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35. Copyright2015 © McGraw-Hill Education. All rightsreserved.Noreproductionordistribution
without the prior written consent of McGraw-Hill Education. Page 35 <> Date: 24 OCT 2014
07:14:35 +0000 From: "Karina Ramirez" Subject: Upcoming Apollo Shoes Engagement Attachment:
<> Per your request, I have attached a copy of our accounting and procedures manual. We look
forward to your upcoming fieldwork. Please let us know if there is anything else we can provide you
to make your job easier. Karina Karina Ramirez Director, Internal Audit Apollo Shoes, Inc. This
Apollo message (including any attachments) contains confidential information intended for a
specific individual and purpose, and is protected by law. If you are not the intended recipient, you
should delete this message and are hereby notified that any disclosure, copying, or distribution of
this message, or the taking of any action based on it, is strictly prohibited. Comments: 2. Are sales of
the following types controlled by the same procedures described below? Sales to employees, COD
sales, disposals of property, cash sales, and scrap sales. Peters Type Yes Instructions Emails A-0
Planning Audit Program A-1 PBC 2019 Trial Balance Apollo Planning Audit Mini Case In this mini-
case you will perform some procedures required as a part of audit planning. For ease your audit
manager has already organized the workpapers and completed several of the required workpapers.
Instructions: Read the email from your manager, then read the steps in the audit program found on
Work Paper A-0 and familiarize yourself with the other planning section work papers. Complete all
the steps on the audit program instructed by your manager When you are finished with the items on
the workpaper enter your initials in the box in the top right marked "Prepared By" This entire
completed workbook should be renamed as PLAN2 Firstname Lastname and uploaded, structions
Emails A-O Planning Audit Program A-3 2019 10-K Date: 21 OCT 2020 00:42:35 +0000 From:
"Darlene Wardlaw"
37 In January 2011, Sprint entered into a contract with Cellustar under which Cellustar agreed to
become a distributor of Sprints prepaid mobile phone service and product brand, Boost Mobile, in
Puerto... Net sales for the year ended December 31, 2010 increased 2% to $240,575,000, when
compared to the same period in 2009. The sales growth was primarily due to new products
introduced during the 2010 fiscal year. The average selling price per product in the year ended
December 31, 2010 increased approximately 2% from the year ended December 31, 2009. Thomas,
On February 1, 2010, the Company purchased its operating facility and equipment from a company
controlled by two previous directors and shareholders of the Company for $623,905.92. Currently,
the Company leases a second facility and equipment from the same company for approximately
$200,000 per month. The Company’s lease ends in June 2011 at which time all operations will be
moved to the central headquarters building. The two previous directors are no longer associated with
Apollo Shoes. Information Systems. An information systems department was created this past year.
At present, the staff consists of a Director of IS (information systems), a systems development
project manager and two programmer/analysts, an operations manager (who also serves as the
librarian and control clerk), and two machine operators. 7.5 Download to read offline To Apollo
Shoes Case - Inventory Audit 4,130 Previewing 4 of 21 pages Upload your study docs or become a
member. 2 Apollo Shoes, Inc. (the “Company”) is a planetary distributor specializing in
technologically superior athletic podiatric products. The Company’s brands- SIREN, SPOTLIGHT,
and SPEAKERSHOE- are used extensively in many athletic competitions, such as the Switzerland
Watersports Games in Zurich. The Company is excited about this annual event that exhibits to the
entire world the skills and spirit of outstanding Swiss aquatic athletes. Early extinguishment of debt
often produces a gain or a loss. How is the gain or loss determined? 4. Are pre-numbered bills of
lading or other shipping documents prepared or completed in the shipping department? Siren Count
25. Copyright2015 © McGraw-Hill Education. All
rightsreserved.Noreproductionordistributionwithout the prior written consent of McGraw-Hill
Education. Page 25 9. Income taxes The provision (benefit) for income taxes consists of the
following for the years ended December 31: 2013 2012 Current: Federal $ 2,025 $ 873 State 365 154
$ 2,390 $ 1,027 Deferred: Federal $ 340 $ (42) State 64 (7) $ 404 $ (49) $ 2,794 $ 978 Deferred
income taxes are provided for the tax effects of timing differences in reporting the results of
operations for financial statements and income tax purposes, and relate principally to valuation
reserves for accounts receivable and inventory, accelerated depreciation and unearned compensation.
A reconciliation of the statutory federal income tax provision to the actual provision follows for the
years ended December 31: 2013 2012 Federal Statutory Rate 34.0% 34.0% State taxes, less federal
benefit 6.0% 6.0% Research and experimentation credit (2.0%) (1.4%) Other 1.0% 1.0% Effective
Tax Rate 39.0% 39.6% 10. Litigation On September 12, 2013, the Company agreed to settlement of
a suit brought against the Company by a competitor for patent infringement for the Company's use
of the Siren. While the Company denies any wrongdoing, the Company felt that the settlement
would be preferable to a long litigation process. The final settlement totaled $11,695,000
($19,172,000, net of a tax benefit of $7,477,000). 11. Related-party transactions On February 1,
2013, the Company purchased its operating facility and equipment from a company controlled by
two previous directors and shareholders of the Company for $623,905.92. Currently, the Company
leases a second facility and equipment from the same company for approximately $200,000 per
month. The Company’s lease ends in June 2014 at which time all operations will be moved to the
central headquarters building. xiii 5,000 Speaker 19. Copyright2015 © McGraw-Hill Education. All
rightsreserved.Noreproductionordistributionwithout the prior written consent of McGraw-Hill
Education. Page 19 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION APOLLO
SHOES, INC. in thousands As of December 31 2013 2012 Assets Cash $3,245 $3,509 Accounts
Receivable (Net of Allowances of $1,263 and 210, respectively) (Note 3) 15,148 2,738 Inventory
(Note 4) 15,813 13,823 Prepaid Expenses 951 352 Current Assets $35,157 $20,422 Property, Plant,
and Equipment (Note 5) 1,174 300 Less Accumulated Depreciation (164) (31) $1,010 $269
Investments (Note 6) 573 613 Other Assets (Note 6) 54 0 Total Assets $36,794 $21,304 Liabilities
and Shareholders’ Equity Accounts Payable and Accrued Expenses $4,675 $3,556 Short-Term
Liabilities (Note 7) 10,000 0 Current Liabilities $14,675 3,556 Long-Term Debt (Note 7) 0 0 Total
Liabilities $14,675 3,556 Common Stock 8,105 8,105 Additional Paid-in Capital 7,423 7,423
Retained Earnings 6,591 2,220 Total Shareholders' Equity $22,119 $17,748 Total Liabilities and
Shareholders' Equity $36,794 $21,304 The accompanying notes are an integral part of the
consolidated financial statements. vii Nadiatul Qalbi Amalia Rizqi 041911333077 3. The delivery
division utilizes a pre-numbered Bill of Lading having 2 copies (one goes into the container and the
other returns to accounts receivable together with the bill). Completeness assertion: 5. Are sales
invoice blanks pre-numbered? Yes The empty sales bills are pre-numbered and the series is verified.
6. Is the sequence checked for missing invoices? Yes The numerical series is verified by an accounts
receivable clerk with any lost bills accounted for and described. 7. Is the shipping document
numerical sequence checked for missing bills of lading numbers? No No reference to this control.
This might create stock to be misstated. Accuracy assertion: 8. Are all credit sales approved by the
credit department prior to shipment? Yes All sales orders are authorized by a credit manager prior to
further handling. 9. Are sales prices and terms based on approved standards? No Salesclerks write
costs down (however are frequently incorrect because many checks have demonstrated) on a sales
form, which is after that moved to a sales Apollo Internal Control Audit Mini Case (1).xlsx
Facilitator – name 5. The general ledger supervisor reconciles account balances and verifies month to
month sales groups however both are made by the accounts receivable division. This develops chance
for scam since accounts receivable is involved in lots of parts of the deal cycle. Classification
objective: 15. Does the accounting manual contain instructions for classifying sales? Yes Sales are
documented by the accounts receivable division and coded into one of 3 product line income
accounts. Cutoff objective: 16. Does the accounting manual contain instructions to date sales
invoices on the shipment date? No Costs to accounts are to be made for the delivery date however
no reference to sales bills being dated for delivery date. This enhances the possibilities of wrong
entries to client accounts. Flowchart Revenue and Cash Receipts Cycle – Bridge Working Paper ICC
Index # Control Activity Audit Implications Tests of Controls Compensating Audit Procedures S-1 56
Review
and
reflect
on
the
knowledge
that
you
have
gained
from
this
course.
What
were
the
most
compelling
topics
that
you
learned
in
this
course?
Do
you
feel
that
this
course
has
given
you
a
foundation
Jacobs
14.
Copyright2015
©
McGraw-
Hill
Education.
All
rightsreserved.Noreproductionordistributionwithout
the
prior
written
consent
of
McGraw-
Hill
Education.
Page
14
Finance
The
finance
department
has
two
subordinate
offices—the
treasurer
and
the
controller.
The
treasurer
supervises
the
cashiers
and
the
cash
management
professionals.
The
controller’s
office
has
the
following
departments
and
personnel:
billing
department,
accounts
receivable/
cash
receipts
department,
accounts
payable/
cash
disbursements
department,
inventory
records
department,
payroll
department,
general
ledger
department,
and
financial
statement
department.
Information
Systems
An
information
systems
department
was
created
this
past
year.
At
present,
the
staff
consists
of
a
Director
of
IS
(information
systems),
a
systems
development
project
manager
and
two
programmer/
analysts,
an
operations
manager
(who
also
serves
as
the
librarian
and
control
clerk),
and
two
machine
operators.
When
the
information
systems
department
became
active,
the
director
was
promoted
to
vice
president.
Apollo
obtained
a
wireless
local
area
network
(LAN)
multiserver
soon
after
and
began
testing
the
hardware
and
software.
Since
the
new
computer
system
was
designed
and
customized
to
Apollo’s
needs,
every
effort
was
made
to
keep
as
many
as
possible
of
the
procedures
and
business
documents
used
in
the
manual
system.
This
made
the
transition
to
the
computer
system
easy
on
the
employees,
thus
reducing
training
and
employee
objections
to
the
computer.
Operations
The
operations
department
contains
production
planning
specialists
and
some
production
control
professionals,
who
assist
the
marketing
department
in
technical
matters
and
assist
customers
with
product
specifications.
Operations
supervisors
supervise
hourly
workers
who
move
products
from
receiving,
inventory,
and
shipping
to
serve
customer
demand.
The
department
also
supervises
the
timekeepers,
who
maintain
the
workers’
time
clocks
and
collect
payroll
time
cards.
The
operations
department
contains
the
critical
functions
of
purchasing,
receiving,
and
shipping.
Inventory
storekeeping
responsibility
is
also
in
this
department,
with
some
inventory
managers.
For
reasons
lost
to
history,
the
department
also
has
the
mailroom
and
the
personnel
department.
ITEM
2.
PROPERTIES.
Until
February
of
2013,
the
Company
leased
most
of
the
properties
that
were
used
in
its
business.
Its
corporate
headquarters
relocated
at
that
time
to
office
facilities
in
Shoetown,
Maine.
At
its
corporate
headquarters,
the
Company
occupies
approximately
10,000
square
feet
of
space.
A
lease
on
an
operations
facility
expires
on
June
30,
2014.
This
warehouse
and
distribution
center
is
located
approximately
one
mile
from
the
Company
headquarters
and
contains
approximately
450,000
total
square
feet
of
usable
space.
ii
The
salesclerks
are
in
the
marketing
division
and
order
requiring
credit
authorization
is
taken
to
the
credit
manager
in
the
treasury
division.
Finance.
The
finance
department
has
two
subordinate
offices—the
treasurer
and
the
controller.
The
treasurer
supervises
the
cashiers
and
the
cash
management
professionals.
The
controller’s
office
has
the
following
departments
and
personnel:
billing
department,
accounts
receivable/
cash
receipts
department,
accounts
payable/
cash
disbursements
department,
inventory
records
department,
payroll
department,
general
ledger
department,
and
financial
statement
department.
Authorized
purchase
of
$1
million
in
equipment
Vouch
&
Trace
the
transactions
Flounder
Corporation
began
operating
as
a
business
in
2
0
2
0
.
During
January
2
0
2
1
,
the
company
paid
$
2
9
6
5
0
0
in
design
costs
to
develop
its
trademark
and
$
2
4
4
0
0
0
in
legal
and...
Report
Cost
of
Goods
Sold
expected
to
remain
the
same
Note
for
analytic
review
of
Expenses
Apollo
Shoes,
Inc.
The
Assignment
3.TEMPLATExox
posted
on
Del
includes
an
audit
plan
for
cash
worksheet
B.
An
actual
audit
plan
for
cash
is
a
lot
more
detailed.
However,
for
the
sake
of
simplicity,
we
will
be
gauch
task
audit
plan
Introduction
Apollo
Shoes,
Inc.
is
an
audit
case
designed
to
introduce
you
to
the
entire
audit
process,
from
planning
the
engagement
to
drafting
the
final
report.
You
are
to
assume
the
role
of
a
safaditor
at
Anderson,
and
Watershed
(AOW
OPAs
and
work
on
the
financial
and
of
adent,
Apollo
Shoes
.
This
assignment
focuses
on
the
planning
process
of
the
audit.
This
assignment
will
introduce
you
to
earing
evidence
to
paydosention
to
detail
Mastery
of
bark
reconciation
will
prove
to
be
very
benefical
in
this
assignment.
You
will
be
making
one
adjusting
journal
entry
in
this
assignment.
Use
the
Assignment
3
-
TEMPLATE
to
record
your
work
and
submit
it
to
the
door
by
the
due
date
Date:
19
JAN
2018
15:37:42
+0000
This
assignment
contains
various
co
n
ations
from
the
Darlene
Wardlaw,
Engagement
Manager
at
AOW
OPAS.
Each
communication
contains
certain
assignment
requirements
Highlighted
in
bold.
The
documents
mentioned
in
the
Attachments
section
of
a
communication
are
available
in
the
Content
area
of
DL
in
Apollo
Shoes
module.
From:
"Darlene
Wardlaw
WRANG
Subject:
Audit
of
Cash
The
information
in
this
assignment
is
sequential
in
nature,
in
other
words,
paydose
attention
to
information
disclosed
early
in
the
audit
(for
example,
in
the
teard
of
Directors'
meeting
minutes
as
it
may
play
a
role
in
subsequent
audit
work
contained
in
other
assignments
Attachments:
Hark
Confirmation,
Cutoff
Bank
Statements,
Deposit
o
u
tstanding
checks
I
want
you
to
start
with
the
cash
audit.
We
have
received
the
tank
confirmation
(WP
ro
1.1)
and
the
January
2018
cutoff
bank
statement(WP
reft
2.1)
directly
from
Apolos
bank.
We
have
also
received
the
deposits
slips
for
deposits
made
immediately
after
the
year
end
(WP
2.2
and
list
of
outstanding
checks
at
the
end
(WP
ref
23)
from
the
dient.
These
documents
should
be
swout
for
creating
Hank
Recondition
(WProfaz).
Begin
by
preparing
a
cash
lead
schedule
so
that
we
know
which
accounts
are
significant
and
therefore
while
need
to
be
audited.
After
completing
the
cash
lead
schedule,
start
auditing
the
regular
checking
account
by
comparing
the
book
balance
in
the
lead
schedule
with
the
balance
provided
in
the
bank
convirmation
was
there
will
be
differences
due
to
deposits
in
transit
and
outstanding
checks,
prepare
a
bank
reconciliation
to
Limitations
of
the
case.
While
the
case
is
as
realistic
as
possible,
you
are
unable
to
follow
up
directly
with
dient
personnel.
Therefore,
you
will
have
to
rely
on
evidence
provided
to
you
through
DL.
in
an
actual
audit,
you
would
be
able
to
inquire,
observe,
and
otherwise
follow
up
on
w
e
stions
that
you
have
until
you
feel
comfortable
relying
on
the
evidence,
Alva,
to
make
sure
that
the
case
can
be
completed
in
a
reasonable
amount
of
time,
most
of
the
audit
sampling
is
already
done
for
you,
Understand
that
audit
sampling
plays
a
large
role
in
actual
audit
practice
and
you
may
have
to
be
directly
involved
with
the
sampling
procedures
•
adjust
the
book
balance
with
any
deposits
or
withdrawals
the
chent
might
not
have
known
at
year
end,
and
Assignment
3
Cash
Audit
•
adjust
the
bank
balance
with
any
deposits
or
withdrawals
the
bank
might
not
have
known
at
year
end.
You
are
to
conduct
a
cash
audit
of
Apollo
Shoes,
The
cash
audit
is
designated
with
the
series.
So,
any
document
starting
with
is
a
primary
document
for
cash
dit.
You
will
be
working
on
the
following
workpapers
during
your
audit
of
cash:
FYL,
while
auditing
the
accounts
payable,
I
came
across
an
account
that
was
paid
but
not
recorded
in
the
books
This
means
that
the
cash
might
be
overstated.
See
if
you
can
find
any
check
in
the
2018
cutoff
bank
statement
that
was
not
recorded
as
an
outstanding
check
at
the
M
a
r
end.
If
you
find
a
missing
outstanding
check,
please
post
an
adjusting
entry
accordingly
in
warlpaper
Alt
and
pebeasistents
in
the
cash
load
schedule
181)
as
well
as
the
working
trial
balance
A1
A2
B
cash
Audit
Plan
•
1
Cash
Lead
Schedule
•
1
Bark
Confirmation
Your
ability
to
properly
reference
your
worlpapers
is
critical
for
me
to
understand
where
you
got
the
information
from
and
to
which
other
workepapers
did
the
information
go
to
the
way
workpapers
are
referenced
in
auditing
is
based
on
the
concepts
of
trading
and
vouching.
Preceding
worlopapers
are
referenced
towards
the
left
and
Succeeding
worlpapers
are
referenced
towards
the
right.
Basically,
a
reference
on
the
left
shows
where
the
information
is
coming
from
and
a
reference
on
the
night
shows
where
the
information
is
going.
For
example,
when
preparing
the
Bank
Reconciliation,
the
Balance
per
Hank
Cormation
should
have
1.
referenced
towards
the
left
of
the
amount
to
show
other
auditors
that
the
information
is
coming
from
the
Bank
Confirmation
in
the
Bank
Confirmation
the
same
amount
should
have
referred
towards
them
to
show
other
auditors
that
the
amount
is
going
to
the
Bank
Reconciliation
•
•
•
2.1
22
12.3
to
Bank
Statement
Deposit
slips
Outstanding
checks
WPE
A11
Apollo
Shoes,
hec
Preclosing
Trial
Balance
(audited)
As
of
the
year
end
December
31,
2016
PB:
HN
RB:
DW
AccoD
Account
Description
Debit
Amoet
Credit
Amoet
1,987.28
198,116.52
3,44,958.13
16,410,902.71
1,262,819.88
18,825,205.24
3,012,000.00
743,314.38
200.000.00
7,406.82
117,000.00
623,915.92
433,217.10
163,500.00
572,691.18
53,840.59
4,633,118.09
29,470.32
1,318.69
583.99
6,033.01
2,815.47
1,318.69
583.99
10,000,000.00
10100
Cash
on
Hand
10200
Regular
Checking
Account
10300
Payrol
Checking
Account
10400
Savings
Account
11000
Accounts
Receivable
11400
Other
Receivables
11500
Alowance
for
Doubtft
Accounts
12000
Inventory
-
Spotlight
12300
Reserve
for
hventory
Obsolescence
14100
Prepaid
Insurance
14200
Prepaid
Rent
14300
Office
Supplies
14400
Notes
Receivable-
Cument
14700
Other
Current
Assets
15000
Land
15100
Buildings
and
Land
Improvements
15200
Machinery,
Equipment,
Ofice
Fumiture
17000
Accum.
Depreciation
19000
Westments
19900
Other
Noncurrent
Assets
20000
Accounts
Payable
23100
Sales
Tax
Payable
23200
Wages
Payable
23300
FICA
Employee
Withholding
23350
Medicare
Withholfing
23400
Federal
Payroll
Taxes
Payable
2300
FUTA
Tax
Payable
23600
State
Payroll
Taxes
Payable
23700
SUTA
Tax
Payable
23900
FICA
Employer
Withholfing
239.00
Medicare
Employer
Withholding
24100
Line
of
Credi
24200
Cument
Portion
Long-
Term
Debt
24700
Other
Cument
Liabities
27000
Notes
Payable
Noncurrent
39003
Common
Stock
39014
Paid
in
Capital
39005
Retained
Eamings
40000
Sales
41000
Sales
Retums
42000
Warranty
Expense
45000
Income
from
Investments
46000
hterest
Income
47000
Miscellaneous
Income
50100
Cost
of
Goods
Sold
57500
Freight
60000
Advertising
Expense
61000
Auto
Expenses
62000
Research
and
Development
64000
Depreciation
Expense
64500
Warehouse
Salaries
65000
Property
Tax
Expense
66000
Legal
and
Professional
Expense
67000
Bad
Debt
Expense
68000
Insurance
Expense
700.00
Maintenance
Expense
70100
Urties
70110
Phone
70120
Postal
71000
Miscellaneous
Ofice
Expense
72000
Payroll
Tax
Exp
7200
Pension
Profi-
Sharing
Plan
Ex
74000
Rent
or
Lease
Expense
77500
Administrative
Wages
Expense
78000
Interest
Expense
78500
Income
Tax
Expense
-
Federal
78510
Income
Tax
Expense
-
State
809Loss
on
Legal
Settlement
8,105,000.00
7,423,000.00
2,219,620.65
246,172,918.44
4,497,583.20
1,100,281.48
214,312.81
141,569,221.61
4,312,951.46
897,140.01
218,974.39
31,212,334.17
133,000.00
4,633,383.82
80,495.32
3,615,
133.96
1,622,425.99
853,942.65
61,136.14
135.642.99
76,373.78
128,033.21
17.023.27
1,550,989.06
3,000,000.00
2,603,485.87
16,875,315.98
875,000.00
2,365,000.00
429,000.00
19,172,000.00
283,238,404.03
2
83,238,404.03
WPŁ
A12
Apollo
Shoes,
ac
Preclosing
Trial
Balance
(
dited)
As
of
the
year
end
December
31,
2017
PB:
HN
RB:
DW
AccoD
Account
Description
Debit
Amount
Credit
Amoet
2,275.23
557,125.92
3,645,599.15
51,515,259.98
1,250,000.00
1,239,019.75
67,724,527.50
846,000.00
3,424,213.78
8,540.00
117,000.00
674,313.92
2,929,097.13
619,500.00
1,948,780.39
53,840.59
1,922,095.91
8,439.65
11,414.99
118,686.12
55,106.86
8,439.65
11,414.99
44,403,000.00
10100
Cash
on
Hand
10200
Regular
Checking
Account
10300
Payrol
Checking
Account
10400
Savings
Account
11000
Accounts
Receivable
11400
Other
Receivables
11500
Allowance
for
Doubtful
Accounts
12000
nentory
12300
Reserve
for
hventory
Obsolescence
14100
Prepaid
Insurance
14200
Prepaid
Rent
14300
Office
Supplies
14400
Notes
Receivable-
Cument
14700
Other
Current
Assets
15000
Land
15100
Buildings
and
Land
Improvements
15200
Machinery,
Equipment,
Ofice
Fumiture
17000
Accum.
Depreciation
19000
Westments
19900
Other
Noncurrent
Assets
20000
Accounts
Payable
23100
Sales
Tax
Payable
23200
Wages
Payable
23300
FICA
Employee
Withholding
23350
Medicare
Withholfing
23400
Federal
Payroll
Taxes
Payable
2300
FUTA
Tax
Payable
23600
State
Payroll
Taxes
Payable
23700
SUTA
Tax
Payable
23900
FICA
Employer
Withholfing
239.00
Medicare
Employer
Withholding
24100
Line
of
Credi
24200
Cument
Portion
Long-
Term
Debt
24700
Other
Cument
Liabities
27000
Notes
Payable
Noncurrent
39003
Common
Stock
39014
Paid
in
Capital
39005
Retained
Eamings
40000
Sales
41000
Sales
Retums
42000
Warranty
Expense
45000
Income
from
Investments
46000
hterest
Income
47000
Miscellaneous
Income
50100
Cost
of
Goods
Sold
57500
Freight
60000
Advertising
Expense
61000
Auto
Expenses
62000
Research
and
Development
64000
Depreciation
Expense
64500
Warehouse
Salaries
65000
Property
Tax
Expense
66000
Legal
and
Professional
Expense
67000
Bad
Debt
Expense
68000
Insurance
Expense
700.00
Maintenance
Expense
70100
Urties
70110
Phone
70120
Postal
71000
Miscellaneous
Ofice
Expense
72000
Payroll
Tax
Exp
7200
Pension
Profi-
Sharing
Plan
Ex
74000
Rent
or
Lease
Expense
77500
Administrative
Wages
Expense
78000
Interest
Expense
78500
Income
Tax
Expense
-
Federal
78510
Income
Tax
Expense
-
State
809Loss
on
Legal
Settlement
12,000,000.00
8,105,000.00
7,423,000.00
6,590,983.64
242,713,452.88
11,100,220.89
1,158,128.47
1,426,089.31
131,881.46
2,165,000.00
130.196,645.26
4,240,263.09
1,036,854.01
210.502.80
528.870.44
446,000.00
4,720,715.56
99,332.45
4,913,224.45
36,106.92
35,512.87
137,332.18
52,599.02
77.813.61
24,891.82
1,577,811.85
3,300,000.00
1,216,574.00
16,
197,225.43
2,591,736.50
8,900,000.00
3,100,000.00
329,788,915.21
329,788,915.21
WPE
Apollo
Shoes,
Inc.
Working
Til
Bakance
Income
Statement
12/
31/
2017
RB
Acct.
Adestruents
Account
Title
WP
Ret
12/
01/
2016
Audited
WP
Ret
1231/
2017
Uudited
12/
31/
2017
Audited
AE
SALES
REVENLE
40000
Sales
41000
Sales
Retums
42000
Warranty
Expense
A11
A11
AL1
246,172,918.44
(4,497,583.20)
(1,100,281.48)
M12
A12
A12
242,713,452.88
(11,100,220.89)
(1,158,128.47)
242,713,452.88
(11,100.220.89)
(1,158,128
47
Net
Sales
240,575,053.76
230,455,
103.52
230,455,103.52
COST
OF
GOODS
SOLD
50000
Cast
of
Goods
Sold
A11
141,569,221.61
|
A1.2
130,
196,645.26
130,
196,645.26
Total
CGS
Gross
Mary
141,569,221.61
99,005,832.15
130,
196,645.26
100,258,458.26
130,
196,645
26
100,258,458.26
A11
A11
A11
A11
A1.1
A11
AL1
AL1
A1.1
AL1
A11
AL1
4,240,263.09
1,036,854.01
210,502.80
528,870.14
446,000.00
4,720,715.56
99,332.45
4,913,224.45
OPERATING
EXPENSES
57500
Freight
60000
Advertising
Expense
61000
Auto
Expenses
62000
Research
and
Development
64000
Depreciation
Expense
64500
Warehouse
Salaries
65000
Property
Tax
Expense
66000
Legal
and
Prufessional
Expense
67000
Bad
Debt
Expense
GOOD
Insurance
Expense
70000
Maintenance
Expense
70100
Uhies
70110
Phone
70120
Postal
71000
Miscellaneous
Ofice
Expense
72000
Payroll
Tax
Exp
73000
Pension
Profit
Sharing
Plan
Ex
74000
Rent
or
Lease
Expense
77500
Administrative
Wages
Expense
4,240,263.09
1,036,854.01
210,502.80
528.870.44
446,000.00
4,720,715.56
99,332.45
4,913,224.45
4,302,951.46
897.140.01
208,974.39
31,212,331.17
133,000.00
4,633,
23.02
80,495.32
3,605,133.96
1,622,425.99
853,942.65
61,136.04
135,642.99
76,373.78
128,033.21
17.023
27
1,550,989.06
3,000,000.00
2,603,485.87
16,875,305.98
A12
A12
A12
A12
A12
A12
A12
A1.2
A12
A12
A12
A1.2
A12
M12
A12
A12
A12
M12
A12
36,106.92
35,502.87
137
132.18
52,599.02
77,803.61
24,891.82
1,577,811.85
3,300,000.00
1,206,574.00
16,
197,225.43
36,106.92
35,502.87
137,332.18
52,599.02
77,803.61
24,891.82
1,577,811.85
3,300,000.00
1,206,574.00
16,197,225.43
A11
AL1
AL1
Total
Operating
Expenses
Net
lacome
from
Operations
71,997,771.97
27,008,060.18
38,811,610.50
61,416,847.76
38,841,610.50
61,416,847.76
204,
302.81
OTHER
NCOME
EXPENSE)
45000
Income
from
investments
46000
Interest
Income
47000
Miscellaneous
Income
78000
Interest
Expense
80000
Loss
on
Legal
Settlement
AL1
A1.1
AL1
AL1
A11
A1.2
A12
A12
A1.2
A1.2
1,426,089.31
131,881.46
2,166,000.00
(2,591,736.50)
1,426,089.31
131,881.46
2,166,000.00
(2,591,736.50)
(875,000.00)
(19,172,000.00)
Total
Other
Lacome
Expenses)
Net
Lecome
before
Tax
(19,842,697.19
7,165,
162.99
1,132,234.27
2,549,082.03
1,132,231.27
62,549,082.03
TAXES
78500
Income
Tax
Expense
-
Federal
78510
Income
Tax
Expense
-
State
AL1
AL1
(2,365,000.00)
(429,000.00)
A1.2
A12
(8,900,000.00)
(3.100,000.00)
(8,900,000.00)
(3.100.000.00)
Total
Taxes
Net
lecome
(2.744,000.00)
4,371,
362.99
(12,000,000.00)
50,549,082.03
A22
(12,000,000.00)
50,519,082.03
22
WPE
Apollo
Shoes,
hec
Working
Trial
Balance
Bakance
Sheet
1231/
2017
PB:
RB
Acc.
A
stments
Account
Title
WP
Ret
1231/
2016
Audited
WP
Ret
12/
31/
2017
audited
12/
31/
2017
Audited
ASSETS
1,987.28
198,116.52
2,275.23
557,125.92
2,275.23
557,125.92
3,041,958.13
16,410,902.71
A1.1
A1.1
A1.1
A1.1
A1.1
A11
A1.1
A1.1
A1.1
A1.1
A1.1
A11
A11
AL1
A1.1
A1.1
10100
Cash
on
Hand
10200
Regular
Checking
Account
10300
Payroll
Checking
Account
10000
Savings
Account
11000
Accounts
Receivable
11400
Other
Receivables
11500
Alkuwance
for
Doubtful
Accounts
12000
Inventory
-
Spotlight
12300
Reserve
for
entory
Obsolescence
14100
Prepaid
insurance
14200
Prepaid
Rent
14300
Ofice
Supplies
14400
Nates
Receivable
Current
1700
Other
Current
Assets
15000
Land
15100
Buklings
and
Land
Improvements
15200
Machinery,
Equipment,
Olice
Furniture
17000
Accum.
Depreciation
19000
Investments
19900
Other
Noncurrent
Assets
(1,262,819.88)
18.825,205
24
(3.012,000.00)
743,314.338
200,000.00
7,406.82
A12
A1.2
A1.2
A12
A1.2
A12
A1.2
A12
A12
A12
A1.2
A12
A12
A1.2
A12
3,615,599.15
51,515,259.90
1,250,000.00
(1,239,009.75)
67.724,527.50
(816,000.00)
3,424,213.78
3,615,599.15
51,515,259,98
1,250,000.00
(1,229,009.75)
67.724,527.50
(846,000.00)
3,424,213.78
8,540.00
8,510.00
117.000.00
623,905.92
413,217.10
(163,500.00)
572,691.08
53,840.59
A12
117,000.00
674,313.92
2,929,097.13
(609,500.00
1,998,780.39
53,840.59
117,000.00
674,313.92
2,929,097.13
(609,500.00
1,998,780.39
53,840.59
Total
Assets
36,794,7%.89
15794
TX
99
131,206,063.84
131.206.053.84
LRT
4,633,
118.09
1,922,095.91
1,922,095.91
29,470.32
1,318.69
583.99
6,033.01
8.439.65
11.411.99
118,086.12
20000
Accounts
Payable
23100
Sales
Tax
Payable
23200
Wages
Payable
23300
FICA
Employee
Withholding
23350
Medicare
Withoking
23400
Federal
Payroll
Taxes
Payable
23500
FUTA
Tax
Payable
23500
State
Payroll
Takes
Payable
23700
SUTA
Tax
Payable
2000
FICA
Employer
Withholding
23900
Medicare
Employer
Withholing
24100
Line
of
Cred
24200
Current
Portion
Long-
Term
Debt
24700
Other
Current
Liabilities
27000
Notes
Payable
Noncurent
A1.2
A1.2
A12
A12
A1.2
A12
A12
A1.2
A12
8.439.65
11.414.99
118,006.12
A1.1
A1.1
A1.1
A1.1
A1.1
A1.1
AL1
A1.1
A11
A1.1
A1.1
A1.1
A1.1
A1.1
A1.1
2,815.47
55,106.86
55,106.86
1,318.69
583.99
10,000,000.00
A12
8,439.65
11.414.99
41,403,000.00
8,439.65
11.414.99
14.403,000.00
A12
A12
A1.2
A12
12,000,000.00
12,000,000.00
Total
liberties
14,675,24225
58,537,998.17
58.3799817
OWNER'S
EQLITY
39003
Common
Stock
390114
Paidin
Capital
39005
Retained
Eamings
A1.11
A1.1
A1.1
8,105,000.00
7,423,000.00
2.219,620.65
A1.2
A1.2
A1.2
8,105,000.00
7,423,000.00
6,590,983.64
8,105,000.00
7.423,000.00
6.590,533.64
121
A2.1
Net
Income
Total
Ormer's
Equity
4,371,362.99
22,118,983.64
50,549,082.03
72,668,065.67
50,549,082.03
22,668,065.67
Total
Liberties
&
Equity
36,794225.89
131,205,063.81
-
131,206,063.84
WPE
Apollo
Shoes,
hac
Analytical
Procedures
Common
Size
come
Statement
1281/
2017
PB:
RB:
Acct
Account
Inge
Significant
WP
Ret
12/
31/
2016
Audited
12/
31/
2017
haudited
Title
SALES
REVENUE
40000
Sales
41000
Sales
Retums
42000
Warranty
Expense
A2.1
A2.1
N21 246,172,918.44 14,497,583.20) (1,100,281.48) 102% 2% 0% 242,713,452.88 (11,100,220.89)
(1,158,128.47)
105% 5% 1% (3,459,465.56) (6,602,637.69) (57.846.99) 0% 0% 0% 100% Het Sales
240_575,053.76 220,455,103.72 100% (10,119,950.24) COST OF GOODS SOLD 50000 Cost of
Goods
Sold
N21 141,569,221.61 59% 130, 196,645.26 56% (11,372,576.35) ox 2x 0% 0% Total CGS Gross
Maryi 0% 0% 2% 2% 0% 59% 41% 141,569,221.61 99,005,832.15 OX 56% 44% 130, 196,645.26
100,258,458.26
(11,372,576.35 1,252,626.11 2x 0% 2% 0% 0% 13% 02 2x 0% 0% 0% 0% -13% X 4,240,263.09
1,036,854.01
210,502.80
528,870.44 446,000.00 4,720,715.56 99,332.45 4,913,224.45 0% 2% 0% X OPERATING
EXPENSES
57500
Freight
60.000 Advertising Expense 61000 Auto Expenses 62000 Research and Development 64000
Depreciation
Expense
64500
Warehouse
Salaries
65000
Property
Tax
Expense
66000
Legal
and
Professional
Expense
67000
Bad
Debt
Expense
680.00 Insurance Expense 700.00 Maintenance Expense 70100 Urties 70110 Phone 70120 Postal
71000
Miscellaneous
Ofice
Expense
72000
Payroll
Tax
Exp
73000
Pension
Profi-
Sharing
Plan
Ex
74000
Rent
or
Lease
Expense
77500
Administrative
Wages
Expense
A2.1
A2.1
A2.1
A2.1
A2.1
A21 A21 A2.1 A2.1 A21 AZ1 A2.1 A2.1 A2.1 A2.1 A2.1 A2.1 A21 A21 X 4,312,951.46
897,140.01
218,974.39
31,212,334.17
133,000.00
4,633,33.82 80,495.32 3,605,133.96 1,622,425.99 853,942.65 61,136.04 135,642.99 76,373.78
128,033.21
17,023.27 1,550,989.06 3,000,000.00 2.613,485.87 16,875,315.98 1% 1% 0% (62,688.37)
139,714.00 1,528.41 (30,683,463.73) 313,000.00 87,331.74 18,837.13 1,308,090.49 (1,622,425.99)
(817,835.73) (25,633.17) 1,689.19 (23,774.76) (50,229.60) 7.868.55 26,822.79 300,000.00
(1,396,911.87) (678,680.55) -1% 0% 0% 0% ox 0% 0% ox 0% 0% 0% OX 1% 36,106.92 35,562.87
137.332.18 52,599.02 77.813.61 24,891.82 1,577,811.85 3,300,000.00 1,206,574.00 16,197,225.43
1% 1% 1% 0% 0% 1% 7% 0% 0% 17% 27% 0% Total Operating Expenses Net Lacome fron
Operations
71,997,771.97
27,008,060.18
30% 11% 38.841,610.50 61,416,847.76 (33,156,161.47) 34,408,787.58 -13% 15% 1% 1% 0% 0%
214,312.81
OTHER
NCOHE EXPENSE) 45000 Income from Investments 46000 Interest come 47000 Miscellaneous
Income
78000
Interest
Expense
80000
Loss
on
Legal
Settlement
A21 AZ1 A21 A21 N21 1,426,089.31 131,881.46 2,165,000.00 (2,591,736.50) 0% 0% 1% 1%
1,426.689.31 (12,421.35 2,165,000.00 (1,716,736.50) 19,172,000.00 (875,000.00 (19,172,000.00 1%
8 8% 0X 0% 8% O 0X 0% 0% 27% 83 Total Other come Expenses) Het hcome before Tax
(19.842,697.19) 7,165, 162.99 1,132,234.27 62,519,082.03 20,974,931.46 55-383.719.04 TAXES
12.11 3% 78500 Income Tax Expense - Federal 78510 Income Tax Expense - State (8,900,000.00)
(3,100,000.00 A2.1 (6,515,000.00 (2,671,000.00) (2,365,000.00) 429,000.00) - (2,794,000.00 4371,
162.99
1% 0% 0% 1% 22 4% 1% 1 5% 22 Total Taxes Netcome (12,000,000.00) 50,549,082.03
19,215,000.00 46,177,719.04 0% 4% 20% WPE Apollo Shoes, loc Worting Trial Balance Common
Size
Balance
Sheet
1281/
2017
PB:
RB:
Acct
Siglicant Account Title WP Ret 1281/2016 Audited 12/31/2017 Lhandited ASSETS 0% X 1,987.28
198,116.52
0% 1x 2,275.23 557,125.92 287.95 359,0-19.40 X X 0% 3% 39% 3,644,958.13 16,410,902.71 X X
X 1% X 3,645,599.15 51,515,259.98 1,250,000.00 (1,239,019.75) 67,724,527.50 (846,000.00)
3,424,213.78
A22
A22
A22
A22
A22
A22
A22
A22
A22
A22
A22
A22
A22
A22
A22
A22
A22
45% 0% 3% 51% 8% 2x X (1,262,819.88) 18,825,215.24 (3,012,000.00) 743,314.38 200,000.00
7,406.82
600,641.02 35,104,357.27 1,250,000.00 23,810.13 48,899,322.26 2,165,000.00 2,680,899.40
(200,000.00) 1,133.18 X 10100 Cash on Hand 10200 Regular Checking Account 10300 Payrol
Checking
Account
10400
Savings
Account
11000
Accounts
Receivable
11400
Other
Receivables
11500
Alowance
for
Doubtful
Accounts
12000
Hrventory - Spotlight 12300 Reserve for Inventory Obsolescence 14100 Prepaid Insurance 14200
Prepaid
Rent
14300
Office
Supplies
14400
Notes
Receivable-
Current
14700
Other
Cument
Assets
15000
Land
15100
Buildings
and
Land
Improvements
15200
Machinery,
Equipment,
Olice
Furniture
17000
Accum.
Depreciation
19000
livestments 19900 Other Noncurrent Assets 1% 3% X 1% X 8,540.00 0% 117.000.00 ox 2x 2x
117,000.00
623,915.92
433,217.10
(163,500.00)
572,691.18
53,840.59
674,313.92
2,929,097.13
(619,500.00) 1,998,780.39 53,840.59 50,408.00 2,495,890.03 (446,000.00 1,426,189.31 A22 A22 2*
A22
0
0% 2x ox 0% 0% 0% 100% 0% 02 0% 100% Total Assets 3,794, 225.89 131,206,063.84
94,411,837.95 LABUTES 4,633, 118.09 1,922,095.91 1% 0% (2,711,022. 18) 13% 0% -11% 0% 0%
29,470.32
1,318.69
583.99
6,033.01
(29,470.32) 7.120.96 10,831.00 112,653.11 8,439.65 11,414.99 118,196.12 0% OS 0% 0% 0% OX
0% 20000 Accounts Payable 23100 Sales Tax Payable 23200 Wages Payable 23300 FICA Employee
Withhoking 23:50 Medicare Withhoking 23400 Federal Payroll Taxes Payable 2200 FUTA Tax
Payable
23600
State
Payroll
Taxes
Payable
23700
SUTA
Tax
Payable
23800 FICA Employer Withholing 239.00 Medicare Employer Withholding 24100 Line of Cheit
24200
Current
Portion
Long-
Term
Debt
24700
Other
Cument
Liabities
27000
Notes
Payable
Noncurent
A22
A22
A22
N22 A22 A22 A22 A22 A22 A22 A22 A22 A22 A22 A22 2,815.47 55,106.86 0% 52,291.39 0%
0% 0% 0% 1,318.69 583.99 10,000,000.00 8,439.65 11,414.99 44,403,000.00 0% 0% 34% 0X
7,120.96 10,831.00 34,403,000.00 0% 27% 0% 0X 0% 12,000,000.00 12,000,000.00 0% 9% 0% 0%
9% 0% 0% 0X 0 0% 0 0% 45% Total Liabilities 14,675 24225 40% 58,537,998.17 43.862,755.92 -
16% OWNER'S EQUTY 39013 Common Stock 39.014 Paid in Capital 39005 Retained Eamings
A22
A22
A22
8,105,000.00
7,423,000.00
2,219,620.65
22% 20% 6% 8,105,000.00 7,423,000.00 6,590,983.64 6% 6% -15% -1% 4,371,362.99 5% 0% xxxx
0% 02 A22 27% Net Income Total Owner's Equity 4,371,362.99 22,118,983.64 12 6 0%
50.549.082.03 72,668,065.67 39% 55% 46,177,719.14 50,519,082.03 Total Liabities & Equity
36,794 225.89 100% 131,206,063.84 100% 94,411,837.95 0% WP# A33 Apollo Shoes, hoc
Analytical
Procedures
Selected Ratios 1281/2017 PB: HN RB: DW Date 923/2018 9/24/2018 Audited 1281/2016
Theaudited 12/31/2017 Percentage Change Asset Tumover Current Ratio Days Sales in AR Days
Salles in hventory Debt Ratio Debt Equity Ratio Liability Tumover 6.54 2.40 24.90 48.54 0.40 0.66
16.39 1.76 2.71 81.59 189.86 0.45 0.81 3.94 -73.14% 13.05% 227.69% 291.18% 11.86% 21.42% -
75.98% Net Working Capital 20,481,828.95 79,514,533.64 288.17% WPE Apollo Shoes, hec
Adresting Journal Entries For the Year Ended 1281/2017 PB: RB: AE Acct. Acco Debits Credits 0.00
0.00 WPE Apollo Shoes, hac Cash Lead Schedule For Year Ended 12/31/2017 PB: RB: Acements
Audited
Bakance
12/
31/
2016
audited
Bakance
12/
31/
2017
Audited
Bakancel WP 1281/2017 Ref Acott Accot Title Debit Credit ALE 10100 Cash on Hand 10200
Regular
Checking
Account
10300
Payrol
Checking
Account
10400
Savings
Account
A1.1
A1.1
A11
A1.1
A12
A12
A12
A12
0.00 0.00 0.00 0.00 0.00 0.0.0 0.00 Legend Column footed Colum and row footed Agreed with Trial
Balance
IB WP B2 Apollo Shoes, hec Bart Recondition For Year Ended 1281/2017 Date PB: RB: Regalar
Checting Account (604-17-526-5) Unadjusted Book Balance Bank Adjustments Amount to Balance
Adssted Book Bakance 0.00 Balance per Bank Confirmation Add Deposits in Transit Deduct
Outstanding
Checks Adested Bank Balance B1.1 B22 B23 0.00 Adjuredited boolt, bake and adjusted bam
balkmce should really become me The purpose of this case is to introduce you to the information
available
on
the
website of the International Accounting Standards Board (IASB). Required: Access the IASB home
page on the Internet.... Running head: APOLLO SHOES CASE - INVENTORY AUDIT 5) Identify
at
least one relevant assertion for each of the significant accounts or disclosures previously identified
from
the
financial
statements of Apollo Shoes. What makes each assertion relevant? 2. Are sales of the following types
controlled by the same procedures described below? Sales to employees, COD sales, disposals of
property, cash sales, and scrap sales. 3,330 39. Copyright2015 © McGraw-Hill Education. All
rightsreserved.Noreproductionordistribution without the prior written consent of McGraw-Hill
Education. Page 39 Date: 13 JAN 2015 12:45:39 +0000 From: "Darlene Wardlaw" Subject: Apollo
Shoes minutes Attachments: << AudComMins—010307.doc>><< AudComMins—063007.doc>><<
AudComMins—010308.doc>> Hope the inventory observation went well. I saw Bradley in the
office working on some inventory stuff. He said that he would e-mail it to you when it was
completed. Sorry I haven’t made it out to Apollo yet. I did meet with Jeff Chestnut (Apollo’s
corporate secretary) who allowed me to copy the minutes of the Board of Directors. The board of
directors met twice during the period under audit, January 1 through December 31, and once more
last week. I have attached copies. Study these minutes – they provide a history of every important
event and transaction that Apollo has undergone during the past year. Make notes in the form below
for the audit working papers of matters relevant for the audit of the 2014 financial statements.
Prepare a working paper (GA-3) for my review with proper headings and these two columns:
Information Relevant to 2014 Audit Audit Action Recommended You may want to stick a copy of
the minutes in the workpapers (GA-3-1, GA-3-2, etc.) behind your memo when you are done with
them. DW 10. Copyright2015 © McGraw-Hill Education. All
rightsreserved.Noreproductionordistributionwithout the prior written consent of McGraw-Hill
Education. Page 10 At Apollo Shoes, Inc., we like to briefly acknowledge achievement and then
proceed to new challenges. This year was great only because it provided us with resources to expand
operations and further technological progress. As we continue into this century of "more, faster,
better," it is critical to continue this tradition because production, speed, and quality are critical
elements for future success. We look forward to the challenge. Larry Lancaster Chairman, President
and CEO <> Correct writing styles (it is advised to use correct citations) upon the Company’s
earnings, capital requirements, financial condition, and other factors considered relevant by the
Company’s Board of Directors. Internal Control Audit – Apollo Shoes 2. Are sales of the following
types controlled by the same procedures described below? Sales to employees, COD sales, disposals
of property, cash sales, and scrap sales. 20. Copyright2015 © McGraw-Hill Education. All
rightsreserved.Noreproductionordistributionwithout the prior written consent of McGraw-Hill
Education. Page 20 CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY APOLLO
SHOES, INC. in thousands Shares Par Value ($1 pershare) AdditionalPaid- in Capital Retained
Earnings Other Total Balance,December31,2011 2,873 $2,873 $2,122 $475 $0 $5,470 Net Income
$1,745 $1,745 Exercise ofStockOptions 232 $232 $301 $533 Other 5,000 $5,000 $5,000 $10,000
Balance,December31,2012 8,105 $8,105 $7,423 $2,220 $0 $17,748 Net Income $4,371 $4,371
Exercise ofStockOptions 0 $0 $0 Other $0 Balance,December31, 2013 8,105 $8,105 $7,423 $6,591
$0 $22,119 The accompanying notes are an integral part of the consolidated financial statements. viii
Siren 14,257 81 Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of
Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s
knowledge, in definitive proxy or 1 Download to read offline