number 1 and 3 Transcript of Meeting with Anna, Omar, and Ted, and Peter Graff and Student
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Transcript of Meeting with Anna, Omar, and Ted, and Peter Graff and Student on September 29, 2020 Anna: I feel so bad that we did not live up to our Dad's expectations and the company is now losing money. I stopped my PhD and moved back to Surrey to oversee marketing and sales. I started by giving all our clients a 10% discount. I thought we were doing a very good job, so I requested that production be increased. Omar: I closed my successful dentistry practice to manage the company. I prepared the income statement myself as I have done in my dentistry practice for the past 10 years. Ted: I was extra motivated this year because of the sudden death of our Dad. I never saw production going as smoothly as it did this year. Omar: Peter, please we need your advice here. Obviously, our Dad left us big shoes to fill. He was so smart, and he managed everything by himself. He did the accounting and the marketing. Maybe it is time for us to sell the business? Anna: How could we sell the business if it is losing money? Ted: We should never think about selling! There must be something wrong. I do not know accounting, but I have been working long enough at PML to know we should have made a profit and not a loss this year. Transcript of Meeting with Anna, Omar, and Ted, and Peter Graff and Student on September 29, 2020 Anna: I feel so bad that we did not live up to our Dad's expectations and the company is now losing money. I stopped my PhD and moved back to Surrey to oversee marketing and sales. I started by giving all our clients a 10% discount. I thought we were doing a very good job, so I requested that production be increased. Omar: I closed my successful dentistry practice to manage the company. I prepared the income statement myself as I have done in my dentistry practice for the past 10 years. Ted: I was extra motivated this year because of the sudden death of our Dad. I never saw production going as smoothly as it did this year. Omar: Peter, please we need your advice here. Obviously, our Dad left us big shoes to fill. He was so smart, and he managed everything by himself. He did the accounting and the marketing. Maybe it is time for us to sell the business? Anna: How could we sell the business if it is losing money? Ted: We should never think about selling! There must be something wrong. I do not know accounting, but I have been working long enough at PML to know we should have made a profit and not a loss this year.
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1 2 Customer jobs a Job costing and process costing have important similarities job costing and process costing systems both have the same goal to determine the price of products job costing and proce... View the full answer
Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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