what role does a CEO play in an organization's cultures? what role do other leaders/managers play?

What would a CEO try to do if his/her performance evaluation is based on net operating income? Why?

The Pyramid Company has used the LIFO method of accounting for inventory during its first two years of operation, 2019 and 2020. At the beginning of 2021, Pyramid decided to change to the average cost method for both tax and financial reporting purposes. The following table presents information concerning the change for 2019–2021. The income tax rate for all years is 25%.

Pyramid issued 50,000 $1 par, common shares for $230,000 when the business began, and there have been no changes in paid-in capital since then. Dividends were not paid the first year, but $10,000 cash dividends were paid in both 2020 and 2021.

Required:
1. Prepare the journal entry at January 1, 2021, to record the change in accounting principle.
2. Prepare the 2021–2020 comparative income statements beginning with income before income taxes.
3. Prepare the 2021–2020 comparative statements of shareholders’ equity. [Hint: The 2019 statements reported retained earnings of $45,000. This is $60,000 − ($60,000 × 25%).]

• Record the change in accounting principle.
• Prepare the 2021–2020 comparative income statements beginning with income before income taxes. (Round EPS answers to 2 decimal places.)
• Prepare the 2021–2020 comparative statements of shareholders’ equity. [Hint: The 2019 statements reported retained earnings of $45,000. This is $60,000 − ($60,000 × 25%).] (Deductions should be indicated by a minus sign.)

The Unadjusted pre-closing 12/31/2020 account balances for the Mahoney Company are listed below:

During your audit, you discover the following four items that have yet to be recorded:

1) No depreciation on the building has been recorded for 2020. Depreciation on the building is based on Double-Declining Balance. It was purchased on 1/1/18 and has an estimated useful life of 40 years. The estimated salvage value is $1,000,000.

2) Mahoney exhanged a machine for a similar machine on 12/31/2020. The origianl machine cost $3,429,000 and has a book value of $2,134,000. The new machine had a fair value of $1,823,000; Mahoney also received $511,000 in cash. The exchange lacked commercial substance.

3) Mahoney uses the Income Statement approach to record Bad Debts. Bad Debts in 2020 are estimate to be 4% of Sales.

4) Ending Inventory is to be estimated using the Gross Profit Method. The historic Gross Profit percentage is 20%.

Required

A) Record journal entries for items #1-3 above; show supporting computations. In addition, compute ending inventory per #4 above; show supporting computations. Assume adjusting/closing entries to adjust inventory, closing Purchases, and Record Cost of Goods Sold were properly made.

B) Draft the 2020 Condensed Income Statement and the 12/31/2020 Balance Sheet. Assume no Taxes. Do not include Earnings Per Share.

The Unadjusted pre-closing 12/31/2020 account balances for the Mahoney Company are listed below:

During your audit, you discover the following four items that have yet to be recorded:

1) No depreciation on the building has been recorded for 2020. Depreciation on the building is based on Double-Declining Balance. It was purchased on 1/1/18 and has an estimated useful life of 40 years. The estimated salvage value is $1,000.

2) Mahoney exhanged a machine for a similar machine on 12/31/2020. The origianl machine cost $3,429 and has a book value of $2,134. The new machine had a fair value of $1,823; Mahoney also received $511 in cash. The exchange lacked commercial substance.

3) Mahoney uses the Income Statement approach to record Bad Debts. Bad Debts in 2020 are estimate to be 4% of Sales.

4) Ending Inventory is to be estimated using the Gross Profit Method. The historic Gross Profit percentage is 20%.

Required

A) Record journal entries for items #1-3 above; show supporting computations. In addition, compute ending inventory per #4 above; show supporting computations. Assume adjusting/closing entries to adjust inventory, closing Purchases, and Record Cost of Goods Sold were properly made.

B) Draft the 2020 Condensed Income Statement and the 12/31/2020 Balance Sheet. Assume no Taxes. Do not include Earnings Per Share.

1- True/False _______ All access. such as requests to read records, updates, deletions and additions, for data from application programs (apps) related to data residing on a centralized database goes through the DBMS in order to be performed.

2-True/False   ____ When a database is designed, the Database Administrator designates the organization’s single, allowable and standard programming language, such as Java, that must be used by the apps whenever accessing the database.

3- True/False ___ When preparing to design a new database it is generally not worth the time and effort to interview the users, examine existing files, reports and forms because they most likely will be flawed or of little value and can distract the designer from her important tasks related to the new DB.

4-True/False _____ Designing Databases is optimally accomplished by closely following strict database guidelines in order to complete the task by a single focused effort.

New York (CNN Business)President Donald Trump has long cast OPEC as an evil force ripping Americans off by not pumping enough oil. Now he's pleading with Saudi Arabia and Russia to stop pumping so much oil. In the past, Trump has called OPEC a "monopoly" (it's not) that must be broken up. "They are robbing our country blind," he tweeted in November 2012. Since winning the presidency, Trump has repeatedly hammered OPEC for engineering higher oil prices to hurt American drivers. Donald Trump cannot win reelection without Texas. It's as simple as that." GREG VALLIERE, CHIEF US POLICY STRATEGIST AT AGF INVESTMENTS "OPEC, please relax and take it easy. World cannot take a price hike -- fragile!" the president tweeted in February 2019. Flash forward to 2020: Instead of slamming OPEC for artificially restraining production, Trump is urging the cartel to do just that. And rather than calling for OPEC to be broken up, Trump is elevating the group's status by encouraging it to stop the oil crash one that threatens to set off a surge of bankruptcies and job losses in Texas and throughout America's oil industry. Trump is even attempting to broker an agreement between Saudi Arabia and Russia to end their devastating price war by massively cutting production. The president's tweets on the subject Thursday helped US oil prices to spike 25% -- their biggest one-day gain in history. "It's amazing to have Trump get in the middle of this," Helima Croft, head of global commodity strategy at RBC Capital Markets, told CNN Business. "Think about the 180: For years, Trump hated collusion among the producers and wanted to get rid of OPEC." Texas is a huge prize in 2020 That reversal reflects shifting political realities. The coronavirus pandemic is causing millions of job losses ahead of the November presidential election. A prolonged downturn in the US oil industry would only amplify the economic pain, especially in Republican-leaning states. "What has changed is the political equation: Donald Trump cannot win reelection without Texas. It's as simple as that," said Greg Valliere, chief US policy strategist at AGF Investments. Oil prices spike by a record 25% as Trump talks up huge production cuts and Saudi Arabia calls for OPEC meeting Not only is Texas the second-biggest electoral prize (after California), it's also by far the nation's largest oil producer. In fact, Texas pumps more oil than every OPEC nation not named Saudi Arabia. But Texas is getting crushed by cheap oil. Russia, seeking to blunt the rise of US shale oil producers, refused last month to cut oil production. Saudi Arabia responded by surging output and slashing prices. Reflecting the urgency of the moment, Trump is meeting with the CEOs of ExxonMobil (XOM), Chevron and other leading US oil companies Friday to discuss the crisis facing the industry. Navigating this situation is a delicate balance. The White House doesn't want oil bankruptcies and job losses on its hands. But Trump doesn't want to be seen helping oil CEOs and Saudi Arabia at the expense of average Americans who want cheap gas prices. 'I would always raise hell with OPEC' The president has acknowledged his evolving views. "You always get a little torn," Trump said on March 20. "Until we became the leading producer, I was always for the person driving the car and filling up the tank of gas...If (prices were too high, I would always raise hell with OPEC." Now the oil crash is setting off real turmoil in the energy industry. Whiting Petroleum (WLL), a former rising star in the shale industry, this week became the first of what will surely be a wave of US oil companies to file for bankruptcy during this crisis. Nearly 100 US oil and gas producers could file for Chapter 11 over the next year, Buddy Clark, co-chair of the energy practice at Houston law firm Haynes and Boone, told CNN Business. And that may be the optimistic view. Rystad Energy warned this week that 140 US oil producers could file for bankruptcy this year if oil stays at $20 a barrel, followed by another 400 in 2021. Even the largest oil companies are cutting back. Debt-ridden Occidental Petroleum (OXY) slashed its dividend by 86% and announced pay cuts across the entire company. Chevron (CVX) is cutting production and spending in hopes of avoiding its first dividend cut since the Great Depression. "We have a great oil industry, and the oil industry is being ravaged," Trump said Wednesday during a press briefing. "We don't want to lose our great oil companies." Will Texas cap output? Now there is a debate playing out over whether and even how the United States should intervene in the oil war. Some independent oil producers are pushing Texas to -- for the first time in more than 40 years -- limit the state's output. A wave of oil bankruptcies is on the way Ryan Sitton, a commissioner on the Railroad Commission of Texas, the state's energy regulator, even held a call Thursday with Russia's energy minister to discuss options. "While we normally compete," Sitton said in a tweet, "we agreed that #COVID19 requires unprecedented levels of int'l cooperation." He added that he will speak to Saudi Arabia's energy minister soon. Shale pioneer Harold Hamm and others are pushing for Trump, the self-proclaimed "Tariff Man," to sanction OPEC by enacting tariffs that would punish Russia and Saudi Arabia for their ruinous oil war. But the American Petroleum Institute, the nation's largest oil lobby, is urging Trump to avoid intervening in free markets. Trump has so far taken modest steps, including instructing the Energy Department to take advantage of cheap prices by filling up the nation's emergency stockpile of crude. Debate over free markets OPEC has signaled it isn't willing to keep cutting production -- unless other countries join in and do so, too. The cartel will meet via video conference Monday with Russia and other countries outside the alliance, two sources at the OPEC secretariat told CNN Business. Although the final list of invitees has not yet been set, the United States, Canada and Mexico could reportedly be invited. But it's not clear how the United States would enact its own production cuts. US output is controlled by thousands of different companies across the nation who all have their own competing interests. The irony calling on OPEC to come to the rescue is that Trump and others for years have complained that OPEC distorts free markets. And Now that Saudi Arabia and Russia have stopped artificially restraining their production, they're being urged to step back in to calm markets. "This is the free market. We are living in the world of NOPEC right now," RBC's Croft said. "OPEC's cuts gave US producers a vital lifeline. Now that the lifeline has been withdrawn, you have figures in Washington wanting sanctions against OPEC." The above article was published on April 3, 2020 on CNN Business News. Read the article carefully and answer the questions below. (Do it by yourself). Q1. What are the major points in this article. Q2. How do you see the role of OPEC from the above article.