Chapter 2 Entrepreneurial Challenge

Read and Complete Chapter 2 Entrepreneurial Challenge (page 85): BUILD YOUR OWN BUSINESS. You will complete these assignments for each chapter throughout the semester and put together a final report at the end of the semester.

Write an analysis addressing the following:

1. You realize that you need a digital dashboard to help you operate your business. Create a list of all of the components you would want to track in your digital dashboard that would help you run your business. Be sure to justify how each component would help you gain insight into the operations of your business and flag potential issues that could ruin your business.
2. Explain three customer-facing processes and three business-facing processes associated with your business. Be sure to detail why the process is customer facing or business facing.
3. Create a To-Be process model for your most critical business process to ensure you know how to operate your startup in the most efficient and effective manner.

Instructions for your submission:

• Open the Word document from your previous submission:”Entrepreneurial Challenge-YourName”.
• You will be using this document throughout the semester.
• Make any requested changes from feedback received in previous weeks
• Add a bold heading titled: Chapter 2: Business Processes
  
• Follow the formatting requirements below
• Be sure your analysis is clear and organized.
• Change the Footer on the Word document to: Left (Your Name), Middle (Page number), Right (semester, year).
• Submit “Entrepreneurial Challenge-YourName” prior to the due date and time.

Formatting Requirements:

• Times New Roman, 12 point font
• One-inch margins (indent first line of paragraphs 1/2-inch)
• Double spaced (no extra spacing before or after paragraphs)
• Correct spelling and punctuation
• Complete sentences

Robert Neville’s endeavor to “cure” the vampire plague becomes his driving obsession in Matheson’s I Am Legend. In order to better understand the creatures and the bacilli, he must use inductive reasoning and gather evidence about his nocturnal tormentors.

Likewise, to better understand what societal fears a particular monster embodies, it becomes necessary to gather information about them.

Part 1: Summary. (1 page) As you read I Am Legend, keep track of Neville’s discoveries regarding the vampires with particular attention to the vampires’ peculiar attributes, behaviors, and shortcomings (not to mention the way Neville discusses them), keeping in mind the disparity between Neville’s superstitious speculations and empirical discoveries. Once you have completed the novel, summarize what Neville and the reader actually know about the vampires.

Part 2: Argument. (3 pages) After you have composed your summary, consider the information in relation to the novel’s genre. Write an argument supporting your claims/position on the following question: How does Matheson use elements of superstition and science to straddle between the horror and science fiction genres and to what end?

Remember to take into account how we have discussed gothic elements and the four strains (as well as how they manifest in science fiction/horror), but also be sure to address the two-fold narrative of monstrosity in the novel. Think about why the book is titled what it is.

Assignment DetailsCost behavior and cost classifications are key components to efficiently utilizing managerial accounting techniques.  In order to make decisions, accountants and managers must be able to correctly identify and classify each cost associated with a given product or service. 

Using your personal knowledge or the internet to select a product or service.  The product or service does not have to be an actual product or service – it can be completely fictional.  For the selected product or service, identify at least 5 costs involved with the product or service and complete the following questions. 

• Classify each cost as direct or indirect. 
• Identify the cost behavior as either variable, fixed or mixed. 
• Provide a brief (2 or 3 sentences) on the relationship of these costs. 

Please note you will need to make some assumptions about the product or service.  Internal product information is generally not available to the public so you will need to make some educated guesses about what may be required. 

Here is an example to help get you started:

Product: toothbrush
Costs: 

1. Plastic for handle (direct materials, variable)
2. Material for bristles (direct materials, variable)
3. Plant electricity to run equipment (indirect, fixed)
4. Labor to assemble each toothbrush (direct labor, variable)
5. Glue/Adhesive to hold bristles (indirect, variable)

Relationship: As the number of toothbrushes made increases, the direct materials and direct labor will also increase to meet the demand.  Electricity is required to operate other aspects in addition to the equipment so this a shared cost across all functions.  Electricity is necessary cost for all operations and not solely for the production of toothbrushes.

Your client, Sam, lives in Worcester, Massachusetts. He owns a downtown Worcester property that is zoned for commercial office space. However, since there is already plenty of office space available in Worcester, Sam does not feel that it would be wise to build another office building. Instead, he wishes to build a gas station to service the downtown traffic.

He asks you to do a bit of research on Massachusetts law to determine:

a) what standard your client must show to get a variance to allow him to build the gas station; and

b) if you can find any case law on the basis of which to guess whether he will be successful.

Please do so.

There is NO need to write an IRAC-style essay for this assignment.

Assignment Steps

Resources: Financial Accounting: Tools for Business Decision Making

Scenario: Daisey Company is a very profitable small business. It has not, however given much consideration to internal control. For example, in an attempt to keep clerical and office expenses to a minimum, the company has combined the jobs of cashier and book-keeper. As a result, Bret Turrin handles all cash receipts, keeps the accounting records, and prepares the monthly bank reconciliations.

The balance per the bank statement on October 31, 2017, was $18,380. Outstanding checks were No. 62 for $140.75, No. 183 for $180, No. 284 for $253.25, No. 862 for $190.71, No. 863 for $226.80, and No. 864 for $165.28. Included with the statement was a credit memorandum of $185 indicating the collection of a note receivable for Daisey Company by the bank on October 25.

This memorandum has not been recorded by Daisey.

The company’s ledger showed one Cash account with a balance of $21,877.72. The balance included undepositied cash on hand. Because of the lack of internal controls, Bret took for personal use all of the undeposited receipts in excess of $3,795.51. He then prepared the following bank reconciliation in an effort to conceal his theft of cash:

Cash balance per books, October 31		$21,877.72
Add: Outstanding checks
No. 862	$190.71
No. 863	226.80
No. 864	165.28	482.79
		22,360.51
Less: Undeposited receipts		3,795.51
Unadjusted balance per bank, October 31		18,565.00
Less: Bank credit memorandum		185.00
Cash balance per bank statement, October 31		$18,380.00

Prepare a 1,050-word bank reconciliation report (hint: deduct the amount of the theft from the adjusted balance per books) including the following:

• Indicate the three ways that Bret attempted to conceal the theft and the dollar amount involved in each method.
• What principles of internal control were violated in this case?

Show all work in the Excel^® spreadsheet and submit with the reconciliation report.