Also the CPA firm cannot perform any more consulting or accounting services for the audit client since it is not allowed under the PCAOB audit standards. b. The auditors would have to complete the registration of the company with the SEC via Form S-1, file quarterly financials on Form 10-Q, and then file the annual fiscal year's financial statements via Form 10K in addition to the annual audited financial statements. Problem 3-23 a. 2) b.
Also, based on Target’s income statements, Target doesn’t have any revenues or expenses non-recurring in nature. Due to no change in accounting policy and no nonrecurring income items, Target doesn’t have much restated financials except certain reclassified amounts in prior years, which, however, can be negligible and doesn’t affect our analysis for comparability purpose. Target operates in three business segments: U.S. Retail, U.S. Credit Card, and Canadian. Target discloses detailed qualitative and quantitative information regarding these three segments in its report. Majority of Target’s current revenues are from its retail business in U.S. For the past several years, the retail sales amount and EBIT in retail segment increase steadily, and maintain a stable EBIT margin rate of around 7% each year.
The beta for Boston Beer Company cannot be calculated as it has not been listed before. The pure play method cannot be used because their competitors have only recently listed and there are no historical betas for them yet. The beta for Boston Beer has hence been arbitrarily calculated by taking Anheuser-Busch’s beta of 1 and incorporating greater risk. 4. The market risk premium was not given in the case study and has been taken as the spread between stock and bond annual returns over the period 1926 – 1997 to be 7.2% 5.
Local investors owned the Bangkok based five-star hotel for 15 years prior to ownership being transferred to an American hotel chain. Effective communication was not utilized to support employees or customers adjusting to the change. The second challenge is organizational culture impacted on by leadership style. Previously operated by a Thai General Manager its 700 employees were managed by a bureaucratic statecraft but gained personally from the prestige and benefits of the hotel. Conversely the new manager, John Becker, comes from a strong American organizational background with a focus on empowerment.
The sales representative (Woody, along with two other employees, was able to do any of the four types of functional responsibilities. The tire plant also had no physical control of its inventory; access was available to employees who did not need it. Furthermore, there were no access controls on the computer systems to lock out sales reps from entering accounting entries. This problem existed from the company’s use of an accounting system that was meant for small businesses, not businesses that had sales of nearly $40 million a year. Q4) • Albert Leroy Hunt.
You are only allowed to do melting point. No reagents will be provided after 3:50PM. If you decide to do melting point on another day, you will not be given an extension for your practicum report. THERE WILL BE NO EXTENTIONS FOR ANYONE FOR ANY REASON UNDER ANY CIRCUMSTACE! 7.
Discussion is limited, usually to no more than one or two sentences. | While customer value capturing has been listed, the discussion remains patchy and lacks detail. No demonstration of how the selected company captures value is made. | A comprehensive discussion of the applicable concepts of customer value creation is undertaken accompanied by a detailed demonstration of how it is applied by the selected company. | | 0 | 1-2 | 3-4 | 5-6 | References and presentation | No effort visible in referencing.Hand-written piece of work; poorly presented with no cover-sheet.
These problems, as stated in the case study, include: lack of purchasing, design, and testing processes, inspections that are after the fact with out in-process controls or feed back loops. It also leads to a lack of product tractability, quality maintenance records of the equipment so improvement or stabilization data is not available. Designs are made on hunches - there is no decisions based on facts and data. Statements like “even if it is a little off spec was tolerable, we need market share now” shows a poor quality attitude and the schedule is more important. The inspector had used only a sample of testing to find the eight rejected cases but had no way of tracking where they had gone shows a lack of in-process controls and a lack of product tractability.
Current cost report isn’t useful for evaluation of formed vs purchased bales prices. Neither supplementary nor summary cost report contains information about wages, employees and allocation of indirect labor. The second most costly item in Depot Oh, named other OH, isn’t expanded by reducing the ability to analyze additional data in report and come with a fair conclusion on the state of the company cost accounting. Allocated division overhead is also not expanded, however the amount reduced by 10% which could be a question of efficiency of plants. 4.
List the key internal control weaknesses that were evident in the Huntington unit’s operations. a. There was no segregation of duties involving the accounting system (that was off the shelf and probably not sufficient for proper performance for the company) b. There was little to no security protecting inventories off site c. There was no traceable sales order process d. There was no consistent recalculation of sales orders and respective recounts of inventory to match sales orders e. There was a lack of internal discipline for complaints filed against employees f. There was a lack of employees available to properly handle inventory and dispose of obsolete inventories g. End of year physical counts were not recounted by different personnel