Flexible and Confused Limited Case Study Essay
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Flexible and Confused Limited Case Study Essay
Flexible and Confused Limited has just employed you as the new finance director. The first task you have been assigned to complete is to prepare the income statement for the 12-month period ended March 31, 2018.
On your desk on your first day, the previous finance director left valuable information to complete the task.
During the year Flexible and Confused Limited – a company that sells dishwashers – sold a total of 13,187,000 units at an average sales price of $41.25.
The old finance director also indicated that direct labor, direct material and applied overhead were equal to 20%, 12% and 25% of total sales revenue.
Following is a list of other expenses incurred by the company.
Expense Account Total Incurred Advertising and Marketing Costs $5,512,000.00 Sales Entertainment $2,561,000.00 Selling Insurance $690,000.00 Office Repairs and Maintenance $1,590,000.00 Office Depreciation $14,457,000.00 Wages of General Operations Staff $12,801,000.00 Salaries Sales Staff $11,036,000.00 Administrative Travel Costs $1,260,000.00 On January 1, 2018, the company sold a piece of equipment held for investment and recognized a loss on the sale of $4,221,000.
The company also enjoyed revenue from other sources noted as: Other Income totaling $9,050,000 and Interest Revenue totaling $8,661,000.
On April 1, 2017, the company sold land that resulted in a loss of $4,891,000.
If the company reports a profit during the year, the effective corporate tax rate is 25%. If a loss is reported the effective tax rate is zero.
The company incurred finance interest charges during the accounting period of $22,890,000.
The company is involved in joint venture operations. As a result of goof financial conditions, the company recorded a net gain of $6,079,000 from its share of the joint venture operations.
From the operations of its associate firms, the company expects to record a net gain of $42,287,000 for the financial period ended March 31, 2019.
Required:
Using the information supplied, prepare an income statement for Flexible and Confused Limited for the accounting period that conforms with IFRS IAS 1 recommendation and course requirements. (Hint: Expenses should be classified by function (e.g., cost of goods sold) not nature.
RUBRIC
Excellent Quality
95-100%
Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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Flexible and Confused Limited Case Study Essay