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Category > Management Posted 06 Jun 2017 My Price 14.00

ANALYTICAL DATA FOR JONES MANUFACTURING

The following information shows the past two periods of results for a fictional company, Jones Manufacturing, and a comparison with industry data for the same period:

ANALYTICAL DATA FOR JONES MANUFACTURING

           

Industry
     

Current

    

Average as
 

Prior Period

Percent

Period (000

Percent

Percent

Percent of
 

(000 omitted)

of Sales

omitted)

of Sales

Change

Sales

Sales

$10,000

100

$11,000

100

10

100

Inventory

$2,000

20

$3,250

29.5

57.5

22.5

Cost of goods sold

$6,000

60

$6,050

55

0.83

59.5

Accounts payable

$1,200

12

$1,980

18

65

14.5

Sales commissions

$500

  

$550

  

10

Not available

Inventory turnover

6.3

  

4.2

  

(33)

5.85

Average number of

39

  

48

  

23

36

days to collect

            

Employee turnover

5%

  

8%

  

60

  

Return on investment

14%

  

14.3%

    

13.8

Debt/Equity

35%

  

60%

  

71

30

a. From the preceding data, identify potential risk areas and explain why they represent potential risk. Briefly indicate how the risk analysis should affect the planning of the audit engagement.

b. Identify any of the above data that should cause the auditor to increase the level of professional skepticism.

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Jun 2017 09:06 PM My Price 14.00

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