Burlington Bees Memorandum   Term Paper ID:36418 Click to get this paper

Essay Subject: This paper analyzes ticket revenues of the Burlington Bees baseball team and discusses the ...... More...

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Paper Abstract: This paper analyzes ticket revenues of the Burlington Bees baseball team and discusses the use of analytical procedures for auditing the team's ticket sales. The paper is written in the format of a memorandum. Paper Introduction: MEMORANDUMTo Ms Bouin Partner in Charge of the EngagementFrom Ms KrammeDate May Subject Burlington Bees Ticket Revenues Derived from AnalyticalProcedures An analysis of attendance statistics indicates that expectedticket revenues for the Burlington Bees for fiscal year areapproximately million This is a projected increase of millionover ticket revenues of million Analytical procedures used tocalculate projected revenues included the following There were games in total weekday games and weekend games Attendance at weekend games was higher than at weekday games The attendance at weekday Text of the Paper: The entire text of the paper is shown below. However, the text is somewhat scrambled. We want to give you as much information as we possibly can about our papers and essays, but we cannot give them away for free. In the text below you will find that while disordered, many of the phrases are essentially intact. From this text you will be able to get a solid sense of the writing style, the concepts addressed, and the sources used in the research paper. The discrepancy between projected and actual ticket revenuesis the pivotal point upon which further analysis can take place, and thisanalysis consists of analytical procedures. The use of analytical procedures for the Bees' 2 2 audit isadvisable, because it will provide a more complete picture of the Bees'financial position along with the factors that contribute to it. . Such understanding delivers greater control to the company for ensuringthe outcomes it seeks. If the engagement team decides to use analytical procedures for theBees' audit, the audit plan will differ from prior years in that it willinclude a more detailed breakdown of figures and the relationship of thestate of the industry in general to the figures in addition torelationships among elements of financial information within the periodunder study. There were 72 games in total, 43 weekday games and 29 weekend games. Multiplying percentage of attendance by total weekend attendance yields the approximate ticket revenue for each type of ticket:|25% Club |25% x 198,677 = 49,669 ||3 % Box |3 % x 198,677 = 59,6 3 ||25% Adult |25% x 198,677 = 49,669 ||2 % Child |2 % x 198,677 = 39,735 | . . . The attendance at weekday games was estimated to be 235,671; attendance at weekend games was estimated to be 198,677. The breakdown for the calculations is as follows:|$1 Club tickets |25% ||$6 Box tickets |3 % ||$4 Adult tickets |25% ||$2 Child tickets |2 % | . New game or security regulations could impact attendance at any team's games. First,the unusual impacting conditions must be identified. Competition from other special events in the area on game nights, such as high-profile music concerts, opening night for a blockbuster movie, or other types of sporting events-boat races, swimming championships, and air or water shows. Total weekday ticket revenues equal $1,461,986. These figures add up to the total 2 2 attendance of 434,348. MEMORANDUMTo: Ms. Bouin, Partner in Charge of the EngagementFrom: Ms. KrammeDate: May 23, 2 5Subject: Burlington Bees Ticket Revenues Derived from AnalyticalProcedures An analysis of 2 2 attendance statistics indicates that expectedticket revenues for the Burlington Bees for fiscal year 2 2 areapproximately $2.59 million. The distribution of tickets at weekday games is typically:|$1 Club tickets |3 % ||$6 Box tickets |35% ||$4 Adult tickets |2 % ||$2 Child tickets |15% | . Analytical procedures used tocalculate projected revenues included the following: . Should they be outside that range, there are several possibleexplanations: . The effect of irrelevant financial information would be takeninto account along with relevant financial information to provide a morecomplete picture of the various factors that impact upon the team'srevenues. . Even if such problems are rare or intermittent, they can have a substantial impact on attendance, because word of inadequacies generally circulates rapidly.In the event of unreasonable revenue figures, further analytical proceduresshould be applied until the cause of the discrepancy is identified. . . Any scandals or other situations involving impropriety or disharmony within the ranks-news of corruption, pay disputes, or player drug abuse-could adversely affect the Bees as well as other teams. Multiplying attendance for each type of ticket by ticket price provides approximate ticket revenues for each type: |$1 Club tickets |$1 x 7 ,7 1 = $7 7, 1 ||$6 Box tickets | $6 x 82,485 = $494,91 ||$4 Adult tickets | $4 x 47,341 = $189,364 ||$2 Child tickets | $2 x 35,351 = $7 ,7 2 | . A study of financial statements would be made, and any trendswould be identified along with their causes. . Attendance may vary from the norm due to unusual local weather or traffic conditions (e.g., fog or traffic jams), team standing at the time of the game (i.e., if they are positioned for a record-breaking season, they would likely have higher attendance), or public relations influences such as news that a celebrity or political official would be attending the game. Then, after figuresare adjusted to accommodate the unusual conditions identified, the figuresshould again be examined to see if they now fall within the expected rangefor reasonableness and fairness. Inconveniences such as poorly maintained playing fields and stands, sound equipment problems, or a decline in the quality of the food served can discourage people from attending games. . Weekday plus weekend ticket revenues equal a grand total of $2,594,44 , or approximately $2.59 million. If not, further analysis must be performed until acomplete picture showing the causes for the discrepancy is formed. Actual ticket revenues shouldbe within 1 % of projections to be considered reasonably and fairly stated. National, regional, or local conditions could impact game attendance. Such conditions as 9/11 attack, war, disasters such as flooding or earthquakes could affect attendance for a long period of time. Competition from other games in the area on game dates. Thisadditional information provides the type of understanding needed to makedecisions regarding the team's positioning in the market, promotionalconsiderations, and strategic planning that can increase revenues. . . This is a projected increase of $.69 millionover 2 1 ticket revenues of $1.9 million. Multiplying attendance for each type of ticket by ticket price provides approximate ticket revenues for each type: |$1 Club tickets |$1 x 49,669 = $496,69 ||$6 Box tickets | $6 x 59,6 3 = $357,618 ||$4 Adult tickets | $4 x 49,669 = $198,676 ||$2 Child tickets | $2 x 39,735 = $79,47 | . The state of the industry may have changed. Using a similar process to calculate weekend ticket sales, weekend ticket revenues equal $1,132,444. Total weekend ticket revenues equal $1,132,454. Attendance figures may be inaccurate. The distribution of ticket types, normally fairly constant, might have fluctuated unduly. These figures are the projected numbers based on calculations alone;however, in employing analytical procedures, these numbers should beadjusted in accordance with relevant factors that could mitigateprojections. Analytical procedures are to be recommended as substantive testsbecause they permit more precise quantification of ticket revenues thanundifferentiated attendance statistics, as well as identifyingrelationships between the figures and various conditions and events thataffect them. Multiplying percentage of attendance by total weekday attendance yields the approximate ticket revenue for each type of ticket:|3 % Club |3 % x 235,671 = 7 ,7 1 ||35% Box |35% x 235,671 = 82,485 ||2 % Adult |2 % x 235,671 = 47,341 ||15% Child |15% x 235,671 = 35,351 | . Burlington Bees are a minor league team; major league team games held in the area on the same date would likely draw attendance away from a Bees game. . . . If so, the analytical procedures haveproven their worth. Games at which promotions occurred might draw attendance increases of more or less than the customary increase of 1 % above the usual figures. Attendance at weekend games was 25% higher than at weekday games. An understanding of these relationships facilitates strategicplanning, projections, and exploitation of the dynamic that exists betweenthe factors associated with the company's operation and its profit figures. If this paper is not what you are looking for, you can search again: Search for: or Click here to request an essay written just for you.

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