Imagine this. You’re coming off the best year in your company’s history, with record sales and seemingly smooth sailing ahead.

Then the industry implodes. Your sales drop 70%, and your prospects seem even

If you’re Quadlogic Controls Corp., of New York City, you think fast, get creative and rewrite your business plan. And you do it so well that you not only stay afloat but thrive in the teeth of the recession—taking on dozens of new workers and setting a record for revenue.

Quadlogic’s nimble reinvention put it at the top of The Wall Street Journal’s Small Business, Big Innovation competition. In July, the Journal invited entrepreneurs to share the ideas they’ve used to survive the worst downturn in decades. Over the next three months, more than 100 entries poured in, ranging from a rubber-duck manufacturer in San Rafael, Calif., to a consignment retailer in Tampa, Fla., and a Chinese-language school in Riverside, Conn.

Their strategies for overcoming the harsh economy were just as diverse—and could be a model and an inspiration for other companies that face similar struggles. Some expanded their offerings, adding goods or services to appeal to consumers with less disposable income. Others tapped new markets to cater to a larger demographic or an underserved niche. Some abandoned their original business model and pursued an entirely different venture.

The Journal’s small-business staff narrowed the field to 10 finalists, and then a panel of editors—Vanessa O’Connell, Alan Murray and Dennis Berman—chose an overall winner. Readers also voted for their favorite.

So, what exactly did Quadlogic do to earn the top spot? Let’s go back to early 2009 for the answer. Times were good for the company, which made energy-tracking products that let different tenants in the same building manage and pay for their own usage. The two remaining founders— Doron Shafrir and Sayre Swarztrauber —had just put up the best revenue figures the 27-year-old company had ever seen.

All of a sudden, though, the housing market was in shambles, driving sales into the ground. So Quadlogic decided to stake its future on a daring reinvention plan.

Messrs. Shafrir and Swarztrauber had learned from a business associate a few years earlier that in developing countries, energy theft was a major problem. The entrepreneurs had even begun tinkering with a new product to prevent utility-metering systems from being breached. Only it was far from complete, and they hadn’t yet identified any potential buyers.

The partners decided that their best move would be to ramp up production of the experimental line and launch an intense marketing push. “You have to place your bets,” says Mr. Swarztrauber, 56. “We saw our survival threatened and that gave us the incentive to make it happen.”

The gambit paid off. Within five months, Quadlogic Controls signed a multimillion-dollar deal with a private utility company in Jamaica, and a recovery was under way.

Today, Messrs. Shafrir and Swarztrauber say the company’s new line has a dozen customers, all in markets thousands of miles away such as Jamaica, Mexico, Costa Rica and Ecuador. What’s more, demand for its original energy-tracking systems is close to the level it was just prior to the recession, thanks in part to an improvement in the commercial housing market.

The company has ballooned to roughly 90 employees from about 20 two years ago, and it’s on track to post $20 million in revenue this year, $5 million more than its previous high.

Messrs. Shafrir and Swarztrauber credit the turnaround they pulled off to constantly keeping an eye out for new business opportunities. While they say it’s important to focus on proven models of success, it’s also critical to regularly set aside time to investigate potential alternative sources of revenue.

“I always have a plan B and a plan C for just in case,” says Mr. Shafrir, 64. “You never know.”

Here’s a look at the other finalists in the competition, and what they did to stay afloat.

CUT YOUR EXPENSES BY GOING D.I.Y.

Alejandro Velez and Nikhil Arora seemed destined to launch a company together. Before they had even met, they went to the same teacher at the University of California, Berkeley’s Haas School of Business for advice on the same offbeat business idea: growing gourmet mushrooms in used coffee grounds, rather than pricier fertilizers and wood.

After the teacher brought them together, the new partners approached neighborhood coffee shops offering to haul away their waste free. In a fraternity kitchen, they grew their first crop of mushrooms in a coffee can filled with discarded grounds—and it worked.

“We got so jazzed about that first bucket,” says Mr. Velez, now 24, who turned down a Wall Street banking job to co-found Back to the Roots LLC with Mr. Arora in April 2009.

The company saw strong sales at a local Whole Foods and nearby farmers’ markets. But scaling up proved tricky. Even though raw materials were cheap, other parts of the business were getting expensive, and financing was tight. It didn’t take long before the partners outgrew an 800-square-foot warehouse and payables were already much higher than receivables, Mr. Velez says.

“We came to a crossroads in the business where we could have tried to become regional mushroom farmers,” says Mr. Velez. “But we weren’t mushroom farmers.”

Instead, they used the technique to develop grow-your-own mushroom kits, eliminating the need for a costly infrastructure. The kits can produce 1.5 pounds of mushrooms in just 10 days.

Today, the company collects some 20,000 pounds of used grounds from area coffee shops and repurposes them into growing kits (as well as a separate product, $10 bags of nutrient-rich soil). Whole Foods and Home Depot are now stocking the kits, with deals in the works with SkyMall and Wegmans. This year, revenue hit $1.1 million, up from $240,000 in 2010.

“We’re profitable after just two years,” says Mr. Velez. “But even better, we’re reconnecting people with growing food again.”

GIVE THE CUSTOMERS WHAT THEY CAN AFFORD

Many small businesses in the housing industry grew with the real-estate boom—and then went bust when the bubble burst. Not Henrybuilt Corp.—thanks to some quick thinking by founder and Chief Executive Scott Hudson.

The Seattle firm specializes in designing kitchens that range from $30,000 to $100,000. Launched in 2001, the company expanded quickly. In 2006, it opened a New York City showroom, which doubled in size in just 18 months. By 2008, the company was working on some 200 projects in the U.S., Mexico and Canada, and sales had tripled since 2004.

In October 2008, sales came to a standstill. “Everyone was canceling projects,” says Mr. Hudson, 50. Over the next two months, the company lost hundreds of thousands of dollars of revenue, he says.

With clients shying away from the high-cost renovations, Mr. Hudson launched a subsidiary in 2009 called Viola Park Corp., which provides clients with a modular option based on the Henrybuilt designs. Rather than working with an architect, clients use the company’s software to configure and customize the layout and design to their liking—a cheaper and quicker process that costs roughly half what the Henrybuilt kitchens do.

“We listened to the market, rather than waiting to get back to the old days,” Mr. Hudson says of the strategy.

Since Viola Park launched, both businesses have collectively grown about 10%. Viola Park now represents 20% of the company’s revenue and has doubled every year.

But the biggest benefit to the company has been psychological, says Mr. Hudson. When things got tough, he laid off two of his 25 employees. But after Viola Park launched, the two divisions grew to a combined 30 employees, who felt excited and inspired amid the industry’s turmoil. “It drove morale,” he says. “We created opportunity in a time when everything else was contracting.”

SEE A PROBLEM, SELL A SOLUTION

Shane Bauer started Laughingstock Design as a graphic-design and custom greeting-card company in 2007. But the downturn left fewer businesses and families able to afford its high-end custom cards, which required a first-time outlay of at least $40 to create a graphic using a likeness of the recipient’s head. His Duluth, Minn., business needed a new revenue stream.

Mr. Bauer was inspired by a T-shirt on display in a department store featuring the words, “Bite Me.” He thought there might be a market for shirts with positive slogans to counteract that kind of negative message. “I thought, man, things are getting pretty bad,” says the 35-year-old.

So, he created Happy Space PositiveWear, a line of casual clothing and accessories that pair his intricate graphic designs with positive messages—such as a guitar with the slogan “Live In Harmony.”

Mr. Bauer now sells more than a dozen different designs, up from six in 2008, and expects his business to generate about $100,000 in sales this year. The success of the new products led Laughingstock Design to open a retail store, Happy Space, in April 2010, and to hire its first outside employees—two part time and one full time.

TAKE YOUR IDEA AND KEEP TINKERING

Courtney Tudor of Madeira, Ohio, spends his weekdays designing jet engines at GE Aviation. But on the side, he’s honing Mr. Bigshot Inc.—a company that tries to have some fun with the stock market.

Mr. Tudor, 50, grew fascinated with the market while seeking an M.B.A. at Xavier University, and wanted to capture in a game the thrill of investing. In 2000, he created the company, funded by the proceeds of his own stock investments and backed up by financial data and market results for 45 years.

The idea: Players can go back in time to play the market through rounds of investing. For instance, they might go to Jan. 1, 1969, and follow two companies (known by aliases) for the year. Every quarter, they decide whether to sell or switch to another company.

Mr. Bigshot started out as a board game, followed by a downloadable computer version. But sales were meager. And when the real market plunged in 2008, Mr. Tudor’s source of capital dried up. Then he got what he describes as his breakthrough idea: an online multiplayer version that can be used to conduct a “Massive Market Madness Tournament” with thousands of high schools across the country.

His next steps are to conduct trial tournaments in a few area high schools, incorporating the feedback from students and teachers. Then he intends to hold a regional tournament in the greater Cincinnati area.

To be sure, his big idea hasn’t been tested. But it was recently among those that took top honors in a business-launching competition at Xavier, and as the prize Mr. Tudor will get consulting services to help him move forward.

WHEN NOBODY’S BUYING, SCRAP YOUR PLAN

Mid-2009 was a scary time for Merrimac Dillon, founder of Pillow Bar LLC. Some $400,000 in potential licensing agreements for her custom pillow-making machine suddenly fell through as customers became too nervous about the economy to commit. To keep the company going, she realized, the business model would need a risky overhaul.

Ms. Dillon, now 52, first designed and constructed the pillow machine in her Dallas garage in 2007, after an extensive and unfruitful search for the perfect bedtime headrest. For $12,500 a year, she licensed the machines to high-end linens stores, which used it to make customized and personalized pillows according to their customers’ sleeping positions and shoulder widths. The pillows cost $195 to $295. By mid-2009, the company had made about $400,000 in sales. It had placed eight machines in stores and had a waiting list of 30 interested retailers.

But the honeymoon didn’t last long. The economy lagged as the normally busy holiday season approached, and retailers were less prepared to make capital investments—22 on the list told Ms. Dillon they didn’t have the cash.

“They wanted me to float it, and that scared me,” she says. “What if I float it and they can’t pay? It really made us stop and say, ‘Now what?’ “

Some retailers asked Ms. Dillon if she would offer ready-made pillows. She didn’t like the idea. The machine gave customers a unique buying experience, she reasoned. They liked watching the down feathers swirl in the machine, and the assembly process.

But Ms. Dillon decided to give it a try. She started wholesaling the 12 pillow varieties most commonly requested. And the business took off. Ms. Dillon moved manufacturing operations into a 3,500-square-foot work space with a loading dock. She also opened an online store.

Today, the ready-made business accounts for 60% of sales. The company, which now has four employees, will exceed $1 million this year, Ms. Dillon says. “We could move quickly as a small company,” she says. “We wouldn’t be afloat if we hadn’t made the change.”

CORE BUSINESS WEAK? ADD A NEW ONE.

When Dawn Cameron launched Sanctuary T, a small New York City restaurant, in mid-2007, she naturally expected it would take time for the business to turn a profit. But the former banking professional never imagined the wait would last more than two years, or that she would need to dip into family savings to cover payroll.

Ms. Cameron, 37 years old, says she might not be in business today if she hadn’t branched out—and gotten help from her employees. In the summer of 2008, she and her 15 staffers put their heads together to create a line of four tea-infused cooking spices.

Since money was tight, the seasonings needed to be prepared and bottled by hand, with labels designed and printed in-house. Ms. Cameron, at the time pregnant, visited a dozen local grocery stores to drum up orders. She also pitched media outlets for press coverage. “It was a very stressful but exciting time,” she says.

Within a few weeks, efforts started to pay off. A buyer for one specialty grocery store placed an order on the spot, and the New York Times ran a story about one of the company’s new spices. Next, Ms. Cameron says she invested $10,000 on upgrades that included beefing up the company’s website, buying product-liability insurance and adding new packaging with nutritional information and bar codes.

As more wholesale orders came in, Ms. Cameron says some local clients agreed to let her to run in-store demos. As a result, she says, traffic to the restaurant and her online store increased.

Today, Sanctuary T’s Dust-T spices are for sale in 19 grocery stores in four states and Washington, D.C. Ms. Cameron expects the business overall to post $1.2 million in revenue this year, up from just $400,000 in 2008.

“It felt counterintuitive to try to grow the business in the face of declining sales in a recession, but that’s what it took to survive,” she says. “I’m glad we had the courage to do it.”

FIND A NEW WAY TO BROADEN YOUR BASE

Brian Linton, 24, was on shaky ground when the retailers that sold his company’s coconut-wood jewelry suddenly halted orders in late 2008. But he found inspiration in an unlikely place—trash-strewn beaches.

His company, Sand Shack LLC, based in Philadelphia, had taken off earlier that year. He had established a customer base of small beachside boutiques and surf shops on the East Coast, as well as one national retail chain, and had reached $150,000 in sales. The firm had a green streak, too—5% of the proceeds were donated to environmental-education and conservation organizations.

After the financial collapse, however, “the only thing keeping us afloat were a few key accounts,” says Mr. Linton. A few dozen boutiques out of several hundred were still ordering by mid-2009. And the 5% donations were a burden on the company.

Mr. Linton and his two employees brainstormed how to turn the business around without losing its environmental mission. Their concept? Instead of donating cash, the company would collect one pound of trash—mostly on waterways and beaches—for every product sold. Each cleanup involves a few hundred of those small loads at once; the company says it has pulled in 40,000 pounds to date.

Mr. Linton moved core operations to a new division called United By Blue, which sells hoodies, handbags and T-shirts. The company, he realized, could be more competitive if it had more items to offer, and it could build a stronger brand if its merchandise sported the company logo.

The business model had instant appeal to a whole new retail base—outdoor-industry stores, specialty clothing stores and certain supermarket chains. Despite the dismal first half of the year, sales in 2009 stayed flat.

Last year, sales hit $350,000. And this year they could double, Mr. Linton projects. Now, United By Blue is going international, thanks to interest from Japanese retailers. And the company has caught the attention of a major auto manufacturer that wants to launch a cross-promotional campaign by providing cars for the company’s clean-up efforts.

“The recession made us think in a different way,” says Mr. Linton. “Some companies throw money at a problem, but we want to internalize it and solve it ourselves.”

DON’T GET STUCK IN A DEAD END

Four years ago, Travelers Haven LLC, a Naples, Fla., real-estate rental firm, found itself in the epicenter of the housing crash. Demand in the rental market dried up and nearly drove the fledgling company under.

“We could’ve gone down with the rest of the housing market there,” says Elia Wallen, 28, the firm’s president. Instead, he decided on a new direction—worker-relocation services.

As the recession set in and jobs became scarce, more Americans were willing to follow jobs wherever they went and for however long. Usually, corporate housing services and staffing firms own properties or rent them long term, which means they can sit empty for long stretches between tenants.

Travelers Haven offered to handle the task at lower cost. The firm would use proprietary software to track the availability of short-term rentals and match it with the needs of clients.

To better tap this emerging market, Mr. Wallen and a handful of remaining employees pulled up stakes and moved to Denver. Their time zone allows them to work within the 9-to-5 office hours of staffing firms on either coast without having to start too early or stay too late, he says.

Since leaving Florida, the firm has grown to 35 full-time employees. Revenue rose to $10.8 million last year—doubling from 2009 and up from an average of $1.3 million in 2007 and 2008. The company expects revenue to hit $20 million by the end of the year. “We started off imitating every Tom, Dick and Harry in the real-estate industry, where you earn a commission, shake a few hands and that’s it,” says Mr. Wallen. “We took a traditional model and turned it on its head.”

SOMETIMES IT HELPS TO TURN DOWN WORK

Rebecca Geier, 42, and Wendy Covey, 37, were colleagues for more than a dozen years at a marketing firm. In early 2008, they got together to build Trew Marketing—a venture that they hoped would bring them more balanced lives as well as new challenges.

The agency got off to a strong start, but the recession took its toll. By the end of 2008, prospective new work was thin for the Austin, Texas, firm.

The founders decided to narrow their focus, concentrating on business-to-business projects in engineering and science markets.

Their reasoning: It takes a lot of hands-on work to deal with scientists and techies properly. If they were doing other types of work, it would take their attention away from tech-oriented clients. And their reputation might suffer as a result, costing them recommendations and jobs.

That meant turning business down, including clients like a city looking for help with economic-development projects and a start-up that wanted to develop a website. Each of those jobs could have comprised from 12% to 20% of Trew’s sales, Ms. Geier says.

They also put more of an effort into optimizing traffic to Trew’s website. That meant redesigning the site to match their new focus, adding a blog and offering a free downloadable book, “Smart Marketing for Engineers.”

The result: Trew thrived during the recession. Revenue is on track to grow a projected 194% this year over 2009. What’s more, the pipeline of work is healthy, and comprised of the kind of technical marketing the firm is best at, Ms. Geier says.

By Sarah E. Needleman, Vanessa O’Connell, Emily Maltby and Angus Loten in The Wall Street Journal’s New York bureau. They can be reached at [email protected], vanessa.o’[email protected], [email protected] and [email protected]om.

Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric.

Points: 260	Assignment 1: Forming an Innovative Business
Criteria	Unacceptable Below 60% F	Meets Minimum Expectations 60-69% D	Fair 70-79% C	Proficient 80-89% B	Exemplary 90-100% A
1. Briefly describe your innovative idea. Weight: 5%	Did not submit or incompletely briefly described your innovative idea.	Insufficiently briefly described your innovative idea.	Partially briefly described your innovative idea.	Satisfactorily briefly described your innovative idea.	Thoroughly briefly described your innovative idea.
2. Determine the business structure that would be the best choice for your venture. Support your decision. Weight: 15%	Did not submit or incompletely determined the business structure that would be the best choice for your venture. Did not submit or incompletely supported your decision.	Insufficiently determined the business structure that would be the best choice for your venture. Insufficiently supported your decision.	Partially determined the business structure that would be the best choice for your venture. Partially supported your decision.	Satisfactorily determined the business structure that would be the best choice for your venture. Satisfactorily supported your decision.	Thoroughly determined the business structure that would be the best choice for your venture. Thoroughly supported your decision.
3. Create an outline of the stages in the entrepreneurial process that you would need to follow when starting this business. Determine the resources and tools you would need to be successful at each stage. Weight: 20%	Did not submit or incompletely created an outline of the stages in the entrepreneurial process that you would need to follow when starting this business. Did not submit or incompletely determined the resources and tools you would need to be successful at each stage.	https://academicpapers.net/wp-content/uploads/2020/08/LOGO-300x75.png 0 0 Liz https://academicpapers.net/wp-content/uploads/2020/08/LOGO-300x75.png Liz2022-02-07 05:28:492022-02-07 05:28:49does anyone know forming inovative business Reporting Practices and Ethics Paper Find two or three articles that address financial reporting pra February 5, 2022/in Uncategorized /by Liz Reporting Practices and Ethics Paper Find two or three articles that address financial reporting practices and ethical standards in health care finance, including Generally accepted accounting principles and Corporate compliance, ethics, or fraud and abuse Discuss the financial management of health care organizations and integrate your research articles Include a summary of the four elements of financial management Include a summary of generally accepted accounting principles and general financial ethical standards Provide examples from the articles that reflect ethical standards of conduct and financial reporting practices Explain the significance of each example https://academicpapers.net/wp-content/uploads/2020/08/LOGO-300x75.png 0 0 Liz https://academicpapers.net/wp-content/uploads/2020/08/LOGO-300x75.png Liz2022-02-05 14:12:412022-02-05 14:12:41Reporting Practices and Ethics Paper Find two or three articles that address financial reporting pra Your Business is a Retailer – Make up your business name; -Introduce your business in a way… February 4, 2022/in Uncategorized /by Liz 1. Your Business is a Retailer – Make up your business name; Introduce your business in a way that others would believe it is a real business and consistent with the numbers you present in the financial statements. For example, What does you business do (provide an overview)? What products does your business offer? How long have your business been operating for? 2. Use Excel to complete the assignment by writing the business story and entering data into spreadsheet with relevant formula. You must create a separate tab for the following: ? The Business story ? The Income Statement; ? The Statement of Financial Position; and ? Your group member details and their contributions – List each student of your group with their full name and student number and write a brief description of the individual contribution made (eg. Who wrote the business story, entered data into spreadsheet, jointly applied the formula, ect…) 3. The following accounts are examples that can be used in the preparation of the financial statements for Your Retailer Business. You may make up the amounts in a way that is consistent with the nature of your business and add different accounts that is relevant to your business. However, your business must have at least 2 depreciating non-current assets Attachments: Assignment-Br….docx https://academicpapers.net/wp-content/uploads/2020/08/LOGO-300x75.png 0 0 Liz https://academicpapers.net/wp-content/uploads/2020/08/LOGO-300x75.png Liz2022-02-04 21:59:252022-02-04 21:59:25Your Business is a Retailer – Make up your business name; -Introduce your business in a way… John has applied and been approved a licence to operate a casino in Melbourne, which later on he… February 4, 2022/in Uncategorized /by Liz John has applied and been approved a licence to operate a casino in Melbourne, which later on he named it The Casino East. John has received 10-year licence from Victorian Government to operate the casino. He also received approval for Casino’s building for a long period of time (90 years). John was instructed by the relevant Government agency to pay $180 million for the approved casino’s licence and $80 million as prepaid rent covering the first 10 years of casino’s rental. John has negotiated to pay $400,000 rental per year for the remaining 80 years of the lease. With reference to relevant legislation and case law discuss whether casinos prepaid rent is considered a revenue expense or a capital expense. Attachments: taxation-indi….pdf https://academicpapers.net/wp-content/uploads/2020/08/LOGO-300x75.png 0 0 Liz https://academicpapers.net/wp-content/uploads/2020/08/LOGO-300x75.png Liz2022-02-04 21:41:492022-02-04 21:41:49John has applied and been approved a licence to operate a casino in Melbourne, which later on he… donald barthelme and john barth February 4, 2022/in Uncategorized /by Liz  original threads MUST be 8-10 complete sentences  nd use AT LEAST two of the terms from the “Fictional Device” and/or “Elements of Fiction” lists in your original thread   Donald Barthelme and John Barth. They are both more modern writers (they’re postmodern writers, actually)than Woolf and Hurston, later 20th century, but they are no walk in the park–a walk in a carnival funhouse maybe… You’ll be reading Donald Barthelme, the father (or the drunk, crazy uncle at the family reunion that everyone avoids) of the postmodern American short story form.  You’ll be reading all of the stories in the Barthelme folder You’ll also be reading John Barth’s “Lost in the Funhouse.” also look for the themes that you would in any literature: life, death, love, relationships, religion, conformity, institutional thinking, war, reality, illusion, youth, adulthood, etc.       Stories link   http://www.jessamyn.com/barth/glassmountain.html   http://www.latexnet.org/~burnt/Game.html   http://www.coldbacon.com/writing/barthelme-colby.html   http://www.npr.org/programs/death/readings/stories/bart.html   http://www.coldbacon.com/writing/barthelme-mandible.html   “Lost in the Funhouse” by  John Barth   Need by Friday https://academicpapers.net/wp-content/uploads/2020/08/LOGO-300x75.png 0 0 Liz https://academicpapers.net/wp-content/uploads/2020/08/LOGO-300x75.png Liz2022-02-04 19:53:592022-02-04 19:53:59donald barthelme and john barth meeting opposition February 4, 2022/in Uncategorized /by Liz hoose either the Gibbs or Marquez essay to write on for this discussion, but read both. By August 7th 12pm central, post your response to the following questions in 2-3 paragraphs: Summarize one counter argument and explain how it directly opposes the author’s thesis. Evaluate how the author argues against this opposing viewpoint. Is the refutation convincing? Why or why not? Present another potential counter argument that is not addressed in the essay. https://academicpapers.net/wp-content/uploads/2020/08/LOGO-300x75.png 0 0 Liz https://academicpapers.net/wp-content/uploads/2020/08/LOGO-300x75.png Liz2022-02-04 18:07:122022-02-04 18:07:12meeting opposition Lessons Learned What lessons can we learn from the recent business scandals? What ethical principles February 4, 2022/in Uncategorized /by Liz Lessons Learned What lessons can we learn from the recent business scandals? What ethical principles were violated and what can be done to lessen the chance of future business scandals? There are many factors that contributed to the high‐profile business scandals such as Enron, WorldCom, Madoff, real estate, and the savings and loan failures. Some of these factors and the lessons we can learn from them are:   Lack of tone at the top levels of an organization. Ethical behavior in business begins at the top—management must set an example of ethical behavior and make it known that ethics is important in the organization. The top officials in recent scandals acted improperly and therefore set a tone indicating that ethics does not matter in the company. If the top people in an organization feel that ethics is important then employees will follow the lead and consider ethical issues in their business decisions. Conflict of audit and consulting roles of accounting firms. CPA firms are no longer permitted to be both an auditor and a consultant for a company. Auditor independence is more closely scrutinized under the new regulations that took effect after the accounting scandals. Responsibility of top officers. New accounting regulations that were established after the business scandals require that the top officials of companies sign a statement that they assume responsibility for the accuracy of the financial statements and for the internal controls of the company. Before the new legislation some officers claimed that they had no knowledge of improper financial activities being conducted by other employees in the company. Now, it is the responsibility of top management to responsibility for and knowledge of all financial matters of the company.   Government regulation cannot prevent fraud. The Security and Exchange Commission (SEC) had extensive regulation and reporting requirements, but the requirements were not able to prevent the fraud that occurred in recent business scandals. While the fraud was eventually detected, it was not prevented. Some would question whether increasing government regulation is needed in light of the inability of current regulation to prevent fraud.   Fraud can happen even when good controls are in place. If someone is inclined to do something that is unethical or illegal, they may be able to get away with it at least for a while. Investors and others who rely on financial information should be alert for unusual or unreasonable information which may be inaccurate.   Having learned some lessons from recent business scandals we may be better prepared to understand how they happened and what can be done to improve the situation in the future. Congress passed new legislation in response to the latest round of business scandals. The most important legislation was the Sarbanes‐Oxley Act of 2002 which added many regulations for companies and auditors. This is not the first time that the government has stepped in to regulate the accounting profession. For example, the Securities and Exchange Commission (SEC) was established to regulate the stock market after some unethical business practices. After the stock market crash of 1929, the SEC was created in 1934 to restore public confidence in the capital markets. Let’s take a look at the latest legislation—Sarbanes‐Oxley. Sarbanes‐Oxley   As a result of the business scandals Congress changed the rules for accountants by passing the Sarbanes‐Oxley legislation. The Sarbanes‐Oxley Act of 2002 contains the following sections:   Public Company Accounting Oversight Board Auditor Independence Corporate Responsibility Enhanced Financial Disclosures Analyst Conflicts of Interest Commission Resources and Authority Studies and Reports Corporate and Criminal Fraud Accountability White‐Collar Crime Penalty Enhancements Corporate Tax Returns Corporate Fraud and Accountability The Public Company Accounting Oversight Board (PCAOB) added many new regulations for companies that trade stock on the public stock exchanges. The duties of the PCAOB are to:   register public accounting firms that prepare audit establish auditing, quality control, ethics, independence, and other standards relating to the preparation of audit reports conduct inspections of registered public accounting firms conduct investigations and disciplinary proceedings and impose appropriate sanctions on registered public accounting firms promote high professional standards and improve the quality of audit services offered by registered public accounting firms enforce compliance with this Act set the budget and manage the operations of the Board The U.S. Supreme Court is reviewing the Sarbanes‐Oxley legislation and may decide reduce the authority of the PCAOB. If any Supreme Court rulings do affect the Sarbanes‐Oxley legislation then Congress would need to change the regulations. Perhaps an overall lesson from the business scandals is that ethical behavior cannot be legislated. While ethical standards and effective internal controls can increase the likelihood of ethical behavior, making rules and regulations can never completely prevent fraud. Discussion Questions How can companies improve the ethical behavior of employees within the organization? Do you think that ethical behavior makes a company more successful?           ……………….Answer Preview………………….. Ethical behavior is an important aspect in an organization for both the employees and the management. A lot of successful organizations usually have employed good ethical behaviors in both the management and the employees. The ethical behaviors are what may attract or push away customers from the organization and those that are able to attract the customers experience high sales and more profits (Treviño, and Nelson, 2011). Good ethical behaviors in a company also help in attracting investors…. APA 356 words Added to cart https://academicpapers.net/wp-content/uploads/2020/08/LOGO-300x75.png 0 0 Liz https://academicpapers.net/wp-content/uploads/2020/08/LOGO-300x75.png Liz2022-02-04 13:54:292022-02-04 13:54:29Lessons Learned What lessons can we learn from the recent business scandals? What ethical principles justin manufacturing which produces electrical components contemplating submitting bid 30000 February 4, 2022/in Uncategorized /by Liz Justin Manufacturing, which produces electrical components, is contemplating submitting a bid for 30,000 units of Item No. 54. The bid’s cost will be follows: Raw materials $ 75,000 Direct labor 120,000 Manufacturing overhead 150,000 Additional set-up costs 3,000 Special device 5,000 Allocated administrative overhead 12,000 Total cost $365,000 The special device will be purchased for this job and once the job is completed, the device will be discarded. Justin applies total manufacturing overhead of $5 to each unit (0.5 machine hours at $10 per hour). This figure is based, in part, on budgeted yearly fixed overhead of $1,440,000 and an anticipated volume of 480,000 machine hours (40,000 per month). Justin is presently working at 85% of capacity, and the client needs the order in two months. REQUIRED: 1. Is Justin’s current operating environment one of excess capacity or no excess capacity? Briefly explain. 2. If Justin had excess capacity, what would be the lowest cost total that the company should use when figuring its bid for the order? 3. Can Justin produce this order in the required time frame of two months? Explain. 4. Suppose that Justin is in marginal financial health. Explain the benefits and problems of approaching the bidding procedure with (1) a low bid or (2) a high bid. https://academicpapers.net/wp-content/uploads/2020/08/LOGO-300x75.png 0 0 Liz https://academicpapers.net/wp-content/uploads/2020/08/LOGO-300x75.png Liz2022-02-04 08:13:342022-02-04 08:13:34justin manufacturing which produces electrical components contemplating submitting bid 30000   How would you describe recognizing mental health as essential to physical health; And how might mental health related issues hinder physical recovery February 4, 2022/in Uncategorized /by Liz #6 Discussion Mental health disorders affect nearly 20 percent of American adults; nearly 4 percent are severely impaired and classified as having serious mental illness. (SMI) These disorders are often associated with chronic physical illnesses such as heart disease and diabetes. They also increase the risk of physical injury and death through accidents, violence, and suicide. (Stuart, 2013). 1.     How would you describe recognizing mental health as essential to physical health; And how might mental health related issues hinder physical recovery? 2.     Do you believe human interaction with mental health self-help over the internet can be personally and socially transformative? Describe the benefits and challenges of this method of connection. 3.     Reflecting on what you have learned so far in this class -How can society help people with mental health problems or prevent its development ? Initial Post DUE Thursday  1.     Create a thread/initial discussion post. 2.     Write at least 200 words per question. 3.     The majority of your post(s) must be original thoughts, words and ideas. 4.     Identify additional source of all information you use. 5.     Utilize APA formatting for your responses and citations. 6.     Post must be typed in the discussion message box, not attached as a document. Reply Post(s) 1.     Post at least two replies to either peers or the professor. 2.     Write at least 100 words per reply. 3.     Identify additional source of all information you use. 4.     Utilize APA formatting for your responses and citations. 5.     Post must be typed in the discussion message box, not attached as a document. https://academicpapers.net/wp-content/uploads/2020/08/LOGO-300x75.png 0 0 Liz https://academicpapers.net/wp-content/uploads/2020/08/LOGO-300x75.png Liz2022-02-04 05:32:512022-02-04 05:32:51  How would you describe recognizing mental health as essential to physical health; And how might mental health related issues hinder physical recovery DISCLAIMER Academicpapers.net is a pioneering academic writing service with a customer base comprising of thousands of students. We have hundreds of expert writers aboard working in collaboration with a diligent quality assurance team. 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