Web Wizard, Inc., has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter.

1. During January, the company provided services for $41,000 on credit.
2. On January 31, the company estimated bad debts using 2 percent of credit sales.
3. On February 4, the company collected $20,500 of accounts receivable.
4. On February 15, the company wrote off a $150 account receivable.
5. During February, the company provided services for $31,000 on credit.
6. On February 28, the company estimated bad debts using 2 percent of credit sales.
7. On March 1, the company loaned $2,600 to an employee, who signed a 6% note, due in 6 months.
8. On March 15, the company collected $150 on the account written off one month earlier.
9. On March 31, the company accrued interest earned on the note.
10. On March 31, the company adjusted for uncollectible accounts, based on an aging analysis (below). Allowance for Doubtful Accounts has an unadjusted credit balance of $1,210.

1. For items (a)–(j), analyze the transaction to determine effects on specific financial statement accounts and the overall accounting equation. (Enter any decreases to Assets, Liabilities, or Stockholders Equity with a minus sign. Do not round intermediate calculations.)

2. Prepare the journal entries for items (a)–(j). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)

3. Show how Accounts Receivable, Notes Receivable, and their related accounts would be reported in the current assets section of a classified balance sheet at the end of the quarter on March 31. (Do not round intermediate calculations.)

4. Sales Revenue and Service Revenue are two income statement accounts that relate to Accounts Receivable. Name two other accounts related to Accounts Receivable and Notes Receivable that would be reported on the income statement and indicate whether each would appear before, or after, Income from Operations.

Web Wizard, Inc., has provided information technology services for several years. The company uses the percentage of credit sales method to estimate bad debts for internal monthly reporting purposes. At the end of each quarter, the company adjusts its records using the aging of accounts receivable method. The company entered into the following selected transactions during the first quarter of 2017:

1. During January, the company provided services for $40,000 on credit.
2. On January 31, the company estimated bad debts using 1 percent of credit sales.
3. On February 4, the company collected $20,000 of accounts receivable.
4. On February 15, the company wrote off a $100 account receivable.
5. During February, the company provided services for $30,000 on credit.
6. On February 28, the company estimated bad debts using 1 percent of credit sales.
7. On March 1, the company loaned $2,400 to an employee who signed a 6 percent note, due in six months.
8. On March 15, the company collected $100 on the account written off one month earlier.
9. On March 31, the company adjusted for uncollectable accounts, based on the following aging analysis, which includes the preceding transactions (as well as others not listed). Prior to the adjustment, Allowance for Doubtful Accounts had an unadjusted credit balance of $1,200.
10. On March 31, the company accrued interest earned on the note.

1-a. For items (a) through (j), analyze the amount and effects on specific financial statement accounts and the overall accounting equation. (Enter any decreases to the account with a minus sign.)

1-b. Prepare the journal entries for the above items. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
2. Show how the receivables related to these transactions would be reported in the current assets section of a classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
3. Name the accounts related to Accounts Receivable and Note Receivable that would be reported on the income statement and indicate whether they would appear before or after Income from Operations.

PB8-4 Accounting for Accounts and Notes Receivable Transactions [LO 8-2, LO 8-3]

Two large countries, the US and China, produce only two goods, manufactured goods and Financial services, using two factors of production, skilled and unskilled labour. The production of Financial services is relatively skill-labour intensive and manufacturing is unskilledlabour intensive. The US is relatively well endowed with skilled labour, whereas China is relatively well endowed with unskilled labour. Assume that each society's preferences over the two goods are identical.

(a) Draw the production possibilities frontier (PPF) for the US. Carefully explain the shape of the PPF. How will the PPF of China differ?

(b) Suppose there is no trade between the two countries. Explain why, in a competitive equilibrium, the relative price of Financial services must be lower in the US than in China.

(c) Explain why the neoclassical (Hecksher-Ohlin) theory of trade implies there must be an increase in the goods available for consumption in both countries as a result of opening to free trade. Does this imply that all households in each economy will gain from trade? Explain.

(d) Provide a coherent economic argument to justify a protectionist policy in China that imposes a tariff on Financial services from the US. What problems may arise in following such a strategy in the long run?

Two large countries, the US and China, produce only two goods, manufactured goods and financial services, using two factors of production, skilled and unskilled labour. The production of financial services is relatively skill-labour intensive and manufacturing is unskilled-labour intensive. The US is relatively well endowed with skilled labour, whereas China is relatively
well endowed with unskilled labour. Assume that each society‘s preferences over the two goods are identical.
(a) Draw the production possibilities frontier (PPF) for the US. Carefully explain the shape of the PPF. How will the PPF of China differ?
(b) Suppose there is no trade between the two countries. Explain why, in a competitive equilibrium, the relative price of financial services must be lower in the US than in China.
(c) Explain why the neoclassical (HecksherOhlin) theory of trade implies there must be an increase in the goods available for consumption in both countries as a result of opening to free trade. Does this imply that all households in each economy will gain from trade? Explain.
(d) Provide a coherent economic argument to justify a protectionist policy in China that imposes a tariff on financial services from the US. What problems may arise in following such a strategy in the long run?

Did US, Mexico, or Canada benefit most from NAFTA? Which benefited the least? Explain

From a regulatory theory perspective explain the differences in disclosure requirements for US companies and Australian companies.

Sugar rush company POLICY FORMATION TEMPLATE;

HR Policies communicate an organization’s culture, values, and philosophy. They cover what employees can expect from the organization, what the company expects from employees and what customers and the community can expect from the organization.

Policy Purpose

What is the overarching reach or purpose of the policy?

Scope:

Who does the policy apply to? Most, if not all, HR policies are applicable to all employees of the Company. You can distinguish between part-time and full-time providing your organization maintains these different statuses.

Policy Statement:

This is the main body of the policy where HR defines the actual policy and all of the provisions that make up the policy.

Responsibility:

This answers the question of who is responsible for the policy. Most often, the statement should identify that the HR Department is responsible for monitoring and enforcing the policy.

Definition:

This section would include any definitions of terms used throughout the policy that need to be. For example, if you say full-time employees, that would need to be defined.

Questions:

This section refers to whom employees turn to if they have questions pertaining to the policy. In most instances this would be the HR Department.

Reference:

This section would indicate if the policy makes reference to other policies held by the company. For example, if you referred to the Harassment Policy, you would reference (see Harassment Policy)

Effective Date:

Indicate the effective date of the policy.

Review Date:

When is the policy reviewed? This is customarily one year from the effective date.

Approval:

Most often the President of the Company approves said policy.

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Question: - make an Employee Referral Policy using the above sugar rush company template.