Part I: Team Strategy Plan
You are part of a group of newly hired team superintendents with Riordan Manufacturing. Your group was hired to lead new teams and begin production of the newly designed CardiCare Valve heart valves. This will be at the organization’s Pontiac, MI, location that is currently manufacturing custom plastic parts. Many of the production employees are current employees from other divisions, and the company expects to hire some new employees.
Prepare a plan to create teams. Address the following in your plan:
· Identify various strategies available to build teams.
· What challenges or barriers may happen?
· How will the best strategy be determined?
· What measures will you use to determine if the team is operating successfully
Part II: Conflict Management Plan
While developing the teams, the management group finds that there is currently some internal conflict among two of the employees chosen for this project. David Nguyen has spoken to his current manager twice regarding his feelings that James Deal is intentionally creating problems on the production line, which is causing David to miss his quality checks. James insists that he has no idea what David is referring to and does not understand why David is trying to cause problem. James now goes to his own superintendent because he feels David is spreading rumors that he is looking for other work. David advises his own manager that he is not sure why James thinks this because he has never said anything like that.
Before the new teams are formed, the management group knows they must resolve this issue so that the new production teams can operate smoothly. Both James and David are good employees with positive performance reviews, and they were chosen for the new project because of this reason.
Create a Conflict Management Plan for the conflict between David and James. In this plan, include the following:
· The various conflict management strategies
· The strengths and weaknesses of each
· Considerations for selecting a strategy
· Alternate strategies
· Possible challenges
InstructionsGuidelines:This project will be completed in several phases. Whether you are completing the project in Excel or on printed worksheets, you will work through the project in steps.Use the following guidelines to walk through the project. There are 'check figures' shown below that you can use to make sure you are on the right track as you go.PART 1The "Transactions" worksheet contains a list of transactions. Prepare a journal entry (or entries) for each and record in the Journal. Shading should not be changed.The transactions are divided into four quarters - from Chapter 5 knowledge-level to Chapter 11 knowledge-level. Once you have completed those chapters,you should be ready to record transactions for the quarter. Sales of Inventory should be recorded as two separate entries (ie, two 2-line entries).Cell E163 has a "check" box that confirms that your debits equal your credits in your j.
Part I Team Strategy PlanYou are part of a group of newly hired.docx
1. Part I: Team Strategy Plan
You are part of a group of newly hired team superintendents
with Riordan Manufacturing. Your group was hired to lead new
teams and begin production of the newly designed CardiCare
Valve heart valves. This will be at the organization’s Pontiac,
MI, location that is currently manufacturing custom plastic
parts. Many of the production employees are current employees
from other divisions, and the company expects to hire some new
employees.
Prepare a plan to create teams. Address the following in your
plan:
· Identify various strategies available to build teams.
· What challenges or barriers may happen?
· How will the best strategy be determined?
· What measures will you use to determine if the team is
operating successfully
Part II: Conflict Management Plan
While developing the teams, the management group finds that
there is currently some internal conflict among two of the
employees chosen for this project. David Nguyen has spoken to
his current manager twice regarding his feelings that James
Deal is intentionally creating problems on the production line,
which is causing David to miss his quality checks. James insists
that he has no idea what David is referring to and does not
understand why David is trying to cause problem. James now
goes to his own superintendent because he feels David is
spreading rumors that he is looking for other work. David
advises his own manager that he is not sure why James thinks
this because he has never said anything like that.
Before the new teams are formed, the management group knows
they must resolve this issue so that the new production teams
can operate smoothly. Both James and David are good
employees with positive performance reviews, and they were
2. chosen for the new project because of this reason.
Create a Conflict Management Plan for the conflict between
David and James. In this plan, include the following:
· The various conflict management strategies
· The strengths and weaknesses of each
· Considerations for selecting a strategy
· Alternate strategies
· Possible challenges
InstructionsGuidelines:This project will be completed in several
phases. Whether you are completing the project in Excel or on
printed worksheets, you will work through the project in
steps.Use the following guidelines to walk through the project.
There are 'check figures' shown below that you can use to make
sure you are on the right track as you go.PART 1The
"Transactions" worksheet contains a list of transactions.
Prepare a journal entry (or entries) for each and record in the
Journal. Shading should not be changed.The transactions are
divided into four quarters - from Chapter 5 knowledge-level to
Chapter 11 knowledge-level. Once you have completed those
chapters,you should be ready to record transactions for the
quarter. Sales of Inventory should be recorded as two separate
entries (ie, two 2-line entries).Cell E163 has a "check" box that
confirms that your debits equal your credits in your journal
entries. This box should be -0-, so if you accidentally enter a
transactionthat doesn't balance, this box will show the amount
that is out of balance.Journal Check:DebitCreditQuarter
1837,400837,400Quarter 21,160,0001,160,000Quarter
31,294,4001,294,400Quarter 41,758,1451,758,145Transactions
should then be posted to the individual ledger accounts ("T-
accounts") that are on the separate tabs following the
Journal.The balance in each account will be calculated for you
and will be positive for debit balances and in brackets for credit
3. balances. This is the typical way that accounting records
differenciate between debit and credit balances. Double-check
your final answers in the T-accounts by making sure the sum of
ALL your debits equals the sum of all your credits. You should
not close revenue and expense accounts into retained earnings
yet.
TransactionsTransaction listing for 2014Beginning Notes:When
Behrend Corporation began on January 1, 2013, they issued
5,000 shares of no-par common stock for $100,000.At the end
of 2013, Behrend Corporation paid $4,500 for rent for the first
quarter of 2014.Event #DateQTR 1Understanding of Chapter 5
is required prior to starting these transactions.11/3/14A sale
was made for $31,000 on account, and $17,600 worth of
inventory was shipped out.21/8/14Inventory was purchased for
$35,000, on account.31/13/14A sale was made for $29,000 on
account, and $18,200 worth of inventory was shipped
out.41/24/14Received a check from a customer for $25,000 as a
deposit on goods that will be shipped to them in
April.51/30/14Wages of $15,000 owed for January were
paid.62/7/14Behrend Corporation collected $65,000 from
customers that was in Accounts Receivable.72/9/14An
advertising campaign was launched and Behrend Corp paid cash
of $28,10082/16/14Inventory was purchased for $95,000, on
account.92/19/14A sale was made for $108,000 on account, and
$53,800 worth of inventory was shipped out.102/27/14Wages
were paid for $15,000 in wages owed for February, and Utilities
Payable was accrued for $4,000 which will be paid later. Both
are operating expenses. Record as two entries.113/12/14Other
production and office supplies were purchased on account for
$34,200. These are considered operating
expenses.123/18/14Behrend Corporation collected $52,000 from
customers that was in Accounts Receivable.133/19/14A sale was
made for $59,000 on account, and $32,000 worth of inventory
was shipped out.143/21/14Recorded the adjustment to recognize
the use of the first quarter's rent, which was
prepaid.153/30/14Paid $101,000 of Accounts Payable, and
4. $15,000 of Wages owed for March.QTR 2Understanding of
Chapter 7 is required prior to starting these
transactions.164/6/14Paid $4,500 rent for the second
quarter.174/8/14Collected $129,500 from customers from sales
made on account.184/13/14Wrote off a receivable that amounted
to $2,700 against the allowance.194/29/14A sale was made for
$79,000. $25,000 was previously received on 1/24, and the
balance is on account. $38,000 worth of inventory was shipped
out.204/30/14Inventory was purchased for $85,000, on account,
with terms 1/10, n/30.215/7/14Paid $80,000 to vendors (who
were getting very angry that Behrend Corp was taking so long
to pay), plus $4,000 of utilities that had been
accrued.225/11/14A sale was made for $90,000 on account, and
$48,000 worth of inventory was shipped out.235/12/14Inventory
was purchased for $64,000, on account, with terms 1/10,
n/30.245/20/14A sale was made for $105,000 on account, and
$58,000 worth of inventory was shipped out.255/29/14$24,000
was paid for operating expenses, including utilities, insurance
and wages.266/3/14Collected $152,000 from customers from
sales made on account.276/13/14Paid $108,000 on accounts
payable.286/17/14The company paid $54,000 of operating
expenses, including utilities, insurance and
wages.296/27/14$29,800 was paid for operating expenses
including insurance and wages for June.306/28/14Recorded the
adjustment to recognize the use of the second quarter's rent,
which was prepaid.QTR 3Understanding of Chapter 10 is
required prior to starting these transactions.317/6/14Collected
$132,000 from customers from sales made on
account.327/12/14Inventory was purchased for $152,000 on
account, with terms 1/10, n/30.337/21/14A sale was made for
$136,000 on account, and $69,000 worth of inventory was
shipped out.347/26/14A sale was made for $157,000 on account,
and $84,800 worth of inventory was shipped
out.357/31/14$15,000 was paid for wages for July.368/2/14Paid
$4,500 rent for the third quarter, and recorded all of it into the
prepaid rent account.378/9/14Collected $123,000 from
5. customers from sales made on account.388/12/14The company
established a $300,000 line of credit with a bank. Funds could
be borrowed or repaid at any amount at month end. Interest
would be paid at month end, at a rate of 1% per month. No
funds were drawn at this time.398/29/14Paid $57,000 for
operating expenses, including supplies, August wages,
insurance and office equipment rental.408/30/14$60,000 was
borrowed from a bank, at an interest rate of 12%. This is a 36-
month note and interest will be paid on the first of each month.
($60,000 x 12% x 1/12)419/1/14Paid $144,000 for inventory
purchased previously.429/2/14Land and building is purchased
for $140,000. The appraised values were $40,000 for the land
and $120,000 for the building.The building has an expected
useful life of 10 years, and has no salvage value. $40,000 is
paid in cash now as a deposit, and the balance will be paid in
January.(which will be recorded in the accounts payable).
Management expects to be in the new facility and fully
operating by October 1.439/28/14Interest was accrued for
September on the note payable.449/29/14Recorded the
adjustment to recognize the use of the third quarter's rent,
which was prepaid.459/30/14Wages of $15,000 were paid for
September.QTR 4Understanding of Chapter 11 is required prior
to starting these transactions.4610/1/14Inventory was purchased
for $248,000, on account, with terms 1/10, n/30.4710/10/14A
sale was made for $275,000 on account, and $153,400 worth of
inventory was shipped out.4810/11/14There was a leak in the
roof that caused damage to the building and had to be repaired.
The repair did not extend the life of the roof.None of the loss
was covered by insurance, so $19,500 cash was paid for the roof
repairs and the related damage to the interior
walls.4910/18/14An invoice was received for $16,000 for
utilities which will be paid in November.5010/29/14Interest was
paid for September, October and November (remember that
September interest was accrued in the previous
quarter).5110/30/142,000 shares of common stock were
repurchased back in to treasury for $12 per
6. share.5211/15/14$32,000 was paid for operating expenses,
including office supplies and October
wages.5311/24/14Collected $324,000 from customer accounts
receivable5411/26/14$22,000 was paid for insurance, November
wages and repairs and maintenance.5511/28/14A sale was made
for $116,000 cash, and $71,000 worth of inventory was shipped
out.5612/2/14Paid $305,000 on accounts payable, plus $16,000
Utility bill. Record as one entry.5712/3/14The allowance for
doubtful accounts was adjusted to reflect 1/2% of credit sales
made for the year. (Don't forget there were two cash sales -- Q1
and Q4)5812/29/14$30,000 was paid for wages and year-end
bonuses.5912/30/14Depreciation expense is recorded on the
building for the four months it was used.6012/31/14Accrue
December interest that will be paid in
January.6112/31/14Accrue another $45,000 utility
bill.6212/31/14Shares of cumulative, 5% preferred stock were
sold for $50,000. There were 1,000 shares sold, which had a
par value of $30 each.No dividends are associated with the
current year, but dividend accumulation will begin in the
upcoming year.
JournalDateGeneral JournalPost RefDebitCreditChart of
AccountsAccount Title1/3/14AssetCashAssetAccounts
ReceivableAssetAllowance for Uncollectible
AccountsAssetInventory1/8/14AssetPrepaid
RentAssetLand1/13/14AssetBuildingAssetAccumulated
Depreciation - BuildingLiabilitiesAccounts
PayableLiabilitiesWages Payable1/24/14LiabilitiesUtilities
PayableLiabilitiesInterest Payable1/30/14LiabilitiesDeferred
RevenueLiabilitiesLine of Credit2/7/14LiabilitiesNote
PayableEquityCommon Stock - No Par2/9/14EquityPreferred
StockEquityAdditional Paid-In Capital - Preferred
Stock2/16/14EquityTreasury StockEquityAdditional Paid-In
Capital - Treasury Stock2/19/14EquityRetained
EarningEquitySales RevenueEquityCost of Goods
SoldEquityInterest Expense2/27/14EquityOperating
Expenses3/12/143/18/143/19/143/21/143/30/13FIRST
9. process, you will post transactions, complete a full set of
financial statements for each of four quarters and for the year,
and then forecast the following year based on assumptions
given. This part of the project will be completed in steps.
Once you have completed the projection, you will have a base
year, current year and projected year. You will then prepare a
horizontal and vertical analysis of the income statement and
balance sheet comparing the three years. You will then be
ready to analyze the company’s results with a format for
guidance.
Keep in mind a few things as you start:
· You should use the capability of Excel. This means that you
will lose points for printing out the Excel format and filling it
in by hand, or for hard-coding numbers that are totals or sub-
totals. Use formulas and cell references! That’s the point of
Excel – IT is your calculator!If you are going to do the math by
hand and then type it in, you need a time machine to find a job
in the 1970’s.
· Your input areas are shaded in color in Parts 2-4.
· The year ended 12/31/13 is given for comparison purposes
later in the project.
· You will complete 2014 by posting transactions and then
preparing financial statements. This phase will be completed in
quarters as we finish chapters.
· You will project 2015 financial results using the given
assumptions. Please don’t attempt this part until we are done
with budgeting in class.
Once you are done with the Excel portion of the project, you
will be provided a word document to use as a format for the
analysis of your company.
· All answers in the Word document should be based on the
December 31, 2015 statements unless otherwise stated.
· The ratio area MUST show your work to get credit.
10. · The ratio area should show one of three possible answers in
the “Analysis” box: BETTER, WORSE, or NO CHANGE.
· The ratios you prepare in the analysis will support your
answers to the questions about the company. Use the ratios to
support your answers.
Submitting the project
Each Part created in Excel will be submitted electronically via
the drop box in the Project folder on ANGEL. Grading and
corrections will be provided by part so that you can move on to
the next part with a correct basis.
Check to be sure that you submitted what you intended to.
Formatting for the project should not be changed. If you do
accidentally change it in the process of completing it, please
correct before submission.
The final portion is a word document which will be printed,
organized, and stapled in in the upper left hand corner for class
submission.Projects will not be accepted late. Anticipate that
not everything in life always goes as planned. Any part not
submitted by the deadline may receive a score of -0-.
