Refer to Revenue Data Excel File. The 4 QTR Centered Moving Average for the 2nd quarter of 2017 is: Select one: a. 222.125 b. 333.875 c. 269.250 d. 243.625

Carla Vista Company expects to have a cash balance of $64,400 on January 1, 2022. These are the relevant monthly budget data for the first two months of 2022.

Prepare a cash budget for January and February. (List items that increase cash balance first.)

Classify each of the following according to the type of evidence:

A) Analytical procedures C) Examination of documents E) Observation G) Recalculation H) Reperformance I) Scanning

B) Confirmation D) Inquiry F) Inspection of assets (i.e Physical examination )

Procedures:

1. Review vendor balances (accounts payable subsidiary ledger) looking for balances with debit amounts.

2. Discuss with company personnel how warranty expense was determined.

3. Examine a check from a customer before it is deposited in the company's bank account.

4. An auditor extends (i.e multiplies) inventory quantities by unit prices to check the mathematical accuracy.

5. Trace shipping documents to related sales invoices to determine that sales have been billed.

6. Send letters to the customers asking them how much they owe the company.

7. The auditor performs an internal control procedure (i.e a walkthrough) to gain an understanding of the client's internal control system.

8. Compare company expense numbers with similar data from previous years.

Memo

To:           INS 210 Students

From:      Ken Goldstein

Date:       2/12/18

Re:          Insurance Company Operations (In-Class Assignment)

You have assumed a new product management role for a specialty insurance company. Your assignment is to assess the insurance company operation requirements to profitably lead a media and entertainment division as follows:

1. Rate Making - What would you want to know about the business to determine proper rate making?

2. Underwriting - How might you underwrite different types of media and entertainment customers? What types of questions would be important?

3. Production - How might you sell and market your media and entertainment coverage capabilities?

4. Claims Settlement - What type of experience might you be looking for in a claims examiner? How might the claims department be an advantage to your sales and marketing value proposition?

5. Reinsurance - Will you utilize reinsurance to grow the business? Why/why not?

Blossom Company expects to have a cash balance of $23,000 on January 1, 2022. These are the relevant monthly budget data for the first two months of 2022.

Prepare a cash budget for January and February. (List items that increase cash balance first.)

Weiters CompanyWeiters Company

produces uniforms. The company allocates manufacturing overhead based on the machine hours each job uses.

Weiters CompanyWeiters Company

reports the following cost data for the past? year:

Budget Actual
Direct labor hours. . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,100 hours 6,100 hours
Machine hours . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,700 hours 6,400 hours
Depreciation on salespeople's autos . . . . . . . . . . . $ 20,000 $ 20,000
Indirect materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 51,500 $ 53,000
Depreciation on trucks used to deliver uniforms
to customers . . . . . . . . . . . . . . . . . . . . . . . $ 15,500 $ 14,000
Depreciation on plant and equipment . . . . . . . . . . . $ 69,000 $ 71,000
Indirect manufacturing labor. . . . . . . . . . . . . . . . . . . . $ 41,000 $ 43,000
Customer service hotline . . . . . . . . . . . . . . . . . . . . . . $ 20,000 $ 22,000
Plant utilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 19,400 $ 21,400
Direct labor cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 69,000 $ 87,000

1. Compute the predeterimned manufacturing overhead rate

2. calculate the allocated manufacturing overhead for the past year

3. compute the allocated or overallocated manufacturing over head. How will this underallocated or overallocated manufcaturing overhead be disposed of

4.How can managers use accounting information to help control manufacturing overhead costs?

Weiters CompanyWeiters Company

produces uniforms. The company allocates manufacturing overhead based on the machine hours each job uses.

Weiters CompanyWeiters Company

reports the following cost data for the past? year:

Budget Actual
Direct labor hours. . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,100 hours 6,100 hours
Machine hours . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,700 hours 6,400 hours
Depreciation on salespeople's autos . . . . . . . . . . . $ 20,000 $ 20,000
Indirect materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 51,500 $ 53,000
Depreciation on trucks used to deliver uniforms
to customers . . . . . . . . . . . . . . . . . . . . . . . $ 15,500 $ 14,000
Depreciation on plant and equipment . . . . . . . . . . . $ 69,000 $ 71,000
Indirect manufacturing labor. . . . . . . . . . . . . . . . . . . . $ 41,000 $ 43,000
Customer service hotline . . . . . . . . . . . . . . . . . . . . . . $ 20,000 $ 22,000
Plant utilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 19,400 $ 21,400
Direct labor cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 69,000 $ 87,000

1. Compute the predeterimned manufacturing overhead rate

2. calculate the allocated manufacturing overhead for the past year

3. compute the allocated or overallocated manufacturing over head. How will this underallocated or overallocated manufcaturing overhead be disposed of

4.How can managers use accounting information to help control manufacturing overhead costs?

Question 4: Risk, Assertions, Materiality & Audit Strategy

Blue Cow is a long-established soft drink organisation, manufacturing a popular product for major supermarket chains. The audit of the company has been straightforward in the past, and the company has reliable suppliers and loyal customers. In addition, the directors and senior management are highly respected for their abilities and the strong ethical culture they inspire, as well as the excellent internal controls they demand.

The company only sells one product – a 300ml can, which has historically been priced at a 331/3 % markup on cost, yielding a gross profit percentage (GP%) of 25%. In the past any variations on the GP% have never been outside the range of 24% to 26%.

Required: a) Identify the three components of audit risk and explain what your assessment of risk is for each component, based on the above information (use only ‘high’, ‘medium’ or ‘low’).

b) Explain how your risk assessments in (a) above would impact on planned substantive procedures.

Question 3: 10 marks: The CEO of your company has come up through the ranks of production and operations management. You greet him in the lift one morning and he comments that the company profits are down, therefore he expects to see an improvement in sales this month. He says that you, as head of marketing, must get everyone out there to convince the customers to buy the company’s products. His comments concern you because you know that Marketing isn’t only about selling. You decide to request a meeting in which you will briefly explain to the CEO. “What exactly is Marketing and how does it benefit the company?”Limit your answer to a definition of marketing, a description of customer needs, wants and demands, and a brief commentary on what is meant by ‘customer value and satisfaction’.

Question2: 10 marks: Name, provide definition and discuss four major sets of variables that might be used in segmenting consumer markets. Provide an example for each variable

The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse.

1. Issued 48,000 shares of non-par common stock in exchange for $480,000 in cash.
2. Purchased equipment at a cost of $76,000. $19,000 cash was paid and a notes payable to the seller was signed for the balance owed.
3. Purchased inventory on account at a cost of $146,000. The company uses the perpetual inventory system.
4. Credit sales for the month totaled $210,000. The cost of the goods sold was $126,000.
5. Paid $6,500 in rent on the warehouse building for the month of March.
6. Paid $7,150 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021.
7. Paid $126,000 on account for the merchandise purchased in 3.
8. Collected $94,500 from customers on account.
9. Recorded depreciation expense of $1,900 for the month on the equipment.

Prepare journal entries to record each of the transactions listed above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)