215_Competition_Instructions_v1

215_Competition_Instructions_v1 - A COMPETIT ION BALANCE...

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Unformatted text preview: A COMPETIT ION BALANCE SHEET DECEMBER 31, 2009 ASSETS LIABILIT IES & STOCKHOLDERS EQUITY CURRENT CURRENT LIABILIT IES Cash $11,900 Accounts receivable 9,500 Accounts payable $6,500 Raw materials (4 units) 2,000 Accrued expenses 1,500 Finished goods (2 units) 3,200 TOTAL current assets 26,600 TOTAL current liabilities 8,000 LONG -TERM STOCKHOLDERS Equipment 60,000 EQUITY Accumulated depreciation (18,000) Common stock 50,000 42,000 Retained earnings 20,100 Land 9,500 TOTAL long-term assets 51,500 TOTAL stockholders equity 70,100 TOTAL ASSETS $78,100 TOTAL L & SE $78,100 COMPETITION GRADE The competition grade will be based on 3 quarterly reports, 1 annual report, an evaluation of group participation, and attendance. The evaluation of group participation will include a self-evaluation and a rating of other company members. Possible points are as follows: POINTS Written ReportsTotal Points 80 Quarterly reports (individual)3 @ 20 pts each Annual report (group).1 @ 20 pts each Late reports will receive 1/2 credit . Presentations (group)Total Points 20 Schoenebeck Page 1 A Competition Annual report presentation using PowerPoint TOTAL COMPETITION POINTS 100 BONUS POINTS The profit/loss from each quarter of operation will be accumulated over the four quarters for each corporation. Extra credit points will be awarded to each corporate member based on the cumulative annual profit: Highest corporate profit 3 points per member 2 nd place 2 points per member 3 rd place 1 point per member Extra credit will also be awarded quarterly : Highest quarterly profit 2 points per member 2 nd place 1 point per member Schoenebeck Page 2 A Competition INTRODUCTION This business competition has been designed with four objectives in mind. First, the competition encourages you to think like a business person and plan for the quarterly and annual financial success of your company by requiring you to make decisions. Second, you will use accounting information to make decisions, and then see the results of those decisions on the financial statements as you prepare the quarterly financials. Third, you will forecast year-end results and later explain the variance from actual results. Fourth, you will use cost-volume-profit and financial statement analysis to explain your bidding decisions and to help determine a future direction for your company. Do not let the forms included and the required financial statements restrict the collection of information that you feel is needed. As you compete with other companies, develop any records that improve the quality of your decisions. You may find it useful to do some additional record keeping such as tracking inventory and estimated cash availability for competing firms....
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215_Competition_Instructions_v1 - A COMPETIT ION BALANCE...

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