CASE 8–30 Evaluating a Company’s Budget Procedures [LO8–1] Tom Emory and Jim Morris strolled back to their plant from the administrative offices of Ferguson & Son Manufacturing Company. Tom is manager of the machine shop in the company’s factory; Jim is manager of the equipment maintenance department. The men had just attended the monthly performance evaluation meeting for plant department heads. These meetings had been held on the third Tuesday of each month since Robert Ferguson, Jr., the president’s son, had become plant manager a year earlier. As they were walking, Tom Emory spoke: “Boy, I hate those meetings! I never know whether my department’s accounting reports will show good or bad performance. I’m beginning to expect the worst. If the accountants say I saved the company a dollar, I’m called ‘Sir,’ but if I spend even a little too much—boy, do I get in trouble. I don’t know if I can hold on until I retire.” Tom had just been given the worst evaluation he had ever received in his long career with Ferguson & Son. He was the most respected of the experienced machinists in the company. He had been with Ferguson & Son for many years and was promoted to supervisor of the machine shop when the company expanded and moved to its present location. The president (Robert Ferguson, Sr.) had often stated that the company’s success was due to the high-quality work of machinists like Tom. As supervisor, Tom stressed the importance of craftsmanship and told his workers that he wanted no sloppy work coming from his department. When Robert Ferguson, Jr., became the plant manager, he directed that monthly performance comparisons be made between actual and budgeted costs for each department. The departmental budgets were intended to encourage the supervisors to reduce inefficiencies and to seek cost reduction opportunities. The company controller was instructed to have his staff “tighten” the budget slightly whenever a department attained its budget in a given month; this was done to reinforce the plant manager’s desire to reduce costs. The young plant manager often stressed the importance of continued progress toward attaining the budget; he also made it known that he kept a file of these performance reports for future reference when he succeeded his father. Tom Emory’s conversation with Jim Morris continued as follows: Emory: I really don’t understand. We’ve worked so hard to meet the budget, and the minute we do so they tighten it on us. We can’t work any faster and still maintain quality. I think my men are ready to quit trying. Besides, those reports don’t tell the whole story. We always seem to be interrupting the big jobs for all those small rush orders. All that setup and machine adjustment time is killing us. And quite frankly, Jim, you were no help. When our hydraulic press broke down last month, your people were nowhere to be found. We had to take it apart ourselves and got stuck with all that idle time. Page 390 Morris: I’m sorry about that, ...

1. CASE 8–30 Evaluating a Company’s Budget Procedures [LO8–
1]
Tom Emory and Jim Morris strolled back to their plant from the
administrative offices of Ferguson & Son Manufacturing
Company. Tom is manager of the machine shop in the
company’s factory; Jim is manager of the equipment
maintenance department.
The men had just attended the monthly performance evaluation
meeting for plant department heads. These meetings had been
held on the third Tuesday of each month since Robert Ferguson,
Jr., the president’s son, had become plant manager a year
earlier.
As they were walking, Tom Emory spoke: “Boy, I hate those
meetings! I never know whether my department’s accounting
reports will show good or bad performance. I’m beginning to
expect the worst. If the accountants say I saved the company a
dollar, I’m called ‘Sir,’ but if I spend even a little too much—
boy, do I get in trouble. I don’t know if I can hold on until I
retire.”
Tom had just been given the worst evaluation he had ever
received in his long career with Ferguson & Son. He was the
most respected of the experienced machinists in the company.
He had been with Ferguson & Son for many years and was
promoted to supervisor of the machine shop when the company
expanded and moved to its present location. The president
(Robert Ferguson, Sr.) had often stated that the company’s
success was due to the high-quality work of machinists like
Tom. As supervisor, Tom stressed the importance of
craftsmanship and told his workers that he wanted no sloppy
work coming from his department.
When Robert Ferguson, Jr., became the plant manager, he
directed that monthly performance comparisons be made
between actual and budgeted costs for each department. The

2. departmental budgets were intended to encourage the
supervisors to reduce inefficiencies and to seek cost reduction
opportunities. The company controller was instructed to have
his staff “tighten” the budget slightly whenever a department
attained its budget in a given month; this was done to reinforce
the plant manager’s desire to reduce costs. The young plant
manager often stressed the importance of continued progress
toward attaining the budget; he also made it known that he kept
a file of these performance reports for future reference when he
succeeded his father.
Tom Emory’s conversation with Jim Morris continued as
follows:
Emory:
I really don’t understand. We’ve worked so hard to meet the
budget, and the minute we do so they tighten it on us. We can’t
work any faster and still maintain quality. I think my men are
ready to quit trying. Besides, those reports don’t tell the whole
story. We always seem to be interrupting the big jobs for all
those small rush orders. All that setup and machine adjustment
time is killing us. And quite frankly, Jim, you were no help.
When our hydraulic press broke down last month, your people
were nowhere to be found. We had to take it apart ourselves and
got stuck with all that idle time.
Page 390
Morris:
I’m sorry about that, Tom, but you know my department has had
trouble making budget, too. We were running well behind at the
time of that problem, and if we’d spent a day on that old
machine, we would never have made it up. Instead we made the
scheduled inspections of the forklift trucks because we knew we
could do those in less than the budgeted time.
Emory:
Well, Jim, at least you have some options. I’m locked into what
the scheduling department assigns to me and you know they’re
being harassed by sales for those special orders. Incidentally,
why didn’t your report show all the supplies you guys wasted

3. last month when you were working in Bill’s department?
Morris:
We’re not out of the woods on that deal yet. We charged the
maximum we could to other work and haven’t even reported
some of it yet.
Emory:
Well, I’m glad you have a way of getting out of the pressure.
The accountants seem to know everything that’s happening in
my department, sometimes even before I do. I thought all that
budget and accounting stuff was supposed to help, but it just
gets me into trouble. It’s all a big pain. I’m trying to put out
quality work; they’re trying to save pennies.
Required:
1. Identify the problems that appear to exist in Ferguson & Son
Manufacturing Company’s budgetary control system and explain
how the problems are likely to reduce the effectiveness of the
system.
2. Explain how Ferguson & Son Manufacturing Company’s
budgetary control system could be revised to improve its
effectiveness.
CASE 11–23 Balanced Scorecard [LO11–4]
Haglund Department Store is located in the downtown area of a
small city. While the store had been profitable for many years,
it is facing increasing competition from large national chains
that have set up stores on the outskirts of the city. Recently the
downtown area has been undergoing revitalization, and the
owners of Haglund Department Store are somewhat optimistic

4. that profitability can be restored.
In an attempt to accelerate the return to profitability,
management of Haglund Department Store is in the process of
designing a balanced scorecard for the company. Management
believes the company should focus on two key problems. First,
customers are taking longer and longer to pay the bills they
incur using the department store’s charge card, and the company
has far more bad debts than are normal for the industry. If this
problem were solved, the company would have more cash to
make much needed renovations. Investigation has revealed that
much of the problem with late payments and unpaid bills results
from customers disputing incorrect charges on their bills. These
incorrect charges usually occur because salesclerks incorrectly
enter data on the charge account slip. Second, the company has
been incurring large losses on unsold seasonal apparel. Such
items are ordinarily resold at a loss to discount stores that
specialize in such distress items.
The meeting in which the balanced scorecard approach was
discussed was disorganized and ineffectively led—possibly
because no one other than one of the vice presidents had read
anything about how to build a balanced scorecard. Nevertheless,
a number of potential performance measures were suggested by
various managers. These potential performance measures are:
a. Percentage of charge account bills containing errors.
b. Percentage of salesclerks trained to correctly enter data on
charge account slips.
c. Average age of accounts receivables.
d. Profit per employee.
e. Customer satisfaction with accuracy of charge account bills
from monthly customer survey.
f. Total sales revenue.
g. Sales per employee.
h. Travel expenses for buyers for trips to fashion shows.
i. Unsold inventory at the end of the season as a percentage of
total cost of sales.
j. Courtesy shown by junior staff members to senior staff

5. members based on surveys of senior staff.
k. Percentage of suppliers making just-in-time deliveries.
l. Sales per square foot of floor space.
m. Written-off accounts receivable (bad debts) as a percentage
of sales.
n. Quality of food in the staff cafeteria based on staff surveys.
o. Percentage of employees who have attended the city’s
cultural diversity workshop.
p. Total profit.
Required:
1. As someone with more knowledge of the balanced scorecard
than almost anyone else in the company, you have been asked to
build an integrated balanced scorecard. In your scorecard, use
only performance measures listed previously. You do not have
to use all of the performance measures suggested by the
managers, but you should build a balanced scorecard that
reveals a strategy for dealing with the problems with accounts
receivable and with unsold merchandise. Construct the balanced
scorecard following the format used in Exhibit 11-5. Do not be
concerned with whether a specific performance measure falls
within the learning and growth, internal business process,
customer, or financial perspective. However, use arrows to
show the causal links between performance measures within
your balanced scorecard and explain whether the performance
measures should show increases or decreases.
Page 512
2. Assume that the company adopts your balanced scorecard.
After operating for a year, some performance measures show
improvements, but not others. What should management do
next?
3.
a. Suppose that customers express greater satisfaction with the
accuracy of their charge account bills but the performance
measures for the average age of accounts receivable and for bad
debts do not improve. Explain why this might happen.
b. Suppose that the performance measures for the average age of

6. accounts receivable, bad debts, and unsold inventory improve,
but total profits do not. Explain why this might happen. Assume
in your answer that the explanation lies within the company.
CASE 12–30 Ethics and the Manager; Shut Down or Continue
Operations [LO12–2]
Haley Romeros had just been appointed vice president of the
Rocky Mountain Region of the Bank Services Corporation
(BSC). The company provides check processing services for
small banks. The banks send checks presented for deposit or
payment to BSC, which records the data on each check in a
computerized database. BSC then sends the data electronically
to the nearest Federal Reserve Bank check-clearing center
where the appropriate transfers of funds are made between
banks. The Rocky Mountain Region has three check processing
centers, which are located in Billings, Montana; Great Falls,
Montana; and Clayton, Idaho. Prior to her promotion to vice
president, Ms. Romeros had been the manager of a check
processing center in New Jersey.
Immediately after assuming her new position, Ms. Romeros
requested a complete financial report for the just-ended fiscal
year from the region’s controller, John Littlebear. Ms. Romeros
specified that the financial report should follow the
standardized format required by corporate headquarters for all
regional performance reports. That report follows:
d
Upon seeing this report, Ms. Romeros summoned John
Littlebear for an explanation.
Romeros:
What’s the story on Clayton? It didn’t have a loss the previous
year did it?
Littlebear:
No, the Clayton facility has had a nice profit every year since it

7. was opened six years ago, but Clayton lost a big contract this
year.
Romeros:
Why?
Littlebear:
One of our national competitors entered the local market and
bid very aggressively on the contract. We couldn’t afford to
meet the bid. Clayton’s costs—particularly their facility
expenses—are just too high. When Clayton lost the contract, we
had to lay off a lot of employees, but we could not reduce the
fixed costs of the Clayton facility.
Romeros:
Why is Clayton’s facility expense so high? It’s a smaller
facility than either Billings or Great Falls and yet its facility
expense is higher.
Littlebear:
The problem is that we are able to rent suitable facilities very
cheaply at Billings and Great Falls. No such facilities were
available at Clayton; we had them built. Unfortunately, there
were big cost overruns. The contractor we hired was
inexperienced at this kind of work and in fact went bankrupt
before the project was completed. After hiring another
contractor to finish the work, we were way over budget. The
large depreciation charges on the facility didn’t matter at first
because we didn’t have much competition at the time and could
charge premium prices.
Romeros:
Well we can’t do that anymore. The Clayton facility will
obviously have to be shut down. Its business can be shifted to
the other two check processing centers in the region.
Littlebear:
I would advise against that. The $1,200,000 in depreciation at
the Clayton facility is misleading. That facility should last
indefinitely with proper maintenance. And it has no resale
value; there is no other commercial activity around Clayton.
Romeros:

8. What about the other costs at Clayton?
Page 579
Littlebear:
If we shifted Clayton’s business over to the other two
processing centers in the region, we wouldn’t save anything on
direct labor or variable overhead costs. We might save $90,000
or so in local administrative expense, but we would not save
any regional administrative expense and corporate headquarters
would still charge us 9.5% of our sales as corporate
administrative expense.
In addition, we would have to rent more space in Billings and
Great Falls in order to handle the work transferred from
Clayton; that would probably cost us at least $600,000 a year.
And don’t forget that it will cost us something to move the
equipment from Clayton to Billings and Great Falls. And the
move will disrupt service to customers.
Romeros:
I understand all of that, but a money-losing processing center on
my performance report is completely unacceptable.
Littlebear:
And if you shut down Clayton, you are going to throw some
loyal employees out of work.
Romeros:
That’s unfortunate, but we have to face hard business realities.
Littlebear:
And you would have to write off the investment in the facilities
at Clayton.
Romeros:
I can explain a write-off to corporate headquarters; hiring an
inexperienced contractor to build the Clayton facility was my
predecessor’s mistake. But they’ll have my head at headquarters
if I show operating losses every year at one of my processing
centers. Clayton has to go. At the next corporate board meeting,
I am going to recommend that the Clayton facility be closed.
Required:

9. 1. From the standpoint of the company as a whole, should the
Clayton processing center be shut down and its work
redistributed to other processing centers in the region? Explain.
2. Do you think Haley Romeros’s decision to shut down the
Clayton facility is ethical? Explain.
3. What influence should the depreciation on the facilities at
Clayton have on prices charged by Clayton for its services?
General InformationFanciful, IncHistorical Information Sales in
GallonsYearSuperStupendous2008411,000None2009412,000No
ne2010405,000186,2502011430,000223,5002012420,000268,20
0Projected Selling Price for 2013 per
gallonSuperStupendous$10.30$15.45Inventory and Material
InformationBeginning InventoryDesired Ending
InventoryCans56,550cans61,700cansPigmentSuper63,300lbs.70,
000Stp'dous49,70053,750lbs.Finished Good
Inv.Super31,700gal.35,000gal.Stp'dous24,850gal.27,000gal.201
2 PricesCans$0.40Super pigment$2.75per poundStupendous
pigment$3.75per poundExpected 2013 PricesCans$0.02increase
over 2012 pricesSuper pigment$0.14increase over 2012
pricesStupendous pigment$0.19increase over 2012 pricesUsage
StandardsSuper2lbs. per gallonStupendous2lbs. per gallonDirect
Labor and Machine Hour Information2012 labor rate - both
departments$8.25per hourExpected 2013 rate increase$0.25Per
hour rate increase over 2012Production Standards and
InformationSuperStp'dousMachine
hours/gallon0.12hours0.12hoursLabor hours per machine
hr.1.25hours1.25hours2012 machines available2620Annual
capacity per machine15,000gal.15,000gal.Machine hours per
machine1,800hours1,800hoursMaximum annual hours per
employee2,000hours2,000hoursEmployees per
supervisor88Overhead Information2012
InformationVariableFixedIndirect materials$0.20per galIndirect
labor rate-annual$50,000per supervisorEmployee fringe

10. benefits20%of wagesHealth benefits per employee$1,500per
employeeUtilities$0.40per Mhr.Maintenance$0.20per
Mhr.$10,000annually*Insurance$50,000annually*Property
taxes$10,000annually*Supplies$5,000annually*Depreciation -
mfg.$250,000annually*** These items are allocated to depts.
based upon production levels in gallons.**The 2012 allocation
was $141,300 for Super, and $108,700 for Stupendous.It is
expected that the following changes will occur in
2013:VariableFixedIndirect materialsNo ChangeIndirect labor
rate-annual2.50%increase per employeeEmployee fringe
benefitsNo ChangeHealth benefits per employee$200increase
per employeeUtilitiesNo ChangeMaintenance$0.05in. per
Mhr.$500annual increase*Insurance$500annual
increase*Property taxes8%annual increase*Supplies$200annual
increase*Depreciation - mfg. 2012 equip.No
ChangeDepreciation - new purchasesFive-year life*** These
items are allocated to depts. based upon production levels in
gallons.**The 2012 allocation was $141,300 for Super, and
$108,700 for Stupendous.2012
DepreciationSuperStupendous$141,300$108,700CashIncrease
DebtPurchases for each new piece of
equipment$5,000$25,000Selling Department Information2012
InformationVariableFixedCommissions$0.35per
canSalaries$15,000per representativeFringe
benefits20%commissions20%salariesHealth benefits$1,500per
representativeAdvertising$10per 100 cans soldMeals &
entertainment$50per week per
representativeDepreciation$7,500It is expected that the
following changes will occur in
2013:VariableFixedCommissionsNo ChangeSalariesNo
ChangeFringe benefitsNo ChangeNo ChangesalariesHealth
benefits$200increase per representativeAdvertising$12per 100
cans soldMeals & entertainment$60per week per
representativeDepreciationNo ChangeIt is expected number of
sales reps. Employees during 201310Administrative Department
Information2012

11. InformationVariableFixedSalaries$250,000annualFringe
benefits20%wagesHealth benefits$1,500per
employeeProfessional fees$20,000annuallyOffice
supplies$0.03per gal. soldTelephone$0.02per gal.
soldDepreciation$6,000annuallyIt is expected that the following
changes will occur in 2013:VariableFixedSalaries3%annual
increaseFringe benefitsNo ChangeHealth benefits$200increase
per employeeProfessional fees$1,500annual increaseOffice
supplies$0.01inc. per gal. soldTelephone$0.0025inc. per gal.
soldDepreciationNo ChangeIt is expected number of admin.
employees during 20139It is expected that interest rates will
be:7.50%2012 Balance SheetCash150,000Accounts
receivable827,000Inventory - raw materials383,037Inventory -
finished goods551,835Plant and equipment1,775,000Less
accumulated depreciation-615,000Total
assets3,071,872Accounts payable383,016Accrued
wages76,097Accrued other74,083Long-term
debt1,125,000Common stock400,000Additional paid-
in495,000Retained earnings518,676Total liability and
equity3,071,872
Sales ProjectionFanciful, Inc.Sales Volume ProjectionSales in
GallonsYearSuperStupendous2008411,000None2009412,000No
ne2010405,000186,2502011430,000223,5002012420,000268,20
0Super Paint Volume Projection Using Exponential
SmoothingYearActual Sales in GallonsWeightWeighted
SalesSales Volume Projection for
20132008411,0002009412,0002010405,0002011430,000201242
0,000TotalsStupendous Paint Volume Projection Using Growth
FunctionKnown x'sKnown y'sNew
xYearStupendousYear2010186,25020132011223,5002012268,20
0Projection of Stupendous 2013 Sales Volume
Sales BudgetFanciful Inc.Sales BudgetFor the Year Ended
December 31, 2013Super PaintStupendous PaintTotalProjected
Sales VolumeSelling PriceProjected Sales
Production BudgetFanciful Inc.Production BudgetFor the Year
Ended December 31, 2013Super PaintStupendous

12. PaintTotalProjected Sales VolumeDesired Ending
InventoryUnits NeededBeginning InventoryProjected Production
Direct Materials BudgetFanciful Inc.Direct Materials BudgetFor
the Year Ended December 31, 2013Super PaintStupendous
PaintTotalCans (Units)Projected Production-
gallonsxxxxxxxxxxxxxxxxxxxxxxDesired ending
inventoryxxxxxxxxxxxxxxxxxxxxxxUnits
neededxxxxxxxxxxxxxxxxxxxxxxBeginning inventory
(gal)xxxxxxxxxxxxxxxxxxxxxxPurchases
neededxxxxxxxxxxxxxxxxxxxxxxCost per
unitxxxxxxxxxxxxxxxxxxxxxx$0.00Cost of can
purchasesxxxxxxxxxxxxxxxxxxxxxx$0Pigments
(pounds)Projected Production-gallonsPounds per gallonPound
needed for productionDesired ending inventoryPounds
neededBeginning inventoryPurchases needed in poundsCost per
pound$0.00$0.00Cost of
pigments$0$0$0xxxxxxxxxxxxxxxxxx$0
Direct Labor BudgetFanciful Inc.Direct Labor BudgetFor the
Year Ended December 31, 2013Super PaintStupendous
PaintTotalProjected employees neededProjected
productionMachine hours needed per gallonMachine hours
neededLabor hours per machine hoursLabor hours neededPlease
use ROUND function hereMaximum hours per
employeeProjected employees neededWatch for rounding
here!!Please be sure this is a whole numberProjected labor
costsRemember to round up! Labor hours needed (from
above)Suggestion - use ROUNDUP function.Predicted labor
rate$0.00$0.00Labor dollars neededThis is the total wage figure
for cash payments and accrualDirect labor fringe benefitsThis is
an "other expense"Direct labor health benefitThis is an "other
expense"Total direct labor costs$0$0$0
Mfg Overhead BudgetFanciful Inc.Manufacturing Overhead
BudgetFor the Year Ended December 31, 2013Super
PaintStupendous PaintTotalNumber of supervisorsDirect labor
employees neededDirect labor employees/supervisorSupervisors
neededWatch for whole number here!Use round up

13. functionManufacturing OverheadVariable overheadIndirect
materials$0$0$0UtilitiesVariable maintenanceTotal variable
overheadFixed OverheadSupervisor salariesSupervisor fringe
benefitsSupervisor health insuranceFixed
maintenanceInsuranceProperty taxesSuppliesDepreciation -
manufacturingRemember to depreciation old and new
equipmentTotal fixed overheadTotal manufacturing
overhead$0$0$0
Capital Expenditures BudgetFanciful Inc.Capital Expenditures
BudgetFor the Year Ended December 31, 2013Super
PaintStupendous PaintTotalMachine hours neededMachine
hours per machineNumber of machines needed*Remember to
round up to a whole machine!!Machines Jan 1, 2013Machine
purchases needed ($30,000 per machine)Cost per
machine$0$0$0Total cost of desired purchases$0$0$0Cash
outlay for purchases$0$0$0Increase in debt for
purchases$0$0$0* Remember to round up! For example:If your
calculation determines that you will need 30.1 machines, you
will have to purchase 31 machines.
Cost of Goods MfgFanciful Inc.Budgeted Cost of Goods
ManufacturedFor the Year Ended December 31, 2013Direct
MaterialsBeginning Direct Materials InventoryRemember to
look at the Beginning Balance SheetMaterial PurchasesDirect
Materials Available for UseEnding Direct Materials
InventoryTotal Raw Materials UsedDirect LaborOverheadCost
of Goods ManufacturedUnit costs for
productsSuperStupendousTotalCost of materials per
unit$0.00$0.00Remember the cost of the cansUnit cost for
direct laborUnit Cost for overheadTotal unit cost for 2013
productionUnits in finished goods inventoryValue of finished
goods inventory$0$0$0Use this figure on the ending balance
sheet
Sales Department BudgetFanciful Inc.Selling Department
BudgetFor the Year Ended December 31,
2013FixedVariableTotalCommissions$0$0SalariesSelling fringe
benefitsSelling health benefitsAdvertisingMeals &

14. EntertainmentDepreciation Totals$0$0$0
Administrative Depart. BudgetFanciful Inc.Administrative
BudgetFor the Year Ended December 31,
2013FixedVariableTotalSalaries$0$0Administrative fringe
benefitsAdministrative health benefitsProfessional feesOffice
supplies$0Telephone Depreciation Total administative
costs$0$0$0
Proforma Income StatementFanciful Inc.Budgeted Income
Statement (Absorption)For the Year Ended December 31,
2013Sales$0Cost of SalesBeginning finished goods
inventory$0Remember to look at the beginning balance
sheetCost of goods manufacturedGood available for saleEnding
inventoryRemember to look at COGMfg statementCost of goods
soldGross margin0Selling expensesAdministrative
expensesTotal selling and admin. expensesOperating
incomeInterest expenseIncome before taxIncome tax (40%
rate)Net income$0
Cash BudgetFanciful Inc.Cash BudgetFor the Year Ended
December 31, 2013Increase in CashDecrease in CashTotalCash
receipts$0Cash payments for materials$0Wages and
commissions paidOther expenses paidInterest paid on long-term
debtIncome taxes paidCash paid for new fixed assetsLong-term
debt repaymentDividend paidTotal increases and decreasesPrior
year cashxxxxxxxxxxxxxxxxxxxxCash balance December 31,
2013xxxxxxxxxxxxxxxxxxxxUse this balance on the balance
sheet
Proforma Balance SheetFanciful Inc.Balance SheetDecember
31, 2013AssetsCash$0Accounts receivableInventory - raw
materialsRemember to look at the COGMfgInventory - finished
goodsRemember to look at the COGMfgPlant and
equipmentLess accumulated depreciationTotal
Assets$0LiabilitiesAccounts payable$0Accrued wagesBe sure
NOT to include employee benefitsAccrued otherDo not include
non-cash expenses but remember employee benefitsLong-term
debtTotal liabilities$0Stockholders' equityCommon
stock0Additional paid-in capitalRetained earningsTotal

15. stockholders' equityTotal liabilities and stockholders' equity$0
Strengths&WeaknessesStrengths & Weaknesses - and
RecommendationsWhat strengths does Fanciful, Inc. have?What
weaknesses does Fanciful, Inc. have?What are your
recommendations?