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Corning Inc. Case Study

Purdue University Global

Abstract

A company is measured by more than its profits and the decisions it makes daily will affect its profitability, investor perception, and public perception. In order to be successful, the company needs to be able to analyze their costs and be responsible in its operations to maximize profits while being ethical and socially responsible. How a company budgets, controls costs, makes its decisions, and behaves are all important in its long-term success. This paper contains areas of concentration in business operations, analysis, and corporate behavior. The research conducted supports the observations and conclusions that are proposed in foundational accounting processes and procedures that cover topics ranging from the company’s major costs, budgeting, decision making processes, and sustainability. The intent is to analyze Corning’s business with actual financial data, to provide a wholistic analysis that will allow for an unbiased recommendation for improvements to the organization’s strategy. The analysis will include a cost-volume profit analysis and a balanced scorecard as supporting data for the guidance.

Corning Inc. Case Study

Significant costs

Major costs

Environmental Concerns

Cost Behavior

Prevention and Detection Costs

Internal and External Failure Costs

Cost-Volume Profit Analysis

Calculations

CVP analysis and Decision Making

Budgeting Considerations

Budget Process

Budget Variances

Budgeting Management Decisions

Balanced Score Card

Financial

Customer

Internal Business

Learning and Growth

Corporate Sustainability and Responsibility

Corning Implementation

Additional Benefits

Decision Making and Biases

Heuristics and Decision Making

Bias in Decision Making

Conclusion

Strengths/Weaknesses

Recommendations

References

Aldrich, E. (2019). Do you really need that business checking account? Retrieved from https://www.fool.com/the-ascent/banks/articles/do-you-really-need-that-business-checking-account/

Five crucial accounting reports your business needs. (2019). Retrieved from https://buddypunch.com/blog/five-crucial-accounting-reports-your-business-needs/

Haoxiang, C. (2016, Apr 04). Probing foundations: Balance sheet basics: Investors will be well served to do a detailed study of a company’s balance sheet. The Business Times Retrieved from https://libauth.purdueglobal.edu/login?url=https://search-proquest-com.libauth.purdueglobal.edu/docview/1778086412?accountid=34544

Internal Revenue Service. (2020). IRS. Topic no. 510 business use of car. Retrieved from https://www.irs.gov/taxtopics/tc510

Kenton, W. (2019). profitability ratios definition. Retrieved from https://www.investopedia.com/terms/p/profitabilityratios.asp

Kimmel, P. D., Weygandt, J. J., & Kieso, D. E. (2019). Accounting: tools for business decision making (7th ed.). Hoboken, NJ: John Wiley & Sons.

Lewis, D. (2014, Mar 19). Take time to reveal balance sheet basics. Savannah Morning News Retrieved from https://libauth.purdueglobal.edu/login?url=https://search-proquest-com.libauth.purdueglobal.edu/docview/1511479790?accountid=34544

Merritt, C. (2019). The difference between income tax expense & income tax payable. Retrieved from https://smallbusiness.chron.com/difference-between-income-tax-expense-income-tax-payable-60779.html

Mihaela, N. C., & Cotleţ, B. (2015). Reporting Financial Position Through The Balance Sheet. Timisoara: Tibiscus University in Timisoara, Faculty of Economics. Retrieved from https://libauth.purdueglobal.edu/login?url=https://search-proquest-com.libauth.purdueglobal.edu/docview/2020728401?accountid=34544