Gold-I-Locks plc manufactures and sells doors and windows that contain a revolutionary locking mechanism the CEO developed while at university.  You have been provided with the company’s trial balance as at 31 March 2020.  Unfortunately, it was prepared by a junior member of staff and does NOT balance.  

The junior member of staff has identified the following errors but does not know how to correct them:

1. A payment of £150 for electricity was entered in the Bank Account but was not recorded in the Electricity Expense Account.
2. There is a debit in the Rent Expense Account for £718 and a debit to the bank account for the same amount.
3. A sale for £1,200 has been entered correctly in Accounts Receivable but as £120 in the Sales Account.
4. A payment to a supplier of £457 has been correctly recorded in Accounts Payable Account but no other entry has been made.

Required:

1. Prepare journal entries to correct the above errors and prepare a T-account for the Suspense Account showing the entries.

[20 marks]

2. There are two general categories of errors: Those that cause the trial balance not to balance and those that do not affect the trial balance balancing.  Describe one of each type of error, provide an example and describe how you would correct it. [word limit: 100-200 words]

Tree Top Company is considering raising additional capital for further expansion. The company wants to finance a new business venture into guided trips down the Amazon River in South America.​ Additionally, the company wants to add another building on their land to offer more services for local customers.

Tree TopCompany plans to raise the capital by issuing $1,400,000 of 7​%,seven​-year bonds on January​ 2, 2020. The bonds pay interest semiannually on June 30 and December 31. The company receives $1,398,320 when the bonds are issued. The company also issues a mortgage payable for $400,000 on January​ 2, 2020. The proceeds from the mortgage will be used to construct the new building. The mortgage requires annual payments of $20,000 plus interest for twentyyears, payable on December 31. The mortgage interest rate is 8​%.

Requirement 1. Will the bonds issue at face​ value, a​ premium, or a​ discount?

Tree Top​'sbonds will be issued at a discount because

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Requirement 2. Record the following transactions. Include dates and round to the nearest dollar. Omit explanations. ​(Round your answers to the nearest whole dollar. Record debits​ first, then credits. Exclude explanations from any journal​ entries.)

a. Cash received from the bond issue.

b. Cash received from the mortgage payable.

c. Semiannual bond interest payments for 2020.Amortize the premium or discount using the​ straight-line amortization method. Start by recording the semiannual bond interest payment on June​ 30,2020.

Now record the semiannual bond interest payment on December​ 31, 2020.

d. Payment on the mortgage payable for2020.

Requirement 3. Calculate the total interest expense incurred in 2020.

1. The Federal Government distributed a recovery relief fund to all households with $600 for all individuals filing and $1,200 for all households filing jointly and $500 for each children in each household. This was part of the $2.2 Trillion stimulus package under CARES Act of March 2020 that also included employee job protection plan for small business owners and restaurants, travel related businesses, unemployment insurances and households with no taxes filed. What would be the overall impact on AD of this recovery relief fund caused by COVID- 19 public health crisis and its effect on change in real GDP? Assume that the Marginal Propensity to Consume (MPC) for all American consumers is 0.8 in March 2020. Explain your answer briefly as well in your own words. Make sure you use your understanding of the concept of expenditure multiplier in estimating this problem.

2. Trump’s imposition of $260 billion tariff in the Month of May 2019 (taxes on imports to the US Market) on Chinese exports to the US has caused a global tension in financial markets and related business activities. In retaliation of Trump’s tariff, China also imposed almost similar amount of tariff on US exports to China about $200 billon. In response to this trade war between the US and China, the US stock price indices of the Wall Street plummeted in May and June 2019. Th stock market in Shanghai in China also crashed at the same time. The data on new job for the US economy in May showed a very slow rate of job creation at the same time. Given this scenario from the US-China trade war and given your knowledge on macro model of AD an AS, do you think the the retaliation of China in response to Trump’s Tariff would have a negative impact on the US economy in near future? Give your reason in your opinion as to why or why not the case.

You have just begun a new stage in your career—you have been hired to be the Human Resources (HR) Manager for Berkley Innovative Technologies. Upon meeting the CEO, she described how the company’s workforce demographics have changed substantially over the past two decades. Previous HR managers, along with many supervisors, have mostly been Caucasian males ranging in age between 50s and early 60s, and typically from a Judeo-Christian background. The CEO also indicated that workplace strife has been steadily increasing, and her team is concerned that it may be related to the changing demographics in the workforce.

The CEO has tasked you with creating an educational manual to be utilized in training the existing front-line supervisors. This will be followed with sensitivity training to help all employees understand the complexities of the changing workforce and what it means for the future.

Diversity Training Manual: Part I (2–3 pages)

Part I of the training manual should address the following:

• Title page
• Table of contents
• Part I is to be titled: Introduction to Diversity and Demographics in the Workforce
• Begin your manual with a brief explanation of each form of discrimination (religion, race, gender, age, and immigrant vs. native-born) as it relates to the workplace.
• Part 1 will conclude with information on the sections below regarding the demographics of the U.S. population:
  • Sections:
    • Current statistics
    • Recent trends
    • Forecasted trends
  • Information for this question can be located using some or all of the Web sites listed below. You are not limited to the resources provided and may use additional outside materials for this section if needed. Be sure to properly cite all work.
    • Web site 1  https://www.pewresearch.org/hispanic/2008/02/11/us-population-projections-2005-2050/
    • Web site 2 https://www.bls.gov/cps/demographics.htm
    • Web site 3  https://www.pewforum.org/2015/05/12/americas-changing-religious-landscape/
    • Web site 4 https://www.brookings.edu/blog/the-avenue/2018/03/14/the-us-will-become-minority-white-in-2045-census-projects/
• Then, address the following information as it relates to diversity in the workforce:
  • The customs and values of 2 of the largest minority races or religions in the workforce (e.g., the dramatic increase in the Hispanic and Muslim percentage of the workforce)
  • The need for sensitivity to their differing values and customs
  • Legislation affecting supervisor regulations relating to these groups

Diversity Training Manual: Part II (1–2 pages)

As the new HR Manager, you are now ready to complete the next section of the diversity training manual that is targeted at making your workforce supervisors more aware of current racial diversity issues, explaining how the supervisors should address them. The goal of this section is to supply information to reduce potential tensions in the workplace among a racially diverse body of employees.

Part II is to be titled: Historical Issues of Different Races in the Workplace and How to Handle Them

• This section should discuss the following:
  • Racial diversity in the workforce now and how it will look in the future, based on the U.S. population's racial demographic changes
  • Specific issues that create tensions in the workplace between different groups
  • How leaders and supervisors need to address these potential issues
    • Potential areas of focus for this part could include, but are not limited to, the following:
      • Adopting a more diverse definition of diversity
      • Using technology such as AI to avoid unconscious bias
      • Sourcing candidates with nontraditional credentials
      • Testing diversity initiatives with data
      • Standardizing the interview process to reduce bias

Diversity Training Manual: Part III (2–3 pages)

The CEO indicated that gender issues are also of great concern for her in moving the company forward. With an overwhelming amount of men at the company, she wants to avoid any potential gender issues when writing job requirements, hiring employees, and interactions in the workplace. For this section, specifically address these 3 gender issues, and provide suggestions as to how to raise the sensitivity of all supervisors regarding these issues. Be certain to address concerns such as: Can the supervisor hand out work assignments that he or she feels are better suited to different genders? Can he or she write a job requirement that only one gender can meet, such as a strength requirement?

Part III is to be titled: Overcoming Gender Issues in the Workforce

• This section of the manual must, at a minimum, address the following information:
  • A few general facts about the U.S. population's gender mix and the gender mix found in notable segments of the workforce
    • Make sure to include all sources of information.
  • Address the 3 gender issues raised by the CEO, and provide suggestions on how to raise the sensitivity of all supervisors regarding these issues.
  • The essence and applicability of the landmark Griggs v. Duke Power case dealing with stated job requirements should be addressed
    • Click here to read the Griggs v. Duke Power case.
  • Describe state minimum job requirements when requesting new employees to be hired into the department
  • Explain how the supervisor might communicate to his or her department (of all male employees) when a female is about to become part of the work team

uestion 36

A manager is explaining to a staff auditor how various situations might affect the audit opinion. For each of the following scenarios, identify the appropriate reporting option by matching the scenario with the opinion type from the list provided. Assume that any financial statement effect is material, unless otherwise noted and that US auditing standards are followed.

Journalize the adjusting entry needed on December 31, 2020 the company’s year end, for each of the following independent cases. Adjusting entries are only made on December 31 in this company.

1. Details of the Prepaid Rent Expense account are shown:

The company pays office rent semi-annually on March 31 and September 30. At December 31, part of the last payment is still available to cover January to march of the next year. No rent expense has been recorded for the year yet.

2. The company pays its employees each Friday. The amount of the weekly payroll is $12,500 for a five day work week. December 31 is on a Wednesday, the employees will be paid on Friday, January 2.

3. The company purchased equipment on March 1, 2020 for $120,000. The equipment has a useful life of 5 years and a residual value of $0. No depreciation has been recorded yet this year.

4. On May 1 the company received $36,000 for services to be provided from May 1, 2020 to April 30, 2021. The company provided its services from May 1-December 31, 2020.

5. The company provided services valued at $15,000 for a customer in December but has not yet sent out a bill or received any cash.

6. The beginning balance of Supplies on January 1, 2020 was $6,400. During 2019 the company purchased supplies costing $18,200. On December 31, 2020, there were $8,000 worth of supplies remaining.

interpersonal skills are the behaviors and feelings that exist within all of us that influence our interactions with others. these skills are also referred to as communication skills, people skills, and/or soft skills. we learn them by watching our parents, the television, and our peers. healthy interpersonal skills stress, reduce conflict, improve communication, increase understanding, and promote joy. improving these skills builds confidence and enhances our relationships with others. how can interpersonal skills improve your chances when applying for a job? can interpersonal skills make or break interview?

interpersonal skills are the behaviors and feelings that exist within all of us that influence our interactions with others. these skills are also referred to as communication skills, people skills, and/or soft skills. we learn them by watching our parents, the television, and our peers. healthy interpersonal skills stress, reduce conflict, improve communication, increase understanding, and promote joy. improving these skills builds confidence and enhances our relationships with others. how can interpersonal skills improve your chances when applying for a job? can interpersonal skills make or break interview?

1. The starting salaries of individuals with an MBA degree are normally distributed with a mean of $90,000 and a standard deviation of $20,000. Suppose we randomly select 16 of these individuals with an MBA degree. What is the standard deviation of the average starting salary for these individuals?

   	a.	$4,000
   	b.	$5,000
   	c.	$20,000
   	d.	$1,666.67