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Q1:IN APA FORMAT; MINIMUM OF 350 words The easiest way to forecasting earnings is linear extrapolation: gathering the historic financial data and deriving a growth rate (CAGR) for any line on the income statement (sales, gross profit, operating profit, net income etc). If historically profit ratios have been constant you can just forecast sales and derive the rest as a percentage of sales. Companies could then monitor competitors to confirm profit margins are close to industrial average. A more comprehensive way is understanding the product, assess the macro environment (GDP growth) and the prospects of that market. Can the company increase market share? Do a Porter analysis. Break down the income and expense components of the earnings and see how each item can change in the future (e.g. a cheese factory needs to buy and store milk, what volumes can it support using existing assets?). Management must create a model for what drives the company. Forecasting each "moving part" of the company with forward looking quantitative and qualitative justifications is more reliable than just applying a flat rate based on historic performance. In summary company valuation should include meeting with management and visiting the company unless everything is available and can be researched from your computer. What are your thoughts on this summary of forecasting earnings? Why would we want to forecast a company's earnings? How would managers and investors use this information? Which of these approaches do you agree with? Which ones do you think would be of little value and why? Your critical response should have a minimum of two sources published in the last 12 months which should be used to support the content within the postings, proper in-text citations. Your responses should be professionally written and correctly formatted references should be prepared consistent with the APA. The list of references should be physically positioned at the end of the postings.See Answer
Q2:Part III: (2,000 word minimum, due on Monday, April 29th) 4. Finally, prepare a substantive audit program to address the risks identified in requirement 3. The substantive audit program should be thorough and detailed, clearly expressing the audit steps that should be performed. It should be written in enough detail that a staff auditor or intern could read your instructions and know how the test should be performed. For instance, if you are proposing that sampling be utilized, you need to state how you will select the sample./n WWE Preliminary Risk Assessment for Revenues & Receivables Year Ended 4/30/2006 I. Gain Sufficient Understanding to Plan the Audit Multiple sources are possible. For class we'll keep it simple: Read the 10K. In order of importance: (1) Financial statements, pp. F2-F23; (2) Management Discussion and Analysis, pp. 15-29; (3) Company Business Risk Factors, pp. 9-12. II. Preliminary Risk Assessment We want to achieve overall LOW audit risk. For the case, we're going to ignore Control Risk, because we haven't yet learned how to assess it. Hence, we're setting that to MAXIMUM. Using our audit risk model with those constraints, we have: = AR (Low) IR x Maximum CR (100%) x DR Thus, when IR is high, we will need to set DR to low. When IR is moderate, we will set DR to moderate. When IR is low, we can set DR to high. Our next task is to assess IR, but first we have to determine what will be material to the financial statements as well as to the accounts we're examining for this case (Revenues & Receivables). Then we need to perform our preliminary risk assessment procedures. These consist primarily of Preliminary Analytical Procedures, and consideration of Specific Inherent Risk Factors (those factors are listed in the headings of section II.C.). II.A1. Set Overall Planning Materiality for the Audit Profile of Potential Materiality Bases: 2006 2005 2004 Revenues Operating Income $ 400,051 $ 366,431 $ 374,909 70,540 50,293 Net Income 47,047 39,147 73,580 48,192 Total Assets 479,390 441,405 Net Assets 396,181 375,534 The company has reported somewhat fluctuating revenues for the past three years, with an uptick in 2006. Operating income is consistent in 2006 and 2004, with a downward spike in 2005, and net income has followed a similar pattern. Total and net assets have experienced steady growth. Total debt is minor relative to equity: in 2006 reported long term debt is $6,381, and in 2005 is $7,198. With the relative importance of equity over debt, the primary emphasis of the financial statement users is likely to be on income. We will base our planning materiality for the audit of the 2006 financial statements on 5% of operating income for 2006. Reported Operating Income, 2006 5% Threshold Planning Materiality (rounded) 70,540 5% 3,600 II.A2. Set Performance Materiality for Accounts in the Case (Revenues and Receivables) Revenue recognition at the company is extremely complex, and requires a number of significant judgments. Normally we would allow some flexibility in accounts requiring significant judgment, because honest and informed individuals may have slightly different ideas as to what the best estimate is for the account. However, it also is an extremely large component of the financial statements, so we will consider misstatements in the account that exceed 1/2% of the account balance as being likely influence a user's judgment, and hence material. Receivables are smaller and less complex but subject to even greater judgment regarding collectability, so we will apply a looser threshold of 2.5% of the account balance. In all cases, the materiality applied to any specific account can never exceed overall planning materiality for the financial statements (II.A.1). To be more conservative, for this case we'll restrict that threshold even further, and allow no account to exceed 75% of overall planning materiality. Hence, our performance materiality for each account will be the lesser of a percentage of the account balance, or 75% of overall planning materiality: Balance, 4/30/2006 Threshold Percentage Threshold (rounded) 75% of Planning Materiality Performance Materiality: Revenues Receivables 400,051 67,775 1/2% 2.5% 2,000 1,694 2,700 2,700 2,000 1,694 II.B. Preliminary Analytical Procedures - Revenue & Receivable Accounts II.B.1. Revenues (by Segment): Product Line 2006 2005 2004 Live and televised entertainment 290 299 308 change -3% -3% Consumer products 86 53 54 change 62% -2% Digital media 22 13 11 change 69% 18% Films 0 Analysis of Revenue Components in Live Televised Entertainment: 2006 2005 Change Live events Venue Merchandise Pay-per-view Advertising Television rights fees Other $75.0 $78.7 -5% 14.7 12.8 15% 94.8 85.5 11% 22.6 43.7 -48% 81.5 78 4% 2.2 0.8 175% $290.8 $299.5 -3% Analysis of Revenue Components in Consumer Products: 2006 2005 Change Licensing 32.2 20.9 54% Magazine publishing 11.1 12.2 -9% Home video 42.6 20.1 112% Other 0.5 0.7 -29% $86.4 $53.9 60% While total revenues increased substantially in 2006, that increase is driven by Consumer Products. The revenues in Televised Entertainment declined, even with a portion of merchandise sales (labeled "Venue Merchandise" above) having been reclassified into the segment. Even with the reclassification, live entertainment revenues declined to 73% of total revenues in 2006, compared to 82% in 2005. Since the company considers the televised entertainment to be the driver of demand for the other product lines, this decline requires investigation. The revenues for live televised events declined primarily due to offering fewer of those events: 248 in 2006, compared to 276 in 2005. Average ticket prices declined 3% in 2006, but were more than offset by attendance growth of 17%. The decline in advertising revenues is the primary determinant of the decrease in live revenues. This decline is due to a new contractual arrangement with cable providers, where WWE is no longer allowed to directly sell advertising except in Canada. Pay-per-view revenues increased significantly, which could signal continued strong interest in the company's products. The net effect of these factors is a decline in live event revenues. Since the company considers this the main driver for its products, the decline creates upward pressure to maintain those revenues at a high level. Hence, we will emphasize heightened scrutiny on the increase in pay-per-view revenues. In addition, in 2006 the company introduced a fourth segment for WWE films, which as of the end of the year had not yet released its first film, hence generating no revenue. In conjunction with this new product line, the company reclassified its prior segments, moving a portion of the growing merchandise sales into the live entertainment segment. Since the growth in merchandise sales has a natural effect of increasing live event revenues with this reclassification, we will investigate the business rationale for the reclassification, as well as the transactions involved making the reclassification. The significant increase in revenues from consumer products is due to increased sales in two areas. The increase in licensing revenues is the result of video game sales. The home video sales revenue more than doubled, due to the company's strategy of marketing videos of its pay-per-view events, as well as its large library of "classic" footage. For both categories, revenues are recognized when products are shipped from the distributor to wholesale and retail vendors. Given the significance of the increases, we will place high emphasis on verifying the validity of these transactions, particularly around the end of the year. II.B.2. Accounts Receivable: Net Revenues 2006 400,051 2005 Net Receivables 366,431 67,775 61,901 2004 374,909 374,264 62,703 49,729 2003 2002 409,622 2001 438,139 63,762 72,337 Receivables as % of Revenues 0.17 0.17 0.17 0.13 0.16 0.17 Allowance Account 3,740 3,278 2,612 5,284 2,890 1,868 % of A/R 0.06 0.05 0.04 0.11 0.05 0.03 Accounts receivable consist primarily of amounts due from (a) pay-per-view providers and television networks for live events; (b) advertisers; and (c) distributors for sales of videos and magazines. The receivables have been very stable relative to revenues for the past several years, which is consistent with the characteristics of the customer base. II.C. Consideration of Specific Inherent Risk Factors for Revenues II.C.1. Factors Related to Accidental Misstatements (Errors) - Nature of the Company, Industry (in this case, specifically its Revenue Sources); - Complexity of Accounting; - Degree of Judgment; - Significant Estimates Revenue recognition is extremely difficult at WWE due to the various types of revenues. Those difficulties arise both from the complexity of the accounting treatment, and from the significance of the estimates, as follows: Revenues are recognized for pay-per-view events on the date the event is aired. However, the precise information on the number of purchases of the event is available only to the pay-per-view distributors. On the event date, the company records revenues based on the estimated number of total purchases using preliminary information provided by the distributors. A final reconciliation to the actual number of buys takes place within one year, and subsequent adjustments are made on a cash basis. These judgments result in uncertainty about how many • • • • viewings were sold during the period. Conceivably this could lead to either an overstatement risk or understatement risk, but the risk of understatement in revenues is usually considered low. This company has no incentive for understatement of revenues, but rather a very high incentive to ensure that all revenues are recorded. Hence, the net effect of these estimates creates a significant risk for either the existence assertion (if we view each pay per view as a sale to an end consumer), or the valuation assertion (if we view each pay per view event as a single economic event). Revenues from television advertising are related to the Canadian market. Those revenues are recorded when the commercial airs (Cutoff risk), based on terms in the contract with the advertiser. In cases where the contract calls for reaching a specific number of viewers, the revenue will have to be adjusted if it is later determined that those benchmarks were not achieved. This creates a risk to the valuation assertion. Revenues from sponsorships are recognized as various deliverables within the sponsorship are achieved, with the portion of revenues recognized being based on the relative fair values of each of those deliverables. Since early or late recognition of the associated revenues can occur easily with incorrect estimation, this creates a risk for the valuation assertion and the cutoff assertion. Revenues from home videos, video games, and books are recognized when shipped from the distributor. Those revenues are recorded net of estimated returns. In addition, when the estimated net revenues from a video or book are less than the allocated costs (i.e., a net loss on the video), the full amount of the loss is recognized in the period (note that this is more of a misstatement risk for inventory and expenses rather than revenues and receivables). The shipment of products around the end of the year creates a risk for the existence, and/or cutoff, assertion, while the need to estimate returns and potential losses creates a risk to the valuation assertion. Revenues from magazine publishing are recognized when shipped by the distributor, net of estimated returns. Much like the video revenues, the nature of this arrangement creates risks for the existence and/or cutoff assertions, and the valuation assertion. Revenues from feature films have not yet been recorded, since no films have been released as of the balance sheet date.¹ When the films are released, the new revenue stream will be at very high risk for valuation. In particular, estimated revenues will be based on the revenues from the film during the period relative to total lifetime expected revenues on the film. Since the company has no history in this area, they may lack the internal expertise to reliably make those estimates. Further, there is no baseline against which to judge the success of the company's films, since it is a completely new product line for them. For next year, this will likely create a need for us to involve firm specialists on the film industry. 1 Of course this was as of April 2006 -- now the films have been released. But since I'm pretending to audit the 2006 financial statements for purposes of this illustration, I'm also pretending that they've not yet been released.See Answer
Q3:Part I: (800 word minimum for parts a. and b. combined, both are due on Wednesday, April 3rd.) 1. a. Provide an overview of the company and their business model. Discuss the company's business strategy. Next, provide an assessment of the company's current business risks. This should be your own assessment, based on your own analysis, but you can utilize information about risks discussed in the 10-K and other sources. (It may also be helpful to review the monographs on Strategic Systems Auditing that I have posted along with the course textbook.) Be sure to indicate which of the identified risks pose the most significant threats to the company, in your view. Then discuss how the identified business risks can impact financial statement risk. Be as specific as possible regarding the accounts that could be misstated and direction of potential misstatements. b. Finally, conduct a set of preliminary analytical procedures on your assigned set of accounts. Discuss your conclusions and how the preliminary analytical procedures will impact your audit. Students should conduct a quantitative analysis and should consider analyzing relevant ratios and percentage changes. Please conduct the analytical procedures in Excel and be sure to submit a copy of the original Excel file along with your MS Word document containing your write-up. There will be a separate link for submitting the Excel file. The Excel file and MS Word file should display your results in an understandable, usable format that is helpful for decision-making. Be sure to document (discuss) the analytical procedures performed and your conclusions from them as you would if you were conducting a real-world audit./n WWE Preliminary Risk Assessment for Revenues & Receivables Year Ended 4/30/2006 I. Gain Sufficient Understanding to Plan the Audit Multiple sources are possible. For class we'll keep it simple: Read the 10K. In order of importance: (1) Financial statements, pp. F2-F23; (2) Management Discussion and Analysis, pp. 15-29; (3) Company Business Risk Factors, pp. 9-12. II. Preliminary Risk Assessment We want to achieve overall LOW audit risk. For the case, we're going to ignore Control Risk, because we haven't yet learned how to assess it. Hence, we're setting that to MAXIMUM. Using our audit risk model with those constraints, we have: = AR (Low) IR x Maximum CR (100%) x DR Thus, when IR is high, we will need to set DR to low. When IR is moderate, we will set DR to moderate. When IR is low, we can set DR to high. Our next task is to assess IR, but first we have to determine what will be material to the financial statements as well as to the accounts we're examining for this case (Revenues & Receivables). Then we need to perform our preliminary risk assessment procedures. These consist primarily of Preliminary Analytical Procedures, and consideration of Specific Inherent Risk Factors (those factors are listed in the headings of section II.C.). II.A1. Set Overall Planning Materiality for the Audit Profile of Potential Materiality Bases: 2006 2005 2004 Revenues Operating Income $ 400,051 $ 366,431 $ 374,909 70,540 50,293 Net Income 47,047 39,147 73,580 48,192 Total Assets 479,390 441,405 Net Assets 396,181 375,534 The company has reported somewhat fluctuating revenues for the past three years, with an uptick in 2006. Operating income is consistent in 2006 and 2004, with a downward spike in 2005, and net income has followed a similar pattern. Total and net assets have experienced steady growth. Total debt is minor relative to equity: in 2006 reported long term debt is $6,381, and in 2005 is $7,198. With the relative importance of equity over debt, the primary emphasis of the financial statement users is likely to be on income. We will base our planning materiality for the audit of the 2006 financial statements on 5% of operating income for 2006. Reported Operating Income, 2006 5% Threshold Planning Materiality (rounded) 70,540 5% 3,600 II.A2. Set Performance Materiality for Accounts in the Case (Revenues and Receivables) Revenue recognition at the company is extremely complex, and requires a number of significant judgments. Normally we would allow some flexibility in accounts requiring significant judgment, because honest and informed individuals may have slightly different ideas as to what the best estimate is for the account. However, it also is an extremely large component of the financial statements, so we will consider misstatements in the account that exceed 1/2% of the account balance as being likely influence a user's judgment, and hence material. Receivables are smaller and less complex but subject to even greater judgment regarding collectability, so we will apply a looser threshold of 2.5% of the account balance. In all cases, the materiality applied to any specific account can never exceed overall planning materiality for the financial statements (II.A.1). To be more conservative, for this case we'll restrict that threshold even further, and allow no account to exceed 75% of overall planning materiality. Hence, our performance materiality for each account will be the lesser of a percentage of the account balance, or 75% of overall planning materiality: Balance, 4/30/2006 Threshold Percentage Threshold (rounded) 75% of Planning Materiality Performance Materiality: Revenues Receivables 400,051 67,775 1/2% 2.5% 2,000 1,694 2,700 2,700 2,000 1,694 II.B. Preliminary Analytical Procedures - Revenue & Receivable Accounts II.B.1. Revenues (by Segment): Product Line 2006 2005 2004 Live and televised entertainment 290 299 308 change -3% -3% Consumer products 86 53 54 change 62% -2% Digital media 22 13 11 change 69% 18% Films 0 Analysis of Revenue Components in Live Televised Entertainment: 2006 2005 Change Live events Venue Merchandise Pay-per-view Advertising Television rights fees Other $75.0 $78.7 -5% 14.7 12.8 15% 94.8 85.5 11% 22.6 43.7 -48% 81.5 78 4% 2.2 0.8 175% $290.8 $299.5 -3% Analysis of Revenue Components in Consumer Products: 2006 2005 Change Licensing 32.2 20.9 54% Magazine publishing 11.1 12.2 -9% Home video 42.6 20.1 112% Other 0.5 0.7 -29% $86.4 $53.9 60% While total revenues increased substantially in 2006, that increase is driven by Consumer Products. The revenues in Televised Entertainment declined, even with a portion of merchandise sales (labeled "Venue Merchandise" above) having been reclassified into the segment. Even with the reclassification, live entertainment revenues declined to 73% of total revenues in 2006, compared to 82% in 2005. Since the company considers the televised entertainment to be the driver of demand for the other product lines, this decline requires investigation. The revenues for live televised events declined primarily due to offering fewer of those events: 248 in 2006, compared to 276 in 2005. Average ticket prices declined 3% in 2006, but were more than offset by attendance growth of 17%. The decline in advertising revenues is the primary determinant of the decrease in live revenues. This decline is due to a new contractual arrangement with cable providers, where WWE is no longer allowed to directly sell advertising except in Canada. Pay-per-view revenues increased significantly, which could signal continued strong interest in the company's products. The net effect of these factors is a decline in live event revenues. Since the company considers this the main driver for its products, the decline creates upward pressure to maintain those revenues at a high level. Hence, we will emphasize heightened scrutiny on the increase in pay-per-view revenues. In addition, in 2006 the company introduced a fourth segment for WWE films, which as of the end of the year had not yet released its first film, hence generating no revenue. In conjunction with this new product line, the company reclassified its prior segments, moving a portion of the growing merchandise sales into the live entertainment segment. Since the growth in merchandise sales has a natural effect of increasing live event revenues with this reclassification, we will investigate the business rationale for the reclassification, as well as the transactions involved making the reclassification. The significant increase in revenues from consumer products is due to increased sales in two areas. The increase in licensing revenues is the result of video game sales. The home video sales revenue more than doubled, due to the company's strategy of marketing videos of its pay-per-view events, as well as its large library of "classic" footage. For both categories, revenues are recognized when products are shipped from the distributor to wholesale and retail vendors. Given the significance of the increases, we will place high emphasis on verifying the validity of these transactions, particularly around the end of the year. II.B.2. Accounts Receivable: Net Revenues 2006 400,051 2005 Net Receivables 366,431 67,775 61,901 2004 374,909 374,264 62,703 49,729 2003 2002 409,622 2001 438,139 63,762 72,337 Receivables as % of Revenues 0.17 0.17 0.17 0.13 0.16 0.17 Allowance Account 3,740 3,278 2,612 5,284 2,890 1,868 % of A/R 0.06 0.05 0.04 0.11 0.05 0.03 Accounts receivable consist primarily of amounts due from (a) pay-per-view providers and television networks for live events; (b) advertisers; and (c) distributors for sales of videos and magazines. The receivables have been very stable relative to revenues for the past several years, which is consistent with the characteristics of the customer base. II.C. Consideration of Specific Inherent Risk Factors for Revenues II.C.1. Factors Related to Accidental Misstatements (Errors) - Nature of the Company, Industry (in this case, specifically its Revenue Sources); - Complexity of Accounting; - Degree of Judgment; - Significant Estimates Revenue recognition is extremely difficult at WWE due to the various types of revenues. Those difficulties arise both from the complexity of the accounting treatment, and from the significance of the estimates, as follows: Revenues are recognized for pay-per-view events on the date the event is aired. However, the precise information on the number of purchases of the event is available only to the pay-per-view distributors. On the event date, the company records revenues based on the estimated number of total purchases using preliminary information provided by the distributors. A final reconciliation to the actual number of buys takes place within one year, and subsequent adjustments are made on a cash basis. These judgments result in uncertainty about how many • • • • viewings were sold during the period. Conceivably this could lead to either an overstatement risk or understatement risk, but the risk of understatement in revenues is usually considered low. This company has no incentive for understatement of revenues, but rather a very high incentive to ensure that all revenues are recorded. Hence, the net effect of these estimates creates a significant risk for either the existence assertion (if we view each pay per view as a sale to an end consumer), or the valuation assertion (if we view each pay per view event as a single economic event). Revenues from television advertising are related to the Canadian market. Those revenues are recorded when the commercial airs (Cutoff risk), based on terms in the contract with the advertiser. In cases where the contract calls for reaching a specific number of viewers, the revenue will have to be adjusted if it is later determined that those benchmarks were not achieved. This creates a risk to the valuation assertion. Revenues from sponsorships are recognized as various deliverables within the sponsorship are achieved, with the portion of revenues recognized being based on the relative fair values of each of those deliverables. Since early or late recognition of the associated revenues can occur easily with incorrect estimation, this creates a risk for the valuation assertion and the cutoff assertion. Revenues from home videos, video games, and books are recognized when shipped from the distributor. Those revenues are recorded net of estimated returns. In addition, when the estimated net revenues from a video or book are less than the allocated costs (i.e., a net loss on the video), the full amount of the loss is recognized in the period (note that this is more of a misstatement risk for inventory and expenses rather than revenues and receivables). The shipment of products around the end of the year creates a risk for the existence, and/or cutoff, assertion, while the need to estimate returns and potential losses creates a risk to the valuation assertion. Revenues from magazine publishing are recognized when shipped by the distributor, net of estimated returns. Much like the video revenues, the nature of this arrangement creates risks for the existence and/or cutoff assertions, and the valuation assertion. Revenues from feature films have not yet been recorded, since no films have been released as of the balance sheet date.¹ When the films are released, the new revenue stream will be at very high risk for valuation. In particular, estimated revenues will be based on the revenues from the film during the period relative to total lifetime expected revenues on the film. Since the company has no history in this area, they may lack the internal expertise to reliably make those estimates. Further, there is no baseline against which to judge the success of the company's films, since it is a completely new product line for them. For next year, this will likely create a need for us to involve firm specialists on the film industry. 1 Of course this was as of April 2006 -- now the films have been released. But since I'm pretending to audit the 2006 financial statements for purposes of this illustration, I'm also pretending that they've not yet been released.See Answer
Q4: Instructions: BA 385 Case Analysis: Part Two Template and Instructions for the SOLUTION Section of BA 385 Case Analysis Read the case provided. Consider course materials and how they inform your thinking about the case. Put yourself in the role of the company's leadership team at the center of the case. You will write this paper in the voice of the company's CEO at the center of this case. Complete each of these sections. You may format them however you would like in your paper. We enjoy it when you use your own section headings instead of using the component name to head your section; however, that is up to you. In any case, be sure to include all required components in your paper. Required Components of Your Solution Section Ethical Issue An ethical issue is a situation that occurs as the result of a moral issue. There may be multiple ethical issues in any case. Identify the key ethical issues. Additional content for this area: 1.) Do other firms have similar ethical issues? How do they handle them? 2.) What course concepts can be applied to help us understand this ethical issue even better (for example, the principle of justice). Define course concepts briefly as you apply them throughout the paper. Company/Industry You will write your paper in the voice of the CEO of the company at the center of the Background case. This allows you to act with power and resources. In this section, please provide some company and industry context so the reader understands the larger context of this issue. You do not need to “sell” the reader the company. Just stick to the facts. What is the company size? What are annual revenues? Is this ethical issue typical of the industry? Who are the main competitors of this company? Any information that helps set the context and supports the solutions you recommend is relevant here. Use the library BA 385 Course Guide to get help for this research. Possible Partnerships Four CSRs Firms that partner with stakeholders with similar interests often have more successful results. Learning to work with partners is part of stakeholder management capability. Therefore, consider which possible partnerships could be part of a successful solution to the main problems of the case. Who else has information about or would benefit from tackling the issues of this case? Typical partners include: Special interest groups Government entities Trade associations Which course concepts apply? How can you add them to your discussion of partnerships? Corporate Social Responsibility (CSR) can be defined as a four-part model of levels. Use this model to describe what this firm owes to society at each level: economic, legal, ethical, and philanthropic. These can be brief, general statements, such as “the economic CSR of our firm is to generate enough revenue to meet payroll and pay our suppliers" or be more specific to the case. Solution or Recommendations for Actions Cost of Solution Value to Cost Ratio Explanation Possible Short-Term Consequences of Actions or Inactions Possible Long-Term Consequences of Actions or Inactions Introduction and Conclusion References This entire analysis is written in the voice of the firm's CEO at the center of this case. As CEO, you have the power and resources to make change. Using this power, consider the ethical issues, the stakeholders' interests, and your business strategy (i.e. your value proposition as a company) and develop initiatives to address the ethical issues of this case. Use your moral imagination, set your first ideas aside and iterate (re-imagine, set aside and return, think and review course material). Then lay out a plan for turning the ship around and addressing this problem well. Use course concepts wherever possible to better explain the issues or approaches you identify. Create a table that shows the actions required to accomplish the solution and the associated estimated costs. For example, if you recommend training for all employees, show you know approximately the number of employees, where/how the training will occur, who will perform the training, etc. Each of these facts will dictate costs. The goal is not to be perfectly accurate; rather the goal is to show you understand the scope and possible resources that will be required for your initiatives. Consider the firm's annual estimated revenues in this case and the cost of your initiatives. Are you too timid? Are you overspending? Will your initiatives result in real value to the firm and its stakeholders? Make a case of the value of your initiatives in relation to the firm's cost and capacity. This is a general discussion that should show you have a larger sense of this issue and can take bold, but appropriate action. Use course concepts wherever relevant. The ability to toggle between short and long-term thinking is part of being a systems thinker. Considering possible intended and unintended consequences of actions is important in business decision-making. Please demonstrate you can describe several short-term possible consequences of taking action or failing to take action, regarding the issues of this case. Use course concepts wherever possible. To explore this and more "habits of systems thinkers", check out these cards from the Waters Center for Systems Thinking. You can find a more detailed description of short/long-term thinking and intended/unintended consequences there. Bold action may hurt in the short term, but it may yield outstanding long-term results. Conversely, an initiative that causes good short-term benefit, might create problems in the long-term. Discuss in this section the possible intended and unintended long-term consequences of your recommended actions. Use course concepts wherever possible. Once you have written the other elements of this paper, go back and reflect on the larger issues of this case. Write your introduction, which should open with a larger perspective and let the reader know in a very broad way what is to come, and then write your conclusion, which should briefly highlight what you've written and leave the reader with a sense of why this matters for society in general. More tips: Writing Introductions and Conclusions Your reference section should accomplish the following: . • Cite in APA or MLA format all sources for your paper Capture ALL cases where you are using words or ideas other than your own in the paper. Here are some tips for avoiding plagiarism. Describe any use of generative artificial intelligence use in your paper. We prefer you do not use A.I. to accomplish assignments but if you do, and you do not describe exactly how you used it and which part of your paper is from another source and not your own thinking or voice, it violates academic integrity. So be sure to cite that in your references section. Here are examples of how to cite A.l. if you use it. Please note that we evaluate your paper on the quality of ideas from your voice and point of view. NOTE: Excessive use of other voices (i.e., sources, quotes) reduces the quality of your paper. However, use of other voices - including deft use of course concepts - to build or support your own ideas, is the goal of the paper. Use your voice, informed by relevant sources, quotes, course concepts and academic rigor. Write this as a paper, not as a response to each of the parts shown above. Just make sure that you do cover each of the areas described above. As always, post any questions you may have in the Course Questions area in Canvas and we will respond as quickly as possible. And be sure to check that discussion area for tips!/nPart Two: Solutions Section of Practice Case Start Assignment Points 10 Submitting a file upload For this assignment: We will be using the same Boeing case as introduced in Part One of the practice case. Please use these instructions for section two of the practice case: PDF: BA 385 Case Analysis Solution Section.pdf Please review the grading rubric for this assignment. It is the key that we use to assign value to your work. You can grade your own work before submitting by using the rubric. Once you complete this part two of the practice case analysis, you will complete a final case analysis. It will include a SH Table like the one you completed in part one of the practice case and a solution section like you are completing here. Watch for that assignment later in the term and use the feedback from the two practice case sections to improve your final case analysis./n Instructions Part one is already done first picture and the word document is related to part one the second screen shot and the pdf file which is required for part two. also, this is link for the Boeing company to read this article - 'Eyes of the world on us': Boeing shakes up leadership amid safety crisis | Aviation News | AL Jazeera: https://www.aljazeera.com/economy/2024/3/26/safety-safety-safety-boeing- shakes-up-leadership-in-bid-to-stem-crisis Need to do this work in 3 pages | APASee Answer
Q5:3. Identify two other examples of mispricing of specific stocks (these can be examples dis- cussed in class or from the slides, or can come from other sources). Give a brief discussion of each example, including whether it was overpriced or underpriced, and briefly discuss a simple strategy one could implement to exploit the mispricing.See Answer
Q6:To complete the goals assignment, identify THREE short term, intermediate, and long term goals you want to set for yourself (you should have a minimum of 9 goals). In the space below, outline the strategy or steps required to meet each goal identified in your workbook. Make sure your steps are specific, realistic, and have a time allotment. Note Need to work in same excel file/nSee Answer
Q7:Week 3 Activity - Scenario: Financial Statement Analysis In this activity, you will examine a health care scenario to gain an appreciation for business realities that are not readily reflected in financial statements. Then you will craft and explain a likely operational question relevant to a department of your choosing. Preparation • View the Villa Health Financial Statement Analysis Links to an external site. scenario. • Download the Villa Health Financial Statement from the scenario. A link to it can be found in the scenario. • Select an operational area of a typical hospital such as the emergency room, IT, intensive care, purchasing, et cetera, upon which to base this activity. Scenario Imagine you are the leader for your selected hospital operation and were sitting in the Villa Health board meeting. At the end of the meeting, the CFO asked, "Are there any other questions?" You have been considering this question with respect to your department. What financial questions should you be asking to improve the performance of the department? Instructions Considering the scenario, craft a question that represents a likely operational concern or issue for your department. Explain why the question is important to the operational success of the department, using a specific example to illustrate. Make and state any assumptions that are not directly addressed in the scenario help you support the rationale for your question.See Answer
Q8: Some notes do it quartely for 5 years. create a 5 year profit and loss account create a 5 year story based on the information given. telling the story through the spreadsheet not write the story. how will this company realisticly evolve throughtout the 5 years, think about the companies expenses renting, size and other info of the premises. then think about sales model. read brief carefully, find out what the company is selling. what is the company;s product or service. what reasonable volume of sales could a company of the stated size achieve per year/per quarter, think about how long it takes to create the design, that gives you an idea of how much they can design per year. company needs to generate their income based on the sales as well. is this a manufacturing company? are we talking about high volume. How would the sales be likely to grow over the 5 year period? its a starting company so its expected to grow, how does it grow through these years? A keyword: more customers more demand. at what point does the company reach capacity of output? how does the staff base need to grow to deliver the sales grwoth? what other aspects of the company would need to expand? what is a reasonable price for the product or servive? what do you expect the customers to pay vs what you need to charge in order to create the product and make profit. Farhan: Can we act like the company got bankrupt? yes. lol, you can mention it when you talk about steps to be taken to improve performance. how much do the products cost to supply? including staff costs? how would the costs grow over the 5 year period? what is the investment module for the company?? range of investors, business angels (smaller scale private investors), the ground of the company, taking loans, each funding process require different (invesetment pay back), involve it in profit and loss. how old is the company from year 1? can costs be covered, in1 year or 5 or in betweem? ( they are not massive companies, not in business of mass manufacturing). narrative, can be in a document, 3 sections? spreadsheat just an excel. profit and loss. throughtout the 5 years, something disruptive will happen. that changes the finance of the company. by next year he is going to send these desruptive events. that we will have to consider in our project. farhan: how much detail in the loss and profit spreadsheet. ans. if the business is prototype, there is some expenses in hardware, not much to mention about that. someone behind: ans. how did the company evolve in that 5 years, did it become profitable? or no? when did the company start? whenever you want. someone on the next table: talking about staff ans: consider staff leave, cost for hiring, do it based on real life. *comapnies pay corporation tax not charged on income tax* *national insurance: bills are split between employees and employers*See Answer
Q9:Instructions This assignment has two main parts. Analysis of the Balance Sheet This part of the assignment will focus on analyzing the balance sheet (Financial Statement [XLSX] Download Financial Statement [XLSX]) for St. Anthony Medical Center. Relevant scoring guide criteria: • Explain the financial position of St. Anthony Medical Center by comparing assets and liabilities. o Explain means to make something (an idea, situation, or problem) clear to someone by describing it in more detail or revealing relevant facts or ideas. Explain the financial position of St. Anthony Medical Center compared to previous years. • Explain how accounts receivable changed from previous years. Analyze the financial obligations of St. Anthony Medical Center and their implications for the upcoming year. o Analyze means to examine methodically and in detail the constitution or structure of something (especially information), typically for purposes of explanation and interpretation. Adhere to the rules of grammar, usage, and mechanics. o "Grammar" refers to the basic rules for how sentences are constructed and how words combine to make sentences (for example, word order, case, and tense). o "Usage" refers to correct word choice and phrasing, particularly with regard to the meanings of words and phrases. o "Mechanics" refers to correct use of capitalization, punctuation, and spelling. Apply APA formatting to in-text citations and references. o Be sure to include a separate references page. Some prompts to help guide you in your analysis are: Do assets exceed liabilities? • What does this tell you about the financial position of St. Anthony Medical Center? • How has the financial position of St. Anthony Medical Center changed since last year? o How has it changed since the year prior? How have the accounts receivable changed from previous years, and what does this tell you? Footer (Default Page Style) +/nUsing the balance sheet, what financial obligations does St. Anthony Medical Center need to consider in the upcoming year? The goal of this analysis is to create an accurate picture of the financial trends for St. Anthony Medical Center, its current financial obligations, and how the upcoming fiscal year projects in light of this information. Analysis of the Income Statement This part of the assignment will focus on analyzing the income statement for St. Anthony Medical Center. Relevant scoring guide criteria: • Analyze patient revenue compared to previous years and the implications for the financial health of St. Anthony Medical Center. • Adhere to the rules of grammar, usage, and mechanics. • Apply APA formatting to in-text citations and references. Some prompts to help guide you in your analysis are: • Has patient revenue increased or decreased from previous years? o What could this indicate about the financial position of St. Anthony Medical Center? The goal of this analysis is to create an accurate picture of trends tied to the overall financial health of St. Anthony Medical Center. Additional Submission Requirements Your assignment should meet the following requirements: • Structure: Include a cover page and reference page when submitting your assignment. You are encouraged to use the Financial Statement Analysis Template [DOC] Download Financial Statement Analysis Template [DOC] for this assignment. • Length: 4-6 double-spaced pages, excluding title page and reference page. • References: Cite at least four current scholarly or professional resources. o Your textbook can be one of the four. Format: Use current APA style for references and citations. o You may wish to refer to the following APA resources to help with your structure, formatting, and style: Evidence and APALinks to an external site.. APA Style Paper Tutorial [DOCX]Links to an external site.. APA Style Paper Template OCY]Linke to a external site.. Footer (Default Page Style) + ./n• Font and font size: Times New Roman, 12 point. Competencies Measured By successfully completing this assignment, you will demonstrate your proficiency in the following course competencies and scoring guide criteria: • Competency 1: Explain the importance of reporting in health care. o Explain the financial position of St. Anthony Medical Center by comparing assets and liabilities. o Explain the financial position of St. Anthony Medical Center compared to previous years. o Explain how accounts receivable changed from previous years. Competency 2: Develop a departmental budget. o Analyze the financial obligations of St. Anthony Medical Center and their implications for the upcoming year. o Analyze patient revenue compared to previous years and the implications for the financial health of St. Anthony Medical Center. Competency 3: Communicate in a manner that is scholarly, professional, and respectful of the diversity, dignity, and integrity of others and consistent with the expectations for health care professionals. o Adhere to the rules of grammar, usage, and mechanics. o Apply APA formatting to in-text citations and references.See Answer
Q10:2. If you had to make a major cut in your spending, what would you cut first?See Answer
Q11:Instructions The assignment has two distinct parts: Part 1: Medical-Surgical Department Operating Budget Relevant scoring guide criteria: • Provide this year's correct revenue, expenses, and net revenue/expense. Estimate the correct revenue, expenses, and net revenue/expenses for the next fiscal year. For Part 1 of this assignment, you will use the information presented in the Vila Health: Developing an Operating Budget multimedia as context to create your operating budget. Using the data provided in the first three columns, you will be developing an operating budget for the medical-surgical department at the St. Anthony Medical Center for the next fiscal year, as well as estimating the revenue and expenses for the remainder of the current fiscal year. Assume that next year's revenue will be unchanged from the current year's revenue; however, the department will need to cut operating expenses by 5 percent for next fiscal year. You may download and use the Excel spreadsheet from the multimedia as your template for this part, or the Medical-Surgical Department Budget [XLSX] Download Medical- Surgical Department Budget [XLSX].See Answer
Q12:Introduction Task - Analysis of financial accounts Prepare a report assessing the current financial performance, financial position and liquidity of a company using the published accounts you have been assigned via email. You should ensure that you use an appropriate report format. Required: a) A brief overview of the company and the industry it operates with in. Identify the main ways in which the company generates its income. (150 words) (10marks) b) Calculation of all ratios to be used to analyse the financial results of your company for the past two years. All workings must be shown in a table format. You must analyse the figures for both the current year your accounts were published as well as the year before. Display your results in a format consistent with the financial reports you are reviewing. 0 Words- Calculations and tables do not count toward your word count. (25 marks) c) Analysis and interpretation of the company results using the ratios you have calculated in section B. Discuss what your results indicate about the company's financial health. (700 words) (30 marks) d) Comment specifically on the cash flow statement and what this tells us about the cash position and performance of the business (200 words). (10 marks) e) Discussion of the limitations of using financial reports and ratio analysis to predict the future performance of your company (300 words). (15 marks) f) Provide an overall conclusion on the financial performance of your company based on all previous analysis. (150 Words). (10 marks) Total 100 markeSee Answer
Q13:3) Should Apple acquire TSMC in order to increase its power and reduce its dependence?See Answer
Q14:1) Based on Transaction Cost Theory, analyze Apple situation during the global chip shortage in terms of Uncertainty, Number of Potential Suppliers, Asset SpecificitySee Answer
Q15:TOPIC: The assignment is to do a personal comprehensive financial assessment that mirrors exactly the one provided in the template. There are no specific instructions. Need to create 25 slidesSee Answer
Q16:Question 1Using the internet and/or the University library, conduct research to find another example ofrecording revenue too soon.Please provide a summary of the example including how the scheme was discovered and theconsequences.Do not use the text box to submit the assignment.The summary should be of 1 page (using APA format), single spaced.Include the citation for the scheme that you discuss.Papers submitted without references will receive a zero.Please remember you must cite all work that is take from sources.See Answer
Q17:Credit ratings affect the yields on bonds. Based on the scenario described in the following table, determine whether yields will increase or decrease and whether it will be more expensive or less expensive, as compared to other players in the market, for a company to borrow money from the bond market.See Answer
Q18:9. Interest rates and decisions Suppose that a firm is facing an upward-sloping yield curve and needs to borrow money to invest in production. Does this mean that the firm should consider borrowing only at short-term rates? O Yes, using short-term financing will give the firm the lowest possible interest rate over the life of the project. O No, an upward-sloping yield curve means that the firm will get a lower interest rate if it uses long-term financing. O No, the firm needs to take the volatility of short-term rates into account.See Answer
Q19:8. Macroeconomic factors that influence interest rate levels Apart from risk components, several macroeconomic factors-such as Federal Reserve (the Fed) policy, federal budget deficit or surplus, international factors, and levels of business activity-influence interest rates. Based on your understanding of the impact of macroeconomic factors, identify which of the following statements are true or false: Statements Countries with strong balance sheets and declining budget deficits tend to have lower interest rates. If the Fed injects a huge amount of money into the markets, inflation is expected to decline, and long-term interest rates are expected to rise. During recessions, short-term interest rates decline more sharply than long-term interest rates. The Federal Reserve's ability to use monetary policy to control economic activity in the United States is limited because US interest rates are highly dependent on interest rates in other parts of the world. Grade It Now True False O O O O O O O Save & ContinueSee Answer
Q20:Recall that on a one-year Treasury security the yield is 5.6100% and 6.7320% on a two-year Treasury security. Suppose the one-year security does not have a maturity risk premium, but the two-year security does and it is 0.15%. What is the market's estimate of the one-year Treasury rate one year from now? (Note: Do not round your intermediate calculations.) O 9.6049% O 8.6217% O 7.5629% 6.4285%See Answer

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