Date: Thu‚ 17 JAN 2008 7:42:53 +0000 From: "Darlene Wardlaw" Subject: Understanding the Revenue Cycle Attachment: I’ve attached a Sales internal control questionnaire from another engagement that I think you can use for Apollo. You may want to talk to Karina Ramirez to get answers to the questions. 1. Complete the ICQ for Apollo. For “yes” answers‚ add a comment stating which department and clerk performs the function. For “no” answers‚ describe the possible “errors” or “frauds”
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Apollo Shoes Case Assignment Apollo Shoes Inc.‚ Anderson‚ Olds‚ and Watershed has enjoyed working with your company this year‚ and look forward for more to come. Enclosed are the item that your company has requested of us‚ while there are some improvements to be made‚ your staff has done a fantastic job in assisting us with our audit. We hope that we have assisted your company and answered any questions about improvements to be made. Team C Sales Internal Control Questionnaire for Apollo
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Acct # | Acct Title | W/P Ref | Last Years (Audited) | Current Years (Unaudited) | Dr. | Cr. | Audited | 10100 | Cash on Hand | | 1‚987.28 | 2‚275.23 | | | | 10200 | Regular Checking Account | | 198‚116.52 | 532‚125.92 | | | | 10300 | Payroll Checkiing Account | | | | | | | 10400 | Savings Account | | 3‚044‚958.13 | 3‚670‚599.15 | | | | 11000 | Accounts Receivable | | 16‚410‚902.71 | 49‚780‚259.98 | | | |
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Date: 19 Jan 1:30:27 From: Dennis Reese Subject: Revenue Cycle Problems I have looked over Bradley’s report and yes we do have some issues with the Sales‚ and Account Receivables. The fourth quarter deviations overstated are the worst because they can have the most effect on the Financial Statements. The controls need to be more uniform as Bradley stated because then they would even out through the months instead of hitting us mostly on the fourth quarter. The company reports financial
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Current Year‚ Current Year Actual (Unaudited) Prior year Forecast Current Year Revenue and Expense: Sales (net) $9‚000‚000 $9‚900‚000 $9‚720‚000 Cost of Goods Sold 6‚296‚000 6‚926‚000 7‚000‚000 Gross Margin 2‚704‚000 2‚974‚000 2‚720‚000 General Expense 2‚044‚000 2‚000‚000 2‚003‚000 Depreciation 300‚000 334‚000 334‚000 Operating Income $360‚000 $640‚000 $383‚000 Interest Expense 60‚000 110‚000 75‚000 Income Taxes (40%) 120‚000 212‚000 123‚200 Net Income $180‚000 $318
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316 220 73 Service Area Statistics Square Miles Population Service Supplied Annual Vehicle Revenue Miles Annual Vehicle Revenue Hours Vehicles Operated in Maximum Service Vehicles Available for Maximum Service Base Period Requirement 1‚085‚611 56‚386 21 32 10 1‚126 181‚670 Total Directly Operated 17 3 Purchased 1 Transportation 1 0 20 1 Revenue Vehicles $58‚838 $0 Systems and Guideways $196‚983 $0 Facilities and Stations $440‚404 $0
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capital and revenue expenditure is a capital expenditure results in an addition to an asset account whereas a revenue expenditure results in an addition to an expense account. Capital expenditures are payments for asset alterations‚ additions and replacements. Revenue expenditures benefit a current period and are made to maintain assets with routine repairs or replacement of a minor part. Again capital expenditure will benefit 2 or more accounting periods through depreciation process and expenses for future
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Relevant Information-Apollo Shoe GA-3 Information Relevant to 2011 Audit Audit Action Recommended Pressure to meet sales targets GA 3-1 Increase procedures related to existence of sales and valuation of receivables‚ as well as cutoff Purchase of equipment GA 3-1 Verify through invoices and receiving reports if equipment purchased during the year Verify terms of refinancing for accuracy as well as interest payments. Line of credit refinanced GA 3-1 Did they pay note on Jan. 1‚ 2012 or refinance
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ACC 492 Week 2 Apollo Shoe Case Study Guide www.paperscholar.com DIRECT LINK TO THIS STUDY GUIDE: http://www.paperscholar.com/acc-492-week-2-apollo-shoe-case-study-guide/ Instantly Download! Get Better Grades in Less Time! 100% Satisfaction Guarantee DESCRIPTION FOR THIS STUDY GUIDE: Resource: Apollo Shoe Case link in Week Two on the Materials page Complete the following audit sections: • Revenue and Expenses o Before completing this section‚ review the material in the Planning section
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P A R T I Healthcare Finance Overview CHAPTER Introduction to Healthcare Finance 1 Progress Notes After completing this chapter‚ you should be able to THE HISTORY Financial management has a long and distinguished history. Consider‚ for example‚ that Socrates wrote about the universal function of management in human endeavors in 400 B.C. and that Plato developed the concept of specialization for efficiency in 350 B.C. Evidence of sophisticated financial management exists for much
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