Question 1
1. Answer the following questions related to your CAFR. a. What are the inclusive dates of the fiscal year? b. Write the name and address of the independent auditor. Is the auditor?s opinion unqualified? If not, describe the qualification. Is the opinion limited to the basic financial statements, or does the opinion include combining and individual fund statements? c. Is the report separated into the three distinct sections: introductory, financial, and statistical? Does the report have a ?single audit? section at the end? (A few CAFRs include their single audit report in the CAFR ? see Chapter 13 for more detail of the single audit requirements.) d. Does the report contain an organization chart? A table of contents? A list of principal officials? A letter of transmittal? Is the letter of transmittal dated and signed by the chief financial officer? List the major items of discussion in the letter of transmittal. e. Does the report include a Management?s Discussion and Analysis? List the major items of discussion. f. Does the report include the government-wide statements (Statement of Net Assets and Statement of Activities)? g. Does the report reflect fund financial statements of governmental, proprietary, and fiduciary funds? List those statements. List the major governmental and proprietary funds (the funds which have separate columns in the governmental and proprietary fund statements).,I would really appreaciate your help.,I am really sorry I didn't come back to you right away. I am still at work, crazy time, that's why I really need your help...Thank you very much!,Thank you very much!
Question 2
Introduction The transactions in this practice set were completed by Bath Designs Inc. during January, the first month of the company?s fiscal year. The company designs and manufactures a limited variety of custom bathroom storage cabinets and sauna units, and it maintains a job-order cost system. You have accepted a position with Bath Designs Inc. as assistant controller, and you will begin your duties on January 1 of the current year. In your review of the previous assistant controller?s records, you notice some jobs were incomplete as of December 31 of the previous year. These jobs are contained in the Job Cost Records. You plan to complete most of these jobs in January and to accept new jobs from builders and contractors. You are responsible for the daily accounting operations, preparation of interim financial statements, and end-of-month adjusting and closings entries. Bath Designs Inc. manufactures all products in a single production department. An individual job-order cost sheet is maintained for each job. The job-order cost sheet contains accumulated costs for each job, including actual direct materials, actual direct labor, and applied factory overhead. Gross pay for direct labor is recorded by a debit to Work in Process. Salaries for all other factory personnel are recorded by a debit to Factory Overhead. Salaries of non-factory personnel are recorded at the end of each month by a debit to the appropriate salary expense accounts. Deductions for FICA tax at 7.65% of gross pay (this includes the Medicare Tax deduction) and employees? income tax at 18% of gross pay are recorded whenever gross pay is recorded. All wages are paid on the last day of the month. All employer payroll taxes are recorded at the end of the month. Payroll taxes related to factory personnel are debited to Factory Overhead. Payroll taxes related to all other company personnel are debited to Payroll Taxes Expense?General. Bath Designs Inc. maintains two materials accounts, one for Direct Materials and one for Indirect Materials and Factory Supplies. Factory overhead is applied to each job based on 125% of direct labor cost for that job. Bath Designs Inc. maintains only one factory overhead account. Remember that debits to Factory Overhead represent actual overhead and credits to Factory Overhead represent applied overhead. Since the difference between actual factory overhead and applied factory overhead is insignificant, the over-applied or under-applied balance is closed out to Cost of Goods Sold as an adjusting entry at the end of each month. Bath Designs Inc. marks up all work by 35% of the job cost. Refer to the individual Job Cost Record for the total cost of the job and multiply the total cost by 135% to determine the selling price for each job. Since Bath Designs Inc. sells to builders and contractors, sales are exempt from state sales tax. All sales are on account and are subject to terms of 1/10, net 30 days, FOB shipping point. Accounts Payable is used solely for the purchase of direct materials and indirect materials and factory supplies. All vendors except full payment within 30 days. Operating expenses, with the exception of any accrued salaries, payroll taxes, property taxes, and income taxes, are paid when incurred. All cash received is deposited in the bank, and all payments are made by check. When dealing with an accounts receivable or accounts payable item, be sure to record the company name in the General Ledger and post to Accounts Receivable or Accounts Payable Ledger. It is January 1, and you are ready to assume your new responsibilities. General Instructions 1. Journalize the entries for the month of January in the General Journal. When using the Work in Process account, be sure to post to the appropriate Job Cost Record. 1. Post the General Journal entries to the General Ledger, the Accounts Payable Ledger, and the Accounts Receivable Ledger. 2. Prepare Schedules of Accounts Receivable and Accounts Payable. 3. Prepare the Trial Balance section of the work sheet. 4. Complete the work sheet using the adjusting entries data for the Adjustment columns. 5. Prepare the following statements: A. Income Statement B. Retained Earnings Statement C. Balance Sheet 6. Journalize and post the adjusting entries 7. Journalize and post the closing entries. (It is acknowledged that this step is not performed until year end; this is for instructional purposes only.) 8. Prepare a Post-Closing Trial Balance. NARRATIVE OF TRANSACTIONS Note: Certain transactions, such as those dealing with payroll, require detailed computational work before preparing the journal entry. These transactions are explained initially in the narrative as they occur. Please refer to the original transaction when preparing a subsequent similar transaction. Jan. 2 Paid Berkeley Road Properties $3,600 for January rent. Of this amount, 30% is for office Facilities and 70% is for factory facilities. Jan. 2 Paid Pierce Advertising Agency $490 for preparing advertisements in local newspapers. Jan. 3 Paid Liberty Wood Products Company $8413.12 in payment of December 31 balance. Jan. 3 Received a check from Kian Corporation for the amount due within the discount period. Jan. 4 Paid State National Bank $25,681.41 for December payroll taxes payable as follows: Employee?s Income Tax Payable, $15,812.27; FICA Tax Payable, $9143.73; Federal Unemployment Tax, $319.19; State Unemployment Tax, $406.22. Jan. 4 Paid $7,423.36 for Income Tax Payable. Jan. 4 Paid Ohio Plastics Company $10,714.00 in payment of the December 31 balance. Jan. 4 Applied $3,624.00 of direct materials (requisition No. 670) and $8,120 of direct labor (time ticket No. 129) to Job No. 403, which will complete the job. The FICA rate is 7.65% of gross pay and the employees? income tax rate is 18% of gross pay. When preparing the entry for applying direct labor, debit Work in Process for the gross pay, and credit Employees? Income Tax Payable and FICA Tax Payable for the appropriate amounts and Salaries Payable for net pay. Remember that employees are paid on the last day of each month. Applied factory overhead to Job No. 403 is based upon 125% of direct labor cost. Transferred the completed job to the finished goods account. Jan. 5 Sold and shipped Job No. 403 to the appropriate customer. All sales are on account 1/10, net 30 days, FOB shipping point. Bath Designs Inc. marks up all work by 40% of the job cost (NOTE IN THE ORIGINAL INSTRUCTION SHEET IT SAYS BY 35%, SO NOT SURE WHICH TO USE). Refer to the individual Job Order Cost Sheet for the total cost of the job and multiply the total cost by 140% to determine the selling price for each job. Bath Designs, Inc. maintains a perpetual inventory system. Each time a sale is made to a customer, you must debit Cost of Goods Sold and credit Finished Goods for the cost of the job. Jan. 8 Requisitioned $1,241.27 of indirect materials and factory supplies to be used in the manufacture of all jobs currently in process. (Materials requisition No. 680) Jan. 9 Paid Bob Davis, County Tax Collector, $6321.00 for property taxes accrued as of December 31. Jan. 9 Purchased from Glory Container Corporation $2,243.26 of indirect factory supplies, credit terms net 15 days. Jan. 9 Accepted a job for the manufacture of 17 closet units for Bloomingdale Engineering. The promise date is Feb. 14. Began the job today by applying $5,914.00 of direct materials to Job. No. 406. (Materials requisition No. 681.) Jan. 10 Received a check from Tarara Design Corporation for the amount due within the discount period. Jan. 11 Paid Rorick Hardware Inc. $9,100.00 in payment of the December 31 balance. Jan. 11 Applied $1,327.14 of direct materials to Job. No. 402 (No. 682) Jan. 12 Received a check from Ryan Sales Company for the amount due after the discount period has expired. Jan. 15 Applied $2,214.06 of direct materials to Job No. 404 (No. 683) Jan. 16 Purchased $503.00 of factory supplies from Samantha Supplies, Inc. and paid cash. Jan. 16 Applied $3,216.50 of direct labor to Job. No. 405, which will complete the job. (Time ticket No. 130) Applied factory overhead using the appropriate rate. Transferred the completed job to the finished goods account. Jan. 16 Sold four standard vanity units to a cash customer for $1,400. The cost of the goods shipped from finished goods inventory was $1,000.00. Jan. 17 Requisitioned $614.50 of indirect materials and factory supplies to be used in all factory jobs currently in process (Materials requisition No. 684) Jan. 17 Signed a contract with Elliana Interiors for the manufacture of 120 counter units. The promise date is Feb. 15. Began the job today by applying $4,220.00 of direct materials to Job. No. 407 (Materials requisition No.685) Jan. 17 Paid the sales manager of Bath Designs Inc. $142.62 for customer entertaining. Jan. 18 Received a report from the treasurer that Pickens Contractors, one of our customers, has declared bankruptcy. Wrote off the balance owed to Bath Designs Inc. by Pickens Contractors. Jan. 18 Sold and shipped Job. No. 405 to the appropriate customer. Refer to that job?s Cost Record for the total cost of the job to determine the selling price. Jan. 22 Purchased $10,232.16 of direct materials from Neola Supply Company, credit terms net 30 days. Jan. 22 Accepted a job for the manufacture of 12 sauna units for Maplewood Designers. The promise date is Jan. 31. Began the job today by applying $2,468.10 of direct materials to Job No. 408 (Materials requisition No. 686) Jan. 24 Paid Glory Container Corp. the amount due today from the Jan. 9 purchase. Jan. 25 Applied $1,660 of direct labor to Job. No. 402, which will complete the job. (Time ticket No.131) Applied factory overhead using the appropriate rate. Transferred the completed job to the finished goods account. Jan. 26 Sold and shipped Job No. 402 to the appropriate customer. Refer to that job?s Cost Record for the total cost of the job to determine the selling price. Jan. 26 Ap0plied $3,640 of direct labor to Job. No. 408, which will complete the job. (time ticket No 132) Applied factory overhead using the appropriate rate. Transferred the completed job to the finished goods account. Jan. 29 Sold and shipped Job No 408 to the appropriate customer. Refer to that job?s Cost Records for the total cost of the job for billing purposes. Jan. 29 Paid Foley Tool Company amount due in payment of the Jan. 1 balance. Jan. 29 Received a check from Powell Contractors Inc. for the amount due after the discount period has expired. Jan. 29 Paid Post Office $500.00 for postage added to postage meter. Expense this amount. Jan. 29 Paid Telephone Company $250.00 for Jan. phone service. Jan. 29 Paid Owen Advertising Company $1,000.00 for designing ads for our new Internet website. Jan. 29 Paid Allied Power and Light company $4,216.00 for heat, power, and light. Allocate 25% of this amount to Electricity Expense and 75% to Factory Overhead. Jan. 31 Applied $1,000.00 of direct labor to Job 404 (time ticket No. 133) Applied factory overhead using the appropriate rate. This job will not be completed until Feb. Jan. 31 Applied $4,220.00 of direct labor to Job 407 (time ticket No. 134) Applied factory overhead using the appropriate rate. This job will not be completed until March. Jan. 31 Applied $1,160.00 of direct labor to Job 406 (time ticket No. 135) Applied factory overhead using the appropriate rate. This job will not be completed until Feb. Jan. 31 Received the following data on the monthly payroll from the payroll clerk: Direct Labor (already recorded): $23,016.50 New payroll data (to be recorded): Indirect $11,220.00 Superintendent?s Salary 3,100.00 Sales salaries 11,975.00 Officers? salaries 7,140.00 Office salaries 6310.10 Record the monthly payroll in the general journal. Remember that direct labor payroll already has been recorded as it was incurred in Jan. Salaries for indirect labor are recorded only at the end of the month. Debit Factory Overhead for Indirect Labor and Superintendent?s salaries, debit other salary expense account for the appropriate amounts, credit FICA Tax Payable for 7.65% of gross pay, credit Employees? Income Tax Payable for 18% of gross pay, and credit Salaries Payable for the net pay. All payroll taxes relating to factory personnel are debited to Factory Overhead; all payroll taxes related to non-factory personnel are debited Payroll Taxes Expense ? General. The FICA tax is 7.65% of gross pay, state unemployment. Tax is 5.4% of gross pay and federal unemployment. Tax is 0.8% of gross pay. Since this is the first month in the current year, no employee has reached the ceilings on the payroll taxes. Round the charge to Factory Overhead down to the next cent. Jan. 31 Received a check from Seng Contractors for the amount due after the discount period has expired. Jan. 31 Received a check from Ruth Builders for the amount due after the discount period has expired. Jan. 31 Paid all employees for wages earned in Jan. Jan. 31 Purchased $8,214.00 of direct materials on account from Rorick Hardware Inc. (Take a trial balance at this point.) According to the book, the total for the debit and credit columns on the general journal BEFORE adjusting and closing entries are made should be $921,436.06. The total for adjusting entries is $18,635.08. Note: The figure for Factory Overhead and Cost of Goods Sold is rounded. Adjusting Entries: Jan. 31 Insurance expired during January: Factory 1,314.00 Selling 61.25 General 268.80 Jan. 31 Office supplies inventory as of Jan. 31 is $1,650 Jan. 31 Depreciation for the month: Factory equip 642.00 Office equip. 369.70 Jan. 31 Amortization of patents for Jan (debit Factory Overhead) 225.00 Jan. 31 Property tax accrued for the month: Factory 485.00 General 137.26 Jan. 31 Close out under applied Factory Overhead of $1,427.24 to Cost of Goods Sold. Jan. 31 Based on past experience, Bath Designs estimates that $7,900.00 is a reasonable balance for the Jan. 31 balance in the Allowance for Doubtful Accounts. Jan. 31 Income tax is based on 40% of income before tax. Accrue income tax owed by debiting Income Tax Expense and crediting Income Tax Payable for $6,748.83. (Prepare all reports at this point and print general ledger NOW) Closing Entries: Jan. 31 Prepare closing entries to close revenue and expense accounts to Income Summary, and transfer net income to Retained Earnings. (It is acknowledged that this step is not performed until year end; this is for instructional purposes only.) Prepare a Post-Closing Trial Balance.,how do u complete this forms job cost record.i can probably close them.
Question 3
Case Study ? Analyzing Regional Sales Information for CKG Auto As a regional sales manager for CKG Auto, you have just finished summarizing sales data for the first half of this year (January through June) aggregated by car model. You have started to enter data in an Excel worksheet, which lists by model the following: Sales Volume indicating the number of cars sold to dealers. Manufacturing (Mfg.) Cost per Vehicle, Total Cost of all vehicles sold for the model. You will need to calculate this based on the sales volume and the manufacturing costs per vehicle. Markup Percentage, which is the percentage charged above manufacturing cost to dealers. Total Sales to dealers. You will need to calculate this as Total Cost plus Markup. (Markup is the markup percentage times the manufacturer cost of the vehicle.) % of Total Volume. You will need to calculate this based on volume for the model as compared with the volume of all models sold for the time period. First, you need to complete the January through June computations based on the data contained in the worksheet and the information given. Then, you have been asked to create a similar worksheet to estimate sales for July through December based on volume supplied by the marketing group. These volumes are based on the historical values adjusted for seasonal demand of specific car types and from market research data on car popularity. After you have completed both the first half actual sales and second half estimated sales, you need to combine this data to determine expected yearly sales. Management is not only interested in the absolute value of those sales, but each model's contribution to the total yearly sales in each half of the year and in aggregate. When you complete the workbook, verify that all data is correctly referenced so that your formulas will work as you copy them down the column or across the row, as necessary. Your first task is to complete the Sales Summary for January through June by writing the necessary formulas in the cells that are highlighted in the Excel worksheet. Complete the following: 1. Open the workbook named Sales.xlsx located in the Lab 1 folder, and then save it as Auto Sales.xlsx. Rename the Sheet1 worksheet tab as 1st Half. 2. In the highlighted cells, enter formulas to perform the necessary calculations. Be sure to write all formulas so that they can be copied as necessary. Note the following: ? Display all dollar values in whole dollars and include the dollar sign in the first row and total rows only. ? When calculating averages, do not include any models that had no sales. Display all average values (other than the percentage) with commas and no decimal places. The formulas in column G need to determine the percent of total volume sales that the vehicle represents. (That is, if model A sold 100 cars and a total of 1000 cars were sold for all models, then model A would represent 10% of the total volume.) Format the cells in column G to display values to the nearest tenth of a percent. 3. Your next task is to create an estimate of the July through December sales based on marketing data and the first half-year sales values. The marketing group has provided a list of all car models in identical order to the original data you received, with the expected sales volumes for each car model. This list is found in the workbook named Market.xlsx, which is located in the Lab 1 folder. Manufacturing costs and markups are assumed to be the same for the second half of the year as they were for the first half. With the data and assumptions in mind, create a new worksheet named 2nd Half in the Auto Sales.xlsx workbook, identical to the 1st Half worksheet. Copy and paste the sales volumes from the Market.xlsx workbook into your new worksheet. Verify that all the calculations in the new worksheet reflect the new data. 4. Create another new worksheet named Summary, and include the column headings shown in Table 10 on this new worksheet. Table 10: Column headings for Summary worksheet Model Annual Volume Jan-June Sales to Dealers July-Dec Sales to Dealers Total Sales to Dealers %Total Sales to Dealers Jan-June %Total Sales to Dealers July-Dec %Total Sales to Dealers Annual 5. Insert the model numbers in the identical format as shown on the 1st Half and 2nd Half worksheets. 6. Insert the annual volume for each model?the combined totals of the January through June and the July through December volumes. Make sure that the values will automatically update if any of the input values are changed at a later time. 7. Insert the Jan-June sales to dealers, again ensuring that these values will automatically update if any of the input data changes. 8. Insert the July-Dec sales to dealers, again ensuring that these values will automatically update if any of the input data changes. 9. Create a combined total of sales to dealers for the entire year. 10. Calculate the total volumes and the total sales to dealers for each time period and annually in a row below the data. 11. Calculate the percentage of sales to dealers that each model represents, as a percentage of the total sales to dealers for all models?first for the Jan-June time frame, then the July-December time frame, and finally for the annual values. Use only one formula for this calculation and make sure that the formula can be copied down the column to calculate the percentages for the corresponding models, and across the row to calculate the percentages for the corresponding time frames. Display the percentage values with an appropriate format and number of decimal places. 12. Format all three worksheets so that they have a professional appearance. 13. Save and close the Auto Sales.xlsx workbook.
Question 4
1. Smelly Cigars has two divisions: the Rolling Division and the Box Division. The Box Division produces boxes that can be used by the Rolling Division. The Box Division incurs variable cost of $2.00 per unit, and its fixed cost is $ .50 per unit. The Rolling Division can purchase similar boxes from external suppliers for $3.40. The Box Division sells its boxes to outside companies for $3.50 each. Assuming the Box Division has enough excess capacity to supply all of the Rolling Division?s needs, which of the following is the range at which a negotiated transfer price between the two divisions should occur? (Points : 5) $2.50 to $3.50 $2.00 to $3.40 $2.00 to $3.50 $2.50 to $3.40 There will be no transfer of containers from the Box Division to the Rolling Division. 2. Sales revenue $1,500,000 Gross margin 600,000 Net income 90,000 Average operating assets 450,000 Owners? equity 200,000 Playback?s turnover is: (Points : 5) 16.67. 20.00. 3.33. 5.00. 3. Sales revenue $1,500,000 Gross margin 600,000 Net income 90,000 Average operating assets 450,000 Owners? equity 200,000 Playback?s margin is: (Points : 5) 40%. 20%. 15%. 6%. 4. Art-Frames Co. manufactures standard sized frames, and expects the following number of frames to be sold during the last three months of 20X5: October: 20,000 November: 25,000 December: 40,000 Art-Frame tries to have inventory on hand at the end of each month to equal 20% of the following months sales. How many frames should Art-Frame produce during November? (Points : 5) 33,000 28,000 26,000 23,000 5. Fragrance, Inc. has two divisions: the Cologne Division and the Bottle Division. The Bottle Division produces containers that can be used by the Cologne Division. The Bottle Division incurs variable cost of $2.00 per unit, and its fixed cost is $.50 per unit. The Cologne Division can purchase similar containers from external suppliers for $2.90. The Bottle Division sells its containers to outside companies for $3.00 each. Assuming all of the containers produced by the bottle Division can be sold to outside companies, which of the following is the range at which a negotiated transfer price between the two divisions should occur? (Points : 5) A transfer price between $2.00 to $3.00 A transfer price between $2.00 to $2.90 A transfer price between $2.50 to $2.90 A transfer price between $2.50 to $3.00 There will be no transfer of containers from the Bottle Division to the Cologne Division. 6. Indicate which of the following statements about evaluating investment centers is false. (Points : 5) The use of the original cost of plant and equipment as part of operating assets (rather than book value) would help to eliminate the age of equipment as a factor in ROI computations. Residual income as a performance measure encourages managers to accept all investment projects that will benefit the company as a whole. Return on Investment would decrease if the turnover decreases. The use of residual income makes it easy to compare investment centers of different sizes. 7. Pitkins Company collects 20% of a month's sales in the month of sale, 70% in the month following sale, and 6% in the second month following sale. The remainder is uncollectible. Budgeted sales for the next four months are: Budgeted sales January $200,000 February $300,000 March $350,000 April $250,000 Cash collections in April are budgeted to be: (Points : 5) $321,000. $292,000. $320,000. $313,000. 8. Vern's makes all sales on account, and has the following collection pattern: 20% are collected in the month of sale; 70% are collected in the first month after sale; and 10% are collected in the second month after sale. Sales for the last quarter of the year are budgeted as follows: October $70,000 November $60,000 December $50,000 What should be the budgeted receivables balance on December 31? (Points : 5) $40,000 $46,000 $51,000 $59,000 9. Which of the following depicts the logical order for preparing the production budget, the cash budget, the sales budget, and the direct-labor budget? (Points : 5) 1. production budget 2. direct-labor budget 3. sales budget 4. cash budget 1. sales budget 2. direct-labor budget 3. production budget 4. cash budget 1. sales budget 2. production budget 3. cash budget 4. direct-labor budget 1. sales budget 2. production budget 3. direct-labor budget 4. cash budget 10. Wilson Corporation prepares its budget on an on-going basis, with a new quarter being added to the budget as the current quarter is completed. This type of budget is most commonly known as a: (Points : 5) pro-forma budget. revised budget. continuous budget. capital budget. 11. Which of the following statements about budgeting is true? (Points : 5) If the budgeting process is to be effective, managers must believe they will be rewarded significantly only if they perform better than budgeted expectations. A company whose sales fluctuate significantly due to changes in the economy should invest less effort in budgeting than a business whose business activity is more stable. A budget that is prepared to determine whether or not a new manufacturing facility (plant) should be constructed is called a ?master budget.? The primary responsibility for preparing the budgets should not be left to the accountants. 12. The following information is available on Xebra Company: Sales: $90,000 Net operating income: 3,600 Average operating assets: 30,000 Stockholders' equity: 25,000 Minimum required rate of return: 10% Xebra Company's residual income would be: (Points : 5) $ 600. $ 360. $5,400. $1,100. 13. Adams Sporting Goods sells bicycles throughout the southeastern United States. The following data were taken from the most recent quarterly sales forecast: Expected Sales End-of-Month Desired Inventory April 1,400 units 315 units May 1,575 units 412 units June 1,650 units 425 units On the basis of the information presented, how many bicycles should the company purchase in May? (Points : 5) 1,672 1,575 1,562 1,478 14. O'Neill, Incorporated's income statement for the most recent month is given below. Total Store A Store B Sales $300,000 $100,000 $200,000 Variable expenses 192,000 72,000 120,000 Contribution margin 108,000 28,000 80,000 Traceable fixed expenses 76,000 21,000 55,000 Segment margin 32,000 $ 7,000 $ 25,000 Common fixed expenses 32,000 Net Income $ 5,000 The marketing department believes that a promotional campaign at Store A costing $5,000 will increase sales by $15,000. If its plan is adopted, overall company net income should: (Points : 5) decrease by $ 3,950. decrease by $ 800. increase by $10,000. increase by $ 4,200. 15. Which of the following statements about budgeting is false? (Points : 5) In the master budgeting process, the budgeted income statement is the last step. Zero-based budgeting assumes that nothing should be funded this year just because it was funded last year. Coordinating the planned activities of different departments is one advantage of the budgeting process. When preparing the master budget, depreciation costs must be budgeted even though they are non-cash costs and are expected to be fixed. 16. ROI is most appropriately used to evaluate the performance of: (Points : 5) revenue center managers. cost center managers. investment center managers. profit center managers.
Question 5
Learning Activity #1 1. Read Chapter 1. Review the 1.8 Cases and Problems (page 40) and complete the questions. ( 2. Post your answer to #4 and 5. The ?Economy section of the CNNMoney Web site provides current information on a number of economic indicators. Go to http://money.cnn.com and click on ?Economy and then on ?Jobs, and find answers to the following questions: 1. Is the current level of unemployment rising or falling? 2. What do economists expect will happen to unemployment rates in the near future? 3. Is the current level of unemployment a burden or an asset to the economy? In what ways? 4. Do you remember the first dollar you earned? 5. Maybe you earned it delivering newspapers, shoveling snow, mowing lawns, or babysitting. How much do you think that dollar is worth today? Go to the WestEgg site athttp://www.westegg.com/inflation and find the answer to this question. After determining the current value of your first dollar, explain how the calculator was created. (Hint: Apply what you know about CPI.) ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 1. Read Chapter 2. Review and complete the Exercises on page 34. (Due Thursday, 11:59pm) 2. Post a summary of your answers to items 1-6 of your Business Conduct and Ethics 1. (AACSB) Analysis You?re the CEO of a company that sells golf equipment, including clubs, bags, and balls. When your company was started and had only a handful of employees, you were personally able to oversee the conduct of your employees. But with your current workforce of nearly fifty, it?s time to prepare a formal code of conduct in which you lay down some rules that employees must follow in performing job-related activities. As a model for your own code, you?ve decided to use Macy?s Code of Business Conduct and Ethics. Go to the company?s Web site (http://www.federated- fds.com/investors/governance/documents/code_of_business_conduct_and_ethics.pdf) to view its posted code of business conduct. Your document won?t be as thorough as Macy?s, but it will cover the following areas: (1) conflicts of interest; (2) acceptance of gifts, services, or entertainment; (3) protection of confidential information; (4) use of company funds or assets for personal purposes; (5) competing fairly and ethically; and (6) adherence to code. Draw up a code of conduct for your company. 2. (AACSB) Reflective Skills Think of someone whom you regard as an ethical leader. It can be anyone connected with you?a businessperson, educator, coach, politician, or family member. Explain why you believe the individual is ethical in his or her leadership.
