On January 1, 2018 The Village of Port Jefferson engaged to Frog Construction company to construct a municipal office complex. The three-year a to receive 10 million in cash payments from the city in three installments: 25% when the project was 30% complete; 25% when the project was 60% complete; and50% when the project was fully complete. The contract required that Frog's completion estimates be certified by an independent consultant before payments were made.

During the first year of the contract, Frog completed 30% of the contract and incurred costs of 2,490,000. During the second year, the project was certified as being 60% complete and Frog incurred costs of 3,100,000.
During the third year, Frog completed the project and incurred costs of 3,110,000.

Assuming Frog had no other revenues or expenses, determine the profit on construction for 2018, 2019, and 2020 under the following methods:

1. Percentage of Completion'

2. Completed Contract

3. Which method best represents the profitability of Frog from 2018 to 2020.

On January 1, 2018, Adams-Meneke Corporation granted 90 million incentive stock options to division managers, each permitting holders to purchase one share of the company’s $1 par common shares within the next six years, but not before December 31, 2020 (the vesting date). The exercise price is the market price of the shares on the date of grant, currently $20 per share. The fair value of the options, estimated by an appropriate option pricing model, is $2 per option. Management’s policy is to estimate forfeitures. No forfeitures are anticipated. Ignore taxes. Required: 1. Determine the total compensation cost pertaining to the options on January 1, 2018. 2. Prepare the appropriate journal entry to record compensation expense on December 31, 2018. 3. Unexpected turnover during 2019 caused an estimate of the forfeiture of 5% of the stock options. Determine the adjusted compensation cost, and prepare the appropriate journal entry(s) on December 31, 2019 and 2020. (Please show calculations, not just answers.)

Miss Elizabeth Brown Age: 31 years Doctor: Tata Gravida 1 Para 0 EDC/EDD: 02/17/21 Admission Date: 10/15/2020 Weeks of Gestation: 21 weeks Allergies: No Known Allergies (NKA) Blood Type: B- VDRL(test for syphilis): Non Reactive Rubella: Non immune Hepatitis B: Positive HIV: Positive Gonorrhea and Chlamydia: Positive Medical History: Depression in the past Admit. Diagnosis: Incompetence cervix Cerclage surgery scheduled on 10/15/2020. Why is her GBS unknown Amniotic test done, results pending before cerclage why? Explain ISBAR Assessment Psychological evaluation why? Recommendation: Indocin 25mg q6h COVID test results pending. Explain why? NPO Medication: Prenatal vitamin, Iron(ferrous sulfate) Lactated Ringer 125cc/hr (500cc left when arrived in her room, how long will it take to finish) Medication template for the three meds.

1. Unearned revenues refer to a(n):

a. Asset that will be used over time.

b. Expense incurred because a customer has paid in advance.

c. Liability that is settled in the future when a company delivers its products or services.

d. Increase in revenues as a result of delivering products or services to a customer.

e. Decrease in an asset.

2. Prepaid accounts (also called prepaid expenses) are generally:

a. Payments made for products and services that never expire.

b. Classified as liabilities on the balance sheet.

c. Decreases in equity.

d. Assets that represent prepayments of future expenses.

e. Promises of payments by customers.

3. The record of all accounts and their balances used by a business is called a:

a. Journal.

b. Book of original entry.

c. General Journal.

d. Balance column journal.

e. Ledger (or General Ledger).

4. A debit:

a. Always increases an account.

b. Is the right-hand side of a T-account.

c. Always decreases an account.

d. Is the left-hand side of a T-account.

e. Is not needed to record a transaction.

5. Identify the statement below that is incorrect.

a. The normal balance of accounts receivable is a debit.

b. The normal balance of owner's withdrawals is a debit.

c. The normal balance of unearned revenues is a credit.

d. The normal balance of an expense account is a credit.

e. The normal balance of the owner's capital account is a credit.

6. An account balance is:

a. The total of the credit side of the account.

b. The total of the debit side of the account.

c. The difference between the total debits and total credits for an account including the beginning balance.

d. Assets = liabilities + equity.

e. Always a credit.

7. A double-entry accounting system is an accounting system:

a. That records each transaction twice.

b. That records the effects of transactions and other events in at least two accounts with equal debits and credits.

c. In which each transaction affects and is recorded in two or more accounts but that could include two debits and no credits.

d. That may only be used if T-accounts are used.

e. That insures that errors never occur.

8. When closing entries are made:

a. All ledger accounts are closed to start the new accounting period.

b. All temporary accounts are closed but permanent accounts are not closed.

c. All real accounts are closed but nominal accounts are not closed.

d. All permanent accounts are closed but nominal accounts are not closed.

e. All balance sheet accounts are closed.

9. Which of the following statements is incorrect?

Permanent account is another name for nominal account.

a. Temporary accounts carry a zero balance at the beginning of each accounting period.

b. The Income Summary account is a temporary account.

c. Real accounts remain open as long as the asset, liability, or equity items recorded in the accounts continue in existence.

d. The closing process applies only to temporary accounts.

10. Assets, liabilities, and equity accounts are not closed; these accounts are called:

a. nominal accounts

b. temporary accounts

c. permanent accounts

d. contra accounts

e. accrued accounts

Case 6-1  Chobani

Chobani LLC, is a producer and marketer of Greek yogurt. The company was founded in 2005 by Hamdi Ulukaya, an immigrant from Turkey, who recognized the lack of options for high-quality yogurt in the United States. The company is headquartered in Norwich, New York, and it employs approximately 2,000 employees. It operates two manufacturing plants—its original facility in central New York and a second new state-of-the-art facility in Twin Falls, Idaho.

The mission of the company is “To provide better food for more people. We believe that access to nutritious, delicious yogurt made with only natural ingredients is a right, not a privilege. We believe every food maker has a responsibility to provide people with better options, which is why we’re so proud of the way our food is made.” Chobani’s core values are integrity, craftsmanship, innovation, leadership, people, and giving back.

The company’s beginning in 2005 occurred when Hamdi Ulukaya discovered a notice about an old Kraft yogurt factory in South Edmeston that was closed. He decided to obtain a business loan in order to purchase it. Between 2005 and 2007, Ulukaya worked with four former Kraft employees and yogurt master Mustafa Dogan to develop the recipe for Chobani Greek Yogurt. Between 2007 and 2009, the company started to sell its yogurt in local grocery stores including Stop and Shop and ShopRite. By 2010, Chobani Greek yogurt became the best selling Greek yogurt in the United States. The company pursued global expansion by entering Australia in 2011 and the United Kingdom in 2012. In 2013, the company opened its international headquarters in Amsterdam, and Hamdi Ulukaya was named the Ernst and Young World Entrepreneur of the Year.

Chobani has achieved its success in large part due to its ability to innovate in its product lineup. For example, in 2016, it launched a new line of yogurt drinks, more flavors of its Flip mix-in product, and even a concept café in Manhattan.

The company also created a food incubator program that is designed to provide resources, expertise (e.g., brand and marketing, packaging and pricing), and funding to small, young companies that have promising ideas for new natural foods that they aspire to develop.

Although Hamdi Ulukaya has been extremely successful in his founding and establishment of Chobani, he has recognized that there are some key lessons learned from his experience as the head of a young but very successful and industry-leading company. These include the importance of hiring people with functional experience such as marketing, supply chain, logistics, operations, and quality control, as they were essential to the smooth operation of the company. In addition, remembering to respect the competition and not to underestimate it is critical, as Chobani’s two main competitors, Dannon and Yoplait, launched their own Greek yogurt lines, and they were able to win back some of Chobani’s market share over time.

Discussion Questions

5.   Think about managing change at a personal level. Why is it so hard for so many people to change their behavior or way of thinking? Are these personal challenges to managing change also relevant to managing change in organizations?

6.   What can you learn from Hamdi Ulukaya about what is needed to become a successful entrepreneur?

Case 6-1  Chobani

Chobani LLC, is a producer and marketer of Greek yogurt. The company was founded in 2005 by Hamdi Ulukaya, an immigrant from Turkey, who recognized the lack of options for high-quality yogurt in the United States. The company is headquartered in Norwich, New York, and it employs approximately 2,000 employees. It operates two manufacturing plants—its original facility in central New York and a second new state-of-the-art facility in Twin Falls, Idaho.

The mission of the company is “To provide better food for more people. We believe that access to nutritious, delicious yogurt made with only natural ingredients is a right, not a privilege. We believe every food maker has a responsibility to provide people with better options, which is why we’re so proud of the way our food is made.” Chobani’s core values are integrity, craftsmanship, innovation, leadership, people, and giving back.

The company’s beginning in 2005 occurred when Hamdi Ulukaya discovered a notice about an old Kraft yogurt factory in South Edmeston that was closed. He decided to obtain a business loan in order to purchase it. Between 2005 and 2007, Ulukaya worked with four former Kraft employees and yogurt master Mustafa Dogan to develop the recipe for Chobani Greek Yogurt. Between 2007 and 2009, the company started to sell its yogurt in local grocery stores including Stop and Shop and ShopRite. By 2010, Chobani Greek yogurt became the best selling Greek yogurt in the United States. The company pursued global expansion by entering Australia in 2011 and the United Kingdom in 2012. In 2013, the company opened its international headquarters in Amsterdam, and Hamdi Ulukaya was named the Ernst and Young World Entrepreneur of the Year.

Chobani has achieved its success in large part due to its ability to innovate in its product lineup. For example, in 2016, it launched a new line of yogurt drinks, more flavors of its Flip mix-in product, and even a concept café in Manhattan.

The company also created a food incubator program that is designed to provide resources, expertise (e.g., brand and marketing, packaging and pricing), and funding to small, young companies that have promising ideas for new natural foods that they aspire to develop.

Although Hamdi Ulukaya has been extremely successful in his founding and establishment of Chobani, he has recognized that there are some key lessons learned from his experience as the head of a young but very successful and industry-leading company. These include the importance of hiring people with functional experience such as marketing, supply chain, logistics, operations, and quality control, as they were essential to the smooth operation of the company. In addition, remembering to respect the competition and not to underestimate it is critical, as Chobani’s two main competitors, Dannon and Yoplait, launched their own Greek yogurt lines, and they were able to win back some of Chobani’s market share over time.

Discussion

1. Start with a brief (1-2 paragraphs) summary of the case.

2. List the management issues short term & longer term you see in the case.

3.Propose a solution to fix the major current problem and a longer term course of action to prevent the problem.

In a study of the effectiveness of physical exercise in weight reduction, 12 subjects followed a program of physical exercise for two months. Their weights (in pounds) before and after this program are shown in the table. Use Wilcoxon's signed-ranks test and a significance level of 0.05 to test the claim that the exercise program has no effect on weight.

What would be the signed rank for the column with values of 175 and 168?

1. Eight operating rooms were tested to see if a bacterial soap has reduced the contamination rates. The data shows the contamination in each room the year before and the year after using the soap. What do you conclude at .05 significance level

Before: 6.6           6.5       9          10.3    11.2      8.1       6.3      11.6

After:    6.8          2.4      7.4       8.5      8.1      6.1       3.4      2         

1. Hypothesis being tested: M1=M2? Or should it be a one tail test?
2. Critical Value
   1. What is the appropriate calculated T or Z
   2. Statistical conclusion
   3. Practical conclusion. Does the contamination significantly change?

Part A

Calculate the pH of 0.376 L of a 0.18 M acetic acid - 0.35 M sodium acetate buffer before and after the addition of 0.0065 mol of KOH. Assume that the volume remains constant. (Ka of acitic acid is 1.8⋅10−5) Express your answer using three significant figures.

Part B

Calculate the pH of 0.376 L of a 0.18 M acetic acid - 0.35 M sodium acetate buffer before and after the addition of 0.0065 mol of HBr. Assume that the volume remains constant. (Ka of acetic acid is 1.8⋅10−5)

Express your answer using three significant figures.