Case study on Master in Business Administration

University of the Immaculate Conception Master in Business Administration Program BA 205 – Management Accounting and Control Mid-Term Examination 1. Using the following data, find the missing items. Total assets, beginning of year . . . . . . . . . . . . . . . . . . . . . . P1,050 Total assets, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . P1,200 Total liabilities, beginning of year . . . . . . . . . . . . . . . . . . . . . P 630 Total owners’ equity, end of year . . . . . . . . . . . . . . . . . . . . . P 480 Net income for year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P 164 Additional capital invested during year . . . . . . . . . . . . . . . . . P 50 Contributed capital, beginning of the year . . . . . . . . . . . . . . P 200 a. Total owners’ equity at the beginning of the year. b. Total liabilities at the end of the year. c. Retained earnings at the beginning of the year. d. End-of-the-year retained earnings. e. Dividends declared during the year. 2. Seneca Company has two products with the following information: Engine Race Rebuilds Cars Total Annual revenue P1,200,000 P1,400,000 P2,600,000 Material costs 400,000 P 600,000 P1,000,000 Labor costs 250,000 150,000 P 400,000 Number of receipts 8,000 2,000 Number of batches 425 75 The business also has overhead costs as follows: Cost pool Cost in pool Cost driver__________ Receiving P300,000 number of receipts Material moves 275,000 number of batches Administrative 225,000 labor cost Total P800,000 a. Allocate the overhead costs to the segments based on material costs. b. Determine the income of each segment. c. Allocate the overhead costs to the segments using ABC. d. Determine the income of each segment under ABC. 3. Parsons Company incurred P475,000 in overhead costs making 40,000 units in August. It made 30,000 units and incurred P447,000 in overhead costs in September. a. Compute the variable component of overhead cost. b. Find the fixed factor of overhead cost. 4. Eleva Company has sales of P350,000, variable costs of P200,000, and fixed costs of P125,000. Eleva has an effective tax rate of 40%. a. Compute the break-even point. b. Compute Eleva’s sales needed to earn a P75,000 after-tax profit. c. Compute the sales Eleva would need to earn a 15% after-tax return on sales. 5. Superior Company manufactures a single product. It keeps its inventory of finished goods at twice the coming month’s budgeted sales and inventory of raw materials at 150% of the coming month’s budgeted production. Each unit of product requires five pounds of materials, which cost P3 per pound. The sales budget is, in units: May, 10,000; June, 12,400; July, 12,600; August, 13,200. a. Compute budgeted production for June. b. Compute budgeted production for July. c. Compute budgeted material purchases for June in pounds and in pesos. 6. Hicks Company has the following sales projections for 20X4: January P160,000 March 175,000 May 195,000 February 168,000 April 180,000 June 190,000 Hicks collects 30% of its sales in the month of sale, 45% in the month following the sale, and 24% in the second month following the sale. Records show that sales were P160,000 in November and P168,000 in December 20X3. a. Prepare a schedule of cash receipts and determine the total cash receipts for the first three months of 20X4. b. What would be the accounts receivable balance (net of bad debts) on March 31, 20X4? 7. The data below relate to a product of Salois Company. Standard costs: Materials, 2 pounds at P6 per pound P12 per unit Labor, 3 hours at P15 per hour P45 per unit Variable overhead at P8 per labor hour P24 per unit Budgeted fixed production costs P140,000 per year Budgeted production for the year 4,000 units Actual results were: Production 3,700 units Material purchases, 8,000 pounds P 46,400 Labor, 10,360 hours P160,580 Variable overhead incurred P 84,700 Fixed overhead incurred P137,500 Material used in production 7,300 pounds For each variance, determine the amount and indicate whether each is favorable or unfavorable: a. Material price variance. b. Material use variance. c. Direct labor rate variance. d. Direct labor efficiency variance. e. Variable overhead budget variance. f. Variable overhead efficiency variance. g. Fixed overhead budget variance.

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Case study on financial statements

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 Case study on profit in business

Revenues

First Month of Operations: 10,000 units sold at $10 per unit.

Second Month of Operations: 20,000 units sold. The first 10,000 at $10 per unit, and the second 10,000 at $8 per unit.

ThirdMonth of Operations: 40,000units sold at $6 per unit.

Cash Flow characteristics: Goods are shipped at the end of the month are paid to the Company atthe end of the following month by the customer.

Cost of Goods Soldis made up of three components:

?Direct Materials – -$2 per unit

?Direct Labor—$3per unit, renegotiated to $2 in the third month with new pricing

?Fixed Machinery andMfg.machinery and space rental costs—$10,000 per month, $15,000 with new labor price in month 3

?Cash flow characteristics: Mfg. is outsourced to a different organization and all costs are paidthe next month followingthe month they are produced – i.e. paid thenext monthafter the monththey are received.

OperatingExpenses: the remainder of the company’s expenses includes the following:

Salaries for office staff and the Owner are fixedat $120,000per year or $10,000 per month. $50,000 of the total goes to the owner

Advertising is a fixed rate contract with an internet services firm which provides the company with secure servers, web analytics and Search Engine Optimization services for $3000 per month.

Office Rental is a fixed yearly rental contract for the administrative offices which costs the company $4500 per month.

Insurance is a fixed rate contract for insurance on the plant property and equipment is $1000 per month.

Cash flow characteristics: All operating expenses are paid during the month that they are incurred.

Ownership and Taxation: The Company is owned by a single individual who is paid a salary of $50,000 per year. The following tax rates are in affect for the purposes of calculating tax on taxable income:

Corporate Tax Rate: 30%

Individual Tax Rate: 40%

Dividend Tax Rate: 15%

Appendix Continued:

Calculate for the Third Month:

?Current Assets $369,500

?Current Liabilities $175,000

?Current Ratio2.11

?Owners’ Equity$194,500

Cost of Goods Sold $175,000

Gross Profit Margin65,000

Calculate Breakeven the first month at a sales price of $10 per unit: answer is 5700 units 28,500/5 = 5700

Breakeven

Income Statement

Revenues?? 57,000

?Direct Materials 11,400

?Direct Labor 17,100

?Machinery Rent 10,000

Cost of Goods Sold 38,500

? Salary?? 10,000

? Advertising?? 3000

? Office Rental? 4500

? Insurance?? 1000

?Operating Expenses? 18,500

?Net Pre-tax Profit? 0

Complete the ratios indicated on the worksheet and calculate for the first month – how much profit wouldGlak Love make if it sold 5710 units during its first month of operations.

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 Case study on financial position

Listed below in random order are the items to be included in the balance sheet of Deep River Lodge at December 31, 2011: Equipment. . . . . . . . . . . . . . . . . $ 9,000 Buildings . . . . . . . . . . . . . . . . $430,000 Land . . . . . . . . . . . . . . . . . . . . . 140,000 Capital Stock. . . . . . . . . . . . . ? Accounts Payable. . . . . . . . . . . 27,400 Cash . . . . . . . . . . . . . . . . . . . 9,100 Accounts Receivable . . . . . . . . 3,300 Furnishings . . . . . . . . . . . . . . 22,600 Salaries Payable . . . . . . . . . . . 13,200 Notes Payable. . . . . . . . . . . . 217,000 Interest Payable . . . . . . . . . . . . 4,000 Retained Earnings . . . . . . . . 202,400 Instructions a. Prepare a balance sheet at December 31, 2011. Include a proper heading and organize your balance sheet similar to the illustrations shown in Chapter 2. (After “Buildings,” you may list the remaining assets in any order.) You will need to compute the amount to be shown for Capital Stock. b. Assume that no payment is due on the notes payable until 2013. Does this balance sheet indicate that the company is in a strong financial position as of December 31, 2011? Explain briefly.

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Work Breakdown Structure

One approach to managing IT Portfolios and projects is to deploy and IT Governance Strategy. IT Governance generally has become very significant in recent years. Since the majority of business data lies within business applications, IT plays a major role in improving corporate governance practices. Management needs to be aware of IT’s strategy and implementations to support potential opportunities and help prevent IT-related risks. There is also a growing focus on IT costs and a realization that management commitment is necessary within IT activities.

Assignment

Develop a work breakdown structure Gantt chart using a project application for an IT Governance deployment project.

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Risk in the practice of payroll system

The most significant objective/risk in the practice of payroll system is “validity.” In regard to this matter, two issues we would need to consider:

First, it is necessary to mitigate risk that employees may exaggerate their work hours or over-time work to get paid more. Likewise, employees may have incentive to underreport their time-off/vacation to eventually retain more off-days.

Q1: Concisely and clearly discuss how firms can reduce this risk

Second, ghost employees – who used to work for the firm or who has never existed in the firm – could be paid, and this is another type of validity risk in the payroll system. So, it is necessary to figure out whether or not the firm is currently paying to a ghost employee. So the next question is

Q2: Identify three clues (p. 456) indicating an existence of a ghost employee even in the direct deposit payroll system. (That said, do not bring up a clue that can work only in a manual payroll processes.) Then concisely and clearly explain why you think the clue can indicate an existence of a ghost employee.

No length restriction, but do not exceed 300 words.

Note: To approach these Out of class participation questions, carefully read and contemplate TW textbook Ch 10 Section “Ethical issues related to payroll and fixed assets process (pp. 455-456).”

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Alternative Case Study for non-COB students

For students not in the College of Business, your instructor will assign you a case study either from the textbook or another source. The case assignment needs to be at least two pages, excluding any title page and references page, of analysis. This assignment will be worth 10% of your final grade.

“For this assignment select one company that is currently very successful strategically and one company that has been very unsuccessful strategically (over the last 5 years). Then explain in detail what has made them either successful or unsuccessful. Do not use your current strategic audit company as part of this assignment. The assignment must be two to three pages of analysis (excluding any title page and references page) and have at least 2 properly cited and referenced outside sources (Not including the text book). This assignment will be worth 10% of your final grade”.

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Case study on company expenses

Gyllstrom Products, Inc., uses a predetermined overhead rate in its production, assembly, and testing departments. One rate is used for the entire company; it is based on machine hours. The rate is determined by analyzing data from the previous year to determine the percentage change in costs. Thus this year’s overhead rate will be based on the percentage change multiplied by last year’s costs. The following data are available:

Last Year’s Costs

Machine hours 38,000

Overhead costs

Indirect materials $58,000

Indirect labor 25,000

Supervision 41,000

Utilities 11,200

Labor-related costs 9,000

Depreciation, factory 10,500

Depreciation, machinery 27,000

Property taxes 3,000

Insurance 2,000

Miscellaneous overhead 5,000

Total overhead $191,700

This year the cost of indirect materials is expected to increase by 30 percent over the previous year. The cost of indirect labor, utilities, machinery depreciation, property taxes, and insurance is expected to increase by 20 percent over the previous year. All other expenses are expected to increase by 10 percent over the previous year. Machine hours for this year are estimated at 45,858.

. Compute the projected costs, and use those costs to calculate the overhead rate for this year.

2. During this year, the company completed the following jobs using the machine hours shown:

Job no. Machine Hours Job no. Machine Hours

H–142 7,840 H–201 10,680

H–164 5,260 H–218 12,310

H–175 8,100 H–304 2,460

Determine the amount of overhead applied to each job. What was the total overhead applied during this year?

3. Actual overhead costs for this year were $234,000. Was overhead underapplied or overapplied this year? By how much? Should the Cost of Goods Sold account be increased or decreased to reflect actual overhead costs?

4. At what point during this year was the overhead rate computed? When was it applied?

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