Acc 410 Week 2 Assignment Analytical Procedures Essay

1373 Words Jan 3rd, 2016 6 Pages
ACC 410 WEEK 2 ASSIGNMENT ANALYTICAL PROCEDURES
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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:
a. Describe the purpose of analytical procedures performed in the planning stage of the audit.
b. 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
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ACC 410 WEEK 2 ASSIGNMENT ANALYTICAL PROCEDURES
To purchase this visit here: http://www.nerdypupil.com/product/acc-410-week-2-assignment-analytical-procedures/ Contact us at: nerdypupil@gmail.com ACC 410 WEEK 2 ASSIGNMENT ANALYTICAL PROCEDURES
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:
a. Describe the purpose of analytical procedures performed in the planning stage of the audit.
b. 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.
c. 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.
d. Indicate whether you believe that the difference calculated in part (c) is material. Explainyouranswer. (50-100 words).
Comparative income statement information for Uden Supply Company is presented in the accompanying table. UDEN

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