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Gray & Greene Gray & Greene Company is a relatively small private
company with annual sales… 1 answer below » Gray & Greene Gray & Greene Company is a relatively small private
company with annual sales of $25,000,000, on a total asset base of
$18,000,000. The company manufactures
specialized parts for larger corporations in the automobile, energy, and home products
industries. For instance, the company
produces the control switch for automobile power seats, a fuel gage monitor for
gasoline pumps, and a thermostat switch for appliances such as refrigerators
and air conditioners. The company
employs about 80 people and generally runs two and sometimes three production
shifts five days a week. View complete question » Gray & Greene Gray & Greene Company is a relatively small private
company with annual sales of $25,000,000, on a total asset base of
$18,000,000. The company manufactures
specialized parts for larger corporations in the automobile, energy, and home products
industries. For instance, the company
produces the control switch for automobile power seats, a fuel gage monitor for
gasoline pumps, and a thermostat switch for appliances such as refrigerators
and air conditioners. The company
employs about 80 people and generally runs two and sometimes three production
shifts five days a week. A maintenance
crew works on Saturdays to keep machines in working order. Mike Gray the company CEO is a second-generation owner of
the company. He took over as head of the
company after his father retired in 19×5.
Mike is a firm believer in specialty work. Since his company specializes and has
expertise in certain types of products, Mike feels they should contract out to
specialists for other areas of need. The
company does not have a finance officer or personnel officer. Mike hired a personnel agency for all hiring
and pension programs, and an accounting firm to maintain accounting
records. Mike and Bob Greene, the COO,
still have final authority and decision making power over the major personnel
and accounting related activities and have worked well in this relationship for
a number of years. By leaving much of
this administrative type work to specialized agencies, Mike and Bob have been
able to concentrate their efforts into product development and production of
their unique products. Customers have been very pleased with the quality of the
product produced by Gray & Greene as well as the reliability of delivery
and performance. There products have
always been very cost competitive, and the company never lacks for
business. Mike has an administrative assistant, Gloria Wong, who
oversees the accounting activities and works as an intermediary between the
accounting service and Gray & Greene.
Gloria keeps track of regular activities such as employee hours, and
supply usage and sends required information and forms to the accounting
service. The accounting service
regularly transfers the information into various accounting reports. At the end of the year, the accounting
service does a detailed analysis of the company operation and performance and
develops the annual financial statements. Kevin Butler, a newly hired MBA for Bean Counters Accounting
Service, will be assisting on his first annual review of the Gray & Greene
annual financial statements.
Specifically, he has been given the responsibility to reconstruct and
develop the records for the company’s long-term assets. During the year, Mike Gray had performed several activities
related to Gray & Greene in the area of long-term assets. Recent technology had made some of the
machines used in the manufacturing process obsolete. New machines were purchased. There was also some selling, disposing, and
trading of older machines as products changed and new customers wanted new
designs and processes. Mike had saved
all the records related to fixed asset transactions and asked Gloria to relate
this information to Kevin. Kevin was
responsible for insuring that these activities …
