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Zachary Belch is a college student at Regent University. He is a rising senior and majors in business administration. He wants to own his own business one day so that is why he is majoring in business. He wanted to work a summer job but did not want to be inside all the time due to Covid. He came up with the idea of starting a landscaping business so he could be outside and make some money for college. Zachary formed a company with a small loan from his uncle for $1,200 at 10% and $800 of his own money. The Zachary Belch Lawn Service issued $800 of common stock to Zachary. Zachary rented lawn equipment, purchased the supplies he needed and hired other students to mow lawns and trim shrubbery. At the end of each month Zachary would mail bills to the customers. On August 31, he was ready to dissolve the business so he could return to college class’s full time. Because he was so busy he kept few records except for his checkbook and a list of all his customers.

On August 31, the business checkbook shows a balance of $4,000, and customers still owed $1,500. During the four months the business was open the business collected $12,000 from customers. The business checkbook lists payments for supplies totaling $800, and it still has gasoline, week trimmer cord and other supplies that costs a total of $100. The business paid employees $3,600 and still owes them $600 for the final week of the summer. Zachary rented some equipment from the local machine shop. On May 1 when the business began, the business signed a six-month rental agreement on mowers and paid $1,200 for the full rental period in advance. The machine shop will refund the unused portion of the prepayment if the equipment is returned in good condition. In order to get the refund, Zachary has kept the mowers in excellent condition. In fact, the business had to pay $600 to repair a few of the mowers. In order to transport employees and equipment to various mowing jobs, Zachary used a trailer that the business bought for $600. The business estimates that the summer’s work used up one-fourth of the trailers service potential. The business checkbook lists a payment of $500 for cash dividends paid to Zachary during the summer. The business paid the loan back during August as well. Other than that Zachary has kept all the money in the business so he can have a nice amount at the end of the summer to help pay for his college tuition.

1. Prepare the income statement

2. Prepare the statement of retained earnings

3. Prepare the balance sheet in good form.

4. Was the business successful this summer? Give reasons not just a yes or no question!

5. Ethics question-Please answer the ethics questions and back it up with reasons, not just yes or no. Please include scripture references as well to receive full credit!

Management and Earnings-revenues for most businesses are recognized when the services are completed. But because GAAP allows for some freedom in the revenue concept, some managers believe it is necessary to manage earnings. Some managers use rational judgment to justify earnings management because they believe they can better provide investors and creditors with reported earnings, which usually shows the company in a positive light.

A. List at least 4 parties affected by earnings management at companies.

B. Is earnings management good or bad?

C. Is earnings management legal and ethical?

D. What corporate governance is in place at most organizations and companies, whether for profit or nonprofit to limit earnings management?

 

Sample Answer

Compelling correspondence is essential to the achievement all things considered but since of the changing idea of the present working environments, successful correspondence turns out to be more troublesome, and because of the numerous impediments that will permit beneficiaries to acknowledge the plan of the sender It is restricted. Misguided judgments.In spite of the fact that correspondence inside the association is rarely completely open, numerous straightforward arrangements can be executed to advance the effect of these hindrances.

Concerning specific contextual analysis, two significant correspondence standards, correspondence channel determination and commotion are self-evident. This course presents the standards of correspondence, the act of general correspondence, and different speculations to all the more likely comprehend the correspondence exchanges experienced in regular daily existence. The standards and practices that you learn in this course give the premise to additionally learning and correspondence.

This course starts with an outline of the correspondence cycle, the method of reasoning and hypothesis. In resulting modules of the course, we will look at explicit use of relational connections in close to home and expert life. These incorporate relational correspondence, bunch correspondence and dynamic, authoritative correspondence in the work environment or relational correspondence. Rule of Business Communication In request to make correspondence viable, it is important to follow a few rules and standards. Seven of them are fundamental and applicable, and these are clear, finished, brief, obliging, right, thought to be, concrete. These standards are frequently called 7C for business correspondence. The subtleties of these correspondence standards are examined underneath: Politeness Principle: When conveying, we should build up a cordial relationship with every individual who sends data to us.

To be inviting and polite is indistinguishable, and politeness requires an insightful and amicable activity against others. Axioms are notable that gracious “pay of graciousness is the main thing to win everything”. Correspondence staff ought to consistently remember this. The accompanying standards may assist with improving courtesy:Preliminary considering correspondence with family All glad families have the mystery of progress. This achievement originates from a strong establishment of closeness and closeness. Indeed, through private correspondence these cozy family connections become all the more intently. Correspondence is the foundation of different affiliations, building solid partners of obedient devotion, improving family way of life, and assisting with accomplishing satisfaction (Gosche, p. 1). In any case, so as to keep up an amicable relationship, a few families experienced tumultuous encounters. Correspondence in the family is an intricate and alluring marvel. Correspondence between families isn’t restricted to single messages between families or verbal correspondence.

It is a unique cycle that oversees force, closeness and limits, cohesiveness and flexibility of route frameworks, and makes pictures, topics, stories, ceremonies, rules, jobs, making implications, making a feeling of family life An intelligent cycle that makes a model. This model has passed ages. Notwithstanding the view as a family and family automatic framework, one of the greatest exploration establishments in between family correspondence centers around a family correspondence model. Family correspondence model (FCP) hypothesis clarifies why families impart in their own specific manner dependent on one another ‘s psychological direction. Early FCP research established in media research is keen on how families handle broad communications data. Family correspondence was perceived as an exceptional scholastic exploration field by the National Communications Association in 1989. Family correspondence researchers were at first impacted by family research, social brain science, and relational hypothesis, before long built up the hypothesis and began research in a family framework zeroed in on a significant job. Until 2001, the primary issue of the Family Communication Research Journal, Family Communication Magazine, was given. Family correspondence is more than the field of correspondence analysts in the family. Examination on family correspondence is normally done by individuals in brain science, humanism, and family research, to give some examples models. However, as the popular family correspondence researcher Leslie Baxter stated, it is the focal point of this intelligent semantic creation measure making the grant of family correspondence special. In the field of in-home correspondence, correspondence is normally not founded on autonomous messages from one sender to one beneficiary, yet dependent on the dynamic interdependency of data shared among families It is conceptualized. The focal point of this methodology is on the shared trait of semantic development inside family frameworks. As such, producing doesn’t happen in vacuum, however it happens in a wide scope of ages and social exchange.

Standards are rules end up being followed when performing work to agree to a given objective. Hierarchical achievement relies significantly upon compelling correspondence. So as to successfully impart, it is important to follow a few standards and rules. Coming up next are rules to guarantee powerful correspondence: clearness: lucidity of data is a significant guideline of correspondence. For beneficiaries to know the message plainly, the messages ought to be sorted out in a basic language. To guarantee that beneficiaries can without much of a stretch comprehend the importance of the message, the sender needs to impart unmistakably and unhesitatingly so the beneficiary can plainly and unquestionably comprehend the data.>

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