The transactions of Spade Company appear below. Kacy Spade, owner, invested $11,250 cash in the company in exchange for common stock. The company purchased office supplies for $326 cash. The company purchased $6,221 of office equipment on credit. The company received $1,328 cash as fees for services provided to a customer. The company paid $6,221 cash to settle the payable for the office equipment purchased in transaction c. The company billed a customer $2,385 as fees for services provided. The company paid $530 cash for the monthly rent. The company collected $1,002 cash as partial payment for the account receivable created in transaction f. The company paid $1,200 cash in dividends to the owner (sole shareholder). Required: 1. Prepare general journal entries to record the transactions above for Spade Company by using the following accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts. Payable; Common Stock; Dividends; Fees Earned; and Rent Expense. Use the letters beside each transaction to identify entries. 2. Post the above journal entries to T-accounts, which serve as the general ledger for this assignment.

•       Ringtone and Phones-R-Us are both successful companies in the cellular phone retail sales business. On the one hand, Phones-R-Us pursues a low-cost strategy and has fairly high employee turnover rates. The firm relies on a high volume of phone sales to generate revenue. On the other hand, Ringtone pursues a competitive advantage based on customer intimacy and has very loyal employees. Ringtone sells expensive, high-quality phones and relies on its employees to provide high-quality customer service to generate sales.

•       The sales representative for both companies “bring in the bacon.” As such these people are a key factor to the firms’ success. How should each company source recruits for the position?

Hello, so for a project in management accounting we were assigned a fake kayak selling/renting company that opporates in new england. The project gave us 1,000 to invest in expansion and the locations we chose are newburyport MA, new London County CT, Pawtucket RI, and South Portland ME. We decided to invest the million on propertys in these locations however our professor wants us to calculate the ROI on these investments somehow with only using internet sources so I don;t actually know how to do that.

Please tell me what the potential revenue could be and the ROI based on data about kayak sales found anywhere on the internet. Thank you.

Racquetball Club (CRC) offers racquetball and other physical fitness facilities to its members. There are four of these clubs in the metropolitan area. Each club has between 1,800 and 2,500 members. Revenue is derived from annual membership fees and hourly court fees. The annual membership fees are as follows:

Individual ............................................................................................$ 40

Student .................................................................................................. 25

Family ................................................................................................... 95

The hourly court fees vary from $6 to $10 depending upon the season and the time of day (prime versus nonprime time).

The peak racquetball season is considered to run from September through April. During this period, court usage averages 90 to 100 percent of capacity during prime time (5:00–9:00 p.m.) and 50 to 60 percent of capacity during the remaining hours. Daily court usage during the off-season (i.e., summer) averages only 20 to 40 percent of capacity.

Most of CRC’s memberships have September expirations. A substantial amount of the cash receipts are collected during the early part of the racquetball season due to the renewal of the annual membership fees and heavy court usage. However, cash receipts are not as large in the spring and drop significantly in the summer months.

CRC is considering changing its membership and fee structure in an attempt to change its cash receipts. Under the new membership plan, only an annual membership fee would be charged, rather than a membership fee plus hourly court fees. There would be two classes of membership as follows:

Individual ...............................................................................................$250

Family ..................................................................................................... 400

The annual fee would be collected in advance at the time the membership application is completed. Members would be allowed to use the racquetball courts as often as they wish during the year under the new plan.

All future memberships would be sold under these new terms. Current memberships would be honored on the old basis until they expire. However, a special promotional campaign would be instituted to attract new members and to encourage current members to convert to the new membership plan immediately.

The annual fees for individual and family memberships would be reduced to $200 and $300, respectively, during the two-month promotional campaign. In addition, all memberships sold or renewed during this period would be for 15 months rather than the normal one-year period. Current members also would be given a credit toward the annual fee for the unexpired portion of their membership fee, and for all prepaid hourly court fees for league play that have not yet been used.

CRC’s management estimates that 60 to 70 percent of the present membership would continue with the club. The most active members (45 percent of the present membership) would convert immediately to the new plan, while the remaining members who continue would wait until their current memberships expire. Those members who would not continue are not considered active (i.e., they play five or less times during the year). Management estimates that the loss of members would be offset fully by new members within six months of instituting the new plan. Furthermore, many of the new members would be individuals who would play during nonprime time. Management estimates that adequate court time will be available for all members under the new plan.

If the new membership plan is adopted, it would be instituted on February 1, well before the summer season. The special promotional campaign would be conducted during March and April. Once the plan is implemented, annual renewal of memberships and payment of fees would take place as each individual or family membership expires.

Required: Your consulting firm has been hired to help CRC evaluate its new fee structure. Write a letter to the club’s president answering the following questions.

1. Will City Racquetball Club’s new membership plan and fee structure improve its ability to plan its cash receipts? Explain your answer.

2. City Racquetball Club should evaluate the new membership plan and fee structure completely before it decides to adopt or reject it.

a. Identify the key factors that CRC should consider in its evaluation.

b. Explain what type of financial analyses CRC should prepare in order to make a complete evaluation.

3. Explain how City Racquetball Club’s cash management would differ from the present if the new membership plan and fee structure were adopted.

I would like to see how this is solved in excel worksheet.

City Racquetball Club (CRC) offers racquetball and other physical fitness facilities to its members. There are four of these clubs in the metropolitan area. Each club has between 1,800 and 2,500 members. Revenue is derived from annual membership fees and hourly court fees. The annual membership fees are as follows: Individual $ 40   Student $25   Family $95

The hourly court fees vary from $6 to $10 depending upon the season and the time of day (prime versus nonprime time).

The peak racquetball season is considered to run from September through April. During this period, court usage averages 90 to 100 percent of capacity during prime time (5:00–9:00 p.m.) and 50 to 60 percent of capacity during the remaining hours. Daily court usage during the off-season (i.e., summer) averages only 20 to 40 percent of capacity.

Most of CRC’s memberships have September expirations. A substantial amount of the cash receipts are collected during the early part of the racquetball season due to the renewal of the annual membership fees and heavy court usage. However, cash receipts are not as large in the spring and drop significantly in the summer months.

CRC is considering changing its membership and fee structure in an attempt to change its cash receipts. Under the new membership plan, only an annual membership fee would be charged, rather than a membership fee plus hourly court fees. There would be two classes of membership as follows: Individual $250 Family $400

The annual fee would be collected in advance at the time the membership application is completed. Members would be allowed to use the racquetball courts as often as they wish during the year under the new plan.

All future memberships would be sold under these new terms. Current memberships would be honored on the old basis until they expire. However, a special promotional campaign would be instituted to attract new members and to encourage current members to convert to the new membership plan immediately. The annual fees for individual and family memberships would be reduced to $200 and $300, respectively, during the two-month promotional campaign. In addition, all memberships sold or renewed during this period would be for 15 months rather than the normal one-year period.

Current members also would be given a credit toward the annual fee for the unexpired portion of their membership fee, and for all prepaid hourly court fees for league play that have not yet been used. CRC’s management estimates that 60 to 70 percent of the present membership would continue with the club. The most active members (45 percent of the present membership) would convert immediately to the new plan, while the remaining members who continue would wait until their current memberships expire. Those members who would not continue are not considered active (i.e., they play five or fewer times during the year).

Management estimates that the loss of members would be offset fully by new members within six months of instituting the new plan. Furthermore, many of the new members would be individuals who would play during the nonprime time. Management estimates that adequate court time will be available for all members under the new plan.

If the new membership plan is adopted, it would be instituted on February 1, well before the summer season. The special promotional campaign would be conducted during March and April. Once the plan is implemented, annual renewal of memberships and payment of fees would take place as each individual or family membership expires.

​ ​ ​​

Your consulting firm has been hired to help CRC evaluate its new fee structure. Write a letter to the club’s president answering the following questions.

1.    Will City Racquetball Club’s new membership plan and fee structure improve its ability to plan its cash receipts? Explain your answer.

2. City Racquetball Club should evaluate the new membership plan and fee structure completely before it decides to adopt or reject it.

a)   Identify the key factors that CRC should consider in its evaluation.

b)   Explain what type of financial analyses CRC should prepare in order to make a complete evaluation.

3    Explain how City Racquetball Club’s cash management would differ from the present if the new membership plan and fee structure were adopted.

​

Case 9–45 Using Budgets to Evaluate Business Decisions (LO 9-2, 9-3, 9-7) CasesCity Racquetball Club (CRC) offers racquetball and other physical fitness facilities to its members. There are four of these clubs in the metropolitan area. Each club has between 1,800 and 2,500 members. Revenue is derived from annual membership fees and hourly court fees. The annual membership fees are as follows:

Individual ............................................................................................$ 40

Student ............................................................................................... $25

Family ................................................................................................. $95

The hourly court fees vary from $6 to $10 depending upon the season and the time of day (prime versus nonprime time). The peak racquetball season is considered to run from September through April. During this period, court usage averages 90 to 100 percent of capacity during prime time (5:00–9:00 p.m.) and 50 to 60 percent of capacity during the remaining hours. Daily court usage during the off-season (i.e., sum-mer) averages only 20 to 40 percent of capacity. Most of CRC’s memberships have September expirations. A substantial amount of the cash receipts are collected during the early part of the racquetball season due to the renewal of the annual membership fees and heavy court usage. However, cash receipts are not as large in the spring and drop significantly in the summer months.CRC is considering changing its membership and fee structure in an attempt to change its cash receipts. Under the new membership plan, only an annual membership fee would be charged, rather than a membership fee plus hourly court fees. There would be two classes of membership as follows:

Individual ............................................................................................................$250

Family ...............................................................................................................$400

The annual fee would be collected in advance at the time the membership application is completed. Members would be allowed to use the racquetball courts as often as they wish during the year under the new plan.

All future memberships would be sold under these new terms. Current memberships would be honored on the old basis until they expire. However, a special promotional campaign would be instituted to attract new members and to encourage current members to convert to the new membership plan immediately.

The annual fees for individual and family memberships would be reduced to $200 and $300, respectively, during the two-month promotional campaign. In addition, all memberships sold or renewed during this period would be for 15 months rather than the normal one-year period. Current members also would be given a credit toward the annual fee for the unexpired portion of their membership fee, and for all prepaid hourly court fees for league play that have not yet been used. CRC’s management estimates that 60 to 70 percent of the present membership would continue with the club. The most active members (45 percent of the present membership) would convert immediately to the new plan, while the remaining members who continue would wait until their current memberships expire. Those members who would not continue are not considered active (i.e., they play five or less times during the year). Management estimates that the loss of members would be offset fully by new members within six months of instituting the new plan. Furthermore, many of the new members would be individuals who would play during nonprime time. Management estimates that adequate court time will be available for all members under the new plan.

If the new membership plan is adopted, it would be instituted on February 1, well before the summer season. The special promotional campaign would be conducted during March and April. Once the plan is implemented, annual renewal of memberships and payment of fees would take place as each individual or family membership expires.

Required: Your consulting firm has been hired to help CRC evaluate its new fee structure. Write a letter to the club’s president answering the following questions.

         1. Will City Racquetball Club’s new membership plan and fee structure improve its ability to plan its cash receipts? Explain your answer.

         2. City Racquetball Club should evaluate the new membership plan and fee structure completely before it decides to adopt or reject it.

              a. Identify the key factors that CRC should consider in its evaluation.

              b. Explain what type of financial analyses CRC should prepare in order to make a complete evaluation.

3. Explain how City Racquetball Club’s cash management would differ from the present if the new membership plan and fee structure were adopted.

City Racquetball Club (CRC) offers racquetball and other physical fitness facilities to its members. There are four of these clubs in the metropolitan area. Each club has between 1,800 and 2,500 members. Revenue is derived from annual membership fees and hourly court fees. The annual membership fees are as follows: Individual $ 40 Student $25 Family $95 The hourly court fees vary from $6 to $10 depending upon the season and the time of day (prime versus nonprime time). The peak racquetball season is considered to run from September through April. During this period, court usage averages 90 to 100 percent of capacity during prime time (5:00–9:00 p.m.) and 50 to 60 percent of capacity during the remaining hours. Daily court usage during the off-season (i.e., summer) averages only 20 to 40 percent of capacity. Most of CRC’s memberships have September expirations. A substantial amount of the cash receipts are collected during the early part of the racquetball season due to the renewal of the annual membership fees and heavy court usage. However, cash receipts are not as large in the spring and drop significantly in the summer months. CRC is considering changing its membership and fee structure in an attempt to change its cash receipts. Under the new membership plan, only an annual membership fee would be charged, rather than a membership fee plus hourly court fees. There would be two classes of membership as follows: Individual $250 Family $400 The annual fee would be collected in advance at the time the membership application is completed. Members would be allowed to use the racquetball courts as often as they wish during the year under the new plan. All future memberships would be sold under these new terms. Current memberships would be honored on the old basis until they expire. However, a special promotional campaign would be instituted to attract new members and to encourage current members to convert to the new membership plan immediately. The annual fees for individual and family memberships would be reduced to $200 and $300, respectively, during the two-month promotional campaign. In addition, all memberships sold or renewed during this period would be for 15 months rather than the normal one-year period. Current members also would be given a credit toward the annual fee for the unexpired portion of their membership fee, and for all prepaid hourly court fees for league play that have not yet been used. CRC’s management estimates that 60 to 70 percent of the present membership would continue with the club. The most active members (45 percent of the present membership) would convert immediately to the new plan, while the remaining members who continue would wait until their current memberships expire. Those members who would not continue are not considered active (i.e., they play five or fewer times during the year). Management estimates that the loss of members would be offset fully by new members within six months of instituting the new plan. Furthermore, many of the new members would be individuals who would play during the nonprime time. Management estimates that adequate court time will be available for all members under the new plan. If the new membership plan is adopted, it would be instituted on February 1, well before the summer season. The special promotional campaign would be conducted during March and April. Once the plan is implemented, annual renewal of memberships and payment of fees would take place as each individual or family membership expires. ​ ​ ​​ Your consulting firm has been hired to help CRC evaluate its new fee structure. Write a letter to the club’s president answering the following questions. 1. Will City Racquetball Club’s new membership plan and fee structure improve its ability to plan its cash receipts? Explain your answer. 2. City Racquetball Club should evaluate the new membership plan and fee structure completely before it decides to adopt or reject it. a) Identify the key factors that CRC should consider in its evaluation. b) Explain what type of financial analyses CRC should prepare in order to make a complete evaluation. 3 Explain how City Racquetball Club’s cash management would differ from the present if the new membership plan and fee structure were adopted. EXCEL SHEET

The purpose of this assignment is to assess personal value in light of professional goals.

In the same way that an organization performs with greater intention and cohesiveness when its employees and stakeholders are all working with a communal sense of purpose toward a shared goal, you will be able to better and more successfully shape your future when you have a clear idea of who you are, the value you offer, and what you ultimately want to achieve. Your personal vision provides the framework for your goals by reflecting your aspirations for the individual you hope to become. And more concretely, your personal mission defines the areas in the industry where you intend to compete and the customers you intend to serve.

Together, your vision and mission statements offer a foundational identity, defining who you intend to serve and in what capacity (your mission), and how those elements will help you shape your intended future (your vision).

Based on what you have read in the study materials, develop your own personal vision and mission statements from the perspective of yourself as a business professional, supported by a goal plan that will enable you to achieve your vision in the next 5 to 10 years.

Include the following in your 1,000-1,250-word response:

1. Define your personal vision and mission statements.
2. List a minimum of five SMART goals you will need to achieve to reach your vision and describe how these relate to your overall personal strategy.
3. Identify significant personal standards or principles you hold and discuss how they guide, limit, or circumscribe your stated vision, mission, and goal plan.
4. What do you need to do (or keep doing) to ensure that you reach your vision and achieve your mission? How will you monitor and modify your plan to measure success in achieving your outlined goals?
5. How do the vision, mission, and values you have outlined create a competitive advantage for yourself in the job market? How would the leader of a business organization use these same elements to create competitive advantage in the industry?
6. How is the process of setting, measuring, and modifying your personal vision, mission, and goal plan different from that required by the leader of a small company? How does this process differ from that required by the leader of a large corporation?

This is an Insurancce Accounting Question

Excelsior Life Insurance Co. Ltd

The Company has 15 whole life policies

1) i. Five policies each has annual premium of $15,000.00 paid monthly. In 2016, 2 of these policies did not make the premium payment for November and 1 did not make the payment for December. They all however had adequate cash surrender values to cover the missing payments.

ii. Six of the other policies had $14,000.00 annual premium paid on a monthly basis. As at December 31st onlt 3 had paid the December Premium which was due on December 30th.

iii. The Premium on the remaining 4 policies with $25,000.00 annual premium each, were all paid when due

iv. The company pays out 4% of the premiums for reinsurance coverage.

2) i. Commissions due on all policies amounted to 10% of premiums; as at December 31st 90% of the commissions had been paid

ii.Commissions on the reinsurance ceded amounted to 2% of the reinsurance premiums paid; they are usually received 3 months in arrears

iii. Investment income earned for the year totalled $20,000.00; 30% has not yet been received.

iv. Management expenses allocated to the life portfolio amounted to $11,000.00 for the year

v. A claim of $50,000.00 was paid in respect of a policyholder who has died on November 18th 215

3. The closing fund balance increased by 2% to reach $22,000.00

Required:

1) Prepare journal entries for all transactions

2) Show the premium account (s) as at December 31st

3) Prepaare the revenue account for 2016

Exercise 1-21A (Static) Preparing financial statements—retained earnings emphasis LO 1-5, 1-6, 1-7, 1-8

On January 1, Year 3, the following information was drawn from the accounting records of Carter Company: cash of $800; land of $3,500; notes payable of $600; and common stock of $1,000.

Required
a. Determine the amount of retained earnings as of January 1, Year 3.
b. After looking at the amount of retained earnings, the chief executive officer (CEO) wants to pay a $1,000 cash dividend to the stockholders. Can the company pay this dividend?
c. As of January 1, Year 3, what percentage of the assets were acquired from creditors?
d. As of January 1, Year 3, what percentage of the assets were acquired from investors?
e. As of January 1, Year 3, what percentage of the assets were acquired from retained earnings?
f. Create an accounting equation using percentages instead of dollar amounts on the right side of the equation.
g. During Year 3, Carter Company earned cash revenue of $1,800, paid cash expenses of $1,200, and paid a cash dividend of $500. Record these events using the accounting equation.
g-1. Prepare an income statement dated December 31, Year 3.
g-2. Prepare a statement of changes in stockholders’ equity dated December 31, Year 3.
g-3. Prepare a balance sheet dated December 31, Year 3.
g-4. Prepare a statement of cash flows dated December 31, Year 3.
j. What is the balance in the Revenue account on January 1, Year 4?