Adanna Ghany is the founder and manager of Ceramics Unlimited. Adanna has approached the local bank for a loan to expand her business. As part of the loan application, Adanna was asked to prepare Financial Statements for the business. She prepared the following balance sheet and income statement based on the first month of operations (see below).

Ceramics Unlimited.

BALANCE SHEET

November 30, 2018

Ceramics Unlimited.

INCOME STATEMENT

For the Month Ended, November 30, 2018

Adanna stated that she was not pleased with the first month’s results. But she believes she will show a greater profit next month as she will not have large expenses for items such as purchasing a new Kiln (Oven).

In discussions with Adanna and by reviewing the accounting records of Ceramics Unlimited, you discover the following facts

1.    Adanna opened Ceramics Unlimited (a ceramic studio) on November 1st 2018 in leased office space, paying the first month's rent of $300 and a $1,000 security deposit with a check on her personal account.

1.    Ceramics Unlimited sells ceramic pieces as well as offers training courses that teach participants how to make their own ceramics pieces.

2.    Adanna had been making ceramic pieces as a hobby. She took molds and tools, worth about $7,500, from her home in order to start the studio.

3.    Adanna also bought a new firing kiln (oven) to start the business. The new kiln had a list price of $5,000. Adanna wrote a check on her personal checking account.

1.    The first customer of Ceramics Unlimited’s paid a total of $1,400 to attend classes for two months. Adanna opened a checking account in the company's name with the $1,400.

4.    Ceramics Unlimited has conducted classes for one month and has sold some ceramic pieces for $3,000 cash. Cost incurred in making the ceramic pieces was $1,000. Adanna paid these cost with her personal credit card.

As the person to decide whether or not to grant Adanna the requested loan. You have to decide if Adanna prepared the financial statements of Ceramics Unlimited correctly. You need to determine if she violated any accepted accounting principles, assumptions or concepts.

Required

a. Either justify Adanna’s treatment of each event and her preparation of the financial statements based on your understanding of the generally accepted accounting principles

or

b. Identify the generally accepted accounting principles, assumptions or concepts that were violated.

i. Explain how each event should have been handled in accordance with the generally accepted accounting principles.

ii. Prepare a corrected Classified balance sheet and income statement based on your understanding of the generally accepted accounting principles.

Schedule of Cash Receipts

Del Spencer is the owner and founder of Del Spencer's Men's Clothing Store. Del Spencer's has its own house charge accounts and has found from past experience that 10 percent of its sales are for cash. The remaining 90 percent are on credit. An aging schedule for accounts receivable reveals the following pattern:

15 percent of credit sales are paid in the month of sale.
65 percent of credit sales are paid in the first month following the sale.
14 percent of credit sales are paid in the second month following the sale.
6 percent of credit sales are never collected.

Credit sales that have not been paid until the second month following the sale are considered overdue and are subject to a 3 percent late charge.

Del Spencer's has developed the following sales forecast:

Required:

Prepare a schedule of cash receipts for August and September. Round all amounts to the nearest dollar.

Schedule of Cash Receipts

Del Spencer is the owner and founder of Del Spencer's Men's Clothing Store. Del Spencer's has its own house charge accounts and has found from past experience that 10 percent of its sales are for cash. The remaining 90 percent are on credit. An aging schedule for accounts receivable reveals the following pattern:

15 percent of credit sales are paid in the month of sale.
65 percent of credit sales are paid in the first month following the sale.
14 percent of credit sales are paid in the second month following the sale.
6 percent of credit sales are never collected.

Credit sales that have not been paid until the second month following the sale are considered overdue and are subject to a 3 percent late charge.

Del Spencer's has developed the following sales forecast:

Required:

Prepare a schedule of cash receipts for August and September. Round all amounts to the nearest dollar.

An example of a manager exhibiting transformational leadership is Kathy Savitt, founder and chief executive officer of Lockerz. The company operates an e-commerce website that uses social networking tools to engage teens in shopping online. Teens who visit the site can help themselves and their friends earn points toward discounts on the merchandise by clicking images of the items and viewing various kinds of promotional content. The company grew out of Savitt’s passion for serving this young demographic group. Savitt has a vision not only for the company’s place as an Internet marketer but also for the kind of company it should be for its employees. Her vision is of a business in which the employees respect one another and are fearless about innovation. In hiring, Savitt seeks people who not only are highly intelligent but also listen attentively, demonstrate respect for others, and can laugh at themselves. She models her vision of the workplace by addressing problems and setbacks frankly and with a focus on solutions, saying it takes courage to work through failure. Savitt expresses confidence that by bringing in people who have talent plus a drive to contribute, she can create a company culture that avoids cynical practices she has experienced at other companies in the past. For example, she has seen business meetings that play a kind of stump-the-chump game, in which if one employee tries to answer a question or offer an idea, others pile on with criticism. Savitt believes she can avoid that by communicating the values of courage, innovation, and results.

1) What kind of behaviour does Savitt exhibit in her actions?

Transformational leader or a transactional leader?

What effects does it have on her team?

2) What is the difference between transformational leadership and transactional leadership

3) What are different types of powers? Explain each with an example

Chowdhury is the co-founder of Drinkwell, a social enterprise that turns global water crisis to entrepreneurial opportunity. Drinkwell gives clean and safe water to countries like India, Cambodia, Bangladesh, and Laos. Water filtration technology and business tools are introduced to local communities affected by arsenic. At this time, over 200 water sources are using their water filtration units. This has improved health outcomes and created job opportunities for the locals in the process.

1- Discuss about his mission, benefir and the mechansim of his business (200 words)

2- What are the challenger, risk and orstacles he faced ? (150 words)

Osama Bin Noor is the co-founder of Youth Opportunities and he is one of good social entrepreneur. Youth Opportunities is an award-winning global platform aimed at empowering youth by connecting local youth to their global counterparts while bringing the opportunity providers closer to the seekers. Noor got awarded as the 2016 Queen’s Young Leaders for his social entrepreneur initiative. He has received the award from Her Majesty, the Queen at the Buckingham Place. Noor got enlisted as the Forbes 30 Under 30 Social Entrepreneur in Asia. As a social entrepreneur, Noor is promoting volunteerism in Bangladesh for the last 8 years with many national and international organizations.

1- Discuss what are the mission, benefit and the mechanism of their business venture  (200 words).

2 - What are the challenge, risk or obstacles he faced ? (150 words)

The Meals for the Homeless is a private, not-for-profit organization that provides free meals for the destitute in a large city. The following transactions took place in the accounts of Meals for the Homeless during 2020.

1.         Restricted Cash gifts of $80,000 that were received last year (in cash)         were spent on food (this year) in 2020.

2.         Unrestricted Cash of $200,000 was received as a donation in 2020.

Additional Information: The January 1, 2020 balances from the Statement of Financial Position (balance sheet) were as follows:

a)         Cash $700,000 (debit)

b)         Net Assets Unrestricted By Donor $500,000 (credit)

c)         Net Assets Restricted By Donor $200,000 (credit)

Required:

A)        Record the two transactions above in journal entry form.

B)        Prepare a Statement of Activities for the year 2020.

C)        Prepare a Statement of Changes in Net Assets for 2020.

D)        Prepare a Statement of Financial Position (balance sheet) as of December 31, 2020.

2. CEO committment is the highest weighted area of the four evaluated to select the DiversityInc top fifty companies for diversity. Leadership and governance is one of the four dimensions assessed in the Institute of Diversity in Health Management benchmarking survey. Using research findings, testimonies from experts, and logical argument, explain why leadership is key.

Consider Ghana Technology University College, of which the students are the product of the manufacturing process.

A. What will be quality from the producer’s perspective (producers in this case are lecturers) and administrator’s? at least five

B. What will be quality from the consumer’s perspective? Consumers in this case are Students. at least 5

C. What will be quality from the consumer’s perspective? Consumers in this case are employers. At least 5