Big Blue Rental Corp. provides rental agent services to apartment building owners. Big Blue Rental Corp.’s preliminary income statement for August 2019 and its August 31, 2019, preliminary balance sheet did not reflect the following:

1. Rental commissions of $640 had been earned in August but had not yet been received from or billed to building owners.
2. When supplies are purchased, their cost is recorded as an asset. As supplies are used, a record of those used is kept. The record sheet shows that $500 of supplies were used in August.
3. Interest on the note payable is to be paid on May 31 and November 30. Interest for August has not been accrued—that is, it has not yet been recorded. (The Interest Payable of $80 on the balance sheet is the amount of the accrued liability at July 31.) The interest rate on this note is 10%.
4. Wages of $400 for the last week of August have not been recorded.
5. The Rent Expense of $1,440 represents rent for August, September, and October, which was paid early in August.
6. Interest of $420 has been earned on notes receivable but has not yet been received.
7. Late in August, the board of directors met and declared a cash dividend of $4,200, payable September 10. Once declared, the dividend is a liability of the corporation until it is paid.

Required:
a. Using the columns provided on the income statement and balance sheet for Big Blue Rental Corp., make the appropriate adjustments/corrections to the statements, and enter the correct amount in the Final column. (Hint: Use the five questions of transaction analysis.)

Questions of Case Study 4: Apple of Your i 4-12. Which of Porter’s four competitive strategies does Apple engage in? Explain.4-13. What do you think are the three most important factors in Apple’s past success? Justify your answer.4-14. Steve Jobs passed away in October 2011. Until his death, he had been the heart and soul of Apple’s innovation. Today, 35,000 Apple employees continue onward in his absence. A huge question for many investors is whether the company can be successful without him. The current stock price would seem to indicate that the market does not. What do you think? What role did Jobs play? How can Apple respond to his loss? Would you be willing to invest in Apple without his leadership? Why or why not?4-15. Microsoft took an early lead in the development of skate devices (like the iPad), and it had the world’s leading operating system and applications for more than 20 years. Provide five reasons why Microsoft has not been able to achieve the same success that Apple has. Most industry analyst would agree that the skills and abilities of Microsoft’s 88,000 employees are as good, on average, as Apple’s. 4-16. Considering your answers to the four questions above, if you had a spare $5,000 in your portfolio and wanted to buy an equity stock with it, would you buy AAPL (Apple)? Why or why not?

Case Data: Smit & Ng Chartered Accountants

You are a junior manager at Smit & Ng, a firm of Chartered Accountants. You are responsible for reviewing ethical matters which arise with the firm's portfolio of clients. During recent investigations you identified the following matters:

(a) Medina Co

Until recently, your firm has provided a range of non-audit services to Medina Co including bookkeeping, payroll and tax computation and advice. Medina Co recently obtained an offer for a significant amount of finance to help the company grow. The management of Medina Co has ambitious plans for growth which they believe will result in revenue doubling within one year and then continuing to grow at a similar rate for at least the next five years. In order to secure the funding, the directors decided to have the financial statements audited and requested three audit firms (including Smit & Ng) to tender for the audit engagement.

After a rigorous tender process, it was announced at the beginning of March by Medina Co that Smit & Ng was successful in securing the audit engagement and will audit the financial statements of Medina Co for the year ending 30 June 2020, as well as continuing to provide the existing services.

At a social gathering last week, the audit partner, Steve Warner, confided to you that he “lowballed” on their tender for the audit so that the firm could continue providing other lucrative services to Medina Co.

Require:

Identify and discuss the ethical and other professional issues found in the above case.

The cash account for Brentwood Bike Co. at May 1 indicated a balance of $13,600. During May, the total cash deposited was $67,810 and checks written totaled $62,960. The bank statement indicated a balance of $22,990 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:

Checks outstanding totaled $10,240.

A deposit of $8,340, representing receipts of May 31, had been made too late to appear on the bank statement.

The bank had collected for Brentwood Bike Co. $4,410 on a note left for collection. The face of the note was $4,070.

A check for $490 returned with the statement had been incorrectly charged by the bank as $940.

A check for $850 returned with the statement had been recorded by Brentwood Bike Co. as $580. The check was for the payment of an obligation to Adkins Co. on account.

Bank service charges for May amounted to $30.

A check for $1,020 from Jennings Co. was returned by the bank because of insufficient funds.

Instructions:

1. Prepare a bank reconciliation as of May 31.

2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. For a compound transaction, if an amount box does not require an entry, leave it blank.

3. If a balance sheet were prepared for Brentwood Bike Co. on May 31, what amount should be reported as cash?
$

The cash account for Brentwood Bike Co. at May 1 indicated a balance of $14,760. During May, the total cash deposited was $74,750 and checks written totaled $69,410. The bank statement indicated a balance of $25,340 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:

1. Checks outstanding totaled $11,290.
2. A deposit of $9,190, representing receipts of May 31, had been made too late to appear on the bank statement.
3. The bank had collected for Brentwood Bike Co. $4,860 on a note left for collection. The face of the note was $4,490.
4. A check for $580 returned with the statement had been incorrectly charged by the bank as $850.
5. A check for $520 returned with the statement had been recorded by Brentwood Bike Co. as $250. The check was for the payment of an obligation to Adkins Co. on account.
6. Bank service charges for May amounted to $60.
7. A check for $1,120 from Jennings Co. was returned by the bank because of insufficient funds.

Instructions:

1. Prepare a bank reconciliation as of May 31.

2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. For a compound transaction, if an amount box does not require an entry, leave it blank.

3. If a balance sheet is prepared for Brentwood Bike Co. on May 31, what amount should be reported as cash?
$

The cash account for Brentwood Bike Co. at May 1 indicated a balance of $13,080. During May, the total cash deposited was $65,880 and checks written totaled $61,170. The bank statement indicated a balance of $22,330 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:

Checks outstanding totaled $9,950.

A deposit of $8,100, representing receipts of May 31, had been made too late to appear on the bank statement.

The bank had collected for Brentwood Bike Co. $4,280 on a note left for collection. The face of the note was $3,950.

A check for $580 returned with the statement had been incorrectly charged by the bank as $850.

A check for $850 returned with the statement had been recorded by Brentwood Bike Co. as $580. The check was for the payment of an obligation to Adkins Co. on account.

Bank service charges for May amounted to $60.

A check for $990 from Jennings Co. was returned by the bank because of insufficient funds.

Instructions:

1. Prepare a bank reconciliation as of May 31.

2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. For a compound transaction, if an amount box does not require an entry, leave it blank.

3. If a balance sheet were prepared for Brentwood Bike Co. on May 31, what amount should be reported as cash?
$

The cash account for Brentwood Bike Co. at May 1 indicated a balance of $15,010. During May, the total cash deposited was $75,240 and checks written totaled $69,860. The bank statement indicated a balance of $25,510 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:

Checks outstanding totaled $11,360.

A deposit of $9,250, representing receipts of May 31, had been made too late to appear on the bank statement.

The bank had collected for Brentwood Bike Co. $4,890 on a note left for collection. The face of the note was $4,510.

A check for $490 returned with the statement had been incorrectly charged by the bank as $940.

A check for $410 returned with the statement had been recorded by Brentwood Bike Co. as $140. The check was for the payment of an obligation to Adkins Co. on account.

Bank service charges for May amounted to $30.

A check for $1,130 from Jennings Co. was returned by the bank because of insufficient funds.

Instructions:

1. Prepare a bank reconciliation as of May 31.

2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been

closed. For a compound transaction, if an amount box does not require an entry, leave it blank.

3. If a balance sheet were prepared for Brentwood Bike Co. on May 31, what amount should be reported as cash?
$

1.) The National Ambient Air Quality Standard (NAAQS, 1997) for ozone (O₃) is 0.08 ppm(v). Express that standard in Micrograms/Meters³ assuming atmospheric conditions of 1 atm of pressure 22 degrees celsius.

2.) Assume that automobile exhaust gas contains 1% by volume carbon monoxide (CO). If the atmospheric conditions are 0.9 atm and 21 degrees ceslsius.

A.) What is the concentration of CO in ppm(v)?

B.) What is the concentration of CO in mg/m³?