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Swimming with the Sharks: An Activity Exploring Cost, Volume and Profit Analysis through the Use of 'Shark Tank'

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Title: Swimming with the Sharks: An Activity Exploring Cost, Volume and Profit Analysis through the Use of 'Shark Tank'
Language: English
Authors: Huels, Brian, Weber, Jill (ORCID 0000-0003-3816-3203)
Source: Journal of Education for Business. 2021 96(1):52-59.
Availability: Routledge. Available from: Taylor & Francis, Ltd. 530 Walnut Street Suite 850, Philadelphia, PA 19106. Tel: 800-354-1420; Tel: 215-625-8900; Fax: 215-207-0050; Web site: http://www.tandf.co.uk/journals
Peer Reviewed: Y
Page Count: 8
Publication Date: 2021
Intended Audience: Teachers
Document Type: Journal Articles
Reports - Research
Tests/Questionnaires
Descriptors: Class Activities, Critical Thinking, Administration, Decision Making, Cost Effectiveness, Learner Engagement, Active Learning, Television Viewing, Mass Media Use, Assignments
DOI: 10.1080/08832323.2020.1719960
ISSN: 0883-2323
Abstract: This research presents an in-class activity and accompanying homework assignment designed to encourage students to engage in critical thought about managerial decisions made by a real-world company that appeared on the hit reality show "Shark Tank." This alternative approach to teaching cost-volume-profit (CVP) analysis helps students engage in active learning while providing context that allows for a deeper understanding of the decisions managers make. Results indicate that students enjoy the activity and agree that it contributes to their learning and understanding of how CVP can be used in real-world businesses.
Abstractor: As Provided
Entry Date: 2021
Accession Number: EJ1285983
Database: ERIC
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  Value: <anid>AN0148515890;jeb01jan.21;2021Feb08.01:48;v2.2.500</anid> <title id="AN0148515890-1">Swimming with the sharks: An activity exploring cost, volume and profit analysis through the use of Shark Tank </title> <p>This research presents an in-class activity and accompanying homework assignment designed to encourage students to engage in critical thought about managerial decisions made by a real-world company that appeared on the hit reality show Shark Tank. This alternative approach to teaching cost-volume-profit (CVP) analysis helps students engage in active learning while providing context that allows for a deeper understanding of the decisions managers make. Results indicate that students enjoy the activity and agree that it contributes to their learning and understanding of how CVP can be used in real-world businesses.</p> <p>Keywords: Active learning; classroom exercise; collaborative learning; managerial accounting; reality television</p> <hd id="AN0148515890-2">Introduction</hd> <p>A primary focus of businesses is to make decisions that lead to increased profits and growth. While it takes more than a single college course to understand how to best make these decisions, a key component of introductory managerial accounting courses is exposing students of all business disciplines to the types of decisions managers must make and the tools that managerial accounting offers to help them in this endeavor (Adams, Lea, & Harston, [<reflink idref="bib1" id="ref1">1</reflink>]; Barsky & Catanach, [<reflink idref="bib5" id="ref2">5</reflink>]; Brewer, [<reflink idref="bib8" id="ref3">8</reflink>]; Garrison, Noreen, & Brewer, [<reflink idref="bib16" id="ref4">16</reflink>]; Warren & Taylor, [<reflink idref="bib32" id="ref5">32</reflink>]). Accounting professors stress that ultimately, whether students have their sights set on managing human resource offices or creating their own tech startups, students need to understand how product selling prices, sales volumes, and costs affect profits.</p> <p>Understanding how costs behave relative to sales volume and the accounting technique known as cost-volume-profit (CVP) analysis are key learning outcomes on the path to developing sound managerial decision making (Boyd & Pitre, [<reflink idref="bib7" id="ref6">7</reflink>]; Chow, [<reflink idref="bib14" id="ref7">14</reflink>]; Lui & Shum, [<reflink idref="bib24" id="ref8">24</reflink>]) and can be found in most introductory level management accounting textbooks (e.g., Garrison et al., [<reflink idref="bib16" id="ref9">16</reflink>]; Warren & Taylor, [<reflink idref="bib32" id="ref10">32</reflink>]). The Institute of Management Accountants (IMA) found that cost behavior and CVP analysis ranked within the top 10 most important management accounting knowledge, skills, and abilities needed in the workplace (Khan, Cianciolo, & Peacock, [<reflink idref="bib20" id="ref11">20</reflink>]).</p> <p>In learning CVP, students must first comprehend both the nature of costs (fixed versus variable) as well as how profits are affected by selling prices and sales volumes. This knowledge is necessary for students to learn and utilize the managerial accounting strategies for making various decisions such as whether to offer a new product, expand into a new region, pay a certain amount to obtain more of a constrained resource, or design and implement an activity-based costing system, to name a few. While professors and managerial accounting texts (e.g., Garrison et al., [<reflink idref="bib16" id="ref12">16</reflink>]; Warren & Taylor, [<reflink idref="bib32" id="ref13">32</reflink>]) make efforts to explain cost behavior and CVP within the context of managerial decision making, students have a tendency to reduce their learning to a process of formula memorization (Choo & Tan, [<reflink idref="bib13" id="ref14">13</reflink>]; Machuga, [<reflink idref="bib25" id="ref15">25</reflink>]). Unfortunately, the rote memorization of formulas may not be sufficient to lead students toward higher-level thinking (Fata-Hartley, [<reflink idref="bib15" id="ref16">15</reflink>]), causing students to miss out on the opportunity to fully understand the possible impact that managerial decisions have on business performance.</p> <p>This article presents an in-class activity and accompanying homework assignments that are intended to help students understand the managerial decision making impacts of cost behavior and CVP, using a startup business featured on the hit reality television series <emph>Shark Tank</emph>. The overall aim of the in-class activity is to stimulate critical thinking and broad consideration of a real-world business during class time. Subsequently, students are asked to practice technical accounting calculations through the completion of a homework assignment based on the in-class discussion. The combination of the in-class activity and homework assignment allows students to think about the impact of managerial decisions in the context of a real-world business. Although CVP is covered in traditional managerial accounting textbooks, the usage of the <emph>Shark Tank</emph> video segment provides context that allows for students to better relate to the business, make opinions about the business, and think about how the business operates. Essentially, the video segment transforms CVP analysis from a simple exercise involving mathematical calculations to a robust activity that allows students to engage in deeper level thinking through active and collaborative learning.</p> <p>Results from student surveys indicate that the activity and homework assignment is well received. Students are not only likely to agree that the assignment helped them better understand the concepts, but that the activity increased their understanding of how CVP can be used in real-world businesses. Additionally, students reported that they enjoyed the activity and that the usage of <emph>Shark Tank</emph> made the experience more interesting, relatable, and enjoyable. Students' scores on the homework assignment indicate a satisfactory level of learning.</p> <p>The CVP activity engages students through the use of a popular reality television show. The in-class portion of the assignment fosters both active learning and collaborative learning while a take-home assignment provides the opportunity for students to demonstrate their ability to perform CVP analysis. The activity is an efficient use of a class, as it requires very little instructor preparation and only 35 min of class time. Furthermore, students indicate that the activity is enjoyable and contributes to their learning. Therefore, the CVP activity represents a fun, efficient, and effective way to reinforce how managers use the concepts of cost behavior and CVP in real-world business decisions.</p> <hd id="AN0148515890-3">The activity</hd> <p>The activity is designed to be used in introductory managerial accounting or business financial management courses. The in-class activity uses ∼35 min of class time, while individual students' homework completion times will vary. During the in-class activity, students watch a short video clip (∼4 min in length) from <emph>Shark Tank</emph> and then gather into small groups to discuss the business. In their groups, students answer open-ended questions designed to encourage them to brainstorm about strategies for the business's growth and to consider what the business's sales volume and various costs might be. This portion of the activity is important as it provides students context to think about managerial decisions and the possible resulting financial impact.</p> <p>After allowing time for group work, the instructor facilitates a class-wide discussion on these same questions. After this discussion, the instructor leads the class through the creation of a hypothetical contribution margin income statement based on the assumptions made by the various groups as well as the business information that was gathered during the viewing of the video segment. This contribution margin income statement is then used as the basis for a homework assignment where students practice CVP techniques such as break-even analysis, what-if analysis, operating leverage analysis, and target profit analysis.</p> <hd id="AN0148515890-4">Shark Tank and Socktabs</hd> <p>The activity begins by playing a clip from <emph>Shark Tank</emph>. <emph>Shark Tank</emph> is a reality television show in which entrepreneurs seek investment from a panel of celebrity investors known as "sharks." For the CVP activity, students watch a clip that features Socktabs, a startup business that sells a small connector that keeps pairs of socks together during washing and drying (Burnett, [<reflink idref="bib12" id="ref17">12</reflink>]). During the clip, married entrepreneurs Glen and Tracie Burress from Rockford, Illinois present Socktabs. At the end of their pitch, they receive $50,000 from investor Daymond John in exchange for a 30% stake in the company.</p> <p>The use of <emph>Shark Tank</emph> in the accounting classroom has not received much attention from academic researchers. In our review of extant research, we only identified two articles in which <emph>Shark Tank</emph> was used in accounting education. First, Kokina, Pachamanova, and Corbett ([<reflink idref="bib21" id="ref18">21</reflink>]) used a business from <emph>Shark Tank</emph> to help introduce their case on performance management, data visualization, and analytics. Second, Huels and Weber ([<reflink idref="bib19" id="ref19">19</reflink>]) used a business from <emph>Shark Tank</emph> as the basis for their case on financial statement analysis. Activities based on <emph>Shark Tank</emph> (but not using clips from the television show) have been successfully used in supply chain management and marketing courses (Arora & Saxena Arora, [<reflink idref="bib2" id="ref20">2</reflink>]). Rosenbaum, Otalora, and Ramírez ([<reflink idref="bib30" id="ref21">30</reflink>]) discuss the use of other reality television series in retailing and services marketing courses, while Mixon ([<reflink idref="bib26" id="ref22">26</reflink>]) examines their use in economics courses. We were unable to identify any studies that used <emph>Shark Tank</emph> to teach cost behavior and CVP.</p> <hd id="AN0148515890-5">Notes on education</hd> <p>Critical thinking remains a crucial skill for business students to possess, as well as an important goal of higher education (Bandyopadhyay & Szostek, [<reflink idref="bib4" id="ref23">4</reflink>]; Burbach, Matkin, & Fritz, [<reflink idref="bib11" id="ref24">11</reflink>]; Huber & Kuncel, [<reflink idref="bib18" id="ref25">18</reflink>]). Within the business context, critical thinking is pivotal to the successful completion of virtually all of an organization's objectives (Smith, [<reflink idref="bib31" id="ref26">31</reflink>]). Unfortunately, research shows that students "are only minimally improving their skills related to critical thinking" (Arum & Roksa, [<reflink idref="bib3" id="ref27">3</reflink>]), which are skills needed for student success (Lim, Lee, Yap, & Ling, [<reflink idref="bib23" id="ref28">23</reflink>]). In 2012, the Pathways Commission, a body established by the American Accounting Association (AAA) and the American Institute of Certified Public Accountants (AICPA) to study the future of higher education for accountants, concluded that "All too frequently, students in accounting classes are exposed to technical material in a vocation-focused way that is disembodied from [...] complex, real-world settings" (Pathways Commission, [<reflink idref="bib27" id="ref29">27</reflink>], p. 11). Similarly, Brewer, Sorensen, and Stout ([<reflink idref="bib9" id="ref30">9</reflink>]) identify a "competency crisis" in that accounting education has not kept pace with the evolving competencies demanded by the modern-day accounting profession. They explain, "accountants have evolved from support-oriented personnel who handoff information to others [...] into <emph>business partners</emph> who [...] formulate and plan strategies, then participate in collaborative decision-making processes that execute those strategies" (p. 30, emphasis in original). In response to the increasing need for accounting education to address these complexities, the Pathways Commission called for new materials that help students to understand technical accounting "while also conveying the more strategic, dynamic aspects of accounting" (p. 88). By using a real-world setting (Socktabs on <emph>Shark Tank</emph>) as the basis for open-ended, strategic, and critical-thinking questions, the activity presented in this paper answers the Pathways Commission's call for these new class materials.</p> <p>The CVP activity also provides an opportunity for students to work in a collaborative learning and active learning setting, which has been shown to improve students' retention of information and level of achievement (Prince, [<reflink idref="bib28" id="ref31">28</reflink>]). In addition, research has shown that this can help develop the competencies needed by accountants (Brewer et al., [<reflink idref="bib9" id="ref32">9</reflink>]). As CVP is typically introduced in lower-level courses, this activity provides a catalyst to get students engaged early in the business curriculum with an activity that helps develop needed foundational competencies such as analytical thinking, problem-solving, and communication (Lawson et al., [<reflink idref="bib22" id="ref33">22</reflink>]). Finally, the use of the <emph>Shark Tank</emph> video serves to entertain students and make them more alert. Berk ([<reflink idref="bib6" id="ref34">6</reflink>]) explains that an entertaining video can encourage the type of brainwaves students need to be attentive and focused, and Buckmaster and Craig ([<reflink idref="bib10" id="ref35">10</reflink>]) find that students' enjoyment of television allows it to be used to enhance education. For research on the successful use of video in the classroom, see Berk ([<reflink idref="bib6" id="ref36">6</reflink>]), Rhee ([<reflink idref="bib29" id="ref37">29</reflink>]), and Holtzblatt and Tschakert ([<reflink idref="bib17" id="ref38">17</reflink>]).</p> <hd id="AN0148515890-6">Implementation guidance</hd> <p>The class materials and homework assignments for the CVP activity are included in the appendices, with electronic versions of all materials and answer keys available from the authors upon request. Table 1 includes the exercise outline, with suggested times for each step. Prior to beginning the activity, students should be conceptually familiar with the topics of variable costs, fixed costs, mixed costs and contribution margin format income statements. The homework assignment requires students to be able to fill in contribution margin income statements on a per unit basis and on a percentage-of-sales basis, perform what-if analysis using a contribution margin income statement, calculate a break-even point in terms of unit sales and dollar sales, calculate degree of operating leverage, apply degree of operating leverage to forecast sales growth, and calculate required sales growth needed to achieve a target profit. Depending on individual instructors' teaching styles, the homework assignment could be assigned after either lecturing on the technical skills required or assigning a relevant textbook reading. Assignment modification can also easily be accomplished to add or remove components at instructor discretion.</p> <p>Table 1. Exercise outline.</p> <p> <ephtml> <table><thead><tr><td>Step</td><td>Suggested time (min)</td></tr></thead><tbody valign="top"><tr><td>1. Students watch the Socktabs <italic>Shark Tank</italic> video clip and fill out the <italic>Business Info Questionnaire</italic>.</td><td>5</td></tr><tr><td>2. Students break into small groups and answer the questions contained in <italic>Preliminary Analysis Questions</italic>.</td><td>10</td></tr><tr><td>3. The instructor leads the class through a discussion of the groups' responses to questions contained on the <italic>Preliminary Analysis Questions</italic> document.</td><td>10</td></tr><tr><td>4. Using the groups' responses from the <italic>Preliminary Analysis Questions</italic> the instructor should try and pull together the ideas to yield a contribution format income statement.</td><td>10</td></tr><tr><td>5. The instructor distributes <italic>Contribution Margin Income Statement</italic>. This statement may be very similar to step 4. Usage of this statement will allow all students to be working off the same assumptions in the <italic>Homework Assignment</italic>.</td><td>Included in time above</td></tr><tr><td>6. The instructor distributes the <italic>Homework Assignment</italic> for students to complete as homework.</td><td>N/A</td></tr><tr><td>7. OPTIONAL <bold>–</bold> During the next class period, the conclusion to the Socktabs video segment can be played.</td><td>5</td></tr><tr><td>Total:</td><td>35–40</td></tr></tbody></table> </ephtml> </p> <p>The in-class activity begins by viewing a segment from Season 7, Episode 9 of <emph>Shark Tank</emph>, featuring the company Socktabs (Burnett, [<reflink idref="bib12" id="ref39">12</reflink>]). As of this writing, single episodes of <emph>Shark Tank</emph> are available for purchase for a small fee from websites such as Amazon.com. Socktabs is the fourth entrepreneurial pitch aired on the episode. Within the purchased segment, the start time of the pitch occurs at ∼33 min and 20 s. To maximize student interest without providing too much information as to the negotiations within <emph>Shark Tank</emph>, we recommend that only the first 4 min of the pitch be shown at this time. This short video will be enough to pique student interest while also providing a foundation for the in-class active learning portion of the activity. Allowing the video to continue beyond these 4 min would expose students to comments made by the "sharks" that could influence students' thoughts on the company. In addition, it will reveal that Socktabs does ultimately receive funding via <emph>Shark Tank</emph>. We recommend, assuming class time permits, that the remainder of the Socktabs pitch (approximately four additional minutes) be shown after completion of the exercise, as students will likely be interested in the outcome. During the initial clip, students should complete the Business Information Questionnaire (Appendix A). This questionnaire is designed to draw students' attention to key pieces of information from the video that will prove relevant for the remainder of the activity.</p> <p>After watching the video, students should break into small groups of approximately four students and complete the Preliminary Analysis Questions (Appendix B). Roughly 10 min of class time should be allocated for this part of the activity. While the students are working, instructors are encouraged to visit with the groups to help foster communication, discussion, and idea generation. This portion of the activity is crucial as it encourages students to engage in deeper level thinking and opinion sharing about the Socktabs business while setting a context that will serve as the foundation for the remainder of the activity.</p> <p>Toward the end of the small group portion of the activity, to ease the transition into the class-wide group discussion, the following headings can be written on the board: Concerns, Growth, Interested, Fixed, Variable, and Mixed. These headings align with questions 3–8 of the Preliminary Analysis Questions and serve as places on the board where individual group responses can be added when the class-wide discussion occurs. After groups have finished working through the Preliminary Analysis Questions sheet, instructors should lead the class through a discussion of the Preliminary Analysis Questions. As shared during this class-wide discussion, group answers can be added to the headings referenced above. Many of the questions are open-ended with no "correct" answer. Although no "correct" answer exists, the discussion will show many commonalities between the various groups. Instructors should emphasize that the questions are intended to facilitate discussion, judgment, opinion sharing, and critical thinking.</p> <p>Finally, after discussing the Preliminary Analysis Questions as a class, the instructor should lead the class through the generation of a hypothetical contribution margin income statement for Socktabs based on the sales volume and costs identified by the students. There is no "correct" income statement to be generated, as individual class discussions will differ and thus lead to the creation of differing income statements. Time permitting or for more advanced classes, the activity could be modified to ask for individual groups to reunite and prepare their own hypothetical contribution margin income statement. Alternatively, this could also be assigned as homework. To facilitate a common solution, however, this activity has been built based on the assumption that instructors distribute the Contribution Margin Income Statement shown in Appendix C. This income statement will be used for the Homework Assignment (Appendix D). This income statement may or may not be similar to the income statement generated by the class. As the Contribution Margin Income Statement is distributed, students should be reminded that the numbers and accounts contained in the income statement are fictional, as Socktabs is a privately held company and actual data is unavailable. The Homework Assignment document can then be distributed.</p> <hd id="AN0148515890-7">Activity feedback and learning assessment</hd> <p>The CVP activity was administered by three different instructors in a total of four sections of Introduction to Managerial Accounting at a large public university in the Midwest. To evaluate students' impressions of the activity's effectiveness, students were given a post-exercise survey in which they were asked to rate the extent to which they agreed with 15 statements. The results are shown in Table 2. As seen in the table, students agreed with all 15 statements, as the means for all statements are statistically significantly different from a value of 3 (neutral) at <emph>p</emph> <.001. Untabulated results indicate that the means are all not statistically significantly different from a value of 4 (agree). This indicates that students are in agreement that the assignment increased their understanding of the relevant topics (statements 1–5) and how the topics could be used in business (statements 8–9). Students thought the use of <emph>Shark Tank</emph> enhanced the experience and made it more interesting and relatable (statements 6–7, 11). Additionally, students thought the activity was a useful learning experience (statement 10), and they indicated that they enjoyed the activity (statement 15). Finally, scores showed that students would like to see more frequent use of <emph>Shark Tank</emph> and activities like this CVP activity in class (statements 12–14).</p> <p>Table 2. Post-exercise survey.</p> <p> <ephtml> <table><thead><tr><td>Statement</td><td>Mean (SD) <italic>n</italic> = 125</td><td>Significance versus 3 (Neutral)</td></tr></thead><tbody valign="top"><tr><td>1</td><td>The assignment helped me better understand contribution margin income statements.</td><td char="(">3.794 (0.852)</td><td>***</td></tr><tr><td>2</td><td>The assignment increased my understanding of the effects that operating decisions have on net income.</td><td char="(">3.817 (0.824)</td><td>***</td></tr><tr><td>3</td><td>The assignment increased my understanding of the concept of the break-even point.</td><td char="(">3.802 (0.839)</td><td>***</td></tr><tr><td>4</td><td>The assignment increased my understanding of the concept of target profit.</td><td char="(">3.712 (0.860)</td><td>***</td></tr><tr><td>5</td><td>The assignment increased my understanding of the degree of operating leverage a business maintains.</td><td char="(">3.649 (0.937)</td><td>***</td></tr><tr><td>6</td><td>The usage of <italic>Shark Tank</italic> increased my interest in this assignment.</td><td char="(">4.079 (0.905)</td><td>***</td></tr><tr><td>7</td><td>The usage of <italic>Shark Tank</italic> made the assignment more relatable.</td><td char="(">4.112 (0.891)</td><td>***</td></tr><tr><td>8</td><td>This activity helped me understand how the concept of contribution margin could be used by managers in the real world.</td><td char="(">3.874 (0.724)</td><td>***</td></tr><tr><td>9</td><td>This activity increased my understanding on how Cost-Volume-Profit (CVP) analysis could be used in business.</td><td char="(">3.746 (0.867)</td><td>***</td></tr><tr><td>10</td><td>This activity was a useful learning experience.</td><td char="(">3.760 (0.911)</td><td>***</td></tr><tr><td>11</td><td>The use of the television show, <italic>Shark Tank</italic>, enhanced the assignment experience.</td><td char="(">4.094 (0.995)</td><td>***</td></tr><tr><td>12</td><td>I would like to see more use of <italic>Shark Tank</italic> in the classroom.</td><td char="(">4.157 (0.979)</td><td>***</td></tr><tr><td>13</td><td>I would like to see more activities like this introduced in class.</td><td char="(">3.874 (1.076)</td><td>***</td></tr><tr><td>14</td><td>I would like to see more activities like this as homework.</td><td char="(">3.496 (1.168)</td><td>***</td></tr><tr><td>15</td><td>I enjoyed the activity.</td><td char="(">3.702 (1.066)</td><td>***</td></tr></tbody></table> </ephtml> </p> <p>1 <emph>Note</emph>. Table 2 presents the results of the post-exercise survey. Students were asked to rate their level of agreement with 15 statements, with 1 = strongly disagree, 2 = disagree, 3 = neutral, 4 = agree, and 5 = strongly agree. Means are compared to a value of 3.</p> <p>2 *Significant at the 0.05 level; **Significant at the 0.01 level; ***Significant at the 0.001 level.</p> <p>The in-class portion of the activity was not graded. The homework assignment, however, was graded for accuracy. For the 126 students who completed the homework assignment, the average score was 83.51% (SD 17.19%), which indicates a satisfactory level of understanding and application of the technical procedures covered in the homework.</p> <hd id="AN0148515890-8">Online section</hd> <p>As a supplemental analysis, the CVP activity was assigned as a group project in one online section of Introduction to Managerial Accounting. This section had a different instructor than any of the in-person sections included in the main sample. Students were asked to watch the <emph>Shark Tank</emph> video inside the course's learning management system. They were then split into groups and asked to submit the Preliminary Analysis Questions in writing as a group. The homework assignment remained as an individual assignment.</p> <p>Results for the online section were very similar to that of the in-person sections. Students (<emph>n</emph> = 22) agreed (<emph>p</emph> <.001, untabulated) with 13 of the statements and strongly agreed with two of the statements (8 and 10, <emph>p</emph> <.05, untabulated). Thirty students submitted the homework assignment and had an average score of 78.32. (SD 15.17%). These results indicate that even without the instructor-led portion of the discussion (Table 1, steps 3 and 4), the CVP activity can be a useful learning experience and may be easily modified for online delivery.</p> <hd id="AN0148515890-9">Conclusions</hd> <p>This article describes an active and collaborative learning exercise with accompanying homework assignments for teaching cost behavior and CVP analysis from a managerial decision-making standpoint. The exercise was developed and tested in introductory managerial accounting courses at a large public university in the Midwest. The exercise requires little preparation and class time, student feedback was positive, and students' scores on the homework assignment were satisfactory. Therefore, the CVP activity represents a fun, efficient, and effective way for students to understand how the accounting concepts of cost behavior and CVP analysis work together when managers make real-world business decisions.</p> <p>Furthermore, this activity addresses the Pathways Commission's ([<reflink idref="bib27" id="ref40">27</reflink>]) concerns that technical accounting material is too often taught outside of the context of real-world businesses. The usage of the <emph>Shark Tank</emph> television show helps provide business background and real-world context for students while also providing an entertaining way to learn about how accounting decisions can influence management decision making. The usage of this activity should prove valuable as instructors look to find ways to bring additional active-learning activities into the classroom. By using the activity, instructors can help students to focus on CVP's decision-making impact rather than memorization of the formulas involved. The activity provides students with the context of a broader business environment, which allows CVP and cost behavior to be explored while taking into account consideration of how accounting numbers and management decisions can interact and impact actual business operations. Finally, in an era where student engagement can be difficult, this activity provides a fun and entertaining way to explore a crucial educational concept that is used regularly by managers.</p> <hd id="AN0148515890-10">Appendix A. Business information questionnaire</hd> <p></p> <ulist> <item> What amount of money are Tracie and Glen seeking from the Sharks?</item> <p></p> <item> What percent of the company is being offered for purchase?</item> <p></p> <item> What does it cost to make one package of Socktabs?</item> <p></p> <item> What does the product wholesale for? [round to nearest dollar]</item> <p></p> <item> What have the sales of the business been to date?</item> <p></p> <item> How long (in months) has the business been operating?</item> <p></p> <item> What percentage of their business is</item> <p></p> <item> Wholesale (for retail): _______________</item> <p></p> <item> Internet: _______________</item> </ulist> <hd id="AN0148515890-11">Appendix B. Preliminary analysis questions.</hd> <p></p> <ulist> <item> What do you think about the business as it currently sits?</item> <p></p> <item> Do you see a use for this product?</item> <p></p> <item> Do you have any concerns about the business?</item> <p></p> <item> What would you do to grow the business?</item> <p></p> <item> Would you be interested in investing in this business?</item> <p></p> <item> Explain your answer.</item> <p></p> <item> Describe any fixed costs that you think the business might have?</item> <p></p> <item> Describe any variable costs that you think the business might have?</item> <p></p> <item> Describe any mixed costs that you think the business might have?</item> <p></p> <item> Based on the numbers provided in the television segment, what is the allocation (in dollars) of the $20,000 in sales between the following sources:</item> <p></p> <item> Wholesale (for retail) $_______________</item> <p></p> <item> Internet (online) $_______________</item> <p></p> <item> Assume that one package of Socktabs sells on their webpage for $10. Using this information, your answers from the question above, and the wholesale sale price shared in the <emph>Shark Tank</emph> video, calculate the number of units that have been sold from their two revenue sources:</item> <p></p> <item> Wholesale (for retail) _______________ packages</item> <p></p> <item> Internet (online) _______________ packages</item> <p></p> <item> Based on the numbers provided in the video, what do Tracie and Glen value 100% of the Socktabs business at?</item> </ulist> <hd id="AN0148515890-12">Appendix C. Contribution margin income statement</hd> <p></p> <hd id="AN0148515890-13">Socktabs</hd> <p>Table C1. Contribution margin income statement.</p> <p> <ephtml> <table><thead><tr><td /><td>2,400 pkgs</td><td>800 pkgs</td><td>3,200 pkgs</td></tr><tr><td>Wholesale</td><td>Internet</td><td>Total</td></tr><tr><td>Sales</td><td>$12,000</td><td>$8,000</td><td>$20,000</td></tr></thead><tbody valign="top"><tr><td>Variable Expenses</td><td /><td /><td /></tr><tr><td> Socktabs Product</td><td> $3,000</td><td> $1,000</td><td> $4,000</td></tr><tr><td> Sales commissions</td><td> $600</td><td> $200</td><td> $800</td></tr><tr><td>Total variable expenses</td><td> $3,600</td><td> $1,200</td><td> $4,800</td></tr><tr><td> Contribution margin</td><td> $8,400</td><td> $6,800</td><td> $15,200</td></tr><tr><td>Fixed expenses</td><td /><td /><td /></tr><tr><td> Wages</td><td /><td /><td> $6,000</td></tr><tr><td> Rent</td><td /><td /><td> $3,600</td></tr><tr><td> Insurance</td><td /><td /><td> $850</td></tr><tr><td> Advertising</td><td /><td /><td> $1,800</td></tr><tr><td> Total fixed expenses</td><td /><td /><td> $12,250</td></tr><tr><td> Net operating income</td><td /><td /><td> 2,950</td></tr></tbody></table> </ephtml> </p> <hd id="AN0148515890-14">Appendix D. Homework assignment.</hd> <p></p> <ulist> <item> <bold> Based on the _B_GIVEN INFORMATION</bold> (Appendix C), prepare Socktabs' contribution margin income statement (only through the Contribution Margin line) on a <emph>per-unit basis</emph>.</item> <p></p> <item> <bold> Based on the _B_GIVEN INFORMATION</bold> (Appendix C), prepare Socktabs' contribution margin income statement (only through the Contribution Margin line) on a <emph>percent of sales basis</emph>. Keep the three categories separate (wholesale, internet, and total).</item> <p></p> <item> As Glen and Tracie have other jobs, they are thinking of stopping the internet part of the business in order to focus on the wholesale part of their business. They believe that the 800 packages from internet sales will shift to wholesale sales. Prepare an updated contribution margin income statement that would reflect the above change, assuming that it would have no impact on fixed expenses.</item> <p></p> <item> The shift to 100% wholesale (in #3) puts Socktabs at an operating loss. Calculate the break-even point in unit sales and in dollar sales, assuming Socktabs remains at 100% wholesale.</item> <p></p> <item> <bold> Realizing that the internet side of the business has a higher contribution margin, Tracie and Glen decide not to switch to 100% wholesale. If no changes are made, Tracie and Glen are confident they can continue to achieve the _B_GIVEN INFORMATION</bold> (Appendix C). However, based on Tracie's sales experience, she is confident that spending $3,000 in advertising will generate 200 more packages being sold wholesale and 500 packages being sold on the internet. Prepare a new contribution margin income statement based on the <bold>GIVEN INFORMATION</bold> (Appendix C) and these new assumptions about advertising.</item> <p></p> <item> Based on the updated contribution margin income statement from #5, do you recommend this advertising be purchased? YES or NO</item> </ulist> <hd id="AN0148515890-15">Updated given information</hd> <p>After a few years, business is booming for Socktabs. Glen and Tracie did end up ending the internet side of their business. Below is a contribution margin income statement reflecting the most recent six months of business with 100% of sales being made to wholesalers.</p> <p></p> <p> <ephtml> <table><thead><tr><td /><td>Total</td><td>Per unit</td><td>Percentage of sales</td></tr></thead><tbody valign="top"><tr><td>Sales (40,000 packages)</td><td> $160,000</td><td char=".">$4.00</td><td char=".">100.00%</td></tr><tr><td>Variable Expenses</td><td> $60,000</td><td char=".">$1.50</td><td char=".">37.50%</td></tr><tr><td>Contribution Margin</td><td> $100,000</td><td char=".">$2.50</td><td char=".">62.50%</td></tr><tr><td>Fixed Expenses</td><td> $12,250</td><td /><td /></tr><tr><td>Net Operating Income</td><td> $87,750</td><td /><td /></tr></tbody></table> </ephtml> </p> <p></p> <ulist> <item> <bold> 7. Based on the _B_UPDATED GIVEN INFORMATION</bold>, what is Socktabs' degree of operating leverage?</item> <p></p> <item> 8. Glen and Tracie want to grow the business. Their goal is to be able to generate $100,000 of net operating income for a six month period. Assuming the per unit sales, per unit variable expenses, and total fixed costs remain constant, how many additional units would have to be sold to hit the goal?</item> <p></p> <item> 9. If Socktabs is able to hit the growth goal shown in #8, what percent growth in sales would this be?</item> <p></p> <item> 10. If Socktabs is able to hit the growth goal shown in #8, calculate the updated operating leverage that would result. Carry the calculation to four decimal places.</item> <p></p> <item> 11. Assume Socktabs' operating leverage is 1.225. If the company's sales increase by 8%, by what percentage would net operating income change?</item> </ulist> <ref id="AN0148515890-16"> <title> References </title> <blist> <bibl id="bib1" idref="ref1" type="bt">1</bibl> <bibtext> Adams, S. J., Lea, R. B., & Harston, M. E. (1999). 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  Data: Swimming with the Sharks: An Activity Exploring Cost, Volume and Profit Analysis through the Use of 'Shark Tank'
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  Data: <searchLink fieldCode="AR" term="%22Huels%2C+Brian%22">Huels, Brian</searchLink><br /><searchLink fieldCode="AR" term="%22Weber%2C+Jill%22">Weber, Jill</searchLink> (ORCID <externalLink term="http://orcid.org/0000-0003-3816-3203">0000-0003-3816-3203</externalLink>)
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  Data: Routledge. Available from: Taylor & Francis, Ltd. 530 Walnut Street Suite 850, Philadelphia, PA 19106. Tel: 800-354-1420; Tel: 215-625-8900; Fax: 215-207-0050; Web site: http://www.tandf.co.uk/journals
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  Data: 10.1080/08832323.2020.1719960
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  Data: This research presents an in-class activity and accompanying homework assignment designed to encourage students to engage in critical thought about managerial decisions made by a real-world company that appeared on the hit reality show "Shark Tank." This alternative approach to teaching cost-volume-profit (CVP) analysis helps students engage in active learning while providing context that allows for a deeper understanding of the decisions managers make. Results indicate that students enjoy the activity and agree that it contributes to their learning and understanding of how CVP can be used in real-world businesses.
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