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Calculators Essay

1090 words - 4 pages

Assess the entity and its environmentKey characteristics (industry, size, ownership)Great Calculators Ltd (GCL) is a no-name calculator manufacturer that distributes its product to Ontario elementary and high school marketsOwned by ten close friends who share equal ownership, for the past six years, GCL has been managed by CEO Bill GillKey problems and decisions being faced by the companyMr. Gill advises that GCL obtain new funding as a means of growing the proprietorshipMr. Brandon Dias, a friend of the owners, is being requested to lend GCL $1,000,000, payable in five yearsMr. Dias is new to debt security and is therefore requesting that with his loan, GCL be audited in hopes of obtaining knowledge concerning the company's cash flow situation, current ratio, and debt-to-equity ratioThe financial statements for GCL have never been audited, which raises many concernsThe proprietors are interested in purchasing a small electronic manufacturer, on the verge of bankruptcy, which they believe will serve as a complementary product to their productGCL recently sold their own manufacturing facility and purchased a new one that has incurred high costs, specifically in regard to staff salaryWhat are factors that are key to success?Proper management of finances and cash flow specifically is criticalCreating a consistent and open flow of communication to potential lenders, proprietors, and employees is critical to stay afloatThis way, when financing is required, as is the case for GCL, a company has the ability move with agility and efficiency in hopes of obtaining financingIn regards to the potential loan by Mr. Dias, previously audited financial statements could have perhaps expedited the decision processIt is imperative that GCL retain its customersCurrently, the primary strategy of GCL is to sign long-term contracts with private schoolsFortunately, at this point in time, GCL has been successful in establishing superb business connections with over 100 schools Ontario-wideGill must be proactive in retaining its customers and develop new ideas based on their needsCovering the costs of staff salaries, fulfilling contracts, and collecting payment are factors that will ensure consistency of businessFramework for analyzing the accounting issuesIdentify the main stakeholdersTen proprietors, Bill Gill, Mr. Dias, Schools that have fostered relationships with GCL, The potential small electronics manufacturer that the proprietors are interested in purchasing, The staff of GCL which includes the office manager who prepares financial statements, Bank who provided a loan at a 10% interest rate to GCLIdentify the objectives of the main stakeholdersThe owners are interested in growing their business by purchasing the small company, growing their new manufacturing base, as well developing a new business lineEarn profit is their main purpose for GCLBill Gill believes that without funding, these goals will not be possibleAs the CEO will engage in behaviour that maximizes...

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