Visit a local retailer and while you are there, you need to find a NEW product. It could be identified on the store shelf or on the packaging of the product, but be sure it is identified as NEW to the market. Then, please answer the following questions:

1. What is the name of the product? Do you think this product is increasing the breadth or the depth of the product line? Why did you choose your answers? Support this argument with course material.
2. Is the brand name of the product a good fit for the product? Why or why not? Again, support this argument with course material.
3. Did the maker of the product use packaging and labeling well? List and describe the packaging or labeling strategies you see being used.
4. Do you think this new product will diffuse quickly or slowly through the marketplace? Why? Go into detail using at least one of the characteristics influencing the diffusion of innovation (found in Chapter 12) to support your answer.

Team building

Select One
involves including qualified people in the venture
does nothing
is overrated
does not threaten the entrepreneur's autonomy

Entrepreneurs now view social/environmental issues as

Select One
global competition
part of the future of business
affecting only certail industries
a minor concern

The adverse impact of ___________ can be so destructive that individuals within the enterprise will tend to avoid entrepreneurial behavior

Select One
traditional management techniques
specific entrepreneurial strategies
informal meetings
innovative climate rules

In following the rules of innovation, a manager should do all the followings, except

Select One
encourage action
use formal meetings whenever possible
reward performance
punish failure

The most pro-active position for a corporation to take in regard to social responsibility would be termed

Select One
social obligation
social intensity
social decisiveness
social responsiveness

Case 1: Primary Care Financial Management

            The Health Center Program provides grants to nonprofit private and public entities that serve designated medically underserved populations and areas and vulnerable populations of migrant and seasonal farmworkers, homeless individuals, and public housing residents. These grants are commonly referred to as “section 330 grants.”

Under the American Recovery and Reinvestment Act of 2009, P.L. No. 111-5 (Recovery Act), enacted February 17, 2009, HRSA received $2.5 billion, $2 billion of which was to expand the Health Center Program by serving more patients, stimulating new jobs, and meeting the expected increase in demand for primary health care services among the Nation’s uninsured and underserved populations. HRSA awarded a number of grants using Recovery Act funding in support of the Health Center Program, including Health Information Technology Implementation (HIT), Capital Improvement Program (CIP), New Access Point (NAP), and Increased Demand for Services (IDS) grants.

Neighborhood Care, is a nonprofit organization that operates community health centers in San Antonio, Texas, and the surrounding area. Neighborhood Care provides medical, dental, and mental health services and is funded primarily by patient service revenues and Federal grants. During fiscal years 2010 and 2011 (February 1, 2009, through January 31, 2011), Neighborhood Care received approximately $9.8 million (Federal share) in section 330 grant funding to supplement its health center operations. For project periods ranging from March 2009 through May 2012, HRSA awarded Neighborhood Care funding for five Recovery Act grants totaling $7,518,980: $4,024,697 under two HIT grants, $1,447,420 under a CIP grant, $1,300,000 under an NAP grant, and $746,863 under an IDS grant.

OBJECTIVES

Our objectives were to determine whether:

(1) The costs that Neighborhood Care claimed were allowable and

(2) Neighborhood Care had adequate controls over its financial management system.

SUMMARY OF FINDINGS

Of the $16,020,116 that we reviewed, $3,417,461 was allowable. We could not determine whether salary and fringe benefit costs totaling $12,543,068 that Neighborhood Care claimed were allowable because Neighborhood Care did not maintain personnel activity reports for employees who worked on its section 330, HIT, NAP, and IDS grants and because the accounting records for the section 330 and NAP grants did not separate expenditures related to the Federal grants from those related to other funding sources. Neighborhood Care recorded additional potentially unallowable costs of $50,240 for compensation increases and $9,347 for interest expense.

Neighborhood Care did not have adequate controls over its financial management system. Specifically, Neighborhood Care did not draw down funds based on the cash needs for each project and did not prepare and complete bank statement reconciliations in a timely manner. Also, Neighborhood Care did not have adequate procurement procedures to ensure that it obtained reasonable pricing when procuring goods and services.

QUESTIONS

The Health Center Program provides grants to health centers. What is a health center and its purpose? Who can receive services at a health center?

As a designated health center, patients cannot be denied care regardless of their ability to pay. How are fees for services determined at a health center?

Provide 2 recommendations that Neighborhood Care should implement to tighten up the financial management of the practice?

1.The following information is available for completed Job No. 402: Direct materials, $220000; direct labor, $280000; manufacturing overhead applied, $210000; units produced, 5000 units; units sold, 4000 units. The cost of the finished goods on hand from this job is

2.If a company has a discontinued operation gain of $45000 and a 34% tax rate, what is the effect on net income?

3.Cullumber Company sold its licorice division resulting in a loss of $83000. Assuming a tax rate of 29%, the loss on this disposal will be reported on the income statement at what amount?

4.Crane Company's accounting records reflect the following inventories:

During 2017, $700000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000.
Crane Company's total manufacturing costs incurred in 2017 amounted to

5.Vaughn Manufacturing's accounting records reflect the following inventories:

During 2020, $1000000 of raw materials were purchased, direct labor costs amounted to $768200, and manufacturing overhead incurred was $768000.

If Vaughn Manufacturing's cost of goods manufactured for 2020 amounted to $2346200, its cost of goods sold for the year is

6.Coronado Industries's accounting records reflect the following inventories:

During 2020, Coronado purchased $1450000 of raw materials, incurred direct labor costs of $250000, and incurred manufacturing overhead totaling $160000.
How much raw materials were transferred to production during 2020 for Coronado?

7.Waterway Industries reported total manufacturing costs of $400000, manufacturing overhead totaling $60000, and direct materials totaling $65000. How much is direct labor cost?

The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below.

Required:

Prepare the statement of cash flows for the year ended December 31, 2020, using the indirect method.

The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below.

Additional Information for 2020:

1. Borrowed $520,000 in January 2020. Made 12 monthly payments during the year, reducing the balance of the loan by $37,668.

2. Issued common stock for $1,200,000.

3. Purchased 10,000 shares of treasury stock for $17 per share.

4. Reissued 5,000 shares of treasury stock at $18 per share.

5. Declared and paid a cash dividend of $125,000.

Required:

Prepare the statement of cash flows for the year ended December 31, 2020, using the indirect method. (List cash outflows as negative amounts.)

The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below.

Additional Information for 2020:

1. Borrowed $520,000 in January 2020. Made 12 monthly payments during the year, reducing the balance of the loan by $37,668.

2. Issued common stock for $1,200,000.

3. Purchased 10,000 shares of treasury stock for $17 per share.

4. Reissued 5,000 shares of treasury stock at $18 per share.

5. Declared and paid a cash dividend of $125,000.

Required:

Prepare the statement of cash flows for the year ended December 31, 2020, using the indirect method. (List cash outflows as negative amounts.)

1.) Barnes Medical Center purchased an x-ray machine on December 1, 2018, for $120,000. The machine has an $87,000 accumulated depreciation. On January 1, 2020, it is sold for $40,000. Record the sale of the x-ray machine. (4 pts.) Use the space provided to type in your journal entry, following the correct general journal format. Please note, debit account title(s) must be listed in the first line, then on the next line(s) credit account title(s).

2.) Grey Landscaping purchased an L-mower with a cost of $8,500. The current book value is $2,500. On January 1, 2020, it is sold for $1,750. Record the sale of the L-mower. Use the correct general journal format.

3.) On December 1, 2020, Gene Furniture traded its old cash register in for a new cash register. The old cash register had cost $3,500 originally, but currently has a book value of $500. The new cash register has a list price of $4,800. Ogle Furniture was granted an $800 trade-in allowance for the old cash register and paid the difference. Use the correct general journal format.

4.) Rover Furniture purchased equipment on January 1, 2018, for $50,000, with a $5,000 salvage value and a 9-year life. Laramie uses straight-line depreciation. Depreciation has been recorded through December 31, 2020. On April 1, 2021, the equipment is sold for $22,000. Record all necessary transactions on April 1st. Use the correct general journal format.

5.) On October 1, 2020, Lance Company exchanged a delivery vehicle with a cost of $64,000 and a book value of $42,000, plus cash of $17,000 for a new delivery vehicle. The old vehicle had a fair value of $38,000. Prepare the journal entry to record the exchange of assets. Use the correct general journal format.

6.) On October 1, 2020, the Lance Company ledger shows Equipment with a balance of $100,000 and Accumulated Depreciation – Equipment of $50,000. Straight-line depreciation has been used for the asset which had a 9-year useful life, and salvage of $10,000. On this date, the company concludes that the equipment has a remaining useful life of only 3 years with a $2,000 salvage value. Compute the revised annual depreciation.

Question One

Given the following account information for Howard Corporation, prepare a balance sheet in report form for the company as of December 31, 2020. All accounts have normal balances. Assume Howard uses IFRS.

       Equipment........................................................................................         60,000

       Interest Expense..............................................................................           2,400

       Interest Payable...............................................................................              600

       Retained Earnings, beginning..........................................................       113,200

       Dividends..........................................................................................         50,400

       Land..................................................................................................       137,320

       Accounts Receivable.......................................................................       102,000

       Bonds Payable.................................................................................         78,000

       Accumulated other comprehensive income ………………………..         19,000

       Notes Payable (due in 6 months)....................................................         29,400

       Common Stock................................................................................         70,000

       Accumulated Depreciation—Equip..................................................         10,000

       Prepaid Advertising..........................................................................           5,000

       Service Revenue..............................................................................       341,400

       Buildings...........................................................................................         80,400

       Supplies............................................................................................           1,860

       Income Taxes Payable....................................................................           3,000

       Utilities Expense...............................................................................           1,320

       Advertising Expense........................................................................           1,560

       Salaries and Wages Expense..........................................................         53,040

       Salaries and Wages Payable...........................................................              900

       Accumulated Depr. Bldg..................................................................         20,000

       Cash.................................................................................................         45,000

       Depreciation Expense......................................................................           8,000

       Investment in Bonds to be held to maturity …………………………      100,000

       FV-OCI Investments (Fair value = 16,000)………………………….                12,000

       FV-NI Investments ……………………………………………………           3,200

       Assets held for sale ……………………………………………..                 22,000

Cash is comprised of $50,000 at RBC and a bank overdraft of $5,000 at BMO.

Question 2

The controller of Nebula Corporation has provided you with the following information:

Nebula Corporation

Income Statement

For the Year Ended December 31, 2020

Net sales..................................................................................................                        620,000

Operating expenses................................................................................                        410,000

Income from operations..........................................................................                        210,000

Other revenues and expenses

       Gain on sale of equipment............................................................... 30,000

       Interest expense............................................................................... 8,000               22,000

Income before income taxes...................................................................                        232,000

Income taxes...........................................................................................                          92,800

Net income..............................................................................................                        139,200

Nebula Corporation

Comparative Account Information

Relating to Operations

For the Year Ended December 31, 2020

                                                                           2020                            2019

Accounts receivable                                        56,000                         40,000

Prepaid insurance                                             5,000                           6,000

Accounts payable                                           59,000                         47,000

Interest payable                                                   600                           1,500

Income taxes payable                                       4,200                           6,000

Unearned revenue                                          20,000                         14,000

Instructions

1. Prepare a statement of cash flows (for operating activities only) for the year ended December 31, 2020, using the direct method.
2. Prepare a statement of cash flows (for operating activities only) for the year ended December 31, 2020 using the indirect method.