Refer to the case 7.1, solve the problem with excel file.

Anne Aylor Planning Materiality Assessment Materiality Bases (in thousands): Income before taxes Net revenues Current assets Current liabilities Total assets Explanation: Projected 1/28/2012 95,400 1,355,400 379,900 194,700 640,300 lower limit 2.0% 0.5% 2.0% 2.0% 0.5% Amount RANGE upper limit 7% 2% 7% 7% 2% Amount Likelihood of Management Fraud: Low moderate high Planning Materiality (insert amount) Multiplication factor Performance Materiality (at acccount & class of transaction level): Specific Accounts Requiring Lower Tolerable Misstatement Account Tolerable Misstatement Explanation Multiplication Factor 0.75 0.5 0.25 Choice: 0