Background: As a result of your preliminary findings, TechWear’s audit committee has asked that you postpone the issuance of your audit report until at least 80% of the accounts receivable balance out

Background:

As a result of your preliminary findings, TechWear’s audit committee has asked that you postpone the issuance of your audit report until at least 80% of the accounts receivable balance outstanding at December 31, 2016, has been resolved (e.g., collected, written off or returned).

As of May 31, 2017, approximately 80% of the accounts receivable balance has been settled, so it is time to perform your procedures. The client has provided you with the data that you requested (in the module: ACT558_Module_06_P5_Data.xls Download ACT558_Module_06_P5_Data.xls). Procedures already have been performed by your team to ensure that the data you received is complete and accurate.

The data file includes two tabs — 2017 AR data and 2016 Unapplied cash.

2017 AR data tab

This data includes January through May 2017 cash received, write-offs and returns for 2016 account balances. The data fields are the same as what you received for 2016, with the exclusion of the invoice date. Additionally, the “Type” field includes transaction information for write offs (Write-off) and returns (Returns).

2016 Unapplied cash tab

This data includes the same fields as what you received for the 2016 accounts receivable data. This data represents the unapplied cash at the end of 2016 updated now to reflect a “type” of “CashReceipt” and also includes the transaction number, applied to transaction number and invoice date information.

Required:

Submit in one Word document with a cover page the answers to the following questions:

Prepare a December 31, 2016, runoff analysis as of May 31, 2017 (demonstrating how the December 31, 2016, balance has “run off,” meaning explain what happened to the beginning balance to get to the ending balance, between January 1 and May 31, 2017). Display this at the customer level with the ability to drill down to the transaction (invoice) level. Document your findings by completing the following table:Adjusted accounts receivable as of December 31, 2016$15,118,973.57RunoffNet returnsNet bad debt write-offsNet cash receiptsRemaining accounts receivable as of May 31, 2017

Calculate the 2017 cash receipts on the December 31, 2016, balance by month and provide a visualization of the trend.

Determine what amount of the December 31, 2016, accounts receivable balance you believe is collectible. Prepare a summary report as part of your Word document for the audit committee that includes your audit findings and audit adjustments (continue using the previous summary of audit findings document from question #1). Your Word document should be 2-3 pages in length, double-spaced, and take you less than 10 minutes to present as a guide. Use the previous template to present your audit adjustments for the accounts receivable balance, only as provided below (note that you can add or delete items from the table below if you have more/fewer findings and adjustments than listed). Also, use the visualizations that you have prepared to support your report.

Summary of audit findings Accounts receivableAs of December 31, 2016$18,114,802.50Audit finding/adjustment Audit finding/adjustment Audit finding/adjustment Audit-adjusted balance as of December 31, 2016

Share This Post

Order a Similar Paper and get 15% Discount on your First Order

Related Questions

Write 200–250 words that respond to the directions below with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. There are two ways for companies t

Write 200–250 words that respond to the directions below with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. There are two ways for companies to borrow money. They can sign a note to borrow money from a bank or they can issue

Write 200–250 words that respond to the following questions with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. Please complete the following:

Write 200–250 words that respond to the following questions with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. Please complete the following: An entrepreneur is someone who has a passion and desire to organize and operate their own business. Using a business plan, an

Company: Samsung In this discussion, research income tax disclosures for a public corporation and access the impact of the tax differences on the income statement. Research this topic using AI (Copil

Company: Samsung In this discussion, research income tax disclosures for a public corporation and access the impact of the tax differences on the income statement. Research this topic using AI (Copilot or Chatgpt.com, for example) and present your findings. Include a summary of the topic, and what you learned after

KEONIA- UP TO 12/5/2025- *** IMPORTANT: PLEASE MAKE SURE THAT ALL WORK IS AUTHENTIC- DO NOT USE AI/ PLAGERISE AS THE ASSIGNMENT WILL BE RUN THROUGH TURN IT IN!!!!!* **** THIS ASSIGNMENT HAS 4

KEONIA- UP TO 12/5/2025- ***** IMPORTANT: PLEASE MAKE SURE THAT ALL WORK IS AUTHENTIC- DO NOT USE AI/ PLAGERISE AS THE ASSIGNMENT WILL BE RUN THROUGH TURN IT IN!!!!!***** ****** THIS ASSIGNMENT HAS 4 PARTS / PLEASE LABEL EACH PART SEPARATELY WITH REFERENCES WHEN COMPLETED****** **** FISCAL ACCOUNTABILITY **** PART

Write 200–250 words that respond to the following questions with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. For this Discussion Board, ple

Write 200–250 words that respond to the following questions with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. For this Discussion Board, please complete the following: A virtual business is any kind of business that is run via the Internet. With no physical location

Write 200–250 words that respond to the directions below with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. Payroll has many different parts.

Write 200–250 words that respond to the directions below with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. Payroll has many different parts. Not only is the employee paying taxes, but the employer is also paying additional payroll taxes. Watch the following

Company: Tesla In this discussion, please reflect on this weeks’ topics of corporate bonds and long-term debt. Choose a public corporation and evaluate the bond disclosure notes included with the fin

Company: Tesla In this discussion, please reflect on this weeks’ topics of corporate bonds and long-term debt. Choose a public corporation and evaluate the bond disclosure notes included with the financial statements. Research this topic using AI (Copilot or Chatgpt.com, for example) and present your findings. Minimum 250 words At

Write 200–250 words that respond to the following questions with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. For this Discussion Board, ple

Write 200–250 words that respond to the following questions with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. For this Discussion Board, please complete the following: When multiple employee personalities come into one business unit, there is a possibility of conflict happening.

Write 200–250 words that respond to the directions below with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. Internal controls are an important

Write 200–250 words that respond to the directions below with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. Internal controls are an important part of business operations. Internal controls are used to protect assets. Both companies and individuals use internal controls. Companies

Module 1 – SLPFinancial ReportingAssignment OverviewTraditional and Triple Bottom Line Reporting For managers in all departments, analyzing Traditional and Triple Bottom Line Reporting is important fo

Module 1 – SLPFinancial ReportingAssignment OverviewTraditional and Triple Bottom Line Reporting For managers in all departments, analyzing Traditional and Triple Bottom Line Reporting is important for making informed decisions that balance financial performance with social and environmental responsibility. It helps managers align strategies with sustainability goals, drive innovation, and support

Module 1 – CaseFinancial ReportingAssignment OverviewCompare Traditional Reporting vs. TBL Reporting Traditional reporting focuses solely on financial performance, while Triple Bottom Line (TBL) repor

Module 1 – CaseFinancial ReportingAssignment OverviewCompare Traditional Reporting vs. TBL Reporting Traditional reporting focuses solely on financial performance, while Triple Bottom Line (TBL) reporting evaluates financial, social, and environmental impacts, providing a broader view of a company’s sustainability and long-term value creation. In analyzing trends over five years of financial

Write 200–250 words that respond to the directions below with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. Adjusting entries are used to make

Write 200–250 words that respond to the directions below with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. Adjusting entries are used to make sure that all revenue and expenses are recorded in the correct period. Last week you learned about four

Write a 1–2 page executive summary, along with an appendix of supporting information, in which you analyze an organization’s financial performance as well as its level of risk for lending and make and

Write a 1–2 page executive summary, along with an appendix of supporting information, in which you analyze an organization’s financial performance as well as its level of risk for lending and make and present a recommendation to help leadership make a loan decision. Collapse AllIntroduction This portfolio work project will

Listed below are several terms and phrases associated with the accounting concepts. Pair each item from List A with the item from List B that is most appropriately associated with it. 1. Expense recog

Listed below are several terms and phrases associated with the accounting concepts. Pair each item from List A with the item from List B that is most appropriately associated with it. 1. Expense recognition 2. Periodicity 3. Historical cost principle 4. Materiality 5. Revenue recognition 6. Going concern assumption 7.

Module 1 – CaseFinancial ReportingAssignment OverviewCompare Traditional Reporting vs. TBL Reporting Traditional reporting focuses solely on financial performance, while Triple Bottom Line (TBL) repor

Module 1 – SLPFinancial ReportingAssignment OverviewTraditional and Triple Bottom Line Reporting For managers in all departments, analyzing Traditional and Triple Bottom Line Reporting is important fo

Instructions This project consists of two sections. In section 1, you are required to calculate ratios of General Motors Company (hereafter, GM) and Tesla Inc. (hereafter, Tesla) for year ended Dec

Link includes all material to complete https://www.filemail.com/d/rteqdkiyahphpwk Instructions This project consists of two sections. In section 1, you are required to calculate ratios of General Motors Company (hereafter, GM) and Tesla Inc. (hereafter, Tesla) for year ended Dec 31, 2024. Present all your calculations and results in the templates provided

Write 200–250 words that respond to the questions below with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. You are faced with ethical decision

Write 200–250 words that respond to the questions below with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. You are faced with ethical decisions every day. Ethical decisions can be either large or small, personal or related to business. For example, do