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data analytics accounting
ISE Data Analytics For Accounting 3rd Edition Ryan A. Teeter, Vernon Richardson, Katie L. Terrell - Solutions
What is the current days payable outstanding KPI value? What does it mean?
Some of the accounts have a negative age. What does that mean?
What is the invoice amount of the first outstanding invoice for supplier Danbam?
How much did the company purchase from that supplier?
Which supplier did the company purchase the most from?
What is the age of the first outstanding invoice?
How much discount (in dollars) has the company forfeited from the top three suppliers?
What is the balance for accounts payable that would appear on the balance sheet?
What is the total amount of cash paid to suppliers for 2020?
Which quarter had the highest total purchases?
What are the total purchases for Q3?
Should the company adjust its policy to pay suppliers more quickly, in your opinion?
When might a large company prefer to forfeit discounts on its invoices?
Is it reasonable to have outstanding balances in Q3?Why or why not?
What would you expect to happen with outstanding balances in Q1 and Q2?
Why do you think there are still balances from the beginning of the year?
How many orders have been shipped but not yet invoiced?
Which orders were created after shipment?
How do you know some orders were created after shipment?
What types of controls would prevent the system from skipping a process or step?
Under what circumstances might a delivery take place before a sales order? Should this happen?
While you still have your auditor hat on, what are some additional analyses you could perform to understand whether the process or processes are being followed or controls are functioning properly?
Why aren’t the other shipped orders without an invoice suspicious?
Of the shipped orders without an invoice, which one is the most problematic? Why?
In your opinion, what would be an appropriate benchmark for the average number of days sales outstanding (i.e., Accounts receivable/Sales × 365)?Would management want this number higher or lower?
Write your fifth question and provide an answer based on your analysis.
Write your fourth question and provide an answer based on your analysis.
Write your third question and provide an answer based on your analysis.
Write your second question and provide an answer based on your analysis.
Write your first question and provide an answer based on your analysis.
What are some analyses you could perform that would provide insight into how efficiently your company is collecting cash from customers? Are there any KPIs that would be appropriate here?
What risks are present if you take too long to collect accounts receivable?
What does the days sales outstanding KPI tell managers in general terms?
Some of the accounts may have a negative age. Is this an error? What might explain this?
Why are some dates missing in the sales by date visualization?
What is the current days sales outstanding KPI value for 2020?
What is the age of the oldest outstanding invoice?
What is the value of the oldest outstanding invoice in November?
How much did the company sell to that customer in November?
Which customer did the company sell the most to in November?
Which day had the highest sales order amount in November?
What are the total sales orders for November?
How could analytics provide additional insight into financial information beyond calculating balances?
How could management estimate the write-offs for November and December?
Why do you think there are no write-offs in November and December?
Which month’s accounts receivable balance is most likely to be written off?
If management estimates about 3 percent of the accounts receivable balance to be written off, what would be the adjustment amount for bad debts expense at the end of the year?
If management estimates about 5 percent of sales to be written off each month, which month(s) exceeded that estimate?
What value would be recorded for total accounts receivable on the balance sheet for 2020, excluding the allowance for doubtful accounts?
Which month recorded the highest sales revenue?
What value would be recorded for total sales revenue on the income statement for 2020?
Analyze data in the procure-to-pay process.
Analyze data in the order-to-cash process.
What is the average risk level for Arkansas (AR)?
Which “state” (just use the abbreviation) has the highest average risk level?
Select the states that have an average risk level for Dillard’s above 2.
Recognizing that the Wayfair decision continues to impact state tax laws regarding online sales, what factors would you take into account for a company that is beginning to embrace online sales and is deciding whether to invest in tax software versus using freely available rate tables?
Based on the risk levels you calculated for the zip codes that Dillard’s sells to, what would your recommendation be to Dillard’s regarding purchasing tax software versus using freely available rate tables?
What should companies consider regarding sales tax for online transactions versus in-person transactions?
Recognizing that tax software that provides tax rates based on precise addresses is not inexpensive, and that there is a cost benefit for some companies to rely on these free rates updated monthly by Avalara, what factors would you take under consideration for a company making a decision right now
Based on what your analysis of estimating what Dillard’s should pay based on the estimated combined rate versus the actual amount Dillard’s paid, draw two different insights regarding how Dillard’s should calculate the amount of sales tax it owes the city, county, and states that it operates
Did Dillard’s pay more or less than the estimated combined amount in Mississippi (MS)?
Did Dillard’s pay more than the estimated combined amount in any states?
Using either the raw data in the table (Sheet2) or drilling down in the PivotTable, determine which counties and/or cities most contribute to the disparity between Alabama’s state sales tax rate and the average combined tax rate.
What is the combined tax rate for Alabama (AL)?
What is the average state tax rate for Alabama (AL)?
Which state that Dillard’s has stores in has the highest estimated combined tax rate?
In how many states did Dillard’s owe less page 486 in taxes than estimated based on the state sales tax rate?
Were the majority of the amounts paid to each state more than the estimated amount or less (keep in mind that the order of the columns are swapped in Excel and Tableau, so be careful how you interpret the sparklines)?
Why do the numbers of sales tax owed vary from the estimated amount for each state? Why is it important to take into account more data points than just the state sales tax rate when calculating the amount of tax owed?
Consider Montana (MT). The estimated state sales tax owed was $0.00, but the actual amount paid was $1,043.55. Why did Dillard’s owe taxes in Montana if Montana did not have a sales tax in 2015?
Which state did Dillard’s pay the most sales tax in?
How much sales tax did Dillard’s pay in South Carolina (SC)?
How much sales tax did Dillard’s pay in New Mexico(NM)?
In Part 2 of this lab, you will compare the actual sales tax paid in 2015 with the estimated sales tax paid that you calculated in Lab 9-2. That estimate came from applying the state sales tax rate in each state that Dillard’s operates physical stores to the total transaction amount for each of
From your results, you can see that Dillard’s paid a non-zero amount in sales tax in Montana, but if you completed either of the previous labs, you would have learned that Montana does not have a state sales tax.What sales tax do you think Dillard’s is paying in Montana?
In this lab, you combined actual transaction amounts from Dillard’s stores in 2015 with the state sales tax rate in 2015. What additional data would you want to add to your analysis to make these numbers more meaningful?
Do you think it is accurate that Dillard’s doesn’t owe any sales taxes in Montana at all? Why or why not?
What insights can you draw from assessing the variation in sales tax owed across states that Dillard’s has physical stores in?
Which state has the highest amount of estimated state sales tax owed?
Which state that Dillard’s operates in has 0 estimated state sales tax owed?
What is the estimated state sales tax owed for Alabama(AL) (round to the dollar)?
How many states do not have a sales tax?
Looking at the histogram, how many items are in the bin third from the right (the bin with the most observations)?
Is the distribution skewed positive or negative(remember that skew indicates where the outliers are, not the majority of the data)?
Considering the histogram, are you page 475 surprised by its shape where there are observations on both extremes, but none in the middle?Why would some states have zero sales tax, but most states have higher sales taxes?
Which states with 0 percent sales tax are next to states with really high sales tax rates?
Considering the Filled Map, which geographic trends do you notice about sales tax rates, if any?
(LO 9-2) Match the tax analytics definitions to their terms: data mart, data warehouse, tax planning, tax data mart, what-if scenario analysis. Tax Analytics Definition 1. A subset of the data warehouse focused on a specific function or department to assist and support its needed data requirements.
(LO 9-2) Analysis: How does Data Analytics facilitate what-if scenario analysis?How does the presence of a tax data mart help provide the needed data to support such analysis?
(LO 9-4) Analysis: How does tax planning differ from tax compliance? Why might the company leadership be more excited about the value-creating efforts of tax planning versus that of tax compliance?
(LO 9-4) Analysis: If a company knows that the IRS will change a tax calculation in the future, such as the capitalization of research and experimental expense in 2021, what actions might management take today to reduce their tax liability when the new policy goes into effect?
(LO 9-4) Analysis: Assume that a company has the option of staying in a tax jurisdiction with an effective tax rate of 20 percent or moving to a different location where the effective tax rates are 11 percent. What other drivers besides the tax rate may affect the decision to stay or move?
(LO 9-3) Analysis: In your opinion, which of the four general categories of tax KPIs mentioned in the text would be most important to the CEO? Support your opinion.
(LO 9-3) Match the following tax KPIs to one of these areas:Tax sustainability Tax efficiency/effectiveness Tax KPI 1. Number of company tax audits closed and significance of assessment over time. 2. Levels of technology/tax training. 3. Employee turnover of the tax personnel. 4. The effective tax
(LO 9-3) Match the following tax KPIs to one of these areas:Tax cost Tax risk Tax KPI 1. Effective tax rate (ETR). 2. Levels of late filing or error penalties and fines. 3. Cash taxes paid. 4. Expiration of tax credits. 5. Frequency of concerns pertaining to the organization's tax position. 6.
(LO 9-1) Match the description of the tax analytics technique to the data analytics type:Descriptive analytics Diagnostic analytics Predictive analytics Prescriptive analytics Tax Analytics Technique 1. Use of time series analysis to project future property taxes. 2. Past performance comparisons of
(LO 9-1) Match the description of the tax analysis question to the data analytics type:Descriptive analytics Diagnostic analytics Predictive analytics Prescriptive analytics Tax Analysis Question 1. What is the amount of property tax paid each year for the last 5 years)? 2. In order to minimize
(LO 9-4) Explain how probability helps refine a what-if analysis.
(LO 9-1) Predictive analytics help identify future tax liabilities. What data would a tax accountant need in order to perform a predictive analysis?
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