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mixed financial accounting questions

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Assume you were just hired as the Internal Audit director at a public company, what would you do to plan the audit function, and how would you manage the audit function?  What does Governance, Risk, and Compliance really mean?

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ACC 206 Week 4 Assignment - WATSON COMPANY

Please complete the following exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button.

1. Comprehensive budgeting

The balance sheet of Watson Company as of December 31, 20X1, follows.

WATSON COMPANY

Balance Sheet

December 31, 12X1

Assets

Cash $4,595

Accounts receivable 10,000

Finished goods (575 units x $7.00) 4,025

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