1:57 55% 0.57 K/s Read Only - You can't save changes to th... GALACTAS 2020 Grup Assignment 3.docx Group Assignment (GAR) for ACCT 722, Spring/Summer 2000 Stephen Hudovernik - The Business School Centennial College Introduction: = Auditer: "Foot Faute "Foot Fault", the same company examined in Group Assignment 2 will continue to be the subject for this Group Assignment. The below paragraphs are repeated for your convenience as a review of the company "Foot Fault is a small wholesaler and service supplier concentrating on the tennis market. They are located in the Hamilton, Ontario area and carry on business in South Central Ontario In the course of regular business, Foot Fault sells supplies to local sports and athletic Clubs for retail sale in the club's Pro Shops", meaning the inclub retail stores) as well as servicing the physical needs of clusters net regeisternis court surface repairs, etc.). Some of Foot Fault's products are manufactured in the Hamilton location (Foot Fault Racquets, Foot Fault tennis balls Foot Fault tennis clothing and accessories such as headbands and caps and some products are purchased from third party suppliers to add to inventory same types of products: racquets, balls, clothing and accessories). Teper and Lubetsky LLP is a Public Accounting firm located in Hamilton, Ontario and Foot Fault is one of their clients. NOTE: Foot Fault's year end is October 31: Teper and lubetsky are auditing Foot Fault for the year ended Oct. 31. 2020. Tie the current time for your role in this Group Assignment is after November 1, 2020 GUI ACC Sumer 2020 Group Asigment.docx Group Assignment 3 GAB) for ACCT 742 Spring/Summer 2020 Stephen Hudovernik - The Business School Centennial College Part 1) At Foot Fault, the process of employee recruitment and choice of candidate to whom to make an offer of employment is in the he 1:58 55% 0.00 K/s Read Only - You can't save changes to th... Group Assignment 3 (GAR) for ACCT 743, Spring/Summer 2020 Stephen Hudovernik - The Business School Centennial College [Part 1) At Foot Fault, the process of employee recruitment and choice of candidate to whom to make an offer of employment is joint responsibility of the hiring Manager and the Human Resources HR department. Upon offer and acceptance by candidate, it is entirely the responsibility of the HR department to set up an electronic file to which only as access. This "Foot Fault Employment File", as it is called contains documents related to the hiring of the employee, his/her Current salary and salary history and deductions authorizations While working at Foot Fault all employees submit a timecard called "Work Hours Submission for WHS) online. The employees' direct supervisor approves amends or rejects the Wis approved the data are transferred to the timekeeping function, where payment is arranged and costs are allocated to expense or production accounts All personnel payments are made by Electronic Funds Transfers (EFT) and are made by using the EFT Codes. Upon payment, all transactions are supported by a payroll journal. Both of these types of evidence are collectively known as the "Foot Fault Payment record document for the period. The Foot Fault Casting Reconciliation File" is produced to reconcile labour cost allocated to expense and production accounts to labour paid by payroll (per the EFT's in the paragraph above) Another file, the "Foot Fault Cearing Account Fle", includes evidence that the Wage Clearing Account has all costs allocated to either expenses or production accounts Lastly, the Foot Fault Government Tax Report" reconciles the recorded amounts of earnings reported to the government Canada Revenue Agency with Year-to-date (YTD) earnings records in detail and in total II Required: a) Various documents support the validity and accuracy of Foot Fault's payroll transactions. Create a table with 1. The type of documents which evidence the validity and accuracy control objectives (me example below! State the name of the Foot Faul document that serves this purpose State the purpose of the document is relevant evidence of what? Example response template Documentary Document name in Support Foot Fault Purpose of the document Relevant Evidence of what Insert rows as needed GAZ_ACCT2 Summer 2020 Group Assignment 3.docx Group Assignment 3 (GA) for ACCT 72, Spring/Summer 2020 Stephen Hudovernik - The Business School Centennial College Part 21 As part of substantive testing. Michele Teper starts to plan her analysis of payroll transactions and balances. She does so by developing expectations for payrol expenses based on her understanding the entity, including production volumes, new product lines, prior period's payroll expenses, industry changes, etc Next, Michele has asked for several pieces of information (we will call each bulet below a piece of Evidence"); Budgeted and prior yew payroll expenses 1:58 55% 0.00 k/s Read Only - You can't save changes to th... GAU ACTA Summer 2020 Group Assignment.docx Group Assignment 3 GAB) for ACCT 742, Spring/Summer 2020 Stephen Hudovernike - The Business School Centennial College [Part 2) As part of substantive testing. Michele Teper starts to plan her analysis of payroll transactions and balances. She does so by developing expectations for payroll expenses based on her understanding the entity, including production volumes, new product lines, prior period's payroll expenses, industry changes, etc. Next, Michele has asked for several pieces of information we will call each bullet belowa "Piece of Evidence": Budgeted and prior year payroll expenses Accrued liabilities Average annual per employee wage Production volume, facility side, manufacturing process times and product-line changes Payroll and benefits by employee type Michele is now prepared to engage in analysis as part of substantive testing Required: Provide 4 examples of analysis that Michele can perform and relate each of the examples your provide to one for more) of the pieces of Evidence requested from foot Fault Example response template Pieces) of Evidence used, and WHY used. Analysis to be performed Insert rows as needed GAZ ACC2 Summer 2020 Group Assignment 3.docx Group Assignment GAS for ACCT 742, Spring/Summer 2020 Stephen Hudovernik - The Business School Centennial College [Part 3 Unfortunately, near the end of the year, Foot Fault had to terminate the employment of John Smith, its coordinator for 6 b 1:57 0.01 K/s % 56% GA3_ACCT742 S...up Assignment 3 - Read-only ... Read Only - You can't save changes to th... GAZ ACCT142 Summer 2020 Group Assignment 3.docx Group Assignment 3 (GAS) for ACCT 742, Spring/Summer 2020 Stephen Hudovernik - The Business School Centennial College Part 3) Unfortunately, near the end of the year, Foot Faut had to terminate the employment of chn Smith, is coordinator for Property Plant and Equipment (PPS) tracking Smith had made several mistakes in tracking the PPE Continuity Schedule for Font Frule's Fine Art and Accumulated Depreciation Schedule From the depreciation calculated in the above document, a certain amount is allocated to inventory because of the use of the Fed Assets is the production of goods (tennis shirts, etc.) Smith had based his creation and maintenance of the PPE Continuity Schedule on these facts: Foot Fault uses Straight Line Depreciation for all PPE Assets Foot Faul's land was purchased November 1, 2010 for $3,000,000. Smith had a casual conversation with some of Foot Fault's loading deck employees who said this piece of land is in a good location will be good for something like 100 years". Smith decided to use this statement in his calculations of the PPE Continuity Schedule . Al equipment currently used by Foot Fault was originally purchased on November 1, 2016. Acquisition costs were $1.900.000 and all other costs combined used to bring the equipment to its intended us were $100.000 The equipment has an estimated useful life of 10 years and no salvage value On November 1, 2019 Foot Fault moved into a new building which included all production, distribution and administrative functions (le all functions. Foot Fault paid $5,000,000 for the building's construction and to bring it to its intended use. The building has an estimated useful life of 50 years and no salvage value Foot Fault recently purchased a truck an asset they had never before owned. This eliminated most of the expense of paying shipping companies to move finished good to customers. The truck was purchased on May 1. 2020 Foot Fault paid $105.000 for the truck and to bring it to its intended use. The truck has an estimated useful le of years and a 55,000 salvage Value Michele asked to see the PPE Continuity Schedule as part of her substantive testing and the below was provided Port 3. continues on next page GAS ACCT Summer 2020 Group Assignment 3.docx 1:57 56% 0.08 K/s Read Only - You can't save changes to th... GAHACCPM2 Somer 2020 Group Assignment 3.docx Group Assignment 3 (GA3) for ACCT 742, Spring/Summer 2020 Swephen Hudovernik - The Business School Centennial College Aast October 31, 2000 PROPERTY, PLANT AND EQUIPMENT CONTINUITY SCHEDULE FOR ASSSET AND DEPRECIATION Asset Cost In 00 Accumulated Depreciation 5000 Beginning Ending Beginning Ending Balance Added Sold Added Balance 3.000 3.000 270 300 1.800 1,500 190 990 0 5.000 5.000 100 100 200 . 105 Land Coment Building Truck TOTAL 4.800 5,105 10.00 SO 340 900 Land: Entered intended use November 1, 2010, Depreciated over 100 years Annual Straight Line Depreciation: 51,000,000/100 years $10,000 Equipment Entered intended use November 1, 2018 Depreciated over 10 years and to salvage wale Annual Straight Line Depreciation $1,900,000/ 10 years $190,000 Building Entered intended use November 1, 2019 Depreciated over 5 years and to salvage wale Annual Straight Line Depreciation: $5,000,000/Syrors - $100,000 Truck: Entered intended use May 1, 2020 Depreciated over 5 years and Spoo salvage value Annual Straight Line Depreciation: 15105,000-$5,0001/5 years $20,000 Required From the above PPRE Continuity Schedule, identify four errors. No need for journal entries:simply identity errors, explain why each is an error and state the correct amounts Example response template None provided: Groups to explain in sentences the errors. II GAZ ACCT 42 Summer 2020 Group Assignment 3.docx Group Assignment GAS for ACCT 742. Spring/Summer 2020 Stephen Hudovernik - The Business School Centennial College [Part 4) 1:57 55% 0.57 K/s Read Only - You can't save changes to th... GALACTAS 2020 Grup Assignment 3.docx Group Assignment (GAR) for ACCT 722, Spring/Summer 2000 Stephen Hudovernik - The Business School Centennial College Introduction: = Auditer: "Foot Faute "Foot Fault", the same company examined in Group Assignment 2 will continue to be the subject for this Group Assignment. The below paragraphs are repeated for your convenience as a review of the company "Foot Fault is a small wholesaler and service supplier concentrating on the tennis market. They are located in the Hamilton, Ontario area and carry on business in South Central Ontario In the course of regular business, Foot Fault sells supplies to local sports and athletic Clubs for retail sale in the club's Pro Shops", meaning the inclub retail stores) as well as servicing the physical needs of clusters net regeisternis court surface repairs, etc.). Some of Foot Fault's products are manufactured in the Hamilton location (Foot Fault Racquets, Foot Fault tennis balls Foot Fault tennis clothing and accessories such as headbands and caps and some products are purchased from third party suppliers to add to inventory same types of products: racquets, balls, clothing and accessories). Teper and Lubetsky LLP is a Public Accounting firm located in Hamilton, Ontario and Foot Fault is one of their clients. NOTE: Foot Fault's year end is October 31: Teper and lubetsky are auditing Foot Fault for the year ended Oct. 31. 2020. Tie the current time for your role in this Group Assignment is after November 1, 2020 GUI ACC Sumer 2020 Group Asigment.docx Group Assignment 3 GAB) for ACCT 742 Spring/Summer 2020 Stephen Hudovernik - The Business School Centennial College Part 1) At Foot Fault, the process of employee recruitment and choice of candidate to whom to make an offer of employment is in the he 1:58 55% 0.00 K/s Read Only - You can't save changes to th... Group Assignment 3 (GAR) for ACCT 743, Spring/Summer 2020 Stephen Hudovernik - The Business School Centennial College [Part 1) At Foot Fault, the process of employee recruitment and choice of candidate to whom to make an offer of employment is joint responsibility of the hiring Manager and the Human Resources HR department. Upon offer and acceptance by candidate, it is entirely the responsibility of the HR department to set up an electronic file to which only as access. This "Foot Fault Employment File", as it is called contains documents related to the hiring of the employee, his/her Current salary and salary history and deductions authorizations While working at Foot Fault all employees submit a timecard called "Work Hours Submission for WHS) online. The employees' direct supervisor approves amends or rejects the Wis approved the data are transferred to the timekeeping function, where payment is arranged and costs are allocated to expense or production accounts All personnel payments are made by Electronic Funds Transfers (EFT) and are made by using the EFT Codes. Upon payment, all transactions are supported by a payroll journal. Both of these types of evidence are collectively known as the "Foot Fault Payment record document for the period. The Foot Fault Casting Reconciliation File" is produced to reconcile labour cost allocated to expense and production accounts to labour paid by payroll (per the EFT's in the paragraph above) Another file, the "Foot Fault Cearing Account Fle", includes evidence that the Wage Clearing Account has all costs allocated to either expenses or production accounts Lastly, the Foot Fault Government Tax Report" reconciles the recorded amounts of earnings reported to the government Canada Revenue Agency with Year-to-date (YTD) earnings records in detail and in total II Required: a) Various documents support the validity and accuracy of Foot Fault's payroll transactions. Create a table with 1. The type of documents which evidence the validity and accuracy control objectives (me example below! State the name of the Foot Faul document that serves this purpose State the purpose of the document is relevant evidence of what? Example response template Documentary Document name in Support Foot Fault Purpose of the document Relevant Evidence of what Insert rows as needed GAZ_ACCT2 Summer 2020 Group Assignment 3.docx Group Assignment 3 (GA) for ACCT 72, Spring/Summer 2020 Stephen Hudovernik - The Business School Centennial College Part 21 As part of substantive testing. Michele Teper starts to plan her analysis of payroll transactions and balances. She does so by developing expectations for payrol expenses based on her understanding the entity, including production volumes, new product lines, prior period's payroll expenses, industry changes, etc Next, Michele has asked for several pieces of information (we will call each bulet below a piece of Evidence"); Budgeted and prior yew payroll expenses 1:58 55% 0.00 k/s Read Only - You can't save changes to th... GAU ACTA Summer 2020 Group Assignment.docx Group Assignment 3 GAB) for ACCT 742, Spring/Summer 2020 Stephen Hudovernike - The Business School Centennial College [Part 2) As part of substantive testing. Michele Teper starts to plan her analysis of payroll transactions and balances. She does so by developing expectations for payroll expenses based on her understanding the entity, including production volumes, new product lines, prior period's payroll expenses, industry changes, etc. Next, Michele has asked for several pieces of information we will call each bullet belowa "Piece of Evidence": Budgeted and prior year payroll expenses Accrued liabilities Average annual per employee wage Production volume, facility side, manufacturing process times and product-line changes Payroll and benefits by employee type Michele is now prepared to engage in analysis as part of substantive testing Required: Provide 4 examples of analysis that Michele can perform and relate each of the examples your provide to one for more) of the pieces of Evidence requested from foot Fault Example response template Pieces) of Evidence used, and WHY used. Analysis to be performed Insert rows as needed GAZ ACC2 Summer 2020 Group Assignment 3.docx Group Assignment GAS for ACCT 742, Spring/Summer 2020 Stephen Hudovernik - The Business School Centennial College [Part 3 Unfortunately, near the end of the year, Foot Fault had to terminate the employment of John Smith, its coordinator for 6 b 1:57 0.01 K/s % 56% GA3_ACCT742 S...up Assignment 3 - Read-only ... Read Only - You can't save changes to th... GAZ ACCT142 Summer 2020 Group Assignment 3.docx Group Assignment 3 (GAS) for ACCT 742, Spring/Summer 2020 Stephen Hudovernik - The Business School Centennial College Part 3) Unfortunately, near the end of the year, Foot Faut had to terminate the employment of chn Smith, is coordinator for Property Plant and Equipment (PPS) tracking Smith had made several mistakes in tracking the PPE Continuity Schedule for Font Frule's Fine Art and Accumulated Depreciation Schedule From the depreciation calculated in the above document, a certain amount is allocated to inventory because of the use of the Fed Assets is the production of goods (tennis shirts, etc.) Smith had based his creation and maintenance of the PPE Continuity Schedule on these facts: Foot Fault uses Straight Line Depreciation for all PPE Assets Foot Faul's land was purchased November 1, 2010 for $3,000,000. Smith had a casual conversation with some of Foot Fault's loading deck employees who said this piece of land is in a good location will be good for something like 100 years". Smith decided to use this statement in his calculations of the PPE Continuity Schedule . Al equipment currently used by Foot Fault was originally purchased on November 1, 2016. Acquisition costs were $1.900.000 and all other costs combined used to bring the equipment to its intended us were $100.000 The equipment has an estimated useful life of 10 years and no salvage value On November 1, 2019 Foot Fault moved into a new building which included all production, distribution and administrative functions (le all functions. Foot Fault paid $5,000,000 for the building's construction and to bring it to its intended use. The building has an estimated useful life of 50 years and no salvage value Foot Fault recently purchased a truck an asset they had never before owned. This eliminated most of the expense of paying shipping companies to move finished good to customers. The truck was purchased on May 1. 2020 Foot Fault paid $105.000 for the truck and to bring it to its intended use. The truck has an estimated useful le of years and a 55,000 salvage Value Michele asked to see the PPE Continuity Schedule as part of her substantive testing and the below was provided Port 3. continues on next page GAS ACCT Summer 2020 Group Assignment 3.docx 1:57 56% 0.08 K/s Read Only - You can't save changes to th... GAHACCPM2 Somer 2020 Group Assignment 3.docx Group Assignment 3 (GA3) for ACCT 742, Spring/Summer 2020 Swephen Hudovernik - The Business School Centennial College Aast October 31, 2000 PROPERTY, PLANT AND EQUIPMENT CONTINUITY SCHEDULE FOR ASSSET AND DEPRECIATION Asset Cost In 00 Accumulated Depreciation 5000 Beginning Ending Beginning Ending Balance Added Sold Added Balance 3.000 3.000 270 300 1.800 1,500 190 990 0 5.000 5.000 100 100 200 . 105 Land Coment Building Truck TOTAL 4.800 5,105 10.00 SO 340 900 Land: Entered intended use November 1, 2010, Depreciated over 100 years Annual Straight Line Depreciation: 51,000,000/100 years $10,000 Equipment Entered intended use November 1, 2018 Depreciated over 10 years and to salvage wale Annual Straight Line Depreciation $1,900,000/ 10 years $190,000 Building Entered intended use November 1, 2019 Depreciated over 5 years and to salvage wale Annual Straight Line Depreciation: $5,000,000/Syrors - $100,000 Truck: Entered intended use May 1, 2020 Depreciated over 5 years and Spoo salvage value Annual Straight Line Depreciation: 15105,000-$5,0001/5 years $20,000 Required From the above PPRE Continuity Schedule, identify four errors. No need for journal entries:simply identity errors, explain why each is an error and state the correct amounts Example response template None provided: Groups to explain in sentences the errors. II GAZ ACCT 42 Summer 2020 Group Assignment 3.docx Group Assignment GAS for ACCT 742. Spring/Summer 2020 Stephen Hudovernik - The Business School Centennial College [Part 4)