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Auditing and Assurance Services 9th Edition by Alvin Arens,Mark Beasley,Randy Elder
Edition 9ISBN: 978-0130459206Auditing and Assurance Services 9th Edition by Alvin Arens,Mark Beasley,Randy Elder
Edition 9ISBN: 978-0130459206 Exercise 16
Your audit client, The Brant Group, reported total interest expense for the year of $2,000. The table below provides the monthly balance of their long-term debt. Interest is paid monthly on the average daily balance during the month. The annual interest rate for the debt is 6%.
Required:
Based on the data provided, do you consider the reported interest expense fairly stated? Why or why not?
Required:
Based on the data provided, do you consider the reported interest expense fairly stated? Why or why not?
Explanation
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• Calculate 12 months balance for long-t...
Auditing and Assurance Services 9th Edition by Alvin Arens,Mark Beasley,Randy Elder
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