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Find needed answers here - http://entire-courses.com/ACC-410-Week-2-Assignment-Analytical-Procedures |
You can find the work ACC 410 Week 1 Discussion Question 2 Audit Reports with the Analytical Procedures explanations and UDEN SUPPLY COMPANY Comparative Income Statement table in this file. |
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Find needed answers here - http://entire-courses.com/ACC-410-Week-2-Assignment-Analytical-Procedures |
Business - Accounting Analytical Procedures In a 2-3 page paper, complete the case below and submit to instructor. Review the income statement for Uden Supply Company and answer the following: Describe the purpose of analytical procedures performed in the planning stage of the audit. Uden Supply has projected its 2004 gross profit at 31% of sales despite expectation for some shrinkage in margins. On the basis of Uden's operating performance in years 2001 - 2003 project your best guess for 2004. Project 2004 based on the incremental changes for each line item over the last three years. Uden’s unaudited financial statements for the current year show a 31 percent gross profit rate. Assuming that this represents a misstatement from the amount that you developed as an expectation, calculate the estimated effect of this misstatement on net income before taxes for 20X4. Indicate whether you belive that the difference calculated in part (c) is material. Explain your answer. (50-100 words). Comparative income statement information for Uden Supply Company is presented in the accompanying table. UDEN SUPPLY COMPANY Comparative Income Statement Years Ended December 20X1, 20X2, and 20X3 (Thousands) 20X1 Audited 20X2 Audited 20X3 Audited 20X4 Expected Sales 8,700 9,400 10,100 Cost of goods sold 6,000 6,500 7,000 Gross profit 2,700 2,900 3,100 Sales Commissions 610 660 710 Advertising 175 190 202 Salaries 1,061 1,082 1,103 Payroll taxes 184 192 199 Employee benefits 167 174 181 Rent 60 61 62 Depreciation 60 63 66 Supplies 26 28 30 Utilities 21 22 23 Legal and accounting 34 37 40 Miscellaneous 12 13 14 Interest expense 210 228 240 Net income before taxes 80 150 230 Incomes taxes 18 33 50 Net income 62 117 180 Carefully review the Grading Rubric for the criteria that will be used to evaluate your assignment. |
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Find needed answers here - http://entire-courses.com/ACC-410-Week-2-Assignment-Analytical-Procedures |
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