SOC-M2d: Evaluate the impacts of culture on interactions and how changes within society occur.

List at least three norms, folkways, and mores of American society.

How significant are these within the current American culture? If members from a past generation (e.g., your grandparents) made this list, would it look similar or different? In the same post, answer the following questions:

What do these differences or similarities imply about the social changes within our society?

How might these differ between an ideal and real society

The city police chief wants to know the perceptions African-Americans have of the police force in his city. In comparison to white perception in the community, this information will tell the police chief if he has a community relations problem with the African American community that needs to be addressed. A survey reveals the following information. What would you tell the police chief given these results:

Identify a historical event that you feel, contributed the most to a country's economy in Latin American, and then engage in the discussion.

• Identify the event, when it occurred,
• Explain why you feel it contributed the most to the Latin American economy.
  • Did it impact the country's main economic resources, average income, GDP, Per capital GDP, health care situation, exchange rate, literacy rate, etc?
• Discuss the future impact that you feel this historical event may continue to have.
• Explore whether the influence was positive or negative, and explain why

The following transactions occurred during the month of October, 2019 at the Tree Company. The balance sheet for the Tree Company at September 30, 2019 was as follows: Balance Sheet Assets ---------------------------------------Liabilities Cash $ 4,500 ---------------- Accounts payable $ 16,000 Accounts receivable 24,000 -------- Notes payable 30,000 Supplies on hand 8,000 ---------------- Wages & salaries payable 5,000 Equipment 51,000 ----------------Invested capital 50,000 Truck 20,000 --------------------- Retained earnings 6,500 TOTAL $107,500 ----------- $107,500 According to the Chart of Accounts at Tree Company, the following accounts besides those listed in the balance sheet above are available: Advertising expense Bonus expense Bonus payable Decline in value of equipment (expense) Decline in value of truck (expense) Insurance expense Interest expense Prepaid insurance Rent expense Service revenue Supplies expense Utilities expense Wage and salaries expense Record the opening balances in the appropriate T-accounts, and then make the entries required to record the following: a) Mr. Tree, the owner, invested an additional $20,000 in the business. b) Rent in the amount of $7000 was paid in cash for the month of October. c) Supplies were purchase on credit at a cost of $3000. d) Credit customers were sent invoices totaling $23,000 for services rendered during the month. e) Cash customers paid $10,000 for services rendered to them during October (Note: Total of credit and cash sales was $33,000). f) Cash in the amount of $17,000 was received from customers for services rendered in previous months. g) A six-month insurance policy, with coverage beginning on October 1, 2001, was purchased for $3000 in cash. h) The invoice from the utility company in the amount of $3800 was received and paid. i) The accountant for Tree estimated that the truck declined in value by $1000 and that the equipment declined in value by $2500 during October. j) Additional equipment to be used in the service activity was purchased on credit at a price of $7500. k) Wages and salaries earned by employees for the month totaled $13,000. l) Total cash payment of wages and salaries during the month was $12,000, including $5000 that was payable at the beginning of the month. m) Invoices from suppliers for supplies and equipment received in previous months were paid in the amount of $14,500. n) A count and valuation of supplies on hand at the end of the month revealed an end of month balance of $6500. o) Tree Company paid $5500 to the bank from which the company was borrowing: $5000 in principal repayment and $500 interest. p) Advertising for the month totaled $1750, paid in cash. q) In return for extra services that the general manager rendered to the company during October, Mr. Tree agreed that the company would pay a bonus to the general manager equal to 10 percent of Octobers’ sales; this bonus is to be paid on November 10. Prepare an income statement for the month of October and a balance sheet as of October 31, 2019.

Tree Company

The following transactions occurred during the month of October, 2019 at the Tree Company.

The balance sheet for the Tree Company at September 30, 2019 was as follows:

Balance Sheet

Assets                                                                                      Liabilities

Cash                        $ 4,500                         Accounts payable             $             16,000

Accounts receivable 24,000                         Notes payable                         30,000

Supplies on hand          8,000                         Wages & salaries payable        5,000

Equipment                  51,000                         Invested capital                       50,000

Truck                          20,000                         Retained earnings                     6,500

        $107,500                                                                     $107,500

According to the Chart of Accounts at Tree Company, the following accounts besides those

listed in the balance sheet above are available:

Advertising expense

Bonus expense

Bonus payable

Decline in value of equipment (expense)

Decline in value of truck (expense)

Insurance expense

Interest expense

Prepaid insurance

Rent expense

Service revenue

Supplies expense

Utilities expense

Wage and salaries expense

Record the opening balances in the appropriate T-accounts, and then make the entries required to

record the following:

a) Mr. Tree, the owner, invested an additional $20,000 in the business.

b) Rent in the amount of $7000 was paid in cash for the month of October.

Tree Company 2

c) Supplies were purchase on credit at a cost of $3000.

d) Credit customers were sent invoices totaling $23,000 for services rendered during the

month.

e) Cash customers paid $10,000 for services rendered to them during October (Note: Total

of credit and cash sales was $33,000).

f) Cash in the amount of $17,000 was received from customers for services rendered in

previous months.

g) A six-month insurance policy, with coverage beginning on October 1, 2001, was

purchased for $3000 in cash.

h) The invoice from the utility company in the amount of $3800 was received and paid.

i) The accountant for Tree estimated that the truck declined in value by $1000 and that

the equipment declined in value by $2500 during October.

j) Additional equipment to be used in the service activity was purchased on credit at a

price of $7500.

k) Wages and salaries earned by employees for the month totaled $13,000.

l) Total cash payment of wages and salaries during the month was $12,000, including

$5000 that was payable at the beginning of the month.

m) Invoices from suppliers for supplies and equipment received in previous months were

paid in the amount of $14,500.

n) A count and valuation of supplies on hand at the end of the month revealed an end of

month balance of $6500.

o) Tree Company paid $5500 to the bank from which the company was borrowing:

$5000 in principal repayment and $500 interest.

p) Advertising for the month totaled $1750, paid in cash.

q) In return for extra services that the general manager rendered to the company during

October, Mr. Tree agreed that the company would pay a bonus to the general manager

equal to 10 percent of Octobers’ sales; this bonus is to be paid on November 10.

Prepare an income statement for the month of October and a balance sheet as of October 31, 2019.

Natalie has prepared the balance sheet and income statement of Cookie & Coffee Creations Inc. and would like you to prepare the cash flow statement. The comparative balance sheet of Cookie & Coffee Creations Inc. at October 31, 2020 for the years 2020 and 2019 and the income statement for the year ended October 31, 2020, are presented below. Additional information: 1. Equipment (cost $4,500 and book value $3,000) was disposed of at the beginning of the year for $500 cash and replaced with new equipment purchased for $4,000 cash. 2. Additional equipment was bought for $14,000 on November 1, 2019. A $12,000 note payable was signed. The terms provide for equal semi-annual installment payments of $2,000 on May 1 and November 1 of each year, plus interest of 5% on the outstanding principal balance. 3. Other equipment was bought for $13,000 cash. 4. Dividends were declared on the preferred and common stock on October 15, 2020, to be paid on November 15, 2018. 5. Accounts payable relate only to merchandise creditors. 6. Prepaid expenses relate only to other operating expenses. Instructions:

(a) Prepare a statement of cash flows for Cookie & Coffee Creations Inc. for the year ended October 31, 2020, using the indirect method

b) Prepare a statement of cash flows for Cookie & Coffee Creations Inc. for the year ended October 31, 2020, using the direct method.

COOKIE & COFFEE CREATIONS INC. Balance Sheet October 31, Assets 2020 2019 Cash $ 22,324 $5,550 Accounts receivable 3,250 2,710 Inventory 7,897 7,450 Prepaid expenses 5,800 6,050 Equipment 102,000 75,500 Accumulated depreciation— equipment (25,200) (9,100) Total assets $116,071 $88,160 COOKIE & COFFEE CREATIONS INC. Balance Sheet October 31, Liabilities and Stockholders’ Equity 2020 2019 Accounts payable $ 1,150 $ 2,450 Income taxes payable 9,251 7,200 Dividends payable 27,000 27,000 Salaries and wages payable 7,250 1,280 Interest payable 188 0 Note payable 10,000 0 Preferred stock, no par, $6 cumulative, 3,000 and 2,800 shares issued, respectively 15,000 14,000 Common stock, $1 par—25,180 shares issued and outstanding 25,180 25,180 Additional paid-in capital—treasury stock 250 250 Retained earnings 20,802 10,800 Total liabilities and stockholders’ equity $116,071 $88,160 COOKIE & COFFEE CREATIONS INC. Income Statement Year Ended October 31, 2020 Sales $485,625 Cost of goods sold 222,694 Gross profit 262,931 Operating expenses Salaries and wages expense $147,979 Depreciation expense 17,600 Other operating expenses 48,186 213,765 Income from operations 49,166 Other expenses Interest expense $ 413 Loss on disposal of plant assets 2,500 2,913 Income before income tax 46,253 Income tax expense 9,251 Net income $ 37,002 Assignment Rubric

Cash Budget

Friendly Freddie’s is an independently owned major appliance and electronics discount chain with seven stores located in a Midwestern metropolitan area. Rapid expansion has created the need for careful planning of cash requirements to ensure that the chain is able to replenish stock adequately and meet payment schedules to creditors. Fred Ferguson, founder of the chain, has established a banking relationship that provides a $200,000 line of credit to Friendly Freddie’s. The bank requires that a minimum balance of $8,200 be kept in the chain’s checking account at the end of each month. When the balance goes below $8,200, the bank automatically extends the line of credit in multiples of $1,000 so that the checking account balance is at least $8,200 at month-end.

Friendly Freddie’s attempts to borrow as little as possible and repays the loans quickly in multiples of $1,000 plus 2 percent monthly interest on the entire loan balance. Interest payments and any principal payments are paid at the end of the month following the loan. The chain currently has no outstanding loans.

The following cash receipts and disbursements data apply to the fourth quarter of the current calendar year.

Projected cash collection of sales on account is estimated to be 70 percent in the month following the sale, 20 percent in the second month following the sale, and 6 percent in the third month following the sale. The 4 percent beyond the third month following the sale is determined to be uncollectible. In addition, the chain is scheduled to receive $13,000 cash on a note receivable in October.

All inventory purchases are made on account as the chain has excellent credit with all vendors because of a strong payment history. The following information regarding inventory purchases is available.

Cash disbursements for inventory are made in the month following purchase using an average cash discount of 3 percent for timely payment. Monthly cash disbursements for operating expenses during October, November, and December are estimated to be $38,000, $41,000, and $46,000, respectively.

Required:

Prepare Friendly Freddie’s cash budget for the months of October, November, and December showing all receipts, disbursements, and credit line activity, where applicable. (CMA adapted). Enter all cash disbursements as positive values. If a cash balance is negative, enter the amount as a negative value.

Periodic Inventory by Three Methods

Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at November 1, 2015, purchases invoices during the next 12 months, and the inventory count at October 31, 2016, are summarized as follows:

Required:

1. Determine the cost of the inventory on October 31, 2016, by the The method of inventory costing based on the assumption that the costs of merchandise sold should be charged against revenue in the order in which the costs were incurred.first-in, first-out method.

If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. If units are in inventory at two different costs, enter the units PURCHASED MOST RECENTLY first.

2. Determine the cost of the inventory on October 31, 2016, by the A method of inventory costing based on the assumption that the most recent merchandise inventory costs should be charged against revenue.last-in, first-out method.

If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. If units are in inventory at two different costs, enter the OLDEST units first.

3. Determine the cost of the inventory on October 31, 2016, by the weighted average cost method.

After completing Steps? 1-4 of the process costing? procedure, Drumm ?Corp., arrived at the following equivalent units and costs per equivalent unit for its final production department for the month of October?:

Requirement 1a. How much cost should be assigned to the units completed and transferred out to finished goods inventory during October question mark October?

Determine the costs that should be assigned to the units completed and transferred out to finished goods inventory. Enter the number of units completed and transferred out in the first answer? box, then enter the applicable cost? amounts, and finally calculate the total cost. ?(Enter quantities? first, then the cost? amounts.)

??

Requirement 1b. How much cost should be assigned to the partially complete units still in ending work in process inventory at the end of October question mark October?

Now determine the costs that should be assigned to the units still in ending work in process inventory. For each category of? costs, enter the number of units in ending work in process inventory in the first answer? box, then enter the applicable cost? amount, and finally calculate the total cost.

??

Requirement 2. What was the Total Cost Accounted For during October? What other important figure must this? match? What does this figure tell? you?

Calculate the total costs accounted? for: $ ?

The Total Costs Accounted For figure must match the ? ?

Total Costs to Account For Total Ending Work in Process Inventory figure.In other? words, the company must assign ??

Requirement 2. What was the Total Cost Accounted For during October ?

What other important figure must this? match? What does this figure tell? you?

Calculate the total costs accounted? for: ?$ ?

The Total Costs Accounted For figure must match the    ?? figure.??

In other? words, the company must assign ??of the costs that were in the work in process account during the period to either

?1)

2)

Requirement 3. What is Drumm?'s average cost of making each unit of its product from the first production department all the way through the final production? department? ?(Round your answer to the nearest? cent.)

Drumm ?Corp.'s cost of making each unit is $.......?

Natalie has prepared the balance sheet and income statement of Cookie & Coffee Creations Inc. and would like you to prepare the cash flow statement. The comparative balance sheet of Cookie & Coffee Creations Inc. at October 31, 2020 for the years 2020 and 2019 and the income statement for the year ended October 31, 2020, are presented below.

Additional information:

1.   Equipment (cost $4,500 and book value $3,000) was disposed of at the beginning of the year for $500 cash and replaced with new equipment purchased for $4,000 cash.

2.   Additional equipment was bought for $14,000 on November 1, 2019. A $12,000 note payable was signed. The terms provide for equal semi-annual installment payments of $2,000 on May 1 and November 1 of each year, plus interest of 5% on the outstanding principal balance.

3.   Other equipment was bought for $13,000 cash.

4.   Dividends were declared on the preferred and common stock on October 15, 2020, to be paid on November 15, 2018.

5.   Accounts payable relate only to merchandise creditors.

6.   Prepaid expenses relate only to other operating expenses.

Instructions:

(a) Prepare a statement of cash flows for Cookie & Coffee Creations Inc. for the year ended October 31, 2020, using the indirect method.

*(b)            Prepare a statement of cash flows for Cookie & Coffee Creations Inc. for the year ended October 31, 2020, using the direct method.

COOKIE & COFFEE CREATIONS INC.

Balance Sheet

October 31,

COOKIE & COFFEE CREATIONS INC.

Balance Sheet

October 31,

COOKIE & COFFEE CREATIONS INC.

Income Statement

Year Ended October 31, 2020