Prepare general journal entries for the following transactions of a new business called Pose for Pics.
Aug. 1 Hashim Paris, the owner, invested $7,500 cash and $32,500 of photography equipment in the business.
1 Paid $3,000 cash for an insurance policy covering the next 24 months.
5 Purchased office supplies for $1,400 cash.
20 Received $2,650 cash in photography fees earned.
31 Paid $875 cash for August utilities.
2-5
Use the information in Exercise 2-4 to prepare an August 31 trial balance for Pose-for-Pics. Open these T-accounts: Cash; Office Supplies; Prepaid Insurance; Photography Equipment; H. Paris, Capital; Photography Fees Earned; and Utilities Expense. Post the general journal entries to these T-accounts (which will serve as the ledger), and prepare a trial balance.
2-2A
Shelton Engineering completed the following transactions in the month of June.
a. Shania Shelton, the owner, invested $105,000 cash, office equipment with a value of $6,000, and $45,000 of drafting equipment to launch the business.
b. Purchased land worth $54,000 for an office by paying $5,400 cash and signing a long-term note payable for $48,600.
c. Purchased a portable building with $75,000 cash and moved it onto the land acquired in b.
d. Paid $6,000 cash for the premium on an 18-month insurance policy.
e. Completed and delivered a set of plans for a client and collected $5,700 cash.
f. Purchased $22,500 of additional drafting equipment by paying $10,500 cash and signing a long-term note payable for $12,000.
g. Completed $12,000 of engineering services for a client. This amount is to be received in 30 days.
h. Purchased $2,250 of additional office equipment on credit.
i. Completed engineering services for $18,000 on credit.
j. Received a bill for rent of equipment that was used on a recently completed job. The $1,200 rent must be paid within 30 days.
k. Collected $7,200 cash in partial payment from the client described in transaction g.
l. Paid $1,500 cash for wages to a drafting assistant.
m. Paid $2,250 cash to settle the account payable created in transaction h.
n. Paid $675 cash for minor repairs to the drafting equipment.
o. Shelton withdrew $9,360 cash for personal use.
p. Paid $1,500 cash for wages to a drafting assistant.
q. Paid $3,000 cash for advertisements in the local newspaper during June.
Required
1. Prepare general journal entries to record these transactions (use the account titles listed in
part 2).
2. Open the following accounts—their account numbers are in parentheses (use the balance column format): Cash (101); Accounts Receivable (106); Prepaid Insurance (108); Office Equipment (163);Drafting Equipment (164); Building (170); Land (172); Accounts Payable (201); Notes Payable (250); S. Shelton, Capital (301); S. Shelton, Withdrawals (302); Engineering Fees Earned (402); Wages Expense (601); Equipment Rental Expense (602); Advertising Expense (603); and Repairs Expense (604). Post the journal entries from part 1 to the accounts and enter the balance after each posting.
3. Prepare a trial balance as of the end of this month’s operations.
Download A+ Answers in excel file : Click HERE
ACC 281 Week 5 Final Paper
ACC 281 Week 5 Final Paper
Write an 8 to 10 page Case Analysis of the following article (which can be found in the Ashford Online ProQuest database):
California Sutter Health. From bottom to top: How one provider retooled its collections [electronic version]. Healthcare Financial Management, 61(9), 67-73.
Include the following:
1) Complete summary of the case study that identifies the key problems and issues, provides background information, relevant facts, the solution employed, and the results achieved.
2) Identify and explain the accounting practices California Sutter Health used in defining and solving its collection problems. Develop an alternative solution based on your own research using 3 to 5 academic sources from journals, professional organizations, and websites.
3) State your informed opinion of the approach used by California Sutter Health, and provide support using concepts from your research and personal experience.
Download A+ Answer : Click HERE
Write an 8 to 10 page Case Analysis of the following article (which can be found in the Ashford Online ProQuest database):
California Sutter Health. From bottom to top: How one provider retooled its collections [electronic version]. Healthcare Financial Management, 61(9), 67-73.
Include the following:
1) Complete summary of the case study that identifies the key problems and issues, provides background information, relevant facts, the solution employed, and the results achieved.
2) Identify and explain the accounting practices California Sutter Health used in defining and solving its collection problems. Develop an alternative solution based on your own research using 3 to 5 academic sources from journals, professional organizations, and websites.
3) State your informed opinion of the approach used by California Sutter Health, and provide support using concepts from your research and personal experience.
Download A+ Answer : Click HERE
Acc 206 week 5 final paper abc company
You’ve just been hired by ABC Company as the corporate controller. ABC Company is a manufacturing firm that specializes in making cedar roofing and siding shingles. The company currently has annual sales of around $1.2 million, a 25% increase from the previous year. The company has an aggressive growth target of reaching $3 million annual sales within the next three years. The CEO has been trying to find additional products that can leverage the current ABC employee skillset as well as the manufacturing facilities.
As the controller of ABC Company, the CEO has come to you with a new opportunity that he’s been working on. The CEO would like to use the some of the shingle scrap materials to build cedar dollhouses. While this new product line would add additional raw materials and be more time intensive to manufacture than the cedar shingles, this new product line will be able to leverage ABC’s existing manufacturing facilities as well as the current staff. Although this product line will require added expenses, it will provide additional revenue and gross profit to help reach the growth targets. The CEO is relying on you to help decide how this project can be afforded. Provide details about the estimated product costs, what is needed to break even on the project, and what level of return this product is expected to provide.
In order to help out the CEO, you need to prepare a six- to eight-page report, with at least three, but no more than five scholarly sources, that will contain the following information (including exhibits, but excluding your references and title page). Refer to the accompanying Excel spreadsheet (available through your online course) for some specific cost and profit information to complete the calculations.
I. An overall risk profile of the company based on current economic and industry issues that it may be facing
II. Current company cash flow
a. You need to complete a cash flow statement for the company using the direct method.
b. Once you’ve completed the cash flow statement, answer the following questions:
i. What does this statement of cash flow tell you about the sources and uses of the company funds?
ii. Is there anything ABC Company can do to improve the cash flow? iii.Can this project be financed with current cash flow from the company? Why or why not?
iv.If the company needs additional financing beyond what ABC Company can provide internally (either now or sometime throughout the life of the project), how would you suggest the company obtain the additional financing, equity, or corporate debt, and why?
III. Product cost: ABC Company believes that it has an additional 5,000 machine hours available in the current facility before it would need to expand. ABC Company uses machine hours to allocate the fixed factory overhead, and units sold to allocate the fixed sales expenses. Based on current research, ABC Company expects that it will take twice as long to produce the expansion product as it currently takes to produce its existing product.
a. What is the product cost for the expansion product under absorption and variable costing?
b. Assuming ABC Company wants a 40% gross margin for the new product, what selling price should it set for the expansion product?
c. Assuming the same sales mix of these two products, what are the contribution margins and break-even points by product?
IV. Potential investments to accelerate profit: ABC company has the option to purchase additional equipment that will cost about $42,000, and this new equipment will produce the following savings in factory overhead costs over the next five years:
Year 1, $15,000
Year 2, $13,000
Year 3, $10,000
Year 4, $10,000
Year 5, $6,000
ABC Company uses the net-present-value method to analyze investments and desires a minimum rate of return of 12% on the equipment.
a. What is the net present value of the proposed investment (ignore income taxes and depreciation)?
b. Assuming a 5-year, straight-line depreciation, how will this impact the factory’s fixed costs for each of the 5 years (and the implied product costs)? What about cash flow?
c. Considering the cash flow impact of the equipment as well as the time-value of money, would you recommend that ABC Company purchases the equipment? Why or why not? V. Conclusion:
a. What are the major risk factors that you see in this project?
b. As the controller and a management accountant, what is your responsibility to this project?
c. What do you recommend the CEO do?
Writing the Final Paper
The Final Paper:
1. Must be six to eight double-spaced pages in length, and formatted according to APA style as outlined in the Ashford Writing Center.
2. Must include a title page with the following:
a. Title of paper
b. Student’s name
c. Course name and number
d. Instructor’s name
e. Date submitted
3. Must begin with an introductory paragraph that has a succinct thesis statement.
4. Must address the topic of the paper with critical thought.
5. Must end with a conclusion that reaffirms your thesis.
6. Must document at least three, but no more than five sources in APA style, as outlined in the Ashford Writing Center.
Must include a separate reference page, formatted according to APA style as outlined in the Ashford Writing Center.
Download A+ Paper with all calculation required : Click HERE
As the controller of ABC Company, the CEO has come to you with a new opportunity that he’s been working on. The CEO would like to use the some of the shingle scrap materials to build cedar dollhouses. While this new product line would add additional raw materials and be more time intensive to manufacture than the cedar shingles, this new product line will be able to leverage ABC’s existing manufacturing facilities as well as the current staff. Although this product line will require added expenses, it will provide additional revenue and gross profit to help reach the growth targets. The CEO is relying on you to help decide how this project can be afforded. Provide details about the estimated product costs, what is needed to break even on the project, and what level of return this product is expected to provide.
In order to help out the CEO, you need to prepare a six- to eight-page report, with at least three, but no more than five scholarly sources, that will contain the following information (including exhibits, but excluding your references and title page). Refer to the accompanying Excel spreadsheet (available through your online course) for some specific cost and profit information to complete the calculations.
I. An overall risk profile of the company based on current economic and industry issues that it may be facing
II. Current company cash flow
a. You need to complete a cash flow statement for the company using the direct method.
b. Once you’ve completed the cash flow statement, answer the following questions:
i. What does this statement of cash flow tell you about the sources and uses of the company funds?
ii. Is there anything ABC Company can do to improve the cash flow? iii.Can this project be financed with current cash flow from the company? Why or why not?
iv.If the company needs additional financing beyond what ABC Company can provide internally (either now or sometime throughout the life of the project), how would you suggest the company obtain the additional financing, equity, or corporate debt, and why?
III. Product cost: ABC Company believes that it has an additional 5,000 machine hours available in the current facility before it would need to expand. ABC Company uses machine hours to allocate the fixed factory overhead, and units sold to allocate the fixed sales expenses. Based on current research, ABC Company expects that it will take twice as long to produce the expansion product as it currently takes to produce its existing product.
a. What is the product cost for the expansion product under absorption and variable costing?
b. Assuming ABC Company wants a 40% gross margin for the new product, what selling price should it set for the expansion product?
c. Assuming the same sales mix of these two products, what are the contribution margins and break-even points by product?
IV. Potential investments to accelerate profit: ABC company has the option to purchase additional equipment that will cost about $42,000, and this new equipment will produce the following savings in factory overhead costs over the next five years:
Year 1, $15,000
Year 2, $13,000
Year 3, $10,000
Year 4, $10,000
Year 5, $6,000
ABC Company uses the net-present-value method to analyze investments and desires a minimum rate of return of 12% on the equipment.
a. What is the net present value of the proposed investment (ignore income taxes and depreciation)?
b. Assuming a 5-year, straight-line depreciation, how will this impact the factory’s fixed costs for each of the 5 years (and the implied product costs)? What about cash flow?
c. Considering the cash flow impact of the equipment as well as the time-value of money, would you recommend that ABC Company purchases the equipment? Why or why not? V. Conclusion:
a. What are the major risk factors that you see in this project?
b. As the controller and a management accountant, what is your responsibility to this project?
c. What do you recommend the CEO do?
Writing the Final Paper
The Final Paper:
1. Must be six to eight double-spaced pages in length, and formatted according to APA style as outlined in the Ashford Writing Center.
2. Must include a title page with the following:
a. Title of paper
b. Student’s name
c. Course name and number
d. Instructor’s name
e. Date submitted
3. Must begin with an introductory paragraph that has a succinct thesis statement.
4. Must address the topic of the paper with critical thought.
5. Must end with a conclusion that reaffirms your thesis.
6. Must document at least three, but no more than five sources in APA style, as outlined in the Ashford Writing Center.
Must include a separate reference page, formatted according to APA style as outlined in the Ashford Writing Center.
Download A+ Paper with all calculation required : Click HERE
CLO Business Decision Making Project, Part 2
CLO Business Decision Making Project, Part 2
Use the same business problem/opportunity and research variable you wrote about in Week 3.
Remember: do not actually collect any data; think hypothetically.
Develop a 1,050-word report in which you:
· Identify the types of descriptive statistics that might be best for summarizing the data, if you were to collect a sample.
· Analyze the types of inferential statistics that might be best for analyzing the data, if you were to collect a sample.
· Analyze the role probability or trend analysis might play in helping address the business problem.
· Analyze the role that linear regression for trend analysis might play in helping address the business problem.
· Analyze the role that a time series might play in helping address the business problem.
Format your assignment consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.
Download QNT 275 CLO Business Decision-Making Project Part 2 A+ Paper :Click HERE
Download part 1 : Click HERE
CLO Business Decision making project part 1
Identify a business problem or opportunity at a company where you work or with which you're familiar. This will be a business problem that you use for the individual assignments in Weeks 3 to 5. It should be a problem/opportunity for which gathering and analyzing some type of data would help you understand the problem/opportunity better.
Identify a research variable within the problem/opportunity that could be measured with some type of data collection.Consider methods for collecting a suitable sample of either qualitative or quantitative data for the variable.Consider how you will know if the data collection method would be valid and reliable.
Develop a 1,050-word analysis to describe a company, problem, and variable.
Include in your submission:
Identify the name and description of the selected company.
Describe the problem at that company.
Identify one research variable from that problem.
Describe the methods you would use for collecting a suitable sample of either qualitative or quantitative data for the variable (Note: do not actually collect any data).
Analyze how you will know if the data collection method would generate valid and reliable data (Note: do not actually collect any data).
Format your assignment consistent with APA guidelines
Download QNT 275 Week 3 CLO Business Decision making project part 1 below:
Colo company worksheet p07c
You may download the full A+ solution : Click HERE
Assume it is Monday, May 1, the first business day of the month, and you have just been hired
as the accountant for Colo Company, which operates with monthly accounting periods. All of the
company’s accounting work is completed through the end of April and its ledgers show April 30 balances.
During your first month on the job, the company experiences the following transactions and
events (terms for all its credit sales are 2_10, n_30 unless stated differently):
May 1 Issued Check No. 3410 to S&P Management Co. in payment of the May rent, $3,710. (Use
two lines to record the transaction. Charge 80% of the rent to Rent Expense—Selling Space
and the balance to Rent Expense—Office Space.)
2 Sold merchandise on credit to Hensel Company, Invoice No. 8785, for $6,100 (cost is $4,100).
2 Issued a $175 credit memorandum to Knox, Inc., for defective (worthless) merchandise sold
on April 28 and returned for credit. The total selling price (gross) was $4,725.
3 Received a $798 credit memorandum from Peyton Products for the return of merchandise
purchased on April 29.
4 Purchased the following on credit from Gear Supply Co.: merchandise, $37,072; store supplies,
$574; and office supplies, $83. Invoice dated May 4, terms n_10 EOM.
302 Chapter 7 Accounting Information Systems
5 Received payment from Knox, Inc., for the balance from the April 28 sale less the May 2
return and the discount.
8 Issued Check No. 3411 to Peyton Products to pay for the $7,098 of merchandise purchased
on April 29 less the May 3 return and a 2% discount.
9 Sold store supplies to the merchant next door at their cost of $350 cash.
10 Purchased $4,074 of office equipment on credit from Gear Supply Co., invoice dated May
10, terms n_10 EOM.
11 Received payment from Hensel Company for the May 2 sale less the discount.
11 Purchased $8,800 of merchandise from Garcia, Inc., invoice dated May 10, terms 2_10,
n_30.
12 Received an $854 credit memorandum from Gear Supply Co. for the return of defective office
equipment received on May 10.
15 Issued Check No. 3412, payable to Payroll, in payment of sales salaries, $5,320,
and office
salaries, $3,150. Cashed the check and paid the employees.
15 Cash sales for the first half of the month are $59,220 (cost is $38,200). (Cash sales are
recorded daily but are recorded only twice here to reduce repetitive entries.)
15 Post to the customer and creditor accounts. Also post individual items that are not included
in column totals at the end of the month to the general ledger accounts. (Such items are
posted daily but are posted only twice each month because they are few in number.)
16 Sold merchandise on credit to Hensel Company, Invoice No. 8786, for $3,990 (cost is
$1,890).
17 Purchased $13,650 of merchandise from Fink Corp., invoice dated May 14, terms 2_10,
n_60.
19 Issued Check No. 3413 to Garcia, Inc., in payment of its May 10 invoice less the discount.
22 Sold merchandise to Lee Services, Invoice No. 8787, for $6,850 (cost is $4,990), terms
2_10, n_60.
23 Issued Check No. 3414 to Fink Corp. in payment of its May 14 invoice less the discount.
24 Purchased the following on credit from Gear Supply Co.: merchandise, $8,120; store supplies,
$630; and office supplies, $280. Invoice dated May 24, terms n_10 EOM.
25 Purchased $3,080 of merchandise from Peyton Products, invoice dated May 23, terms 2_10,
n_30.
26 Sold merchandise on credit to Crane Corp., Invoice No. 8788, for $14,210 (cost is $8,230).
26 Issued Check No. 3415 to Perennial Power in payment of the May electric bill, $1,283.
29 The owner of Colo Company, Jenny Colo, used Check No. 3416 to withdraw $7,000 cash
from the business for personal use.
30 Received payment from Lee Services for the May 22 sale less the discount.
30 Issued Check No. 3417, payable to Payroll, in payment of sales salaries, $5,320, and office
salaries, $3,150. Cashed the check and paid the employees.
31 Cash sales for the last half of the month are $66,052 (cost is $42,500).
31 Post to the customer and creditor accounts. Also post individual items that are not included
in column totals at the end of the month to the general ledger accounts. Foot and crossfoot
the journals and make the month-end postings.
Required
1. Enter these transactions in a sales journal, a purchases journal, a cash receipts journal, a cash disbursements
journal, or a general journal as illustrated in this chapter. Post when instructed to do
so. Assume a perpetual inventory system.
2. Prepare a trial balance in the Trial Balance columns of the work sheet form provided with the working
papers. Complete the work sheet using the following information for accounting adjustments:
a. Expired insurance, $553.
b. Ending store supplies inventory, $2,632.
c. Ending office supplies inventory, $504.
d. Depreciation of store equipment, $567.
e. Depreciation of office equipment, $329.
Prepare and post adjusting and closing entries.
3. Prepare a May 2005 multiple-step income statement, a May 2005 statement of owner’s equity,
and a May 31, 2005, classified balance sheet.
4. Prepare a post-closing trial balance. Also prove the accuracy of subsidiary ledgers by preparing
schedules of both accounts receivable and accounts payable
Download Full Solution : Detailed excel sheet filled up with all Correct and verified answers
There may be some difference in the amounts in questions. For example here Expired Insurance is $553, while in some questions its $552 or $554, so please re-check and recalculate. This tutorial is supposed to be used as a guide.
You may download the full A+ solution : Click HERE
Also Includes :
Colo company Sales journal.
Purchase journal,
Cash receipts journal,
Cash Disbursements Journal,
General Journal,
General Ledger,
Accounts receivable ledger,
Accounts payable ledger,
Colo Company Worksheet,
Income statement,
Statement of owner's equity,
Balance sheet,
Post closing trial balance,
Schedule of accounts receivable,
Assume it is Monday, May 1, the first business day of the month, and you have just been hired
as the accountant for Colo Company, which operates with monthly accounting periods. All of the
company’s accounting work is completed through the end of April and its ledgers show April 30 balances.
During your first month on the job, the company experiences the following transactions and
events (terms for all its credit sales are 2_10, n_30 unless stated differently):
May 1 Issued Check No. 3410 to S&P Management Co. in payment of the May rent, $3,710. (Use
two lines to record the transaction. Charge 80% of the rent to Rent Expense—Selling Space
and the balance to Rent Expense—Office Space.)
2 Sold merchandise on credit to Hensel Company, Invoice No. 8785, for $6,100 (cost is $4,100).
2 Issued a $175 credit memorandum to Knox, Inc., for defective (worthless) merchandise sold
on April 28 and returned for credit. The total selling price (gross) was $4,725.
3 Received a $798 credit memorandum from Peyton Products for the return of merchandise
purchased on April 29.
4 Purchased the following on credit from Gear Supply Co.: merchandise, $37,072; store supplies,
$574; and office supplies, $83. Invoice dated May 4, terms n_10 EOM.
302 Chapter 7 Accounting Information Systems
5 Received payment from Knox, Inc., for the balance from the April 28 sale less the May 2
return and the discount.
8 Issued Check No. 3411 to Peyton Products to pay for the $7,098 of merchandise purchased
on April 29 less the May 3 return and a 2% discount.
9 Sold store supplies to the merchant next door at their cost of $350 cash.
10 Purchased $4,074 of office equipment on credit from Gear Supply Co., invoice dated May
10, terms n_10 EOM.
11 Received payment from Hensel Company for the May 2 sale less the discount.
11 Purchased $8,800 of merchandise from Garcia, Inc., invoice dated May 10, terms 2_10,
n_30.
12 Received an $854 credit memorandum from Gear Supply Co. for the return of defective office
equipment received on May 10.
15 Issued Check No. 3412, payable to Payroll, in payment of sales salaries, $5,320,
and office
salaries, $3,150. Cashed the check and paid the employees.
15 Cash sales for the first half of the month are $59,220 (cost is $38,200). (Cash sales are
recorded daily but are recorded only twice here to reduce repetitive entries.)
15 Post to the customer and creditor accounts. Also post individual items that are not included
in column totals at the end of the month to the general ledger accounts. (Such items are
posted daily but are posted only twice each month because they are few in number.)
16 Sold merchandise on credit to Hensel Company, Invoice No. 8786, for $3,990 (cost is
$1,890).
17 Purchased $13,650 of merchandise from Fink Corp., invoice dated May 14, terms 2_10,
n_60.
19 Issued Check No. 3413 to Garcia, Inc., in payment of its May 10 invoice less the discount.
22 Sold merchandise to Lee Services, Invoice No. 8787, for $6,850 (cost is $4,990), terms
2_10, n_60.
23 Issued Check No. 3414 to Fink Corp. in payment of its May 14 invoice less the discount.
24 Purchased the following on credit from Gear Supply Co.: merchandise, $8,120; store supplies,
$630; and office supplies, $280. Invoice dated May 24, terms n_10 EOM.
25 Purchased $3,080 of merchandise from Peyton Products, invoice dated May 23, terms 2_10,
n_30.
26 Sold merchandise on credit to Crane Corp., Invoice No. 8788, for $14,210 (cost is $8,230).
26 Issued Check No. 3415 to Perennial Power in payment of the May electric bill, $1,283.
29 The owner of Colo Company, Jenny Colo, used Check No. 3416 to withdraw $7,000 cash
from the business for personal use.
30 Received payment from Lee Services for the May 22 sale less the discount.
30 Issued Check No. 3417, payable to Payroll, in payment of sales salaries, $5,320, and office
salaries, $3,150. Cashed the check and paid the employees.
31 Cash sales for the last half of the month are $66,052 (cost is $42,500).
31 Post to the customer and creditor accounts. Also post individual items that are not included
in column totals at the end of the month to the general ledger accounts. Foot and crossfoot
the journals and make the month-end postings.
Required
1. Enter these transactions in a sales journal, a purchases journal, a cash receipts journal, a cash disbursements
journal, or a general journal as illustrated in this chapter. Post when instructed to do
so. Assume a perpetual inventory system.
2. Prepare a trial balance in the Trial Balance columns of the work sheet form provided with the working
papers. Complete the work sheet using the following information for accounting adjustments:
a. Expired insurance, $553.
b. Ending store supplies inventory, $2,632.
c. Ending office supplies inventory, $504.
d. Depreciation of store equipment, $567.
e. Depreciation of office equipment, $329.
Prepare and post adjusting and closing entries.
3. Prepare a May 2005 multiple-step income statement, a May 2005 statement of owner’s equity,
and a May 31, 2005, classified balance sheet.
4. Prepare a post-closing trial balance. Also prove the accuracy of subsidiary ledgers by preparing
schedules of both accounts receivable and accounts payable
Download Full Solution : Detailed excel sheet filled up with all Correct and verified answers
There may be some difference in the amounts in questions. For example here Expired Insurance is $553, while in some questions its $552 or $554, so please re-check and recalculate. This tutorial is supposed to be used as a guide.
You may download the full A+ solution : Click HERE
Also Includes :
Colo company Sales journal.
Purchase journal,
Cash receipts journal,
Cash Disbursements Journal,
General Journal,
General Ledger,
Accounts receivable ledger,
Accounts payable ledger,
Colo Company Worksheet,
Income statement,
Statement of owner's equity,
Balance sheet,
Post closing trial balance,
Schedule of accounts receivable,
A child care facility in a fitness center can operate without a license because
1. A child care facility in a fitness center can operate
without a license because
A. the fitness center is a private business.
B. the parent is present at the fitness center.
C. the fitness staff is qualified for child care.
D. exercise facilities for the children are available at the
fitness center.
2. What, in most states, is the minimum required amount of
formal education for a center director?
A. A GED certificate
B. High school diploma
C. A few college credits
D. Two years of specific college course work
3. What is the purpose of a Quality Rating and Improvement
System (QRIS) in the child care field?
A. To improve and standardize the quality of care in all
facilities in the state
B. To make it easier for parents to find child care
C. To lower the cost of child care
D. To make child care more accessible to all children
4. According to most state licensing regulations, the
minimum average required outdoor play space per child in a child care center is
between _______ square feet.
A. 60 and 75
B. 30 and 45
C. 45 and 60
D. 25 and 45
5. An initial CDA credential is valid for _______ years.
A. eight
B. three
C. 10
D. five
6. What benefits are available to providers accredited by a
state QRIS system?
A. Lowering the minimum number of staff needed
B. Tax credits
C. Fewer licensing requirements
D. Discounts at local suppliers
7. Which of the following is the main function of the Child
Welfare League of America (CWLA)?
A. To certify directors of day care centers
B. To sell specialized curriculum materials
C. To set standards for day care services
D. To certify teachers
8. Which of the following organizations stresses the
responsibility of the community for children's wholesome development?
A. CWLA
B. AMI
C. NAEYC
D. AMS
9. Which of the following agencies or organizations does not
grant certifications?
A. American Montessori Society
B. Association Montessori Internationale
C. State Departments of Education
D. Child Welfare League of America
10. The primary goal of the National Association for the
Education of Young Children is to
A. license child care centers.
B. check the credentials of day care staff.
C. improve the quality of life for young children and their
families.
D. develop a quality curriculum for day care centers.
11. When you're ready to obtain licensing for your child
care facility, which of the following agencies or departments should you
contact first?
A. Your local health department
B. Your city or county regulatory agency
C. Your local fire department
D. Your state licensing agency
12. The Association Montessori Internationale has _______
Maria Montessori's methods of teaching children.
A. reinterpreted
B. modernized
C. preserved
D. Americanized
13. Which of the following accreditation organizations does
not have its headquarters in the United States?
A. NAEYC
B. AMI
C. CWLA
D. AMS
14. Which of the following is the primary function of
certification?
A. To enforce mandatory government regulations
B. To give credit to a facility that meets certain
professional standards
C. To grant a credential to an individual as an
authorization to teach
D. To set health and safety standards for a child care
facility
15. Which of the following is a factor that's very important
to high-quality child care, but not often covered in state licensing regulations?
A. The staff-to-child ratio
B. The group size
C. A fire safety clearance
D. An annual visit by a representative of the licensing
agency
16. How many components of an early childhood program are
evaluated by the NAEYC for accreditation?
A. 15
B. 10
C. 5
D. 2
17. To obtain a credential from _______, it's acceptable to
have received your training through independent study.
A. your State Department of Education
B. the American Montessori Society
C. the Association Montessori Internationale
D. the Child Development Associate training program
18. In which of the following ways do the Montessori
organizations differ from the other accrediting groups you learned about in
your study unit?
A. Your facility must be evaluated by an accreditation
committee.
B. You must submit to an on-site visit by the Montessori
organization.
C. You must be a member of the organization before you can
be accredited.
D. You must use their specially designed Montessori
materials.
19. In order to be eligible for accreditation by the NAEYC,
an early childhood program must serve a minimum of _______ children.
A. 10
B. six
C. 15
D. five
20. Which of the following is not one of the specific
criteria for renewing a CDA credential?
A. Documented proof of past employment at a child care facility
B. Documented proof of working with children for at least 80
hours within the past year
C. Documented proof of current membership in a national or
local early childhood professional organization
D. Documented proof of a current Red Cross or other agency
Pediatric First Aid Certificate
Jacksonville Technical College received
Jacksonville Technical College received $3,445,553 in state
aid on September 15 for the fall academic semester. The vice-president for
finance decided to invest $2,000,000 in a 2-month investment that pays 11.5%
simple interest. How much interest will the college earn on the investment? (15
points)
2. Barney Casey borrowed $40,000 from his parents for 2
years. He paid them a total of $45,000 at the end of the 2-year term of the
simple interest loan. What rate of interest did he pay his parents? (15 points)
3. Sarai Sherman agreed to deposit $4,450 in an account
paying 16% simple interest per year for 60 days. If she made the deposit on
February 25, determine (a) the date of the end of the term of the investment,
and (b) the ordinary interest Sarai will earn. (15 points)
4. Anna Cavanaugh loaned her friend Jason $1,000 for 6
months at 6% simple interest. What is the future value of the loan and how much
finance charge will Jason pay? (15 points)
5. Acton can choose from two loan offers: $12,000 at 8%
simple interest for 9 months; or a $12,000 9-month discounted loan at 7%
discount. Based on the actual interest paid and the true rate on the discounted
loan, which of the two loan offers will Acton choose? Explain your answer. (40
points)
6. Envision that you have served as business manager of
Media World for over 2 years. You have noticed that for the last 12 months the
business has regularly had cash assets of $20,000 or more at the end of each
month. You have found a 6-month certificate of deposit that pays 6% compounded
monthly. To obtain this rate of interest, you must invest a minimum of $2,000.
You have also found a high interest savings account that pays 3% compounded
daily. Based on the cash position of the business at this time, assume that you
decide to invest $4,000.
1. Assume that you will invest the full amount in a
certificate of deposit.
a. What would be the future value of the CD at the end of
the investment term? (14 points)
b. How much interest would the investment earn for the
period? (14 points)
c. What would be the effective rate of the investment?(14
points)
2. Assume that you decide to invest the $4,000 in the
high-interest savings account.
a. What future value would you expect to receive at the end
of 6 months? (14 points)
b. How much interest would the investment earn for the
period? (14 points)
c. What would be the effective rate of the investment? (14
points)
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