Sweets R Us Pty Ltd. is a large confectionary company that manufactures a range of standard sweet products and some specialty products for the Australian market. Most of the company’s production is in standard chocolate goods and they offer personalised packaging for promotional or fundraising purposes. They also provide uniquely moulded and decorated chocolate items for special events such as grand finals. You have been allocated the role of assessing the controls in the Purchases, Accounts Payable and Payments system, and have obtained the following details:

Raw material ordering process

1. To maintain and control product quality a limited number of trusted suppliers are used.
2. The production manager oversees raw material inventory. Orders are placed based on current production orders and quantities of raw material currently on hand with next day delivery where possible.
3. No formal purchase order system is used.

Raw material warehousing procedures

1. The warehouse personnel are trusted, long-term employees.
2. One of the warehousing staff ensures that all goods received, primarily raw materials, are in good order and signs the couriers’ delivery dockets in acknowledgment of materials received.
3. Movement of in and out of the warehouse is not recorded, but the production manager monitors stock levels and movements daily.

Accounts payable system

1. Supplier invoices are received in the accounts department via email and printed. The details are entered into the accounts payable system by the accounts payable clerk, who then stamps the invoice as processed. The computer system automatically calculates the payment due date based on the supplier's credit terms that have been entered into the system.
2. As there are only a few suppliers each week, the accounts payable clerk validates the outstanding invoices via a phone call with the production manager. The production manager has an excellent memory for what he has ordered, and the deliveries received.
3. The computer system automatically generates a weekly list of invoices due for payment. The accounts payable clerk flags the invoices for cheques to be processed as direct deposits are not used. The system does allow the user to exclude an invoice from the payment run. The accounts payable ledger and general ledger are automatically updated once the payment runs are complete.
4. The cheques are forwarded to the financial controller for signature. Supporting documentation is only attached to the cheques for non-major suppliers. The financial controller calls the production manager to verify the review process (step 2) has taken place, and other payments are verified to the attached invoice. If the financial controller is not available the accounts payable clerk usually has the cheques signed by the marketing manager. The payables clerk avoids asking the CEO to sign cheques as he asks too many questions. Any supporting documentation to the cheque is signed to avoid duplicate payment.
5. Monthly statements are received from the suppliers. However, the accounts payable clerk does not believe statement reconciliations are necessary.

1. Identifies and explains ten (10) control weaknesses associated with the purchases, accounts payable and payments system outlined above.
2. Identifies and explains the account balance assertions for raw material inventory and accounts payable that are most impacted by control weaknesses.
3. Recommends and justifies a control improvement for each of the weaknesses identified in requirement one.

Sweets R Us Pty Ltd. is a large confectionary company that manufactures a range of standard sweet products and some specialty products for the Australian market. Most of the company’s production is in standard chocolate goods and they offer personalised packaging for promotional or fundraising purposes. They also provide uniquely moulded and decorated chocolate items for special events such as grand finals. You have been allocated the role of assessing the controls in the Purchases, Accounts Payable and Payments system, and have obtained the following details:

Raw material ordering process

1. To maintain and control product quality a limited number of trusted suppliers are used.
2. The production manager oversees raw material inventory. Orders are placed based on current production orders and quantities of raw material currently on hand with next day delivery where possible.
3. No formal purchase order system is used.

Raw material warehousing procedures

1. The warehouse personnel are trusted, long-term employees.
2. One of the warehousing staff ensures that all goods received, primarily raw materials, are in good order and signs the couriers’ delivery dockets in acknowledgment of materials received.
3. Movement of in and out of the warehouse is not recorded, but the production manager monitors stock levels and movements daily.

Note: Finished goods are warehoused in a separate secured area that only the production manager and his assistant have access to.

1. Identifies and explains t (5) control weaknesses associated with the purchases and accounts payable outlined above.
2. Identifies and explains the account balance assertions for raw material inventory and accounts payable that are most impacted by control weaknesses.
3. Recommends and justifies a control improvement for each of the weaknesses identified in requirement one.

ABC company which is based in the US,sells product X and has reported a revenue of $1,925,000 and a gross income ( profit before tax) of $50,000. answer the questions below .

1. what is the cost of the revenue ?

2. what is the gross profit margin?

3. suppose the company is in the 20% tax bracket,what is the net income?

4.what is the net profit margin

5. compare the gross and net profit margins,what do they tell you? a brief answer

6.if the company sells product x for $150 per unit,in which the variable costs per unit is $90,what is the contribution margin and what is the contribution margin ratio?

7. suppose that the fixed costs in producing product x is $720,000, calculate the breakeven point( in dollars and in units)

8.plot a break-even graph highlighting the break-even point,revenue,total costs,overall variable costs and fixed costs?

note : number 1 - 4 have been answered

Using rscript

Let us assume that the credit rating of a company determines yield to maturity (YTM) of the bond. This leaves you now with three different YTM: 2% for AAA, 4% for AA, 8% for others. You want to run the following commends. If the credit rating is AAA, print “YTM of the bond is 2%.” If the credit rating is AA, print “YTM of the bond is 4%.” If the credit rating is neither AAA nor AA, print “YTM of the bond is 8%.” Somebody already wrote the following code for you, and you have to complete the next lines. bond.rating <- "A" a) To run the commends above, use if....else statement. b) To run the commends above, use if....else if statement.

A US airline company will purchase 400,000 gallons of jet fuel after one month and the company wants to

do cross hedging using heating oil futures. The standard deviation of monthly changes in the spot price of

jet fuel is (in cents per gallon) 300; the standard deviation of monthly changes in the futures price for the

heating oil futures contract is (in cents per gallon) 407. The coefficient of correlation between the jet fuel

price changes and the futures price changes is 0.75. Each heating oil futures contract is for delivery of 2,000

gallons of heating oil. The current spot price of jet fuel is $1.55 per gallon and the futures price of heating oil is

$1.97 per gallon. What is the optimal number of contracts with tailing adjustment?

It is suggested that the average IQ of top civil servants, research scientists and professors is 140. Suppose that the standard deviation is 5.
a. Suppose a full professor from a Canadian university is selected at random. What is the probability that the IQ of the selected Canadian professor is below 130? State any necessary assumptions you have made to compute this probability.

b. Suppose that the assumption(s) made in part a was not justifiable. A researcher decided to take a random sample of 81 full professors from the Canadian University system.

i. What is the sampling distribution of the sample mean ¯ x ? Explain.

ii. Find the mean and standard deviation of the sampling distribution of ¯ x.

iii. What is the probability that the sample average of this sample is less than 130? Compare your answer with the answer given in a. Summarize your findings.

iv. Will the probability in (iii) change if you change the wording from “less than” to “less than or equal to”? Why or why not?

v. Can you compute the probability that the sample average IQ is exactly 135? Justify your answer.

vi. If the sample mean ¯ x is actually actually 130, what can be said about the claim that µ = 140.

vii. What is the probability that the sample mean differs from the population mean by more than 2?

viii. Within what limits do you expect the sample average to be with the probability 0.95?

This annual figure from #3 ($16,509.66) is more than the Prof.’s current annual contribution, which makes her feel a little anxious about her future planned retirement. Also, Prof. Business’ annual retirement account contribution is based on a percentage of her salary and will increase as her salary increases. So, let’s re-plan her retirement income. Let’s account for the fact that her and the University’s contributions to Prof. Business’ University retirement plan are based on a certain percentage of her salary and will increase as her salary increases. Based on this formula, her first upcoming end of the year deposit will be $20,200 and let’s assume that her annual deposit and salary will grow at a 2% annual rate over the remaining 7 years (8 total deposits) to Prof. Business’ retirement. These deposits are in addition to the $640,000 she currently has today in the University retirement plan. The Rate of Return is 7.50%. Answer the following based on these assumptions using Excel.

a) How much money will Prof. Business have in her retirement account immediately after her last deposit 8 years from today?

b) What would be the equal annual payment from her 20-year retirement annuity whose first payment occurs exactly 8 years from today?

1.Which of the following is not a characteristic of a binomial random variable?

a. n identical trials

b. probability of failure is the same for each trial

c. non-correlated outcomes for each trial

d. non of the above

2. Which of the following are not binomial random variables(multiple answers)

a. one hundred randomly selected individuals are asked about their opinion on health insurance

b. one hundred people at a bar are asked about whether they are for or against restricting the sale of alcohol

c. one hundred randomly selected people are asked if they are in favor of a single payer health care system

d. one hundred randomly selected individuals are asked abut their marital status

3. Supposed that the probability of a randomly selected individual developing side effects from a new diet is 20%. If ten subjects are testing the diet, what is the probability that exactly 3 individuals develop side effects? (enter your answer as follows: 10.1%)

4. Suppose that the probability of a randomly selected individual developing side effects from a new diet is 20%. If ten subjects are testing the diet, what is the probability that at most 3 individuals develop side effects? (enter your answer as follows: 10.1%)

5. Suppose that the probability of a randomly selected individual developing side effects from a new diet is 20%. What is the expected number of subjects that would develop side effects if 500 individuals tested the diet?

6. Suppose that the probability of a randomly selected individual developing side effects from a new diet is 20%. Would it be unusual if only 35 out of 400 individuals trying the diet developed side effects?

a. yes, since the probability of 35 cases out of 400 is less than 1%

b. yes, since the 35 cases are more than two standard deviation from the mean

c. all of the above

d. none of the above

1. According to Bryson, what is “boundary work” and who does it?

2. For Americans in general, the most liked genres of music are ____ and the most disliked genres are ____.

3. According to Bryson, which of the following best describes the musical tastes of highly educated, upper middle class Americans?

4. According to Bryson, what characteristic is shared by those people who listen to the genres of music that are least tolerated by the "tolerant" people in her study?

5. Based on Bryson’s findings and what you have learned about social stratification, how might boundary work affect inequality?