1)Prior to the dual banking system, the U.S. banking system included:

A.  National banks that used a national currency B.  A powerful central bank responsible for money and credit in the economy

C.  a state banking system   C.  a state banking system

2)Financial innovation in the banking industry often occurs in response to changes in financial markets, the regulatory environment, or new technology. The following questions consider how banks respond to various conditions in the banking industry.   Money-market mutual funds allowed individuals to avoid Regulation Q because:

A.  The funds acquired short-term money-market securities, allowing the shareholder to earn interest that was not subject to interest rate ceilings.

B.  Checking accounts were not subject to Regulation Q. C.  The funds allowed the bank to transfer funds automatically from checkable deposits to nontransaction accounts that are not subject to reserve requirements. D.  The funds imposed deposit-rate ceilings on shareholders.

3)Financial innovation in the banking industry often occurs in response to changes in financial markets, the regulatory environment, or new technology. The following questions consider how banks respond to various conditions in the banking industry. Banks lost cost advantages in raising liabilities (funds) in the 1970s because:

A.  Securitization of loans made it easier to sell loans. B.  Banks were not permitted to engage in off-balance-sheet activity. C.  Banks were no longer subject to reserve requirements.

D.  High inflation led to the process of disintermediation.

Your Neighborhood Community Bank recently decided to adopt a balanced scorecard system of performance evaluation. There is a list of primary performance goals for four major performance categories that have been identified by corporate executives and the board of directors.

Learning and Innovation (improve market differentiation)

Be quicker in the introduction of new products to the market than competitors

Introduce innovation products to customers for enhancement of customer service

Receive recognition in the industry as an innovator

Internal Perspective (improve internal processes)

Enhance employee promotion opportunities

Achieve best practices for processing transactions

Improve employee satisfaction

Customer Perspective (maintain and grow the customer base)

Elevate customer satisfaction

Increase the number of depositors and customer retention

Improve the quality of deposits

Financial Perspective (maintain and grow the bank financially)

Expand customer deposits

Manage financial risk

Generate profits for stockholders

Requirements:

For each of the 12 goals above suggest at least one measure of performance to measure the achievement of the goal.

Address the following questions related to the role of the balance scorecard within an organization like the one described above:

1) How does the Balanced Scorecard help to focus managers’ attention on strategy?

2) How does a Strategy Map support the Balanced Scorecard’s purpose? It represents a cause-and-effect diagram of the relationship among the BSC perspectives.

3) Name and briefly explain how two cost management techniques covered in this course can be used to enhance the customer satisfaction element of the Balanced Scorecard?

Knowledge

• Describe the process of identifying, developing and implementing a business idea
• Outline the principles and processes of strategic management

Skills

• Assess the viability of a business venture from idea conception to implementation of the business plan
• Develop a strategic plan which will build a competitive advantage for a new business venture

Attitudes

• Justify the need for entrepreneurs based on their contributions to job creation in a society
• Value constructive criticism in decision-making for assessing entrepreneurial business ideas
• Relate your acceptance of entrepreneurial ideas that are beneficial to an organization
• Accept the need for the continuous renewal and change of a business for successful entrepreneurship

Discussion Description and Instructions:

As the owner of a year-old Dog Spa and Grooming business, you recently engaged in a time of reflection on your entrepreneurial journey. Having completed the reflective process, it is now clear to you that entrepreneurship requires the application of creativity and innovation to solve problems and capitalize on recognized opportunities. For this assignment you are required to do the following:

1. Discuss what entrepreneurship mean to you and describe two (2) entrepreneurial traits/characteristics you possess. Use examples from your life experience to support each trait/characteristic.
2. Identify one (1) innovation you currently enjoy and discuss how it adds value to your life.
3. Develop two (2) innovative strategies to enhance creativity at your Dog Spa and Grooming business.

4. Read and respond to the posts made by at least two (2) of your peers.

Please use definitions, concepts, descriptions and literature from your learning materials and research in your contribution.

Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Metlock Company. The following information relates to this agreement.

Click here to view factor tables.

Prepare all of the journal entries for the lessee for 2020 to record the lease agreement, the lease payments, and all expenses related to this lease. Assume the lessee’s annual accounting period ends on December 31. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round answers to 2 decimal places, e.g. 5,265.25. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Comprehensive Accounting Cycle Review

15.ACR  Quigley Corporation's trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described below.

Unrecorded transactions and adjustments:

• 1.On January 1, 2020, Quigley issued 1,000 shares of $20 par, 6% preferred stock for $22,000.
• 2.On January 1, 2020, Quigley also issued 1,000 shares of common stock for $23,000.
• 3.Quigley reacquired 300 shares of its common stock on July 1, 2020, for $49 per share.
• 4.On December 31, 2020, Quigley declared the annual cash dividend and a $1.50 per share dividend on the outstanding common stock, all payable on January 15, 2021.
• 5.Quigley estimates that uncollectible accounts receivable at year-end is $5,100.
• 6.The building is being depreciated using the straight-line method over 30 years. The salvage value is $5,000.
• 7.The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $4,000.
• 8.The unearned rent was collected on October 1, 2020. It was the receipt of 4 months' rent in advance (October 1, 2020 through January 31, 2021).
• 9.The 10% bonds payable pay interest every January 1. The interest for the 12 months ended December 31, 2020, has not been paid or recorded.

Instructions

(Ignore income taxes.)

(d)  

Prepare a retained earnings statement for the year ending December 31, 2020.

(e)  

Prepare a classified balance sheet as of December 31, 2020.

Total assets $273,400

uestion 8

0.71/1

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Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Concord Company. The following information relates to this agreement.

Click here to view factor tables.

Prepare all of the journal entries for the lessee for 2020 to record the lease agreement, the lease payments, and all expenses related to this lease. Assume the lessee’s annual accounting period ends on December 31. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round answers to 2 decimal places, e.g. 5,265.25. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

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List of Accounts

1.) On March 1, 2020, Jefferson Company purchased factory equipment with an invoice price of $90,000. Other costs incurred were freight costs, $2,100; installation wiring and foundation, $2,200; material and labor costs in testing equipment, $700; oil lubricants and supplies to be used with equipment during the life of the asset, $500; fire insurance policy covering equipment for three years, $1,400. The equipment is estimated to have a $5,000 salvage value at the end of its 8-year useful service life.

(A) Find the Cost of the Equipment.

2.) On March 1, 2020, Soprano Co. purchased factory equipment with an invoice price of $90,000. The equipment is estimated to have a $5,000 salvage value at the end of its 8-year useful service life.

(B) What is depreciation for 2020 using the double-declining balance method? _______________

What is the book value? ___________ Show all work.

3.) On March 1, 2020, Jefferson Company purchased factory equipment with an invoice price of $90,000. The equipment is estimated to have a $5,000 salvage value at the end of its 8-year useful service life. Using your calculations from Question #2, calculate depreciation using the double-declining balance method for:

2021 Depreciation _______________________                                     

2021 Book Value ________________________                                      

4.) Ronald Company purchased equipment on May 1, 2020, for $90,000. It is estimated that the equipment will have a $5,000 salvage value at the end of its 5-year useful life. It is also estimated that the equipment will produce 100,000 units over its 5-year life. Show all Calculations:

(1) The company uses straight-line depreciation. ___________________

What is depreciation for 2020? ___________________                                      

What is the Accumulated Depreciation in the year 2022? __________________                                  

5.) Ronald Company purchased equipment on May 1, 2020, for $90,000. It is estimated that the equipment will have a $5,000 salvage value at the end of its 5-year useful life. It is also estimated that the equipment will produce 100,000 units over its 5-year life.

The company uses the units-of-activity depreciation method. If 16,000 units are produced in 2020 and 24,000 units are produced in 2021, answer the following; show all work.

2020 Depreciation __________________                                  

2021 Depreciation __________________                                  

12/31/2021 Book Value ____________________                        

6.) Ronald Company purchased equipment on May 1, 2020 for $90,000. It is estimated that the equipment will have a $5,000 salvage value at the end of its 5-year useful life. It is also estimated that the equipment will produce 100,000 units over its 5-year life. The company uses the double declining balance method of depreciation; answer the following:

2020 Depreciation ______________

2021 Depreciation ______________

2021 Accumulated Depreciation ________

Recording Purchase of Equipment through Debt and Equity On January 1, 2020, Sidelines Company purchases equipment with an estimated 6-year useful life by making a $28,000 cash payment and issuing a noninterset-bearing note for $96,000 due in two years. The fair value of the the equipment is unknown. An 11% annual interest rate is typical of this transaction. The company uses the effective interest method to amortize interest expense and the straight-line method to estimate depreciation expense. a. Prepare the entry to record the purchase on January 1, 2020. b. Prepare the entry on December 31, 2020, to record (1) interest expense and (2) depreciation expense. c. Indicate the balance sheet presentation related to this transaction as of December 31, 2020. d. Prepare the entry on December 31, 2021, to record (1) interest expense and payment of the note and (2) depreciation expense. e. Assume instead that Sidelines exchanged 2,000 shares of its own $10 par value common stock along with $28,000 cash for the equipment. At the date of the exchange, the stock was trading on the market at $40 per share. Prepare the entry to record the purchase of equipment. Purchase of Equipment with Debt Purchase of Equipment through Equity a. Prepare the entry to record the purchase on January 1, 2020. Date Account Name Dr. Cr. Jan. 1, 2020 Equipment Answer Answer Answer Answer Answer Cash Answer Answer Answer Answer Answer b. Prepare the entry on December 31, 2020, to record (1) interest expense and (2) depreciation expense. Date Account Name Dr. Cr. Dec. 31, 2020 Answer Answer Answer Answer Answer Answer To record interest. Dec. 31, 2020 Answer Answer Answer Answer Answer Answer To record depreciation. c. Indicate the balance sheet presentation related to this transaction as of December 31, 2020. Balance Sheet, Dec 31 2020 Assets: Equipment, net Answer Liabilities: Note payable, net Answer d. Prepare the entry on December 31, 2021, to record (1) interest expense and payment of the note and (2) depreciation expense. Date Account Name Dr. Cr. Dec. 31, 2021 Answer Answer Answer Answer Answer Answer To record interest. Dec. 31, 2021 Answer Answer Answer Answer Answer Answer To record payment on note. Dec. 31, 2021 Answer Answer Answer Answer Answer Answer To record depreciation.

Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Kingbird Company. The following information relates to this agreement.

Click here to view factor tables.

Prepare all of the journal entries for the lessee for 2020 to record the lease agreement, the lease payments, and all expenses related to this lease. Assume the lessee’s annual accounting period ends on December 31. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round answers to 2 decimal places, e.g. 5,265.25. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)