S0252829

Michael Taylor

ACCT110159

Using Accounting for Decision Making.

Assessment 1

Lecturer: Martin Turner

Step 1.Please find my Blog link below.

https://michaeltaylorpumkinpatch.wordpress.com/

Please find my Moodle profile below.

https://moodle.cqu.edu.au/user/profile.php?id=7247

Step 2.About Pumpkin Patch.

Website. http://www.pumpkinpatch.biz/invrel_factsheet.cfm

The company I have been assigned is Pumpkin Patch. Pumpkin Patch is a leading designer,

marketer, retailer and wholesaler of children’s clothing. Established in New Zealand in 1990,

Pumpkin Patch has built an enviable reputation for fashionable children’s wear throughout

New Zealand and Australia. Pumpkin Patch is also increasingly recognised internationally.

Employing over 2,000 people, Pumpkin Patch has company-owned retail stores in New

Zealand, Australia, Ireland and it has distribution agreements in the Middle East, Asia,

Europe, United States & Latin America. The Company also sells on the internet (see

distribution enquiries for details) and via a mail order catalogue.

I was beginning wonder if this is the start of the end for Pumpkin Patch, seeing as they have

shown a loss for most of their four income statements on the company spreadsheet. Also,

the director has complained about how the year has been hard for them financially in every

report.

The news article below which was found on news.com discusses many changes and

recapitalisation throughout pumpkin patch and a third party who is interested in investing.

With sales on the rise again the future may be ok for Pumpkin Patch.

Article Link.

http://www.news.com.au/finance/business/pumpkin-patch-looking-for-buyers/story-

e6frfkur-1227270749329

Found on their website The Pumpkin Patch strategy is to consolidate its market leading

position in Australia and New Zealand and deliver strong growth from online and

international expansion over the next three years. A very positive outlook from the

company.

When looking at Pumpkin Patch’s financial statements I found in the annual reports and

collating these figures into the spreadsheet. I noticed there were figures for consolidated

and Parent Company, and that these values were different for each. I was stuck on which

figures to add to my spreadsheet. Pumpkin Patch is a parent company. Do I use these

figures?

Annual report for 2014

http://www.pumpkinpatch.biz/documents/357_Full_Annual_Report_2014_LR.pdf

Discussing on Moodle I was able to come to a conclusion that the consolidated figures were

the ones I were to use.

https://moodle.cqu.edu.au/mod/forum/discuss.php?d=24162

https://moodle.cqu.edu.au/mod/forum/discuss.php?d=24421

Top Three Blogs.

1. Hailey’s Blog

http://hailey11059.blogspot.com.au/

I really enjoyed Hailey’s Blog clean concise. Amazing screen shots a map included to

see how large Hays has expended to. Very good Lots of detail and a really interesting

read.

2. Sarah Ellen

http://sarahbacct11059.blogspot.com.au/

I like how much detail Sarah has put into her blog. All the details are there her whole

assignment posted to review. You can really see all the time she has put into this

course so far.

3. Jodie Sherman

http://jodiesuniblog.blogspot.com.au/

Jodie has reeled me in here with inspirational quotes to keep me motivated. I see

many others have chosen Jodie in their top blogs. I tend to agree Jodie has put allot

of effort in here that needs to be recognised by me in my list. Great job!

Step 3.Uploaded separately on Moodle with this document.

Link to all Pumpkin Patch’s Annual reports

http://www.pumpkinpatch.biz/InvRel_results.cfm

Step4.Chapter 1

The first sentence in his chapter is asking me what is accounting. No offence but

immediately I am thinking of boring people and figures. Luckily throughout the first few

weeks it seems I have had a very negative and stereotyped opinion of accounting embedded

in my brain. I now see it as the base of business. Or what the chapter refers to as the reality

of business.

With accounting having a view of how a company is actually performing I think this will give

accountants a clear advantage when it comes to making decisions for a company. Because

every firm out there is aiming to make profit, not just trying to look good. It makes sense

that every decision should be made by the department who has control over what the

business is trying to achieve at the bottom line. Profit and growth.

When I found out that half of company directors in Australia and New Zealand come from

an accounting back ground when reading chapter 1. The director being the centre of all the

decisions made in a firm reaffirmed that thought in my head that it’s clear that to be a good

decision maker in business accounting needs to be your number one priority.

Chapter 3

The introduction of financial statements as in introducing them as if they are a new friend

and getting to know them at a party. I felt this a bit strange for me. Although I get where

Martin is coming from here I would have preferred a more formal description. But I guess

this is the learning journey and some people in this course would be straight out of school.

Describing the annual report as a marketing document got me thinking. Since its advertising

the company to investors I was wondering if most company’s would pass the annual report

to the marketing manager of a firm to sign off or at least offer council to the accounts

department and guide them in the report. Or would the marketing department assemble

the document after the accounts department have documented all the figures. Sometimes I

think too much.

Every business has a life cycle. This got me thinking. Does every company tent to understand

this when starting up? It seems like a big risk. Then again I guess it’s all about adaptation.

When I look at a company like McDonalds their branches are totally different to when they

started a complete new name McCafe. So one could say it’s a new company changing all the

time with the same name. I take this as a business needs to be very transparent in this

modern consumer world.

I enjoyed the Barry Humphries quote. I did an assignment on his life back in the day. I tend

to agree with this mainly because I lived overseas for two years and have experienced how

exciting life can be. Australia is such a relaxed nation allot of people have their comfortable

lives and don’t branch out much. But I guess the nice lifestyle balances this. Once you get

used to it.

My current work always wants to invoice early even before the work is completed to try and

make budget for the month. It seems like a standard thing across sales. But thinking about it

doesn’t it just rob some of the budget from the next month so they will be constantly

chasing their tail so to speak.

Now that most companies have their financial statements online does this make it easier for

other companies to break into the market? I was wondering if this is just a case of everyone

else was doing it so it became essential for companies with shareholders to offer this

information online to keep on top of the market. Seems like this information should be

confidential. But I guess is it’s a marketing document it needs to be out there.

There was allot to take in in this chapter I had to read it a dew times to make an

understanding of it and take it all in. I may even need to study it a few more times. But it has

really made me understand what accounting is all about I think it has been the most

important chapter so far in this course.

Step 5.Feedback. Given.

1.

2.

Michael Taylor <michael.r.taylor@cqumail.com> 14:42 (21 hours ago)

to Hyelee

Thank you so much. Amazing.

Just had a look at your assignment. Nice to speak with another Melbournian. Although I am from QLD haha. I am lucky to have traveled so much and this course gives me the flexibility to do so.

Wow I must say first impressions are extremely good probably the best I have seen so far.

Step 1. Everything included in this step. Bonus points for the inclusions of screen shots for your Moodle profile. Looking at your blog it has a very nice layout and inclusions of pictures really entices the reader.

Step 2. I have applied for jobs using Hays recruitment before so i was really looking forward to reading your assignment when i saw that you were assigned them. Very details history breakdown can really see where the roots of the company were forged and announcing their underlying values.great work here. The inclusion of a map is a very simple and effective way to show how large Hays is and really paintas that picture of their success story.

Step 3. All fine here even included screenshots of your spreadsheet so the marker can access them with ease.

Step 4. Amazing!! I totally agree with you here. You can see you really connected to the literature. I thought i was the only one who didnt care what businesses were in Yepoon. I also found myself skipping this I think that section could have been summarized as every shop on the high street is a business.... the end. You have connected with chapter three showing you personal experience in the draft and broadcasting your learning journey.

thanks for the great read.

good luck with the assignment!!

Mike.

3.Michael Taylor <michael.r.taylor@cqumail.com> 14:51 (21 hours

ago)

to Alvernia

HI Alvernia! thank you for your feedback that's my last one needed so I am done cheers!!

Your blog really stands out in the crowd. That colour is amazing.

Step 1 is all there along with

Step 2 everything seems to be included and to a very high standard. All your top three blogs are included and a very good description of why you like these blogs.

Step three is very good.

Step 4 You have really connected with the assignment task you have outlined a very detailed history of the company and have personally connected with Martins Literature. Keep up the good work

Many thanks,

Michael

Feedback Received.

1.

2.

Hi Michael

Great job on your draft!!! I would like to say awesome blog! Really enjoyed reading your posts.

Step1, It was easy to get to know by reading your personal description. I was so jealous as I always

wanted to go for traveling Europe!

Step2, very good with including all annual reports. I think most of people have known Pumpkin Patch

but by reading your posts about your company, you have actually helped me understand what they

really do and its industry. It was a great informative read. You have given all the history and

background information of the company. I would suggest that you should share some KCQ about

your annual reports.

I found that you haven’t rated your top 3 blogs yet. It would be great if you give your opinions,

supported reasons that why they appeal to you and why you choose them.

Step3: Your company spreadsheet is looking good! You prepared all the figures well.

Step4: I think you have through understanding of chapter1.

Overall, I am pretty sure that you are on the right track! Keep up the great work and all the best for

the rest of your assignment.

Cheers

Hailey Hyelee Cho.

3.

ACCT11059_2151 » Forums » Blog Links Forum » Looking for feedback and to give feedback.

Re: Looking for feedback and to give feedback.

by Sharelle Day - Saturday, 4 April 2015, 11:23 AM

Hi Michael,

I love children's wear!  Having a child of my own and preferring the quality of Pumpkin Patch, its no surprise really.  I really liked your blog.  My favourite part was that you researched and linked current media reports.  I particularly liked that you incorporated the colour of your blog with the selected Pumpkin Patch image.  Very catchy!

When reading your thoughts on Chapter 1, I had a giggle about your stereotypical idea of accounting.  But I really liked how you reflected on how important it is to have some accounting knowledge or background to be successful in business.

I look forward to reading more about your reflections on chapter 3.

Here is a link to my blog:  http://s0185078.blogspot.com.au/

I'm yet to post my company spreadsheet and thoughts on readings but I'm working on it today so it should be up by this afternoon.

Cheers!!

Shel

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