Tony Prince and his team are working on the Recreation and Wellness Intranet Project

Tony Prince and his team are working on the Recreation and Wellness Intranet Project. They have been asked to refine the existing cost estimate for the project so they can evaluate supplier bids and have a solid cost baseline for evaluating project performance. Recall that your schedule and cost goals are to complete the project in six months for under $200,000.

Tasks

1. Prepare and print a one-page cost model for this project using spreadsheet software. Use the following WBS, and be sure to document your assumptions in preparing the cost model. Assume a labor rate of $100/hour for the project manager and $60/hour for other project team members. Assume that none of the work is outsourced, labor costs for users are not included, and there are no additional hardware costs. The total estimate should be $200,000.

1. Project management

2. Requirements definition

3. Web site design

3.1 Registration for recreational programs

3.2 Registration for classes and programs

3.3 Tracking system

3.4 Incentive system

4. Web site development

4.1 Registration for recreational programs

4.2 Registration for classes and programs

4.3 Tracking system

4.4 Incentive system

5. Testing

6. Training, rollout, and support

2. Using the cost model you created in Task 1, prepare a cost baseline by allocating the costs by WBS for each month of the project.

3. Assume that you have completed three months of the project. The BAC was $200,000 for this six-month project. You can also make the following assumptions:

PV = $120,000

EV = $100,000

AC = $90,000

a. What is the cost variance, schedule variance, cost performance index (CPI), and schedule performance index (SPI) for the project?

b. How is the project doing? Is it ahead of schedule or behind schedule? Is it under budget or over budget?

c. Use the CPI to calculate the estimate at completion (EAC) for this project. Is the project performing better or worse than planned?

d. Use the SPI to estimate how long it will take to finish this project.

e. Sketch an earned value chart using the preceding information.

 
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Accounting 370 Excel Project 1 COMPANY : Johnson & Johnson

Excel Project: Part I Instructions

Company Information (Tab 1), and 

Historical Income Statements, Balance Sheets, and Cash Flows (Tabs 2-4)

· Choose one of the 3 companies listed in your Instructor’s Week 1 Announcement.

· Go to the Securities and Exchange Commission’s EDGAR database and access your chosen company’s most recent Form 10-K (annual report). (For help with this process, see the Module/Week 1 presentation, “Downloading Financial Statements from the SEC EDGAR Database.”)

· Create an Excel workbook, including data for your chosen company as follows:

o The 1st tab (worksheet) in your Financial Statement Analysis Template must be labeled Company Information. The following information must be included:

§ Company Name and ticker symbol

§ Industry

§ Products or services offered

§ Major competitors

§ An example of this tab is provided in Exhibit A.

o The 2nd tab in your Financial Statement Analysis Template must be labeled Historical Income Statements.

§ Include the latest three years based on SEC filings.

§ Ensure that the worksheet includes a header with:

· Company Name

· Financial Statement Name (Income Statements)

· Financial Statement Dates

· Denomination level ($s in millions or thousands, etc.)

o The 3rd tab in your Financial Statement Analysis Template must be labeled Historical Balance Sheets.

§ Include the latest three years based on SEC (10-K) filings. (Note: Some 10-Ks only provided 2 years of balance sheet data. You may need to download the second most recent 10-K for your company in order to obtain 3 years of balance sheet data.)

§ Ensure that the worksheet includes a header with:

· Company Name

· Financial Statement Name

· Financial Statement Dates

· Denomination level ($s in millions or thousands, etc.)

§ A partial balance sheet example is provided in Exhibit B.

o The 4th tab in your Financial Statement Analysis Template must be labeled Historical Statement of Cash Flows.

§ Include the latest three years based on SEC (10-K) filings.

§ Make sure that the Income Statement, Balance Sheet, and Cash Flows Statement tie in as follows:

· Net Income from Income Statement agrees with Net Income on the Statement of Cash Flows.

· Ending Cash Balance from Statement of Cash Flows agrees with Cash in the Balance Sheet.

§ Ensure that the worksheet includes a header with:

· Company Name

· Financial Statement Name

· Financial Statement Dates

· Denomination level ($s in millions or thousands, etc.)

o Other instructions:

§ The Excel workbook should be professionally formatted. Professional formatting includes:

· All numbers are formatted similarly. The use of decimals, commas for thousands, and other formatting is consistent.

· Dollar signs are included in the first and last numbers of each column.

· Subtotals and totals are preceded by a single underline. Totals are followed by a double underline.

· All extraneous information is removed from the spreadsheet. Sometimes, files downloaded from the SEC website contains extra characters or other things that need to be deleted.

· Line descriptions are indented/bolded in a manner that makes the spreadsheet easy to read.

§ All totals and subtotals should be calculated using formulas.  For an example of which cells may need formulas, please see Exhibit B.

This assignment is due by 11:59 p.m. (ET) on Monday of Module/Week 2.

Exhibit A: Example Company Information Tab

 

Exhibit B: Example Historical Balance Sheets Tab

(IMPORTANT NOTE: Only Partial Balance Sheet shown. Your Balance Sheet should include Liabilities and Stockholders’ Equity as well.)

 

 
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Auditing (Accounting) Practical Response

Topic: You are an auditor at a prestigious CPA firm. After several years of hard work, your boss informs you that you will be in charge of this year’s audit of the firm’s most important client, Bullseye, a general merchandise retailer with hundreds of stores throughout the United States. Bullseye is a publicly traded company with its corporate headquarters in Minneapolis, MN. It does not have any foreign operations. Local managers take care of all hiring/personnel issues but payroll is administered through corporate headquarters. Similarly, store managers order store supplies and inventory on account through approved suppliers who send the bill to corporate headquarters where it is paid and allocated to the appropriate store. Cash from sales is deposited on a daily basis into local branches of a national bank chain that handles all banking needs for Bullseye. and store managers have authority to withdraw cash to meet the daily business needs of their store. Each store has a bookkeeper on staff who records all transactions. Naturally, Bullseye relies heavily on technology to manage inventory, payroll, record keeping, and other financial issues at the store and corporate levels. They have an integrated system where information recorded at the store level is transmitted to corporate headquarters and entered into the appropriate accounts. Bullseye has been in generally good financial health for several years and there are no concerns about its ability to remain a going concern. All previous audits have only found minor problems that were the result of human error, such as transposing numbers or entering amounts into the wrong account, and these errors were easily corrected.

Your supervisor informs you that you will have a team of four other accountants, including an IT professional to assist on the audit. You will be flying to Minneapolis next month to conduct the audit at Bullseye corporate headquarters. While your boss assures you that you will have a sufficient budget to conduct a complete audit, the firm wishes to make the audit as efficient as possible. You can send your staff to stores throughout the country if needed.

Following the format for an integrated audit presented in the textbook, create a comprehensive plan, in essay form, for your audit of Bullseye, from establishing the scope of the audit through issuing the final report. Because Bullseye has been a client for several years, this is an ongoing audit, so you only need to be concerned with collecting information about the company to the extent that you can get the information you need for conducting this audit.

The plan should be 5-7 pages and should be in APA format, with a minimum of 2 outside sources used to support your plan. Be sure to include what accounts you will want to pay particular attention to, the risks that are relevant to this company and your audit, internal controls you will want to test and how you will test them, and any ethical concerns that may be anticipated.

Your assignment will automatically be submitted to Turnitin in the assignment dropbox. Originality reports will be returned to the faculty and student. Multiple submissions are allowed. Make sure that your Similarity Index does not exceed 25% for undergraduate work.

 
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