In: Finance
Some time ago the swine flu bug swept across the U.S. Suppose now that a new flu bug (the “feline” flu) is threatening the health of U.S. residents. Assume that you work for the Harvard School of Public Health, and that you need to quickly determine how the American public is responding to the current feline flu issue. The objective is to find out how people’s behavior might have recently changed because of their concerns about contracting the flu. For example, it is well established that such simple behaviors as covering one’s coughing (with a forearm), keeping a “social distance” of 3 to 6 feet from others, and washing one’s hands frequently (either with soap and hot water or with hand sanitizers) can dramatically reduce the transmittance of the disease. Your subordinates have come up with two possible research plans to address your goal:
(A) The first is a short pencil-and-paper questionnaire to be administered in a parking lot intercept survey (e.g., outside of supermarkets and ATM machines).
(B) The second is a series of quick focus groups conducted using office workers, college students and younger pupils at locations nearby workplaces and schools.
Your co-workers have been unable to decide which of the two approaches to use (only one can be undertaken). They have turned to you make a decision. Which of the two approaches do you recommend? Assume the cost of using either approach is not relevant to your decision. Begin your answer with either A or B and briefly defend your choice. roughly 200 words.
In: Operations Management
Clifford Taylor, real estate entrepreneur in Indianapolis, owned a number of empty lots suitable for development within the city. He hired Drew Miller a real estate agent to sell one his lot for $750,000 within the next 30 days. Miller was to receive a 5% commission if he completed the sale.
The day following his appointment, Miller visited the office of Thomas Kinkaid. Kinkaid, a real estate developer, was willing to pay as much as $850,000 for the vacant lot, but promised to pay Miller a bonus of $25,000 if he could arrange for the sale of the lot for $750,000. Miller agreed.
The vacant lot was sold for $750,000. Taylor, however, refused to pay Miller the 5% commission and Kinkaid refused to pay the $25,000 bonus. Miller is now suing both Taylor and Kinkaid. What would be the result of this lawsuit? Please discuss.
Question 3
Joseph Sinclair was a lower level administrator of the Wheeling Pennsylvania Power Co. He received a temporary assignment to the Unpaid customer department. His new assignment called for him to turn off power to customers who had not paid their power bill for four months.
One of the customers on his delinquent customer list was the American Salmon Farm Fishery. The Salmon Farm Fishery informed Sinclair that it was not delinquent in paying their power bill, but Sinclair turned off the power. This was done at a critical period in the incubation of new salmon, and the entire batch was destroyed. Salmon Farm Fishery sued Sinclair for $54,000, won the judgment, and Sinclair paid. Sinclair is now suing the Power company. What result? Please discuss.
In: Operations Management
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Overview |
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Consists of two parts, A and B, respectively. There are 10 Requirements for you to complete in this exercise, Part A has 1-3 and Part B has 4-10. All of the information you need to complete this is located in this Workbook. • There are 8 worksheets in the workbook you will need to complete for Parts A & B. • A list of October transactions • A Chart of Accounts reference sheet |
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Scenario |
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You’ve just secured a new client in your accounting practice, the Rawls Repair Corporation, (RRC) a brand new small business specializing in bicycle repair. The owner, Rob Rawls, is a terrific cyclist and bike repair specialist, but definitely not an accountant. Your job is to help Rob put his affairs in order. Luckily Rob has only been in operation for a month and things have not gotten too out of hand yet! Rob has to submit his financial statements to his investors and doesn’t know where to begin. It’s your job to go through the complete Accounting cycle to prepare the financial statements for the RRC. |
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Requirements |
Requirement description Worksheet |
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Part 1 |
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1 |
Prepare the journal entries in the general journal Journal entries |
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2 |
Post journal entries to the general ledger General ledger |
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3 |
Prepare a trial balance Trial balance |
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Part 2 |
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4 |
Prepare the adjusting entries Adjusting entries |
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5 |
Post adjusting entries to the general ledger General Ledger |
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6 |
Prepare an adjusted trial balance Adjusted TB |
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7 |
Prepare the financial statements Financial Statements |
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8 |
Prepare the closing entries Closing entries |
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9 |
Post closing entries to the general ledger General Ledger
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10 |
Prepare the post closing trial balance Post closing TB |
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Guidelines |
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For Part A: |
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• Complete Requirements 1-3 on the Journal Entries, General Ledger, and Trial Balance worksheets. |
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• Type your work directly into the worksheets. |
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For Part B: |
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• Using feedback from your instructor and Part A, complete Requirements 4-10. |
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• Type your work directly into the worksheets. |
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During its first month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs, completed the following transactions: |
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October Transactions |
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Date |
Transaction Description |
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Oct. 1 |
Began business by making a deposit in a company bank account of $12,000, in exchange for 1,200 shares of $10 par value common stock. |
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Oct. 1 |
Paid the premium on a one-year insurance policy, $1,200. |
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Oct. 1 |
Paid the current month's store rent expense, $1,040. |
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Oct. 3 |
Purchased repair equipment from Conklin Company, $4,400. Paid $600 down and the balance was placed on account. Payments will be $200.00 per month for nineteen months. The first payment is due 11/1. Note: Use Accounts Payable for the Balance Due. |
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Oct. 8 |
Purchased repair supplies from McKenna Company on credit, $390. |
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Oct. 12 |
Paid utility bill for October, $154. |
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Oct. 16 |
Cash bicycle repair revenue for the first half of October, $1,362. |
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Oct. 19 |
Made payment to McKenna Company, $200. |
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Oct. 31 |
Cash bicycle repair revenue for the last half of October, $1,310. |
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Oct. 31 |
Declared and paid cash dividend of $800. |
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Chart of Accounts |
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Account Type |
Account Number |
Account Title |
Normal Balance |
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Assets |
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111 |
Cash |
Debit |
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117 |
Prepaid Insurance |
Debit |
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119 |
Repair Supplies |
Debit |
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144 |
Repair Equipment |
Debit |
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145 |
Accum Dep -Repair Equipment |
Credit |
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Liabilities |
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212 |
Accounts Payable |
Credit |
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213 |
Income Tax Payable |
Credit |
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Stockholders Equity |
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311 |
Common Stock |
Credit |
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312 |
Retained Earnings |
Credit |
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313 |
Dividends |
Debit |
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Revenue |
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411 |
Bicycle Repair Revenue |
Credit |
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Expenses |
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511 |
Store Rent Expense |
Debit |
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512 |
Utility Expense |
Debit |
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513 |
Insurance Expense |
Debit |
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514 |
Repair Supplies Expense |
Debit |
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515 |
Dep Expense - Repair Equipment |
Debit |
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516 |
Income Tax Expense |
Debit |
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REQUIREMENT #1: Prepare journal entries to record the October transactions in the General Journal below. Remember that Debits must equal Credits - All of your Journal Entries should balance. |
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REQUIREMENT #2: Post the October journal entries to the following T-Accounts and compute ending balances. |
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REQUIREMENT #3: Prepare a trial balance for October |
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Requirement #4: Prepare adjusting entries using the following information in the General Journal below. Show your calculations! a) One month's insurance has expired. b) The remaining inventory of repair supplies is $194. c) The estimated depreciation on repair equipment is $70. d) The estimated income taxes are $40. |
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Requirement #5: Post the adjusting entries on October 31 below to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed. |
Requirement 6: Prepare an adjusted trial balance
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Requirement #7: Prepare the financial statements for Rawls Repair Corporation as of October 31 in the space below. You will only be preparing the Income Statement, Statement of Retained Earning and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this Project. |
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Requirement #8: Prepare the closing entries at October 31 in the General Journal below. Hint:use the balances for each account which appear on the Adjusted Trial Balance for your closing entries. |
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Requirement #9: Post the closing entries to the T-Accounts on the General Ledger worksheet and compute ending balances. Just add to the adjusted balances already listed. |
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Requirement #10: Prepare a post-closing trial balance as of October 31 |
In: Accounting
In: Economics
4. Explain Adam Smith’s notions of natural and market prices. What, according to Smith, determines the natural price, the value, of commodities in “an early and rude state of society”? How does this change once stock has been accumulated? Explain briefly.
In: Economics
What laws and programs have been shown to reduce the percentage of women who marry before age 18? Provide a detailed discussion of the social environments in which early marriage is common, and describe how effective programs have operated in such environments.
In: Economics
Early in an infection, the body produces a variety of "acute phase proteins" to ramp up an immune response. What sort of benefits do these acute phase proteins provide and what sort of effect would an inability to induce the production of these proteins have on an individual?
In: Biology
In the early 2000s, many news stories reviewed the questionable accounting practices and financial collapses of major corporations, such as Enron, Worldcom, and other companies. Do you think accounting rules can be developed and applied in a way that would prevent corporate failures?
In: Accounting
In: Nursing