Golf Challenge Corporation In the second year of business at Golf Challenge Corporation the company is struggling. The cost of their inventory is rising, and they are in grave danger of losing their bank loan (their prime source of financing) due to not meeting the required financial ratios agreed and set forth by the bank at the time the loan was given. The owner comes up with a solution, and figures that instead of using Last in-First out (LIFO) the company can use First in-First Out inventory cost system (FIFO) and meet their required financial ratios set forth by the bank. Ultimately, Golf Challenge Corporation should not submit documents to the bank using FIFO as opposed to their previous system LIFO in order to meet the bank requirements …show more content…
It is easy to see how it affects the corporation, a misguidance on their balance sheet will eventually catch up to them. If prices of their goods began to fall, they cannot keep changing their inventory system. The company will eventually have to show the higher priced goods as sold. Beyond the corporation it will affect the bank that gives the company the loan. The bank is being misled to believe that the company is grossing a higher net profit, thus the bank is expecting to be repaid the debt, even though the company may not be able to afford it. The stock holders of the corporation would be greatly affected if these numbers were to be published. From an investor standpoint, the company would look like a rapidly growing entity. They would have a decent gross profit, ultimately misleading any investors. The workers at Golf Challenge Corporation are affected. Their jobs and livelihoods are at stake. In the financial statements released while using FIFO the company looks like they can pay their employees, but this may not be the case. Furthermore, the owner is directly affected. It is the owner’s company that is in stake, but beyond that it is the owner who directly sent the financial statements to the bank. The ethical issue in this case lies on his …show more content…
This is an agreement that needs to be worked out between the owner and the loan officer. Simply manipulating the books is not going to help the company in the long run. Beyond this it is truly dishonest. The owner may need to look at the option of layoffs, an increase in prices, or a change of suppliers to compensate for the constantly rising costs. The owner needs to speak with the loan officer and show him that he has a reasonable plan to better his financial statements. Even if this plan involves laying off workers it is ethically more correct than not being able to pay the workers. Raising price should be considered also as the cost is rising, the price the consumer pays need to be raised. The bank may oversee not meeting the required financial ratios if they understand that the ratios are only bad because of the given inventory
In 1864, Nemislo Guillot brought the first bat and baseball to Cuba. The island quickly adopted the sport and everyone became eager about creating a team. Nemislo Guillot with the help of his brothers, created the first baseball team called, Habana Base Ball Club in 1868. In 1878 the Cuban League was founded and consisted of three teams, Almendares, Habana and Matanzas. Today, baseball has become one of the most popular and played sport in Cuba. Due to the fact that baseball is already a well-known sport in Cuba, Rawlings should have no trouble entering this market.
In 1982, Ely Reeves Callaway had bought his small wedge and putter golf business and called it Hickory Stick USA and created clubs that were enjoyable for the average golfer. He called these clubs the Demonstrably Superior and Pleasingly Different (DSPD) clubs. This was a code he had always lived by. The family of Ely Callaway are not involved with the company today because he was told to choose his successor, and had chose Ron Draqpeau. He is a man who only shared the same vision and thought of golf, but also had the skills as a leader to continue his wonderful golf company. The goal was to make a good product and tell the truth about the game. In those days Ely would provide them to his customers personally in the back of his Cadillac. He made sales calls and talked to pros, amateurs, and those who came to be known as an average golfer. Finally, Hickory Stick USA came to be knows as Callaway Hickory Stick U.S.A, and not too long after that, Callaway Golf.
You are hired as an assistant brand manager for a popular consumer product. One day in an emergency meeting, the brand manager informs the group that there is a problem with one of the suppliers and that he has decided to send you over to the manufacturing facilities to investigate the problem. When you arrive at the plant, you learn that a key supplier has become increasingly unreliable in terms of quality and delivery. You ask the plant manager why the plant doesn’t switch suppliers, because it is becoming a major problem for your brand. He informs you that the troubled supplier is his cousin, whose wife has been very ill, and he just can’t switch right now. What course of action should you take and why?
The case study, `Will GM 's Strategic Plan Lead to Success,` is about how the company General Motors Co. Plans to overcome financial deficits, ensure growth within the company, and remain competitive in the automotive industry. To help with overcoming financial deficits, GM was apart of the bailout, which assisted GM in relieving themselves of almost $40 billion dollars of debt. This restructuring gave GM an advantage over other automakers. Most other automotive businesses, that did not participate in the bailout, still have billions of dollars of debt they must repay in addition to competing with its adversaries.(Kinicki & Williams, 2013). GM made many cutbacks to ensure growth within the company. The reduced the amount models that are in production. They have recognized that some changes need to be implemented with global production in order to remain ahead.
Since 1982, Callaway Golf Company (CGC) evolved from a small golf club manufacturer established in California to the world's largest manufacturer and marketer of golf clubs with sales of $842.9 million in 1997. The company's extraordinary growth began in 1988, two years after Richard Helmstetter became CGC's vice-president and chief of new products. Helmstetter led the development of the S2H2 driver. By making the S2H2's hosel hollow and short, CGC delivered a product that put more feel into the player's swing and transferred the freed-up weight into the striking area of the clubhead, thus giving players more distance in their swings. By the end of 1990, CGC's sales had reached $22 million.
There is no ignoring the great increase in the golfing industry over the past decade. It is becoming the fastest growing sport all over the world. It is already the fastest growing sport in the United States. The game and its uniqueness has caught the eye of many people all over the world and in turn that catches the eye of many businesses that might want to use golf to their advantage by understanding the foreign market and try and relate there business to golf.
In this assignment, both control in the workplace and work satisfaction dimensions will be analysed at length. Relating them both to the case study of the Sports Direct Company and other relevant organisational theories; such as scientific management. Sports Direct was founded in 1982 by Michael Ashley in Maidenhead. In 18 years, ‘Mike’ Ashley expanded internationally opening stores in Belgium, and just seven years later listed his company on the London stock exchange. It was that listing that really kick-started Sports Directs’ exponential growth. 2 years later in 2009, Sports Direct established market leadership after their sales exceeded £1.0bn (Sports Direct, no date given). This information presents Mike Ashley as an entrepreneurial genius,
...ncreasing the capital So ( Falsely ) the books looked very good the business is ending up making money and again the trial balance and the account equation are correct
Financial Accounting Standards Board. (1985). Statement of Financial Accounting Standards No. 86. Norwalk. Retrieved April 7, 2014, from http://www.fasb.org/cs/BlobServer?blobkey=id&blobnocache=true&blobwhere=1175820922177&blobheader=application%2Fpdf&blobheadername2=Content-Length&blobheadername1=Content-Disposition&blobheadervalue2=189998&blobheadervalue1=filename%3Dfas86.pdf&blobcol=url
Today I watched the European Open 2013 Disc golf tournament on Youtube. This tournament took place on August 13, 2013 in Europe. The competitors were Paul McBeth, Will Schusterick, Dave Feldberg, and Jeremy Koling. In the beginning of the tournament Paul threw a 302 and got very close to the birdie. Both Dave and Jeremy hit trees on their first throws and Dave gets near the birdie on his throw. On his third throw Dave is the first person to land his disk in the birdie and Jeremy gets the birdie on his fourth throw. The announcers state that Jeremy is one of the best forehand throwers in the world and that out of the four contestants he is the only one that prefers to throw forehand. The announcers
Golf. A sport that started out with just a wooden stick and ball, is now a very well know game by many people all around the globe. The sport that also just started out as a way to mess around has become a job for some of the people and is making some golfers millions of dollars each year. A sport that many people spend their whole lives playing or watching used to not be exactly what is today. Even though golf is a very well known sport now, golf has been around for hundreds of years and is played by people all over the world. The sport of golf has been dated all the way back to years before 1,000 and has kept growing exponentially ever since. According to the International Golf Federation, they have 144 different countries a part of the organization, leaving out 51. The game of golf is played at many different levels all the way from junior tournaments, all the way to professional events. The evolution of the sport of golf is made up of a couple main things. These two main things are how golf got its start, and what has changed about the game.
In “Bank Debt” alternative, a sum of $3.5 million will be injected to the company through bank loans. However, the company will have to pay an additional amount of $33,750 in interest and a principal payment of $300,000 to the bank annually over the course of 7 years. Net income will come to $489,187.50 and EPS will be 0.49.
The human race has inhabited this planet for only a small window in the geological time scale, however, the advances and changes in lifestyle that humans have made throughout the course of history are amazing. The field of technology is by the far the most interesting aspect of human societal growth because it is our ability to build these products that separates from the other species we share this planet with. It is hard to believe that at one point there was no electricity, no telephone, no internet or even no cars, but humans have developed all of these technological innovations which improve and facilitate our way of life. With all these new inventions and magical miracle products it is possible to loose track of what really makes this planet so special and that is the environment which surrounds us each day. Are these new technological ideas harmful to the environment? Is the rapid growth and development of such technologies so quick that we have no idea how the products will affect the environment 5 years from now, let alone 25 years from now? The preeminent and most beneficial technologies are those which are environmentally safe and consider the consequences of their usage. By developing technologies that have a positive effect on the environment we are ensuring the existence of the human race and other species long after we have died.
Golf tourism is spreading rapidly all over the world in places like Asia and Mexico. Although most people who play the sport of golf play because of its interaction with nature, what most golfers do not realize or consider is the damaging environmental impact on the sport. The booming golf trade throughout the world creates a haven for golfers and a nightmare for environmentalists. According to members of the Malaysia-Based Asia-Pacific People’s Environment Network, golf development is becoming one of the most unsustainable and damaging activities to people and the environment (TED Case Studies, 1997).
Golf is an outdoor game in which players use specially designed clubs to propel a small, hard ball over a field of play known as a course or links. The object of the game is to advance the ball around the course using as few strokes as possible. Golf is a very popular sport throughout the world.