23 Feb Projected Results to Meet Corporate ObjectivesTabl
Projected Results to Meet Corporate ObjectivesTablon Inc. is a wholly owned subsidiary of Marbel Co. The philosophy of Marbel’s managementis to allow the subsidiaries to operate as independent units. Corporate control is exercisedthrough the establishment of minimum objectives for each subsidiary, accompanied by substantialrewards for success and penalties for failure. The time period for performance review is longenough for competent managers to display their abilities.Each quarter the subsidiary is required to submit financial statements. The statements areaccompanied by a letter from the subsidiary president explaining the results to date, a forecastfor the remainder of the year, and the actions to be taken to achieve the objectives if the forecastindicates that the objectives will not be met.Marbel management, in conjunction with Tablon management, had set the objectives listedbelow for the year ending May 31, 2009. These objectives are similar to those set in previousyears. Sales growth of 20% Return on stockholders’ equity of 15% A long-term debt-to-equity ratio of not more than 1.0 Payment of a cash dividend of 50% of net income, with a minimum payment of at least$400,000Tablon’s controller has just completed the financial statements for the six months endedNovember 30, 2008, and the forecast for the year ending May 31, 2009. The statements follow.After a cursory glance at the financial statements, Tablon’s president concluded that notall objectives would be met. At a staff meeting of the Tablon management, the presidentasked the controller to review the projected results and recommend possible actions thatcould be taken during the remainder of the year so that Tablon would be more likely to meetthe objectives
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