An in-depth managerial analysis of an organization

Case study research on “Tesla” project should attempt to answer the following questions:

1. What is the mission of the organization?

1. Background of the company.
2. History of the company.
3. Why did the founders start this organization?

2. Issues and Questions to be Addressed:

a. What planning methodologies are utilized?

b. Define and assess the organization's strategy.

c. Identify its customers and/or constituents and its competitors.

Today is 15 April 2020.

You are an audit manager of QUTPG Partners and are planning the audit of RST Co for the year ending 30 June 2020. The company is a manufacturer of digital devices and your have already had a planning meeting, with the finance director. Forecast revenue is $137.2m and profit before tax is $8.4m. The following notes from the planning meeting have been given to you.

Planning Meeting Notes

• RST Co holds inventory in four warehouses in Brisbane, Sydney, Melbourne, and Canberra respectively. RST Co plans to conduct a full inventory stocktake at the warehouses on 1, 2, 3 and 4 July. Any necessary adjustments will be made to reflect post year-end movements of inventory. RST Co has an internal audit function and an internal audit team will attend the inventory counts. Inventories are measured at the lower of cost and net realisable value. Cost includes the purchase price of raw materials, labour and other production costs, and other general overheads including head office administrative costs.
• During the year, RST Co paid $2.2m to purchase a patent which allows the company the exclusive right for five years to customise their portable audio player to gain a competitive advantage in the market. The $2.2m has been expensed in the current year statement of profit or loss. To finance this purchase, RST Co raised $2.4m through new share issuance.
• It was discovered that, in January 2020, a significant fraud had been colluded by four employees in the sales ledger department by stealing funds from wholesale customer receipts. They allocated later customer receipts against the older receivables to cover the stolen funds. RST Co had reported to the police and subsequently dismissed the four employees.
• As a result of the vacancies in the sales ledger department, RST Co has outsourced its sales ledger processing to U Services, an external service organisation since 1March 2020. U Services handles all elements of the sales ledger cycle, including sales invoicing, chasing receivables balances, and sending monthly reports of sales and receivable amounts to RST Co.
• In December 2019, the financial accountant of RST Co was dismissed. He had been employed by the company for ten years, and he has threatened to sue the company for unfair dismissal. Until his replacement commences work in March, the financial accountant’s responsibilities have been allocated to other staff in the finance department. However, in January and February 2020, no reconciliations of supplier statement have been performed, and no reconciliations of purchase ledger control account have been performed.
• In January 2019, a receivable balance of $1.8m was written off by RST Co when a customer had declared bankruptcy. In February 2020, the liquidators of the customer company publicly announced that it was likely that most of its creditors would receive a pay-out of 30% of the balance owed. As a result, RST Co has included a current asset of $540,000 in the balance sheet and other income in the statement of profit or loss.

• Required:

  (a) Describe QUTPG Partners’ responsibilities in relation to the prevention and detection of fraud and error.

  (b) Describe EIGHT audit risks, and explain the auditor’s response to each risk in planning the audit of RST Co.

Wahlund Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. They prepared the following budget for October, when they planned on selling 6,500 units.

Actual results for October were:

Prepare a Flexible Budget Performance Report (complete Flexible Budget Analysis), including the total Activity Variance, total Revenue and Spending Variance, and individual Revenue and Spending Variances. All variances must be labeled as unfavorable (U) or favorable (F). Match each of the following items to the appropriate answer. Prepare the Flexible Budget Performance Report BEFORE you attempt to answer the questions.

1. What is the total Activity Variance?

2. What is the total Revenue and Spending Variance?

3. What is the individual Revenue Variance?

4. What is the individual Spending Variance for Variable Manufacturing Cost?

5. What is the individual Spending Variance for Fixed Manufacturing Cost?

6. What is the individual Spending Variance for Variable Selling and Administrative Expenses?

7. What is the individual Spending Variance for Fixed Selling and Administrative Expenses?

8. What is the flexible budget amount for Revenue?

9. What is the flexible budget amount for Variable Manufacturing Costs?

10. What is the flexible budget amount for Fixed Manufacturing Costs?

11. What is the flexible budget amount for Variable Selling and Administrative Expenses?

12. What is the flexible budget amount for the Fixed Selling and Administrative Expenses?

13. What is the flexible budget amount for Budgeted Operating Income?

In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows:

Westgate recognizes revenue over time according to percentage of completion.

1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years.

2021 2022 2023

Revenue ______ _______ ________

Gross P _______ _______ ________

2-a. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred).
2-b. In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costs incurred).
2-c. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts" for construction costs incurred).

3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract.

4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information.

2021 2022 2023

Revenue ______ _______ ________

Gross P _______ _______ ________

5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information.

2021 2022 2023

Revenue ______ _______ ________

Gross P _______ _______ ________

An ISP is granted a block 10.48.0.0/16. The ISP wants to allocate addresses as follows:

Group 1: 16 customers, each with 64 addresses

Group 2: 64customers, each with 16 addresses

Group 3: 16customers, each with 32 addresses.

a.Find the subnet mask, first and last addresses of 4th customer of each group.

b.Find the number of addresses available with the ISP for future customers

1} List the benefits of providing good customer service to both internal and external customers in relation to health care.

2} Discuss how each interaction and response may differ when providing customer service to internal and external customers in relation to health care.

Include your personal experience.

Task: Write 3 paragraphs (5 to 7 sentences each) please. thank you.

A cattle farmer expects to have 120,000 pounds of live cattle to sell in three months. The live-cattle futures contract traded by the CME Group is for the delivery of 40,000 pounds of cattle. How can the farmer use the contract for hedging? From the farmer’s viewpoint, what are the pros and cons of hedging?

Suppose the equilibrium exchange rate for dollars to euros is 1.2 $/euro representing 2 billion dollars traded, and the German consumers have recently started buying the latest iPads. Explain using graphical analysis what would you expect to happen to the equilibrium quantity and price in the currency market?

Which statement is true concerning IFRSfor intangibles?

A) Intangibles may be mared market to market only if they are traded in an active market

B) Increases in market value of intangibles reported using the revaluation model are reported in income

C) Amortization expense on intangibles reported using the revaluation model is not reported.

Oil is a heavily traded commodity. The impact of oil on trade is immense and touches the economy of every country in the world. It is an economic resource and a geopolitical issue. Research and answer the following questions:

1. Where does the US get our oil from? How much of it is imported?

2. How does price impact your consumption? Relate it to opportunity costs.

3. How does price drive production? Research how speculation plays into the price?

4. Without Government incentives and with the price of gas low...Will people stop buying hybrids? The government played a big role in this by creating higher standards and financing some developments – is this good or bad (why?). Is it time to get rid of the incentives?

5. What about fracking-should we do it? What about the environmental stand point? Should the potential harm to the environment be calculated into the cost?

6. Should we drill for oil off the coast of Maine?

Support your answers/opinions with research