Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I'm completely lost with Question 1, 2, and 3 Can someone help me please? Analytics mindset TechWear Part I: Background: TechWear is a privately owned
I'm completely lost with Question 1, 2, and 3
Can someone help me please?
Analytics mindset TechWear Part I: Background: TechWear is a privately owned business that began operations in March 2015. Its sole business is the manufacture and sale of upper-end, high-tech sportswear. It only sells to large distribution outlets. Its primary product is a line of lightweight exercise clothes that contain a new, long-range RFID chip that captures the following information about the user based on personal data (age, weight, etc.) entered by the user: Heart rate Perspiration rate Calories burned Exercise efficiency (percent of capacity) The chip is able to continuously send this information to a host device as far away as 15 miles. The clothes are also GPS enabled and able to track routes, distances and elevations. Management prides itself on being on the cutting edge. The company expects to conduct an IPO within a year or two. TechWear recently retained your firm as its auditors, largely because of your commitment to conduct a highly efficient, technology-enabled audit. Data You are first responsible for performing a risk assessment of TechWear related to its order-to-cash function. Therefore, you know that your focus needs to be on sales and cash transactions. Your first task is to acquire the data for these transactions. You work with TechWear's IT group to gain access to its sales and cash receipts data for its start-up period of operations, March through December 2015. You have been provided with an Excel file with this data (Analytics_mindset_case_studies_Techwear_P1.xls) so you can begin your analysis. The data file includes the following fields: Type: this is the type of transaction, which is either a sale (Sales) or a cash receipt (CashReceipt). TransactionNumber: this is the transaction number (beginning with 1001). AppliedToTransaction Number: this is the sales transaction number to which a cash receipt is applied. CustNum: this is a unique customer number used to identify each customer. CustName: this is the customer's name. TransactionDate: this is the date of the sale or cash receipt. Analytics mindset case studies - TechWear 2016 Ernst & Young Foundation (US). All Rights Reserved. SCORE No. 02315-161US 1 Amount: this is the amount of the sale or cash receipt. Cash receipts will show a negative amount. InvoiceDate: this is the date the sale was invoiced (billed). ShipDate: this is the date the goods were shipped. Required (10 pts.) Become familiar with your data file. Make certain that your data is complete and accurate before performing any analysis. Complete the following using Excel: 1. You've been told that the accounts receivable balance on the general ledger at December 31, 2015, is $684,491.19. You also know that as a start-up company, the beginning accounts receivable balance is zero. You are also told that there are no returns or write-offs in 2015. a. Does the data agree with this balance? b. Explain. Indicate the function/command you used. 2. You've also been told that TechWear only conducts business with approved customers. Develop a customer list so that later on you can compare with the approved customer list. a. How many unique customers? b. Make a list of customers by alphabetical order. - 3. The sales transaction log shows that 230 sales were transacted this year, beginning with transaction 1001. Verify that the data for all of these invoices has been captured and that there are no additional invoices or duplicates included in the file. a. Validate the transaction number is between 1001 and 1230. Are there any other sales transactions included in the file. Explain how you validate this. b. Make sure there are no duplicates. Explain how you verify this. Analytics mindset case studies - TechWear 2016 Ernst & Young Foundation (US). All Rights Reserved. SCORE No. 02315-161US 2Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started