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In Seattle Plant, Inc.’s most recent balance sheet, accounts receivable was reported at $560,495. Using the...

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Accounting

In Seattle Plant, Inc.’s most recent balance sheet, accountsreceivable was reported at $560,495. Using the PCAOB identificationsystem, state the five separate assertions management is makingabout accounts receivable. Be clear and concise. Do not use thewords exist, existence, occur, occurrence, completeness, rights,obligations, valuation, allocation, presentation, or disclosure inyour answer.

I completed the Rights & Obligations assertion for you.

MANAGEMENT ASSERTION (ACCOUNTS RECEIVABLE)

Existence/Occurrence

Completeness

Valuation

Rights & Obligations

Seattle Plants is entitled to all amounts included in accountsreceivable.

Presentation/Disclosure

Answer & Explanation Solved by verified expert
3.6 Ratings (642 Votes)
As per the latest Balance Sheet of Seattle Plant Inc the Accounts Receivables show balance of 560495 There are five separate assertions management is making about accounts receivable They have been explained as follows The first one suggests that the accounts receivables that comprise of debtors and bills and trade receivables are real It must be taken care that these accounts do not reflect balances that    See Answer
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