Assessment of Inherent Risk and Performance Materiality in
School: Texas A&M University, Corpus Christi - Course: ACCT 4311 - Subject: Accounting
Oceanview Marine Company Assessment of Inherent Risk December 31, 2018 YES or NO Assessment of CashNYNY M Accounts ReceivableYYNY H Allowance for Bad DebtsYYNNH InventoryNNNYL Prepaid ExpensesNNNNL Property, Plant, & EquipmentNNNNL Accounts PayableNYNYM Accrued LiabilitiesNNNNL Notes PayableNNNNL Taxes PayableNNYNM Long-term DebtNNNNL Other LiabilitiesNNNNL Common StockNNNNL Owners' EquityNNNNL RevenueNYNYH Expenses (excluding items below)YNNNL Bad debtsYNNNM DepreciationYNNNMAccountbalance basedon estimates1 Susceptibleto theft ormanipulationComplex or non-routine transactions orcalculationsLarge number of transactions Inherent Risk High, Medium, or Low * 5-1 HALN 2/22/1019
OCEANVIEW MARINE COMPANY Determination of Performance Materiality December 31, 2018 2018 UnadjustedPerformance Account NameTrial BalanceMateriality Cash1,320,09620,000 Accounts receivable1,762,68227,000 Allowance for bad debts116,636 CR6,000 Inventory13,524,34950,000 Prepaid expenses17,7202,000 Deposits7,9161,000 Land100,0000 Automobiles42,7722,000 Equipment134,9193,000 Office equipment49,0281,000 Building525,84010,000 Accumulated depreciation256,042 CR5,000 Accounts payable1,750,831 CR27,000 Accrued liabilities257,800 CR5,000 Federal income taxes payable35,284 CR5,000 Notes payable - bank5,100,000 CR25,000 Current portion of long-term debt5,642 CR1,000 Long-term debt409,824 CR10,000 Common stock10,000 CR1,000 Additional paid-in capital2,500,000 CR10,000 211,000 71,000 Multiply preliminary judgment by 3x3.00 213,000
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