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)

1. Richard Branson, the CEO and Founder of the Virgin Companies, famously said that employees come first, not customers, rationalizing that when firms take care of their employees, the employees will take care of the clients. This belief fits with one of the Four Types of Corporate Culture. Please tell me which, and why you chose the one that you did.

2. , briefly, the 5 Steps that Manager Take, and offer some details on the 3^rd step in the process, Motivate and Communicate.

1)​ ​Masaru Ibuka, founder and chairman of Japan's Sony Corp, was asked in an interview, "What is the secret of your success?" He said he had a ritual.
Preceding a business decision, he would drink herbal tea. Before he drank, he asked himself, "Should I make this deal or not?" If the tea gave him indigestion, he wouldn't make the deal. "I trust my gut, and I know how it works," he said.
"My mind is not that smart, but my body is."
"My mind is not that smart, but my body is"​,​ which way of thinking does this quote reflects? Explain your answer. .
Is it always right to do so? If not, what is the other way of thinking to be followed? .

2) When German car manufacturer Volkswagen (VW) was discovered in 2015 to have cheated on emissions test, the company’s reputation was very badly affected. The company’s employees reported a drop in trust for their company. It was the first time this happens. ​VW
Employees’ feelings have changed as VW won
back the respect of its personnel
What is the type of problem Volkswagen was facing? Why? ​And ​how this problem was solved?
made sure that everyone knew what happened and also what would happen next. The company
also publicly admitted guilt. VW encouraged employees to express their feelings and concerns.
Volkswagen’s efforts seem to have paid off. ​
​and its image among the public also ​seems to have recovered.

Described below are six independent and unrelated situations involving accounting changes. Each change occurs during 2021 before any adjusting entries or closing entries were prepared. Assume the tax rate for each company is 25% in all years. Any tax effects should be adjusted through the deferred tax liability account.

1. Fleming Home Products introduced a new line of commercial awnings in 2020 that carry a one-year warranty against manufacturer’s defects. Based on industry experience, warranty costs were expected to approximate 3% of sales. Sales of the awnings in 2020 were $4,100,000. Accordingly, warranty expense and a warranty liability of $123,000 were recorded in 2020. In late 2021, the company’s claims experience was evaluated, and it was determined that claims were far fewer than expected: 2% of sales rather than 3%. Sales of the awnings in 2021 were $4,600,000, and warranty expenditures in 2021 totaled $104,650.
2. On December 30, 2017, Rival Industries acquired its office building at a cost of $1,120,000. It was depreciated on a straight-line basis assuming a useful life of 40 years and no salvage value. However, plans were finalized in 2021 to relocate the company headquarters at the end of 2025. The vacated office building will have a salvage value at that time of $760,000.
3. Hobbs-Barto Merchandising, Inc., changed inventory cost methods to LIFO from FIFO at the end of 2021 for both financial statement and income tax purposes. Under FIFO, the inventory at January 1, 2021, is $750,000.
4. At the beginning of 2018, the Hoffman Group purchased office equipment at a cost of $396,000. Its useful life was estimated to be 10 years with no salvage value. The equipment was depreciated by the sum-of-the-years’-digits method. On January 1, 2021, the company changed to the straight-line method.
5. In November 2019, the State of Minnesota filed suit against Huggins Manufacturing Company, seeking penalties for violations of clean air laws. When the financial statements were issued in 2020, Huggins had not reached a settlement with state authorities, but legal counsel advised Huggins that it was probable the company would have to pay $260,000 in penalties. Accordingly, the following entry was recorded:

Late in 2021, a settlement was reached with state authorities to pay a total of $416,000 in penalties.

6. At the beginning of 2021, Jantzen Specialties, which uses the sum-of-the-years’-digits method, changed to the straight-line method for newly acquired buildings and equipment. The change increased current year net earnings by $511,000.

Required:
For each situation:
1. Identify the type of change.
2. Prepare any journal entry necessary as a direct result of the change, as well as any adjusting entry for 2021 related to the situation described.

Described below are six independent and unrelated situations involving accounting changes. Each change occurs during 2021 before any adjusting entries or closing entries were prepared. Assume the tax rate for each company is 25% in all years. Any tax effects should be adjusted through the deferred tax liability account.

1. Fleming Home Products introduced a new line of commercial awnings in 2020 that carry a one-year warranty against manufacturer’s defects. Based on industry experience, warranty costs were expected to approximate 2% of sales. Sales of the awnings in 2020 were $2,600,000. Accordingly, warranty expense and a warranty liability of $52,000 were recorded in 2020. In late 2021, the company’s claims experience was evaluated, and it was determined that claims were far fewer than expected: 1% of sales rather than 2%. Sales of the awnings in 2021 were $3,100,000, and warranty expenditures in 2021 totaled $70,525.
2. On December 30, 2017, Rival Industries acquired its office building at a cost of $820,000. It was depreciated on a straight-line basis assuming a useful life of 40 years and no salvage value. However, plans were finalized in 2021 to relocate the company headquarters at the end of 2025. The vacated office building will have a salvage value at that time of $610,000.
3. Hobbs-Barto Merchandising, Inc., changed inventory cost methods to LIFO from FIFO at the end of 2021 for both financial statement and income tax purposes. Under FIFO, the inventory at January 1, 2021, is $600,000.
4. At the beginning of 2018, the Hoffman Group purchased office equipment at a cost of $231,000. Its useful life was estimated to be 10 years with no salvage value. The equipment was depreciated by the sum-of-the-years’-digits method. On January 1, 2021, the company changed to the straight-line method.
5. In November 2019, the State of Minnesota filed suit against Huggins Manufacturing Company, seeking penalties for violations of clean air laws. When the financial statements were issued in 2020, Huggins had not reached a settlement with state authorities, but legal counsel advised Huggins that it was probable the company would have to pay $110,000 in penalties. Accordingly, the following entry was recorded:

Late in 2021, a settlement was reached with state authorities to pay a total of $251,000 in penalties.

6. At the beginning of 2021, Jantzen Specialties, which uses the sum-of-the-years’-digits method, changed to the straight-line method for newly acquired buildings and equipment. The change increased current year net earnings by $346,000.

Required:
For each situation:
1. Identify the type of change.
2. Prepare any journal entry necessary as a direct result of the change, as well as any adjusting entry for 2021 related to the situation described.
  

Described below are six independent and unrelated situations involving accounting changes. Each change occurs during 2021 before any adjusting entries or closing entries were prepared. Assume the tax rate for each company is 25% in all years. Any tax effects should be adjusted through the deferred tax liability account.

a. Fleming Home Products introduced a new line of commercial awnings in 2020 that carry a one-year warranty against manufacturer’s defects. Based on industry experience, warranty costs were expected to approximate 4% of sales. Sales of the awnings in 2020 were $2,500,000. Accordingly, warranty expense and a warranty liability of $100,000 were recorded in 2020. In late 2021, the company’s claims experience was evaluated, and it was determined that claims were far fewer than expected: 3% of sales rather than 4%. Sales of the awnings in 2021 were $3,000,000, and warranty expenditures in 2021 totaled $68,250.

b. On December 30, 2017, Rival Industries acquired its office building at a cost of $800,000. It was depreciated on a straight-line basis assuming a useful life of 40 years and no salvage value. However, plans were finalized in 2021 to relocate the company headquarters at the end of 2025. The vacated office building will have a salvage value at that time of $600,000.

c. Hobbs-Barto Merchandising, Inc., changed inventory cost methods to LIFO from FIFO at the end of 2021 for both financial statement and income tax purposes. Under FIFO, the inventory at January 1, 2021, is $590,000.

d. At the beginning of 2018, the Hoffman Group purchased office equipment at a cost of $220,000. Its useful life was estimated to be 10 years with no salvage value. The equipment was depreciated by the sum-of-the-years’-digits method. On January 1, 2021, the company changed to the straight-line method.

e. In November 2019, the State of Minnesota filed suit against Huggins Manufacturing Company, seeking penalties for violations of clean air laws. When the financial statements were issued in 2020, Huggins had not reached a settlement with state authorities, but legal counsel advised Huggins that it was probable the company would have to pay $100,000 in penalties. Accordingly, the following entry was recorded:

Late in 2021, a settlement was reached with state authorities to pay a total of $240,000 in penalties.

f. At the beginning of 2021, Jantzen Specialties, which uses the sum-of-the-years’-digits method, changed to the straight-line method for newly acquired buildings and equipment. The change increased current year net earnings by $335,000.

Required:
For each situation:
1. Identify the type of change, change in accounting estimates or change in accounting principle
2. Prepare any journal entry necessary as a direct result of the change or any adjusting entry for 2021 related to the situation described

Described below are six independent and unrelated situations involving accounting changes. Each change occurs during 2021 before any adjusting entries or closing entries were prepared. Assume the tax rate for each company is 25% in all years. Any tax effects should be adjusted through the deferred tax liability account.

1. Fleming Home Products introduced a new line of commercial awnings in 2020 that carry a one-year warranty against manufacturer’s defects. Based on industry experience, warranty costs were expected to approximate 2% of sales. Sales of the awnings in 2020 were $3,600,000. Accordingly, warranty expense and a warranty liability of $72,000 were recorded in 2020. In late 2021, the company’s claims experience was evaluated, and it was determined that claims were far fewer than expected: 1% of sales rather than 2%. Sales of the awnings in 2021 were $4,100,000, and warranty expenditures in 2021 totaled $93,275.
2. On December 30, 2017, Rival Industries acquired its office building at a cost of $1,020,000. It was depreciated on a straight-line basis assuming a useful life of 40 years and no salvage value. However, plans were finalized in 2021 to relocate the company headquarters at the end of 2025. The vacated office building will have a salvage value at that time of $710,000.
3. Hobbs-Barto Merchandising, Inc., changed inventory cost methods to LIFO from FIFO at the end of 2021 for both financial statement and income tax purposes. Under FIFO, the inventory at January 1, 2021, is $700,000.
4. At the beginning of 2018, the Hoffman Group purchased office equipment at a cost of $341,000. Its useful life was estimated to be 10 years with no salvage value. The equipment was depreciated by the sum-of-the-years’-digits method. On January 1, 2021, the company changed to the straight-line method.
5. In November 2019, the State of Minnesota filed suit against Huggins Manufacturing Company, seeking penalties for violations of clean air laws. When the financial statements were issued in 2020, Huggins had not reached a settlement with state authorities, but legal counsel advised Huggins that it was probable the company would have to pay $210,000 in penalties. Accordingly, the following entry was recorded:

Late in 2021, a settlement was reached with state authorities to pay a total of $361,000 in penalties.

6. At the beginning of 2021, Jantzen Specialties, which uses the sum-of-the-years’-digits method, changed to the straight-line method for newly acquired buildings and equipment. The change increased current year net earnings by $456,000.

1. Prepare any journal entry necessary as a direct result of the change, as well as any adjusting entry for 2021 related to the situation described. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

• Record journal entry as a direct result of the change.

Described below are six independent and unrelated situations involving accounting changes. Each change occurs during 2021 before any adjusting entries or closing entries were prepared. Assume the tax rate for each company is 25% in all years. Any tax effects should be adjusted through the deferred tax liability account.

1. Fleming Home Products introduced a new line of commercial awnings in 2020 that carry a one-year warranty against manufacturer’s defects. Based on industry experience, warranty costs were expected to approximate 3% of sales. Sales of the awnings in 2020 were $3,800,000. Accordingly, warranty expense and a warranty liability of $114,000 were recorded in 2020. In late 2021, the company’s claims experience was evaluated, and it was determined that claims were far fewer than expected: 2% of sales rather than 3%. Sales of the awnings in 2021 were $4,300,000, and warranty expenditures in 2021 totaled $97,825.
2. On December 30, 2017, Rival Industries acquired its office building at a cost of $1,060,000. It was depreciated on a straight-line basis assuming a useful life of 40 years and no salvage value. However, plans were finalized in 2021 to relocate the company headquarters at the end of 2025. The vacated office building will have a salvage value at that time of $730,000.
3. Hobbs-Barto Merchandising, Inc., changed inventory cost methods to LIFO from FIFO at the end of 2021 for both financial statement and income tax purposes. Under FIFO, the inventory at January 1, 2021, is $720,000.
4. At the beginning of 2018, the Hoffman Group purchased office equipment at a cost of $363,000. Its useful life was estimated to be 10 years with no salvage value. The equipment was depreciated by the sum-of-the-years’-digits method. On January 1, 2021, the company changed to the straight-line method.
5. In November 2019, the State of Minnesota filed suit against Huggins Manufacturing Company, seeking penalties for violations of clean air laws. When the financial statements were issued in 2020, Huggins had not reached a settlement with state authorities, but legal counsel advised Huggins that it was probable the company would have to pay $230,000 in penalties. Accordingly, the following entry was recorded:

Late in 2021, a settlement was reached with state authorities to pay a total of $383,000 in penalties.

6. At the beginning of 2021, Jantzen Specialties, which uses the sum-of-the-years’-digits method, changed to the straight-line method for newly acquired buildings and equipment. The change increased current year net earnings by $478,000.

Required:
For each situation:
1. Identify the type of change.
2. Prepare any journal entry necessary as a direct result of the change, as well as any adjusting entry for 2021 related to the situation described.