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Industrial Solutions Payroll
You are auditing the payroll for Industrial Solutions for the year ended April 30, 2018. Below are the amounts from the client’s trial balance, along with the client’s comparative audited information from the prior year.
Audited Balance 4/30/2017
Unaudited Balance 4/30/2018
Factory hourly payroll
Factory Supervisors salaries
You have obtained the following information to help you perform analytical procedures for the payroll account balances There has been significant increase in the demand for Industrial Solutions’ products. The increase in sales was due to both an increase in the average selling price of four percent and increase in units sold that resulted from the increased demand and an increased marketing effort. Even though sales volume increased, there was no addition of executives, factory supervisors, or office personnel. All employees including executives, but excluding commission salespeople, received a three percent salary increase starting May 1, 2017. Commission salespeople receive their increased compensation through the increase in sales The increased number of factory hourly employees was accomplished by recalling employees that had been laid off. They receive the same wage rate as existing employees. Industrial Solutions does not permit overtime. Commission salespeople receive a five percent commission on all sales on which a commission is given. Approximately 75% of sales earn sales commission. The other 25% are “call-ins,” for which no commission is given. Commissions are paid in the month following the month they are earned.
Perform analytical procedures by answering the questions in Canvas to ascertain whether the 2018 payroll account has been fairly stated.
Calculate your tolerable misstatement using 2% of the client’s reported total payroll expenses.
Answer the following questions based on given information and Round all you answers to the nearest whole number.
Enter your answer with no commas and no decimal places and no dollar sign
Develop and expectation for Executive Salaries.
Develop and expectation for Factory hourly payroll
Develop and expectation for Factory Supervisors' Salaries
Develop and expectation for Office Salaries
Develop and expectation for Sales Commissions
What is the total misstatement?
What is the tolerable misstatement?
What is your conclusion on the total payroll amount? Fairly Stated Materially Misstated