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Mini-Case "These Are Exciting Times for Our Company. We've Made a a Lot

question 49

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Mini-Case
"These are exciting times for our company. We've made a lot of changes over the past two years that have really improved our operations and lowered our costs. Now we are ready to expand into new markets. Minimotors is on its way to becoming a global player." The speaker was Sparky Weyer, president and CEO of Minimotors, Inc., a growing manufacturer of small (some of them downright tiny) electric motors used in a variety of power tools and appliances. Sparky was meeting with potential financial backers in an effort to obtain funding for some expensive new machinery he wanted to purchase. "You may have heard about some of the ways we've cut costs," Sparky continued. "We've developed a new arrangement with several of our biggest suppliers. They've agreed to make more frequent deliveries tied directly to our production schedules. This will help us reduce our inventory costs dramatically. We've also greatly reduced the number of defective motors we produce by carefully keeping tabs on all of our manufacturing processes. In fact, we have set a goal of reducing our defects to 3.4 parts per million. The main purpose of my meeting with you today is because we want to install some sophisticated new machinery and software that will allow us to quickly design and produce motors to the exact specifications of our customers. The machinery is computer-controlled and can produce custom-designed products at very little increase in cost compared to our mass-produced motors. We feel this flexibility and quick response time will give us a tremendous competitive advantage and help us attract new customers. Installing the new equipment and training our workers to use it properly will be a complex project, but I'm confident that once we get everything up and running we'll be able to strengthen our position as the leading maker of high-quality electric motors."
-While Minimotors has focused on improving production efficiencies, global customers are inquiring about its environmental policies. In light of its strategy to serve European customers, Sparky has requested two of its lead engineers to investigate what it would take to meet the environmental standards of its socially responsible customers. The engineers should investigate ___________ as best practices for managing a firm's impact on its environment.

Differentiate between components and stylistic features of Roman wall painting and sculpture.

Know the key figures, including emperors and deities, depicted in Roman art and their significance.

Explain the function and symbolism behind architectural elements and structures in Roman society.

Understand the impact of historical and cultural developments on Roman art and architecture.

Definitions:

Prepaid Insurance

An asset account that represents the amount of insurance premium payments made in advance and has not yet expired at the balance sheet date.

Prepaid Rent

An expense that is paid in advance for the use of property or equipment, which is then recognized as an expense over the period of use.

Rent Expense

The cost incurred from renting property or equipment, recognized as an expense on the income statement.

Accounts Receivable

Money owed to a business by its customers for products or services delivered on credit.