...Pinnacle Manufacturing: Part VII a) Relationships The relationship of current accounts payable amounts and previous accounts payable should be reviewed. The relationship of what is included in the accounts payable balance should be reviewed as well. Ratios The following ratios use the accounts payable balance: * Gross profit ratio * Accounts payable versus purchases * Overhead versus materials Trends Auditors should look for trends in accounts payable such as the following: * Recurring expenses that are on the income statement every month. For example, rent could be a recurring monthly expense. * The amount of purchases made each month or during a particular month. For example, a company could have a large amount of purchases the beginning of every November for the Holiday season. b) Audit Program for Accounts Payable 1. Review accounts payable trial balance for large and unusual accounts payables 2. Follow up on any significant changes from prior years 3. Review the accounts payable listed on the aged payable for notes and related party payables. 4. Trace 50 accounts from the trial balance to the accounts payable master file for aging and the balance. 5. Foot two pages of the trial balance for the aging columns and balance and total all pages and cross-foot the aging. 6. Trace the balance to the general ledger 7. Confirm accounts payable using positive confirmations. 8. Confirm all amounts over $50,000...
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...11 ANALYTICAL PROCEDURES—RATIO ANALYSIS FORM The auditor can use this form to document the performance and evaluation of ratio analysis in connection with analytical procedures performed in an audit. The form is only a guide and is not a substitute for professional judgment. The form may be modified by adding or omitting certain ratio analysis. CLIENT NAME: | Pinnacle Manufacturing Company | DATE OF FINANCIAL STATEMENTS: | Year Ended December 31 of 2007, 2008, 2009 | LIQUIDITY RATIOS 2007 | 2008 | 2009 | 1. Current ratio = | | | | Current Assets | | | | Current Liabilities | 2.20 | 2.06 | 1.72 | Comments: A liquidity ratio is the readiness of assets to be converted to cash. A current ratio of 2 indicates that the company has twice as many current assets available as current liabilities. Comparing a company’s obligations that will shortly become due with the company’s cash and other assets that, by definition, are expected to shortly be converted to cash, the analysis offers some indication as to ability to pay those debts. Comparing a company’s liquid assets with its short-term obligations, we can obtain a general idea of the firm’s ability to pay its short-term debts as they come due. | 2007 | 2008 | 2009 | 2. Quick or acid test ratio = | | | | Current Assets - Inventory | | | | Current Liabilities | 0.86 | 0.79 | 0.64 | Comments: The current assets are highly...
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...Workbook WELCOME TO PINNACLE AIRLINES FLIGHT ATTENDANT INITIAL TRAINING! We are excited that you have chosen a career with Pinnacle Airlines and are looking forward to your arrival at our training facility in Memphis, Tennessee. It is important you take time to read this booklet prior to coming to training as it will provide valuable information such as items required for training, pertinent subject matter, and information with which you should become familiar prior to class. On the first day, you will have the opportunity to meet and discuss with your Training Instructor what will be expected from you during the twenty one (21) days you will be with us. Your Instructor will provide you the skills and tools necessary to become a Pinnacle Airlines Flight Attendant. We believe learning should be interactive and enjoyable. Although the program is intense and there is a lot to learn, we are here to help you succeed, and will do everything we can to help you. You, in turn, must do your part. Be sure to get enough rest, take care of yourself while in training and put forth the necessary amount of effort to succeed. Revised 10NOV11 1 Flight Attendant Initial Training Workbook MISSION STATEMENT The mission of Pinnacle Airlines, Inc. is to provide safe and convenient air transportation and to involve our People and our Customers in the product and the process, making the airline a rewarding, profitable, and quality experience. GUIDING PRINCIPALS Pinnacle Airlines is dedicated...
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...g. Analysis account balance for Account Receivable, inventory, and short/current long-term debt. Account Receivable * 2011: 7,936,409 * 2012: 8,619,857 * 2013: 13,042,165 Based on these account receivable, the number is slightly changed between 2011 and 2012 around $683,448 and there is significantly increased from 2012 to 2013 about $4,422,308. The reason why the number is extremely high for 2013 could be because Pinnacle just recently acquired the second division, which is Solar-Electro, and the third division Machine-Tech is only operated for two years. Since those two divisions only operated for a short period of time, company might have promotion for existed customers to be able to be their loyal supplier. They also could have programs for new customers to purchase their engine equipment with long-term installment payments. Inventory: * 2011: 25,271,503 * 2012: 25,537,198 * 2013: 32,236,021 From 2012 to 2013, Pinnacle’s inventory is slightly increased for $265,695. However, more than $6,698,823 inventory they have on hand from 2012 to 2013. Once again, they want to maximize productivity of two new divisions and keeping up with the existed Welburn division to be able to meet their customers’ orders. They needed to have more variety of their inventories so they can have it ready to ship. Short/current long-term debt: * 2011: 9,672,670 * 2012: 10,298,668 * 2013: 15,375,819 Short/current long-term debt is increased over 3 years...
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...Pinnacle Manufacturing Analysis Course Project Part 1 By: Hope Cole, Theresa Black, Andrea Ross, Samuel Han, Kathryn Ottesen, Amanda Allen | | | | | | | | | | | | Trend Analysis of Pinnacle Manufacturing Account Balance | % Change 2010 - 2011 | % Change 2009 – 2010 | Net Sales | 1.45% change | 2.70% change | Gross Profit | (2.07)% change | (.86)% change | Income from Operations | 1.87% change | (23.10)% change | Net Income | 16.50% change | (39.54)% change | Total Assets | 11.79% change | 3.6% change | ANALYTICAL PROCEDURES—RATIO ANALYSIS CLIENT NAME: | Pinnacle Manufacturing | DATE OF FINANCIAL STATEMENTS: | 2011, 2010, 2009 | LIQUIDITY RATIOS 2011 | 2010 | 2009 | | 1. Current ratio = | | | | | Current Assets | | | | | Current Liabilities | 1.75 | 1.93 | 2.19 | | Comments: There is a low risk that the company will fail financially over the next year. Thou the current ratio is showing a decline it is not surprising under the current economic state. There is not enough cause to have a significant concern. 2011 | 2010 | 2009 | | 2. Quick or acid test ratio = | | | | | Current Assets - Inventory | | | | | Current Liabilities | 0.69 | 0.75 | 0.85 | | Comments: There seems to be a decrease in the company’s asset...
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...Pinnacle Manufacturing Company Income Statement - Machine-Tech Division For the Year Ended December 31 2009 Dollar Value 5,670,915 9,518 1,824,751 3,836,646 94,153 13,008 32,315 22,732 3,851 818 6,708 1,958 1,490 34,296 247,813 11,074 470,216 204,801 506,186 1,146,126 193,851 28,458 143,924 28,949 1,823 14,837 4,846 596 9,689 3,348 11,658 15,036 5,072 6,554 6,188 8,386 2,340,328 2,810,544 1,026,102 2009 2008 Percent of Sales for Division Dollar Value 100.00% $ 5,790,017 0.17% 13,411 32.18% 1,993,730 67.65% 3,782,876 1.66% 0.23% 0.57% 0.40% 0.07% 0.01% 0.12% 0.03% 0.03% 0.60% 4.37% 0.20% 8.29% 3.61% 8.93% 20.21% 3.42% 0.50% 2.54% 0.51% 0.03% 0.26% 0.09% 0.01% 0.17% 0.06% 0.21% 0.27% 0.09% 0.12% 0.11% 0.15% 41.29% 49.58% 18.07% Sales $ Sales Returns and Allowances Cost of Sales* Gross Profit OPERATING EXPENSES-Allocated Salaries-Management Salaries-Office Licensing and certification fees Security Insurance Medical benefits Advertising Business publications Property taxes Bad debts Depreciation expense Accounting fees Total operating expenses-Allocated OPERATING EXPENSES-Direct Salaries-Sales Wages Rental Wages-Mechanics Wages-Warehouse Garbage collection Payroll benefits Rent- Warehouse Telephone Utilities Postage Linen service Repairs and maintenance Cleaning service Legal service Fuel Travel and entertainment Pension expense Office supplies Miscellaneous Total operating expenses-Direct Total operating expenses OPERATING INCOME $ 2008 Percent of Sales for Division 100.00%...
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...Pinnacle Towers Acquisitions LLC Helen Zaldana Strayer University Mr.Plumer BUS 505 October 30, 2011 Abstract This paper discusses what actions Pinnacle Towers Acquisition LLC should take to be more competitive in the federal acquisition market. 1. Create a set of five (5) best practices specific to your firm for conducting market research. Once the need is sufficiently defined, the government conducts market research. (Osborne, S., 2011, p.35). Some of the best practices that will need to be a part in market research are contacting knowledgeable persons in government and industry regarding market capabilities to meet requirements. Second, review the results of recent market research to meet similar requirements. Third, querying the government-wide database of contracts and other procured instruments available at www.contractdirectory.gov, as well as other government and commercial databases that provide information relevant to agency acquisitions. Fourth, Obtaining source lists of similar items from other contracting activities or agencies, trade associations, or other sources. And last, publishing formal requests for information on the Federal Business Opportunities website. (Osborne, S., 2011, p.36). 2. Determine what steps the firm could take in the immediate future to be more competitive in the federal acquisition market. In order for Pinnacle Towers Acquisition LLC to become more competitive in the federal acquisition...
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...According to their website, they settled a lawsuit against their foster care system by agreeing to make direct improvements within their system and developed a strategic communication plan called The Oklahoma Pinnacle Plan. With some local corporations, such as Sonic Drive In, the communications departments tend to squeeze in with larger roles, for example, Claudia San Pedro of the Sonic Drive in Corporation is the Vice President of Investor Relations, Communications, and Treasurer. Referring to my interview with Danielle, an External Affairs Coordinator for Planned Parenthood, she states “My company is small, so we do not have a designated organizational development department. Our CEO makes a constant effort to coordinate work between...
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...My leadership has been witnessed by my teachers, peers, and community members throughout my four years of high school. Whether it be school-sanctioned events, community service, or after school extracurricular activities, I always want to make each and every event that occurs in my community the very best it can possibly be. For example, I am a proud member of student council, National Honor Society, and also involved in sixteen other organizations at my school. This shows that I am one of the schools most inspirational students. My teachers, counselors, and other members of my community believe that I am a great example of what all students should strive to become. I would want to be considered the pinnacle of student excellence. I often...
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...Part IV of Pinnacle case a . Incentives/Pressures - Pinnacle’s board is considering selling the Machine-Techdivision, and the president of the division is committed to making it profitable (Part I) - Pinnacle is in danger of violating its debt covenants, the current ratio has fallen from 2.19 to 1.75. (Part II) Opportunities - Pinnacle engages in a number of related party transactions. (Part I) - Realizable value issues exist with inventory and receivables (Part I and II) - There has been turnover in internal audit personnel (Part II) Attitudes/Rationalizations - Pinnacle has had disputes with the IRS (Part II). b. The company is in the engine manufacturing business, and has recently expanded into solar engines. The engine manufacturing business is competitive and increasingly outsourced. The solar business depends on developing technology. These characteristics are most likely to affect Inventory to a lesser extent , and accounts receivable fixed assets. and c. Pinnacle could overstate revenues in several ways. The auditor would especially focus on the Machine-Tech division because of the incentives identified in part a. d. There is a major change in perating expenses O and Income from operations this . If change was not expected, it could suggest revenue recognition fraud. The decline in bad debt expense and increase in depreciation expense, which are management estimates, could suggest the use of estimates to overstate income . e. Fraud...
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...Pinnacle Manufacturing Solution Manual If you are looking for a ebook Pinnacle manufacturing solution manual gxukzaf in pdf format then you've come to the right website. We presented the full version of this ebook in pdf and epub formats. You can read Pinnacle manufacturing solution manual online gxukzaf or download to your computer. In addition to this ebook, on our site you can read the instructions and other art books online, or download them as well. We want to draw your attention that our site does not store the book itself, but we give link to the site where you can download or read online. So if you need to download Pinnacle manufacturing solution manual pdf gxukzaf then you've come to the right website. We have Pinnacle manufacturing solution manual epub, pdf and kindle formats. We will be happy if you come back to us again. Auditing pinnacle case answers - free eBooks Auditing pinnacle case answers download on Caa2011-2.org free books and manuals search Banbury Impex Case Study http://www.caa2011-2.org/auditing-pinnacle-case-answers/ Pinnacle manufacturing auditing case solution Pinnacle manufacturing auditing case solution download on iubmb-2013-3.org free books and manuals search - CHAPTER 8 8 40 PINNACLE MANUFACTURING SOLUTION http://www.iubmb-2013-3.org/pinnacle-manufacturing-auditing-case-solution/ Pinnacle manufacturing case solution - free Pinnacle manufacturing case solution download on iubmb-2013-3.org free books and manuals search - TIVO HARVARD CASE SOLUTION...
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...Pinnacle Machine Tool Company Don Anglos had to decide whether to trust his gut or his head, and he had to make that decision by next week’s board meeting. Either way, he knew he was bound to make at least a member or two of his senior management team unhappy. The question at hand was whether Pinnacle Company, the small, publicly held Indiana-based machine tool company he led as CEO, should attempt to acquire Hoilman Inc. Hoilman was a company known for the cutting-edge sensor technology and communications software it had developed to monitor robotics equipment. Anglos had just heard a credible rumor that one of Pinnacle’s chief competitors was planning a hostile takeover of the company. Coincidentally, Don Anglos knew Hoilman well because he had recently held exploratory talks about the possibility of a joint venture designed to develop similar technology capable of monitoring a broad range of manufacturing equipment. The joint venture did not work out. But now, by acquiring Hoilman, Pinnacle could develop software that transmitted real-time information on its customers’ equipment, enabling it to set itself apart by providing top-notch service far more sophisticated than its current standard maintenance and service contracts. Don, a hard-working 48-year-old, firmly believed that bigger was better. It was a premise that had served his Greek immigrant father well as he built a multimillion-dollar business from nothing by acquiring one commercial laundry after another. The CEO...
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...Paper #3 Hotel tax. Car Rental tax. Bar and restaurant tax. This is what Lincoln has increased to help fund the new Haymarket Arena. 350 million dollars is the bottom line amount when someone asks how much this new arena costs. That would include the cost to move railroad tracks, buy railroad property, build a new Amtrak station, build new roads, the arena itself, and three parking garages and two surface lots. I am going to look at the details of the new arena and the effects this new arena will have on the Lincoln community. Targeted to open for the 2013 Nebraska Basketball season, the new arena will be a much-needed addition for Lincoln. Currently the arena we have, Pershing Center, is really old and beat up. It’s time for change in the capital city. As for the Huskers, they have been playing in the Bob Devany Sports Center since 1976. That is quite some time to play in the same arena. There are no suites in the Bob either. In the new arena, there will be about 15,000 club seats, with 2,000 left for the students. When Executive Associate Athletic Director Marc Boehm talks about the arena he emphasizes branding. This is important to the University because it will be the new home for Nebraska men’s and women’s basketball teams. With recruiting being as huge as it is these days, the importance of a big ‘N’ on the outside of the arena was very important. On the inside the renderings also show a lot of dedication to the University. Whether it’s banners from the rafters...
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...Please write two tests of controls and two test of substantive tests of transaction here. |# |Key Internal Control |Transaction Related Audit Objectives | Test of Control |Substantive Test of Transaction | |1. |Segregation of the purchasing, receiving, |Recorded acquisitions are for goods and services actually |___ |___ | | |and cash disbursements functions. |received (occurrence). |___ |___ | | | |Recorded cash disbursements are for goods and services actually| | | | | |received (occurrence). | | | |2. |Independent reconciliation of the monthly |Existing cash disbursement transactions are recorded | | | | |bank statements. |(completeness). | ...
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...Pinnacle Case Project: Part 2 1. a. Likelihood of financial difficulties: The two articles mentioned bring up concerns over whether Pinnacle can rely on sales of solar powered engines. These articles imply that Pinnacle may not have the capabilities needed to perform well in that industry. Also, if EPA regulations are postponed, Pinnacle’s customers will not have as much reason to switch to solar powered engines. b. Acceptable Audit Risk is low because acceptable audit risk stems throught the idea that financial statements may be misstated however considering going concern, if the company in fact entails no product using solar power then there might be reason to worry depending upon how much it has invested. 2. a. Management integrity: By having products that do not look like the ones on Pinnacle’s website, they are falsely advertising their products. This shows low integrity in the company if they are not honestly describing their products online. b. Acceptable Audit Risk is Low. The reason we assign low acceptable audit risk to this account is due to the risk that may or may not be contributed through the deception of the inventory. Due to risky internal controls suggested by the warehouse manager’s response, we have reasonable belief that the inventory account and the external users may be affected by this. 3. None, *contributes to 11. 4. None 5. a. Likelihood of financial difficulties: As the missing accounts receivable is a large percentage of the total...
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