BTN 4-9

Nokia (www.Nokia.com), Research in Motion, and Apple are competitors in the global marketplace. Key comparative figures for each company follow.

 

Nokia                       (Net Sales $40,984) (Cost of Sales $27,720)

Research in Motion   (Net Sales $14,953) (Cost of Sales $8,369)

Apple                       (Net Sales $42,925) (Cost of Sales $25,683)

 

Part 1-  Fill in each company’s Revenue, Cost of Sales, Gross Margin and Gross Margin ratio.  Then rank the three companies (highest to lowest) based on the gross margin ratio.

 

 

P4-3A

The following unadjusted trial balance is prepared at fiscal year-end for Rex Company.

 

REX COMPANY Unadjusted Trial Balance January 31, 2011 Cash $2,200 Merchandise inventory 11,500 Store supplies 4,800 Prepaid insurance 2,300 Store equipment 41,900 Accumulated depreciation-Store equipment $15,000 Accounts payable 9,000 Common stock 5,000 Retained earnings 27,000 Dividends 2,000 Sales 104,000 Sales discounts 1,000 Sales returns and allowances 2,000 Cost of goods sold 37,400 Depreciation expense-Store equipment – Salaries expense 31,000 Insurance expense – Rent expense 14,000 Store supplies expense – Advertising expense 9,900 Totals $160,000     $160,000 Additional information: Store supplies on hand at year-end $1,650 Expired insurance for year $1,500 Depreciation expense for year $1,400 Ending inventory $11,100

 

 

1. Prepare adjusting journal entries to reflect each of the following:

 

a. Store supplies still available at fiscal year-end amount to $1,650.

b. Expired insurance, an administrative expense, for the fiscal year is $1,500.

c. Depreciation expense on store equipment, a selling expense, is $1,400 for the fiscal year.

d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,100 of inventory is still available at fiscal year end.

 

2. Prepare a multiple-step income statement for fiscal year 2011.

 

3. Prepare a single-step income statement for fiscal year 2011.

 

4. Compute the current ratio, acid-test ratio, and gross margin ratio as of January 31, 2011.

 

P6-4A

The follwing information is available to reconcile Clark Company’s book balance of cash with its bank statement cash balance as of July 31, 2011. a.  On July 31, the company’s cash account has a $26,193 debit balance, but its July bank statement shows a $28,020 cash balance. b.  Check No. 3031 for $1,380 and check No. 3040 for $552 were outstanding on the June 30 bank reconciliation. Check no. 3040 is listed with the July canceled checks, but check no. 3031 is not. Also, check no. 3065 for $336 and check no. 3069 for $2148 both written in July, are not among the canceled checks on the July 31 statement. c.  In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that check no. 3056 for July rent was correctly written and drawn for $1250 but was erroneously entered in the accounting records as $1230. d.  A credit memorandum enclosed with the July bank statement indicates the bank collected $9000 cash on a non-interest bearing note for Clark, deducted a $45 collection fee, and credited the remainder to its account. Clark had not recorded this event before receiving the statement. e.  A debit memorandum for $805 lists a $795 NSF check plus a $10 NSF charge. The check had been received from a customer, Jim Shaw. Clark has not yet recorded this check as NSF. f.  Enclosed in the July statement is a $15 debit memorandum for bank services. It has not yet been recorded

because no previous notification had been received. g. Clark’s July 31 daily cash receipts of $10,152 were placed in the bank’s night depository on that date, but do not appear on the July 31 bank statement.

Required:

Prepare the bank reconciliation for this company as of July 31, 2011

 

  

1. Individual Project: Career Development Plan – 15% – Due in Week 8

Prepare your own five-year career development plan about ‘What do you intend to do professionally in the next 5 years (1st year, 2nd year, 3rd year, 4th & 5th year)’?  Your plan must be presented in time-line format (This can be done using MS Project and multiple other software). Be very specific with your timeline, provide dates for when will you achieve different things mentioned in your timeline. For instance, if you mention in your timeline you will attempt an exam provide a DATE of when will you attempt that exam. Also include the COSTS associated with completing different activities. Your career plan must address and consider the following items:

a) What are your career objectives? What position, field or industry do you want to work in/for? (To be answered in introductory paragraph – Max 1 page)

o Which province in Canada and why? (This needs to be supported with job market analysis such as employment options, field attractiveness, income potential/salary rates – I want to see a lot of statistics in here – Don’t make this section descriptive – use graphs, charts, salary benchmarking tables from provincial reliable sources – include timeline in here)

b) If you in intend to work for an organization, what are the possible promotional opportunities for career growth and what senior level position do you wish to obtain? How long will it take for you to obtain your next promotion within your field? What certificate will be needed for promotion? how many years of experience will be required for the promotion? (Max 1 page for this -This can be easily included in your time-line – company/field analysis in here)

c) An inventory of your current skills, abilities, training, education, and prior experience. and the required qualifications for your desired position? (Strictly use a table to outline your current education as well as all job-specific skills, certificates etc., that you have. Only mention the certificates/degrees acceptable in Canada)

d) From your time- line Identify three action steps that are crucial to achieving your stated career development plan. These steps are usually those without which your plan cannot proceed. (Put a heading action steps and describe them in short paragraphs- 3-4 lines maximum)  

e) Identify potential barriers that might prevent you from reaching your stated career goals and objectives. (In bullet points – make sure they are all realistic and applicable to you. Just imagine what problems would you face while starting your professional career in Canada. include the COSTS in here)

Assessment Criteria:

· ANALYSIS – You will be marked based on how accurate your figures/Data are, thoroughness of your analysis and how well prepared you are to start your professional career in Canada. How creative/unique and detailed your time line is. How well do you know entry requirements for your specific field and what are you doing right now or will be doing shortly to meet them. How realistic your plan is in terms of the problems that you will face and what will you do to resolve those problems.

· PAPER REQUIREMENTS – Whether students have fully understood the paper requirements. If all requirements are satisfactorily met/fulfilled. Whether or not all questions have been answered.

· QUALITY AND VARIETY OF SOURCES– For this information to be robust you have to use at least 15 references – Google, Wikipedia will not be considered as authentic sources you will be marked down for using them. You can use company websites, Governmental & provincial websites of Canada, Job Market analysis taken from statista and other reliable sources, entry requirements for your profession from provincial bodies etc.,

· FORMATTING -You must include title page and list of references for this Project. APA style of formatting, referencing tables, font style, line spacing etc., must be used

· Provide all your sources of information that you have used to gather the numbers/figures along with hyperlinks that instructor can access in the list of references. NUMBER the references in your list.