You have been asked to test the effectiveness of ingo corporation's control of manually approving all purchases over $25,000. during the year, ingo corporation has made 1,000,000 purchases, of which 3,000 were over $25,000.
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After adjustments at March 31, 20Y2, the end of the first full year of operations, the revenues were $598,000 and expenses were $480,000, for a net income of $118,000. The drawing accounts have debit balances of $40,000 (Lang) and $30,000 (Capri).
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