Describe the way the management maintains a control over the employee purchases made using credit card and petty cash funds.

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Chapter 4, Problem 26RQ

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Describe the way the management maintains a control over the employee purchases made using credit card and petty cash funds.

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The McGraw Company is accumulating data to be used in preparing its annual profit plan for the coming year. The cost behavior pattern of the maintenance costs must be determined. The accounting staff has suggested that linear regression be employed to derive an equation in the form of y = a + bx for maintenance costs. Data regarding the maintenance hours and costs for last year and the results of the regression analysis are as follows: (CMA adapted) Hours of Activity Maintenance Costs January 480 $ 4,200 February 320 3,000 March 400 3,600 April 300 2,820 May 500 4,350 June 310 2,960 July 320 3,030 August 520 4,470 September 490 4,260 October 470 4,050 November 350 3,300 December 340 3,160 Sum 4,800 $ 43,200 Average 400 3,600 A coefficient 684.65 B coefficient 7.2884 Standard error of the a coefficient 49.515 Standard error of the b coefficient 0.12126 Standard error of the estimate 34.469 R2 0.99724 T-value a 13.827…