The correct answer is False.
Answer:
is this a essay question beacuse dont do those
Explanation:
Answer:
Dr interest expense $2448
Dr interest payable $3060
Dr Notes payable $61,200
Cr cash($2448
+$3060
+$61,200) $ 66,708.00
Explanation:
The interest accrued at 31st December 2022 is interest for 5 months which is calculated thus:
interest as at 31st December=5/12*12%*61,200=$3060
On that interest expense would have been debited while interest payable is credited with $3060
On the due date, interest for another months need to computed as follows:
interest for four months=4/12*12%*61,200=$2448
Answer:
d. Because the hurricane occurred after the release of the financial statements and Rory's report, he has no responsibility to perform additional procedures or reissue his report.
Explanation:
In auditing, an auditor responsibility for an audit period ends immediately after the completion of the audit assignment and issue of the audit report. Any event that occurred after issuing the audit report is no more the responsibility of the auditor to consider for that particular already issued audit report.
Therefore, because the hurricane occurred after the release of the financial statements and Rory's report, he has no responsibility to perform additional procedures or reissue his report.