Solving The Financial Issues Of Watering Can Inc. Essay

Watering Can Inc. To: Melanie From: Serena Son, CPA, Director of Accounting RE: SOLVING THE FINANCIAL ISSUES OF WATERING CAN INC. My role as a director of accounting is to help you, Melanie, with identifying the significant weakness in the company’s internal control, when to recognize the revenue, how to manage the inventory efficiently, and how to make allowance for bad debt accounts. Based on every issue that is addressed above, I will make recommendations for improvements and solutions. USERS OBJECTIVES There are 4 users who are using the financial statement of the Watering Can Inc.: Melanie and Jack Parkers, Sam Penn, and the Small Bank. Users are those who rely on financial statements to make decisions and their objectives are the financial reporting goal, the user strive to achieve. Melanie is the one of the sole owners of Watering Can Inc., and the primary user of the company’s financial statement. Her biggest interest is whether herself is booking the financial statement correctly, whether or not the internal control within the business is fully secured. Also, as the owner of the company, her major interest is to minimize the company’s net income, in order to pay the minimum interest to Sam and the Small Bank, under the legal constraints. Jack Parkers, the husband of Melanie, has the same interest as Melanie of minimizing the net income, as another owner of the Watering Can Inc. Sam, the Jack’s uncle, has invested $100,000 in the Watering Can Inc., andShow MoreRelatedpotato chips feasibility report1898 Words   |  8 PagesChips Contents The Study Potato Chips – The Product Production Process Current Market Situation South Caucasus market potential Market Penetration Risks and Threats Plant Configuration Equipment Plant Investment Raw Materials Financial Projections Benchmark The Study BDO LLP was engaged to examine and assess the feasibility study of a new potato chips plant in Georgia. Currently, the Georgian potato chips market is mainly dominated by foreign producers, especiallyRead MoreMKT3017 SEP2 PJ1 2014 Essay4872 Words   |  20 PagesAssignment title: Project Report† – PJ1 Assignment weighting: 60% of module grade Date set: WC 29 September 2014 Hand-in date: 24th April 2015 Macro: pest analysis Micro: market overview, customers, competitors Internal analysis: HR, systems, financial, marketing effectiveness (AQG) Strong: gerber UK, products- low naturally sugar, new product development Weakness: consumer perception of price, slow to innovation in the past -competitive analysis, Opportunity: new product development, lifestyle:Read MoreService Marketing-Pizza Hut13362 Words   |  54 PagesCompany History: Pizza Hut Inc Incorporated:1959 Pizza Hut Inc. is the largest pizza restaurant company in the world in terms of both the number of outlets and the percentage of market share that it holds. A subsidiary of PepsiCo, Inc., the company oversees more than 11,000 pizza restaurants and delivery outlets in 90 countries worldwide. In October 1997, the company expected to become a subsidiary of Tricon Global Restaurants, Inc., formed from the spin-offRead MoreEssay On Animal Rights7500 Words   |  30 Pagesthem with a long happy life. This problem is animal cruelty. Animal cruelty as many of us know is the mistreatment of the animals, and can also be categorized as animal abuse or animal neglect. But what most of us don’t know is just how common animal cruelty takes place and affects our life, what the animals need to endure to bring us our daily necessities and how we can help put an end to this atrocity. So it is time that we wake up and get informed of all the problems that lurk in the shadows, justRead MoreCommu nication Management Challenges in Construction Project Execution63139 Words   |  253 Pagesoperating physical facilities has a different perspective on project management for construction. Specialized knowledge can be very beneficial, particularly in large and complicated projects, since experts in various specialties can provide valuable services. However, it is advantageous to understand how the different parts of the process fit together. Waste, excessive cost and delays can result from poor coordination and communication among specialists. It is particularly in the interest of owners toRead MoreCons and Pros of Internet16245 Words   |  65 PagesResearch, International Accounting Policy Forum. pp. 5-27. 2006 5 International Financial Reporting Standards (IFRS): pros and cons for investors Ray Ball* Abstract—Accounting in shaped by economic and political forces. It follows that increased worldwide integration of both markets and politics (driven by reductions in communications and information processing costs) makes increased integration of financial reporting standards and practice almost inevitable. But most market and political forcesRead MoreManagement Course: Mba−10 General Management215330 Words   |  862 PagesHughes−Ginnett−Curphy The Art of M A: Merger/Acquisitions/Buyout Guide, Third Edition Reed−Lajoux and others . . . This book was printed on recycled paper. Management http://www.mhhe.com/primis/online/ Copyright  ©2005 by The McGraw−Hill Companies, Inc. All rights reserved. Printed in the United States of America. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrievalRead MoreFundamentals of Hrm263904 Words   |  1056 PagesTenth Edition David A. DeCenzo Coastal Carolina University Conway, SC Stephen P. Robbins San Diego State University San Diego, CA Tenth Edition Contributor Susan L. Verhulst Des Moines Area Community College Ankeny, IA John Wiley Sons, Inc. Associate Publisher Executive Editor Senior Editoral Assistant Marketing Manager Marketing Assistant Production Manager Senior Production Editor Freelance Development Editor Senior Designer Interior Design Senior Media Editor Senior Photo EditorRead MoreCorporate Social Responsibility15903 Words   |  64 Pagesand can influence a company’s decisions and action, both locally and globally. Business stakeholders include(but are not limited to) employees, suppliers, customer, community organizations, subsidiaries and affiliates, joint venture partners, local neighborhoods, investors, shareholders(or a sole owner in case it is sole proprietorship business) and most importantly environment. Corporate social responsibility is not a charity work as understood by many. Corporate social responsibility can be classifiedRead MoreExploring Corporate Strategy - Case164366 Words   |  658 Pagesmain text of this book includes 87 short illustrations and 15 case examples which have been chosen to enlarge speciï ¬ c issues in the text and/or provide practical examples of how business and public sector organisations are managing strategic issues. The case studies which follow allow the reader to extend this linking of theory and practice further by analysing the strategic issues of speciï ¬ c organisations in much greater depth – and often providing ‘solutions’ to some of the problems or difï ¬ culties