70. Which of the following is not among the other reports required to be submitted by government entities to COA? Pre-closing trial balances Schedule showing the regional breakdowns of income and expenses Post-closing trial balance A completed 14-column worksheet in yellow color

Championship Sports Inc. operates two divisionsthe Winter Sports Division and the Summer Sports Division. The following income and expense accounts were provided from the trial balance as of December 31, 20Y9, the end of the fiscal year, after all adjustments, including those for inventories, were recorded and posted: The bases to be used in allocating expenses, together with other information, are as follows: a. Advertising expenseincurred at headquarters, allocated to divisions on the basis of usage: Winter Sports Division, 375,000; Summer Sports Division, 715,000. b. Transportation expenseallocated to divisions at a rate of 4.00 per bill of lading: Winter Sports Division, 17,500 bills of lading; Summer Sports Division, 30,500 bills of lading. c. Accounts receivable collection expenseincurred at headquarters, allocated to divisions at a rate of 1.00 per invoice: Winter Sports Division, 25,000 sales invoices; Summer Sports Division, 43,000 sales invoices. d. Warehouse expenseallocated to divisions on the basis of floor space used in storing division products: Winter Sports Division, 60,000 square feet; Summer Sports Division, 90,000 square feet. Prepare a divisional income statement with two column headings: Winter Sports Division and Summer Sports Division. Provide supporting computations for support department allocations.

The following article appeared in the Wall Street Journal. Washington—The Securities and Exchange Commission staff issued guidelines for companies grappling with the problem of dividing up their business into industry segments for their annual reports. An industry segment is defined by the Financial Accounting Standards Board as a part of an enterprise engaged in providing a product or service or a group of related products or services primarily to unaffiliated customers for a profit. Although conceding that the process is a “subjective task” that “to a considerable extent, depends on the judgment of management,” the SEC staff said companies should consider … various factors … to determine whether products and services should be grouped together or reported as segments. Instructions What does financial reporting for segments of a business enterprise involve? Identify the reasons for requiring financial data to be reported by segments. Identify the possible disadvantages of requiring…

Delaware Medical Center operates a general hospital. The medical center also rents space and beds to separately owned entities rendering specialized services, such as Pediatrics and Psychiatric Care. Dela-ware  charges  each  separate  entity  for  common  services,  such  as  patients’  meals  and  laundry,  and  for  administrative services, such as billings and collections. Space and bed rentals are fixed charges for the year, based on bed capacity rented to each entity. Delaware Medical Center charged the following costs to Pediatrics for the year ended June 30, 20x1"                                                                                     Patient Days                  Bed Capacity Dietary ....................................................................... $600,000                           — Janitorial .......................................................................—                                 $70,000 Laundry…

During the month of July, the Town of Lynton recorded the following information related to purchases: General government Public safety Public works Culture and recreation Total purchase orders and invoices At the end of the month, several purchase orders remained outstanding for all functions except Culture and Recreation. Public Works in particular had a large amount of purchase orders outstanding because it had put in an order for delivery of paving materials to be delivered over the months of July and August. For all but Culture and Recreation, consider the amounts for purchase orders received the same as the actual cost of the items. Req a1 Required a. (1) Prepare the general journal entry to record the issuance of the purchase orders. (2) Show entries in subsidiary ledger accounts. b. (1) Prepare the general journal entries to record the receipt of the goods ordered at the actual cost shown and the related payable. (2) Show entries for the subsidiary ledger accounts including the…

Mary Tan is the controller for Duck Associates, a property management company in Portland, Oregon. Each year, Tan and payroll clerk Toby Stock meet with the external auditors about payroll accounting. This year, the auditors suggest that Tan consider outsourcing Duck Associates’ payroll accounting to a company specializing in payroll processing services. This would allow Tan and her staff to focus on their primary responsibility: accounting for the properties under management. At present, payroll requires 1.5 employee positions: payroll clerk Toby Stock and a bookkeeper who spends half her time entering payroll data in the system. Tan considers this suggestion, and she lists the following items relating to outsourcing payroll accounting: a.      The current payroll software that was purchased for $4,000 three years ago would not be needed if payroll processing were outsourced. b.      Duck Associates’ bookkeeper would spend half her time preparing the weekly payroll input form that is…

You have been assigned to the audit of Carter Brandon Co (CBC), and you are drafting the audit for payables and accruals for the year ended 31 December 20x7. The company operates from a site in West Wendon. All raw materials are received in the stores and all deliveries are checked to the delivery note and purchase order. The stores supervisor raises a goods received note and is also responsible for raising credit requests if there are any problems with the raw materials delivered.When the purchase ledger department staff receive the purchase invoices, they match them to the relevant goods received notes and purchase orders, and post them to the computerised purchase ledger. Suppliers are paid on the last day of each month. Other payables and accruals consist of tax, wages and other statutory deductions, accruals and time- apportioned expenses such as electricity and telephone.a. Assess the audit work you will carry out to compare suppliers' statements with balances recorded on the…

Which control activity is the entity implementing when at the end of each month, an HR clerk is reviewing the employees hours for payroll calculation ? Select one: a Independent checks on performance b. Adequate separation of duties c. Physical control over assets and records d. Adequate documents and records

Question 3: (35 Marks) As the in-charge senior auditor on the audit engagement for JA Tire Manufacturing for the year ended December 31, 2019, you are responsible for auditing the revenue cycle. The manager has instructed you to read JA Tire Manufacturing system provided on the first tab of the Excel file "Appendix 1_JATireSales_Data" before attempting this audit to familiarize yourself with the sales process and the relevant worksheets and terminology. This file contains sales transaction information for the year ended December 31, 2019. JA Tire has four sales divisions within Canada and sells primarily to large tire companies with regional warehouses that subsequently distribute to local retailers. Based on some of the risk assessment procedures already performed, you identified risks related to the fact that salespersons receive a commission on sales to distributors and the commission is calculated on a monthly basis. Your manager has asked you to perform analytical procedures as a…