The following accounts, among others, appeared on ZZ Company's balance
sheet at January 1, 2020 and December 31, 2020:

                  January 1, 2020       December 31, 2020

Accounts receivable    48,000                63,000
Utilities payable      20,000                26,000
Notes payable          71,000                80,000
Common stock           30,000                90,000
Retained earnings      22,000                78,000

The following information was taken from ZZ Company's 2020 income
statement:

Sales revenue                   $500,000
Cost of goods sold               280,000
Other expenses                   120,000
Net income                      $100,000

Calculate the amount of cash collected from customers during 2020.

The following accounts, among others, appeared on ZZ Company's balance
sheet at January 1, 2020 and December 31, 2020:

                  January 1, 2020       December 31, 2020

Accounts receivable    48,000                63,000
Utilities payable      20,000                26,000
Notes payable          71,000                80,000
Common stock           30,000                90,000
Retained earnings      22,000                78,000

The following information was taken from ZZ Company's 2020 income
statement:

Sales revenue                   $500,000
Cost of goods sold               280,000
Other expenses                   120,000
Net income                      $100,000

Calculate the amount of cash collected from customers during 2020.

Complete the following table:
--------------------------------------------------------------Account to be debited ---- Account to be credited

Started business with $200,000 in the bank
      
Kowus lent the company $15,000 in cash
      
Bought goods on credit from G. Gowen $1,530
      
Sold goods for cash to B. Brown$1,300
      

Proprietor puts further amount into business by cheque, $125,000     

Bought office furniture by cash $63,700 from Amben Ltd.
      
A debtor, J. Pike paid us by cheque $3,000
      
Bought car on credit from Kowus Motors $94,000
      
Paid office expenses by cheque, $300
      
Paid salaries in cash $79,000
      
Cash sales $10,200
      
Paid business rates by cheque $3,600
      
Returned goods to B. Brown
      
Sold goods on credit to T. Potts $2,300
      
Goods were returned to us by T. Potts $560
      
Cash drawings by proprietor, $2,000
      
A debt owing to us by T. Potts $368 is written off as bad debt.  

   
Paid $400 cash in hand into the bank account.
      
Paid motor vehicle expenses by cheque $400
      
Bought goods for cash $450.
      

Scenario:

Around September, one year ago, an employee in the United States Government became a celebrated anonymous whistleblower who disclosed the unethical dealings by the President of the United States. The whistleblower alleged that the President sought foreign interference in the US 2020 elections on a July phone call with the President of Ukraine, Volodymyr Zelensky.

Requirement:

Without digging into the facts of the case, discuss the laws surrounding the issue of whistleblowing and whether as the President alleged, the whistleblower had committed a treasonous act.

Describe an action a regulatory agency took against a business in the past 6 months. Post a link to your source. Do you agree or disagree with the action? Explain your reasoning and support it with the materials from this week.

Make sure you provide the link to the source and also make sure the company is in the US

Red Carpet LLC is a national hospitality and entertainment company with headquarters in Philadelphia, PA with national operations in the US. Historically, the company has had 3 divisions: hotels, food service, and cruise lines. However, it recently completed the acquisition of Sparkstar theaters, a movie theater company, that it is slated to become its 4th division. Red Carpet now owns 200 hotels in 48 states, 4 brands of restaurants with 1776 locations, 4 Buoy Bay branded cruise ships, and 300 Sparkstar theaters.

Its matrix organizational structure consists of a central HR, accounting, business development, sales, marketing, and research and development departments located at the headquarters in Philadelphia that serve each division. Each division is located in a different part of the US and lead by a VP that reports to the President and CEO. The company is privately owned by a consortium of investors and investor groups.

Red Carpet has 16,000 employees, 1000 of which work at its corporate headquarters. The organizational culture of the headquarters is informal and organic and there are few policies and processes that guide employee behavior. The company, as a whole, does not value HR so employees struggle with many employee relations and employment law concerns. The company outsources all of its training to one of the investor group companies, however this training is commonly not customized to the needs of Red Carpet.

As a whole, Red Carpet struggles with its business to business partners and suppliers because of its reputation for being nonnegotiable. Red Carpet would rather disrupt the quality and availability of its only products and services rather than partner for the supply chain resources that it needs. Likewise, Red Carpet does not hold many of the General Managers in its hotels, restaurants, and its cruise ships accountable for performance, opting instead for a weaker political strategy of blaming and gotcha games.

Being aware of these challenges, Red Carpet acquired Sparkstar for their strong industry reputation and financial performance in the hopes that merging the structure and culture of Sparkstar into Red Carpet would change the organization for the better. Historically, Red Carpet has been a highly successful company, however in recent years, its mismanagement has created noticeable effectives in product and service quality and its bottom line.

Divisions

Hotels: Red Carpet branded hotels are mid-price semi-luxury hotels known for high quality. Each customer is given a red velvet cupcake upon checking in. Red Carpet relies on its General Managers to micromanage the hotel. Despite its corporate parent owning a restaurant division, no Red Carpet hotels have restaurants. The Red Carpet division headquarters are in Sedona AZ. Many of the hotels are in need of refurbishment.

Food Service: Chicken Heaven is a fast-food chain with a long tradition of quality, large customer base, and 1000 locations. It is a solid overall performer for Red Carpet with high employee satisfaction. Burger Blast is another fast-food chain recently launched to cater to upscale customers who seek customized, gourmet-style burgers. It has 200 locations, however General Managers are struggling with budget and supplies causing a poor customer experience and high employee turnover. Food Park is a buffet-style restaurant with 500 locations that has been recently struggling because of high competition and poor marketing. Delicacy is a high-end restaurant with an urban theme. It has 76 locations, is the oldest of Red Carpet's food service operations, and provides a unique dining experience for customers. However, General Managers have a high turnover at Delicacy because of the grueling schedule. The food service division is located in Burke, ID.

Cruise Ships: Buoy Bay cruise ships offer low-cost, short-term cruises from Port Canaveral, FL only to the US Virgin Islands. Buoy Bay offers customers average quality staterooms and food from Chicken Heaven, Burger Blast, and Food Park. However, it does not offer a non-buffet formal dining option such as Delicacy. Although they are known for their over-the-top entertainment, employee turnover is very high relying primary on seasonal employees who are poorly trained. Buoy Bay has had much controversy. Just 5 years ago, the Buoy Bay cruise ship, Garland of the Sails, hit a reef, partially sank, and had to be salvaged in a 1.5 billion dollar operation. This resulted in a Federal investigation that is still pending. The Buoy Bay division is located in Lapsowanne, OR.

Movie Theaters: Sparkstar theaters were recently purchased from the Vegamega group for 2.3 billion dollars. Sparkstar is the highest rated movie theater chain the US. It has high customer and employee satisfaction, an efficient organizational structure, and solid financial results. Sparkstar's culture is one of high HR involvement including a strong training and development department, Sparkstar Institute. Sparkstar has a customer rewards program that provides a free movie rental of the film that the customer saw in the theater which has been very popular and has increased its strong customer base. Sparkstar has its divisional headquarters in Pasadena, CA.

The Issues

With the purchase of Sparkstar theaters, Red Carpet is hoping to redefine its operations in the next 5 years. It sees opportunities to integrate its divisions, products, and services to better serve its customers and employees. Here is a summary of some of the issues that Red Carpet must address in its strategic plan:

Internal politics and communication
Improved HR and training
Employee relations issues
Federal investigations
Product and service quality
Marketing support
Performance issues
Redefining the organizational structure
Improving its organizational culture
Integrating products and services
Resource and supply chain issues

Your Role

Leroy Banks, the Director of Change management at Red Carpet is seeking an Organization Development Consultant to address Red Carpet's need for change. You've just received a consulting contract from him to help prepare a plan to assist Red Carpet. You're excited about the opportunity and are motivated to work on this project. You know that your insight will assist Red Carpet with managing organizational change.

Leroy Banks is the Director of Change Management for Red Carpet, a national hospitality and entertainment company. He has contracted you to be an OD Consultant because Red Carpet has recently acquired a movie theater company and needs to create a new division. Leroy realized that this acquisition has provided an opportunity to restructure some other parts of the Red Carpet as well so it can streamline its operations. Leroy has asked you to begin by assessing Red Carpet’s organizational environment.

Review the Red Carpet scenario for this course and with your classmates; discuss the following questions that will help you become familiar with Red Carpet:

Identify and describe 3 examples of external forces affecting Red Carpet.
Identify and describe 3 examples of internal forces affecting Red Carpet
What challenges have these forces created at Red Carpet?

At a certain university, 40% of the students come from Orange County, 20% come from Los Angeles County, 20% come from another county in California, 10% come from another state, and 10% come from a different country. Zoe wants to see if the students in her class fit or do not fit this profile. She takes a sample: 100 come from Orange County, 35 come from Los Angeles County, 30 come from another county in California, 20 come from another state, and 15 come from another country. Please calculate the test statistic, state the critical value, and come to a conclusion concerning the make-up of the class. Let α = .05.

During 2019 (its first year of operations) and 2020, Fieri Foods used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of 2021, Fieri decided to change to the average method for both financial reporting and tax purposes.

Income components before income tax for 2019, 2020, and 2021 were as follows:

Dividends of $39 million were paid each year. Fieri’s fiscal year ends December 31.

Required:
1. Prepare the journal entry at the beginning of 2021 to record the change in accounting principle. (Ignore income taxes.)
2. Prepare the 2021–2020 comparative income statements.
3. & 4. Determine the balance in retained earnings at January 1, 2020 as Fieri reported using FIFO method and determine the adjustment of balance in retained earnings as on January 1, 2020 using average method instead of FIFO method.

For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2018 for $2,800,000. Its useful life was estimated to be six years with a $220,000 residual value. At the beginning of 2021, Clinton decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows:

   
Required:
2. Prepare any 2021 journal entry related to the change. (Enter your answers in dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)