumped - Hamilton science year 4 - Understanding and managing diversity ebook - Ephesians 3 14 20 nlt - Umicore thin film products - A level physics springs - Pope innocent iv and the mongols - Odc 5 - Identify resources that allow you to research your health condition. Analyze the resources to ensure that they are appropriate—in other words, reliable and academically sound. Review the websites from Walden Library located in the Resources for guidance. - Short answer - Food service system management