Based on the knowledge obtained in this course and previous course work, you will integrate marketing and accounting issues and principles. The final project for this course is the creation of a detailed narrative that examines a hypothetical business. Through research and your own expertise, you will create a fictional company that a few college students could plausibly start up or acquire. You will need to discuss the operations, competition, and financial statements for this company. Make sure to address all applicable course objectives.
Course Objectives • Interpret and use accounting vocabulary in decision making • Analyze the effect of business transactions on the basic accounting equation • Understand how to record basic accounting transactions • Understand the impact of the adjustment process on financial statements • Prepare and analyze Income Statements, Statements of Retained Earnings, and Balance Sheets • Understand the process of recording transactions for a merchandising concern and how they impact various inventory cost flow systems • Prepare a bank reconciliation • Identify the different types of receivables and how they impact financial statements. • Determine the cost of plant assets and calculate their value using various valuation systems. • Identify the different types of liabilities and how they impact financial statements. • Report and analyze stockholders’ equity
Main Elements of Final Product
The final product (narrative) must include: • Operations Analysis o The value proposition of your company (i.e. What product or service are you providing to your customers?) o A description of your target customer(s) o A description of how your product/service is made and delivered to your customer o The number of employees you will have and their titles/salaries • Competition Analysis o Describe your firm’s competitive environment: How many competitors do you have? o On what do your competitors compete with you? • First Year Pro Forma Financial Statements o Assume an initial cash budget between $100,000 and $800,000. This is how your business will be funded. o Provide a summary of investment of this cash in required rental space and equipment (fixed costs). Also, provide an estimate of salaries and other expenses. o Provide a determination of the selling price and cost per unit for your product or service. Also, provide an estimate of unit sales for the first year of operations.
Milestone 1: Class Brainstorm
In Discussion 1.2, you will engage in a class brainstorm in which students ask questions about the format and content of the final project and share potential project ideas. As in other discussions, you are expected to contribute your own thoughts, questions and ideas, as well as provide substantive feedback for your peers. Your participation in this milestone is graded separately from the final product, using the Discussion Board rubric.
Milestone 2: Outline
In Evaluate 3.1, you will submit a brief outline of your hypothetical business in terms of its operations, competition and financial statements. You should have a rough picture of a majority of the Main Elements of the Final Product, listed above. This assignment is not graded separately, but the instructor will give formative feedback that is consistent with the Final Product Rubric. Successful completion of this milestone will affect the Final Product grade under the critical element “Milestone submission…”
Milestone 3: Rough Draft of Narrative
In Evaluate 5.2, you will submit the rough draft of your hypothetical business in terms of its operations, competition and financial statements. It should include all of the Main Elements of the Final Product, listed above. This assignment is not graded separately, but the instructor