Summary: Term Project In addition to exams, this course contains one term-work requirement. The submission of a term project comprises 15% of your graded feedback and no one may receive a grade in this course without submitting the term project. It is not required that you pass the assignment, but it is required that you attempt it to get a grade in the course. The term project gives you hands-on experience applying the concepts presented in this course. When you complete the term project, you have mastered the key learning objectives of this course. It is comprised of three major tasks: 1. Maintain a set of accounting records and generating financial statements for a small business, 2. Use commercial accounting software to record simple transactions, and 3. Read and understand an annual report for a real company. The term project for this semester and explicit instructions on how to complete and submit it will be found in your textbook. A summary of requirements is presented below: PART 1 REQUIRED: Prepare the accounting records for Nick’s Landscaping Co. (version A) Note: this task is based on the analysis of very extensive narrative and detailed project documents. Please check the password protected course website for announcements of any errors, omissions and clarifications to the term project description or project documents.
I. Point of view Align Technology, Inc. (“We”, “Our”, or “Align”) designs, manufactures and markets the Invisalign system, a proprietary method for treating malocclusion, or the misalignment of teeth. Invisalign corrects malocclusion using a series of clear, nearly invisible, removable appliances that gently move teeth to a desired final position. Because it does not rely on the use of metal or ceramic brackets and wires, Invisalign significantly reduces the aesthetic and other limitations associated with metal arch wires and brackets, commonly referred to as braces. We received the United States Food and Drug Administration (“FDA”) clearance to market Invisalign in 1998. The Invisalign system is regulated by the FDA as a Class II medical device. We distribute the vast majority of our products directly to our customers: the orthodontist and the general practitioner dentist, or GP. In order to provide the Invisalign treatment solution to their patients, orthodontists and GPs must initially complete an Invisalign training course. The Invisalign system is sold in North America, Europe, Asia Pacific, Latin America and Japan. We use a distributor model for the sale of our products in parts of the Asia Pacific, Latin American, and smaller country markets in Europe, the Middle East and Africa regions. We were incorporated in Delaware in April 1997. Our headquarters are currently located at 2560 Orchard Parkway, San Jose, California 95131, and our telephone number is 408-470-1000. Our international headquarters are located in Amsterdam, Netherlands. Our digital planningand software facility is located in San Jose, Costa Rica and our aligner manufacturing facility is located in Juarez, Mexico II. Definition of Problems Although braces are generally effective in correcting a wide range of malocclusions, they are subject to many limitations and disadvantages. • Unattractive appearance. Braces call attention to the patient’s condition and treatment. In addition, braces trap food, which can further compromise appearance. Braces can also result in permanent discoloration of teeth. As a result of these and other limitations, relatively few adults with malocclusion elect traditional orthodontic treatment and braces can compromise the self esteem of young adults and teenagers. • Oral discomfort. Braces are sharp and bulky and can abrade and irritate the interior surfaces of the mouth. The tightening or adjustment of braces results in root and gum soreness and discomfort, especially in the few days immediately following an orthodontic visit. • Poor oral hygiene. Braces can make it difficult to brush and floss leaving teeth vulnerable to developing decay, plaque, periodontal