Your firm has been engaged to do the current year's audit of Humboldt Co., a medium-sized business involved in manufacturing headphones and speakers....

Your firm has been engaged to do the current year's audit of Humboldt Co., a medium-sized business involved in manufacturing headphones and speakers. Humboldt is publicly owned, and its three shareholders have requested that the annual financial statements be audited for the first time this year. One of the shareholders manages the business; the other two are not involved. You are reviewing Humboldt's preliminary general ledger trial balance, shown below, to begin the audit planning.

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