You hear a knock at the door.  Who is it you ask yourself, probably just another salesperson ready to tell you their sales pitch.  Actually, it’s your local fire departments firefighter trying to discuss some fire safety tips.  How effective can this actually be though?  Jane Jerrard (2011) states “the Merseyside Fire & Rescue Service in the UK has reduced fire deaths by close to 60% in the 10 years they’ve focused on home visits” (para. 3).  However, this article is not just about the success of the door-to-door firefighter.

Jane Jerrard covers the Vision 20/20 and how it was created to assist departments and their CRR.  Jerrard (2011) provides an example of two different sized departments by sharing:

“Some departments are more sophisticated than others, and have [staff with expertise] in doing risk assessments. But if you don’t have those resources, you can still do an assessment informally. Just ask the firefighters about the area they’re called to the most. They already know the risk picture; after that, the steps are the same” (para. 5).

The article goes on to talk about the committee of the Vision 20/20 program and how they have funds to visit five departments annually.  The article is summed up by discussing the possibilities of technology such as iPads during the aforementioned door-to-door visits.  Having documents electronic alleviates the needs to print/organize and then go back to the department and type in what was handwritten.  For more information regarding the Vision 20/20 program, the website is https://www.strategicfire.org/

Jerrard, J. (2011, October 01). Community Risk Reduction through Vision 20/20. Retrieved from https://www.firerescuemagazine.com/articles/print/volume-6/issue-10/fire-prevention-and-education/community-risk-reduction-through-vision-20-20.html

#2

This article is very recent (6/9/19) and was written by Brent Faulkner and published on the International Fire Chiefs Association website. The title caught my eye and after reading it I think the point Faulkner is making is very relevant. Essentially the author is stating that Community Risk Reduction should be a part of all the departments responsibility as opposed to being lumped in with only the staffing and budget that is allotted to fire prevention. Typically, the operations section of the budget represents a huge majority and if the CRR responsibilities are grouped with only fire prevention it gives everyone in operations license to ignore any involvement in CRR, which should not be the case. The goal should be for all the members of the fire service to work together as a unit to advance CRR programs and protect the community.

I chose this article because when I looked through the local fire department budget I noticed the imbalance and the vast majority of the funding and staffing was directed to operations. On many levels this makes sense, but fire prevention and CRR are also important to the health of the department overall and it seems like it makes the most sense for each member of the whole department to take ownership of their role in fire prevention in the community and move those programs forward together using their combined resources and influence.

#3

It seems that the hot topic on the internet dealing with Community Risk Reduction is the Vision 20/20. The great thing about this is that it is made up of people from all over the United States. The program is to reduce everything through education. 

The Vision 20/20 project is defining Community Risk Reduction as a process to identify and prioritize local risks(CRR).  By training and certifying the local fire departments to conduct thorough risk assessments you greatly increase their power in receiving grants and other monetary donations to use towards risk reduction. The money is going to be easier to account for if you know exactly where you need it to go.

Also through this project, the training that you will get will make sure that everyone is looking at the same things. There is nothing worse than going somewhere with five different people and you come out with five different things because no one is looking for either the same things, or the right things. We can not assume that everyone knows what to look for in prevention. We all have our own ideas, but this project will train you what to look for and how to get down in the weeds.

It is also always updating, with the first meeting in 2008 they have since grown and expanded. Making the United States a much safer place. To see the fire departments getting out into the community is a great change from where we were 20 or 30 years ago.

CRR, retrieved from http://riskreduction.strategicfire.org/introduction/community-risk-reduction/

MBA600– Comprehensive Financial Accounting Project

DUE: Sunday (the last day of the semester)

This project should be completed using Excel (with formulas and linked data).  The parameters of the project are below:

1. Prepare an Income Statement for the year ended 2014. This statement should be flexibly designed (formulas in cells).  This should be a multi-step income statement (see video and/or exhibit 4.1 on pg. 4-5).  To the right of your dollars in this statement, show common-sized percentages based on sales (vertical analysis).

2. Show journal entries, adjusting entries and closing entries for the below additional information…none of the journal entries have been posted to the ledger (many journal entries have been booked to get you started, however none of the entries for 2014 have been posted). You can add a transaction analysis (not required), however you must show actual journal entries that include debits and credits.

1. Prepare a Statement of Retained Earnings for the year ended 2014.  This statement should be flexibly designed.

1. Prepare a Balance Sheet dated Dec. 31, 2014.  Have the Balance Sheets for 12/31/13 and 12/31/14 on the same Excel sheet labeled Balance Sheets.  Again, a flexible design is required so any changes will automatically update the balance sheet.

1. Prepare a Statement of Cash Flows using the indirect method for the year ended 2014.  The Statement of Cash Flows (operating section) should automatically change when assumptions are changed.  The ending cash as shown on the statement of cash flows will then flow to the Balance Sheet.  Cash flow videos are still available in the classroom for your review and appendix B in your textbook contains additional information that you might find helpful.

1. Analysis:  on a separate sheet titled “Analysis” compute the following and show in a table (show your work below your table); your table should look similar to that on page 4-21:
   1. ROE for 2014
   2. ROA for 2014
   3. RNOA for 2014
   4. Stockholders’ Equity for 2013 and 2014
   5. Net Income for 2014
   6. NOPAT for 2014
   7. NOA for 2013 and 2014
   8. NOPM for 2014
   9. NOAT for 2014
   10. NNO for 2013 and 2014
   11. Current Ratio for 2013 and 2014
   12. Quick Ratio for 2013 and 2014
   13. Liabilities-to-Equity Ratio for 2013 and 2014

Your Name, Inc.

Balance Sheet

12/31/2013

Current Assets

Cash                                                    $17,000

Marketable Securities (Short-term)           2,000

Accounts Receivable                              14,000

Allowance for Bad Debt                     (2,000)

Inventory                                                15,000

Prepaid Insurance                                     5,000

Total Current Assets              $51,000

Property, Plant, and Equipment

Land                                                    $30,000

Building                                                150,000

Accumulated Dep. – Building              (45,000)

Equipment                                            100,000

Accumulated Dep. – Equipment          (20,000)

Total PPE                                          $215,000

Total Assets                                       $266,000

Current Liabilities

Accounts Payable                                     $9,000

Unearned Revenue                                     2,000

Income Taxes Payable                    3,000

Total Current Liabilities                        $14,000

Long-term Liabilities

Bonds, 10%, due in 2018                     $100,000

Equity

Common Stock                                     $ 50,000

(100,000 authorized, 50,000 issued)

Additional Pd.-in Capital                           80,000

Retained Earnings                                     22,000

Total Equity                                       $152,000

Total Liabilities & Equity                  $266,000

Additional Information (for all entries; please see the posted Excel spreadsheet with a few journal entries already provided):

1. Sales for 2014 are $310,000.  All sales are on credit.
2. Gross Margin ratio is 40 percent
3. Accounts Receivable:

1. $190,000 of the accounts receivable is paid by the end of the year (the remaining balance remains on the balance sheet).
2. $4,000 of A/R is written off during the year.

• 5% of Accounts Receivable (after write-off and collections) is considered to be uncollectible.

1. Inventory:

1. Inventory purchases are $180,000, all on credit.
2. All accounts payable is from inventory purchases; all but $12,000 of inventory purchased is paid by the end of the year.

1. Additional equipment is purchased on 4/1/14 for $20,000 cash.  All equipment when new, including the new purchase, has/had a five year life, no salvage value, and is depreciated using the straight-line method.
2. The building depreciates at $5,000 per year.
3. Half of the marketable securities were sold for $1,200. The FMV and cost of the other half of the securities are the same, so no adjustment to FMV is required.
4. Salaries are $2,200 per month (12 months of salaries expense must be booked).  It is expected that one-half month will be owed on 12/31/14 because of when payday falls (therefore, 11.5 months of salaries have been paid and ½ month is still owed to the employees at year end).
5. $55,000 in cash is borrowed on 9/30/14 by issuing a Note Payable. Interest is 8% per year.
6. The bonds were sold at face value last December and pay interest on Dec. 31, 2014.
7. 10,000 additional shares of stock were sold for $3 a share.
8. Insurance costing $18,000 was purchased on 6/1/14 (the same time in which the policy purchased in 2010 expired.  The new policy was for 12 months).
9. On Dec. 31, 1000 shares of stock are repurchased from the market at $2.90/share (treasury stock).
10. The tax rate is 30 percent.  Income taxes for the current year are due and therefore paid during the first two months of the next year (you will have complete an entry to pay the 2013 taxes, however the 2014 taxes will not be paid until the end of January 2015).
11. Dividends of $3,000 were paid during 2014.
12. The unearned revenue has been earned during the year (classified as other revenue on the multi-step income stmt.).

Required Labeled Sheets (all statements should be for 2014):

1. Data Sheet for Additional Data
2. Entries: Basic and Adjusting (you do not have to show closing entries, however keep in mind all temporary accounts are closed to retained earnings)
3. Adjusted Trial Balance for 2014 (includes the posted amounts of all entries and adjusting entries)
4. Multi-step Income Statement
5. Retained Earnings Statement
6. Classified Balance Sheet
7. Cash Flow Statement
8. Post-Close Trial Balance for 2014
9. Analysis

The Post-Close Trial Balance for 2013 is provided below (based on the above balance sheet).  This can be used as a starting point or you can use the above Balance Sheet; keep in mind all debits and credits ALWAYS equal AND Assets = Liabilities + Equity:

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