April 26‚ 2011 EXECUTIVE SUMMARY: Stermon Mills (Stermon) is a small‚ independent paper producer that is being forced to compete more effectively against much bigger competitors in the uncoated fine paper market. President & CEO Stan Kiefner understands that the company needs to become more flexible in order to more efficiently use its workforce and equipment‚ differentiate its products and better serve its customer base. To become more flexible‚ Stermon needs to concentrate its efforts on its
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What recommendation would you make to Mr. Kiefner? On what basis would you try to persuade him that your proposal is best for Stermon Mills? From my analysis it emerged that the best option for Stermon Mills Inc. is the Option 2‚ which is moving machine #4 to a one week cycle and run through the existing grades every week instead of every two weeks. The main reason that should convince Mr. Kiefner to look at reducing the cycle time is due to a customer requirement. Elly Ryesham‚ from the Sales
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Case # 1 OTTER CREEK MILLS‚ INC. 1- The client acceptance process can be quite complex. Identify procedures required by auditing standards that should be performed in determining whether to accept a client? Identify other procedures not required that you may also perform. Some procedures that an Auditor firm should follow before accepting an engagement are: a. The auditor firm should follow the procedures established in the quality control procedures. b. Look if firm is independent respect
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| General Mills Inc. | Executive Summary | | Xiao(Cynthia) Chen | 2012/4/24 | | Executive Overview General Mills (NYSE:GIS)‚ our company‚ is a global consumer foods company. We develop distinctive value-added food products and market with our unique brand names. We work continuously to improve our established products and to create new products that meet our customers’ potential needs and preferences. Our company has $14.88 billion in sales last year. Our sales has grown substantially
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Genera2013 Case Study 1: General Mills Inc. Understanding Financial Statements Group 5 Summary This case overall probes into 3 basic financial statements of the company and management’s view as well as auditors comments on it. It teaches about how business ethics and corporate governance works. Case study encouraged us to closely probe into each statements and line items and make us understand it. Few highlighted learning’s are preparation of common-size financial statements‚ understanding
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The organizational problem of General Mills Inc. Introduction As organizational behavior plays an important role in managing an organization‚ so it is necessary to discuss some issues about organizational behavior. This essay will introduce General Mills‚ Inc. briefly and summarize the problem of General Mills‚ Inc. This essay will also show the discovery in academic literature about the problem. The aim of this essay is to analyze the problem relevant to academic literature and illustrate the
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Introduction The case study General Mills Inc. - Understanding Financial Statements focuses on the most basic idea of finance analysis. This case is a brief look into the language that is used in the finance world and a start to interaction with auditors. In this case‚ KPMG LLP‚ the public accounting firm that was auditing their statements‚ had sent two opinion letters. The first letter was ensuring that both parties were aware that General Mills had internal control over financial reporting
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a. What is the nature of General Mills’ business? That is‚ based on what you know about the company and on the accompanying financial statements‚ how does General Mills make money? General Mills‚ Inc. has three segments. U.S. Retail sells ready-to-eat cereals‚ meals‚ yogurt‚ organic foods‚ etc. The International segment includes retail business in Canada‚ Europe‚ Latin America and the Asia/Pacific region. Bakeries and Foodservice sells to retail and wholesale bakeries‚ and convenience stores. The
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General Mills Inc. – Understanding Financial Statements a.) General Mills makes money through producing various food products and distributing them all over the world. b.) The financial statements that are commonly prepared for external reporting purposes are the Balance Sheet‚ Income Statement‚ and Statement of Cash Flows. General Mills gives these statements a title of Consolidated Statements of Earnings‚ Consolidated Balance Sheets and Consolidated statements of Cash Flows. Consolidated
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