Assignment
| The trial balance for Domenico, Inc. as of December 31, 2014 is given below. | ||
| Additional information: | ||
| The restructuring liability is 60% current. The notes payable are due in 2018. | ||
| The company accountant erroneously failed to record the expiration of prepaid insurance of $6,000. | ||
| Noncontrolling interest in income is $12,500 | ||
| No provision has been made for income taxes. Income tax expense is 30% of income from continuing operations before tax (round to nearest dollar). | ||
| There were 100,000 common shares outstanding at all times during the year. | ||
| Required: On the labelled tabs, prepare a balance sheet as of December 31, 2014 and an income statement for the year then ended. The financial statements should be in proper format. | ||
| Accounts Payable | 107,619 | |
| Accounts Receivable | 215,310 | |
| Accrued Payables | 63,381 | |
| Accumulated Depreciation | 359,445 | |
| Additional Paid-in Capital | 82,568 | |
| Administrative Expense | 226,547 | |
| Allowance for Bad Debts | 8,400 | |
| Cash | 169,384 | |
| Common Stock | 20,000 | |
| Cost of Goods Sold | 853,427 | |
| Deferred Revenue (current) | 16,000 | |
| Dividends | 22,000 | |
| Goodwill | 180,000 | |
| Interest Expense | 62,000 | |
| Inventory | 472,911 | |
| Investments | 148,200 | |
| Loss on Discontinued Operations (net of tax) | 14,300 | |
| Non-controlling interest in net assets | 31,600 | |
| Notes Payable | 900,000 | |
| Plant and Equipment | 1,345,377 | |
| Preferred Stock | 10,000 | |
| Prepaid Insurance | 36,000 | |
| Restructuring Expense | 126,400 | |
| Restructuring Liability | 100,000 | |
| Retained Earnings, January 1, 2014 | 836,422 | |
| Sales | 1,557,360 | |
| Selling Expense | 143,945 | |
| Supplies | 14,665 | |
| Treasury Stock (common) | 62,329 | |
| 4092795 | 4092795 |
Income Statement
Balance Sheet
1. Which of the characteristics of successful problem solving teams have you observed recently? Give details. What is a team you have been a part of during your career? How did the team function according to what you have learned in Chapter 10? What worked effectively and what could have worked better? Which Harvard video on teams do you recommend to the class and why?
Leading Teams: https://hbr.org/video/2549304161001/the-real-job-of-a-manager
2. Problem Solving Approaches
How have you observed problem solving in place recently? How could these steps benefit that or those situation(s)? Where do you find an intersection between the problem, the steps, and the blog post, “No One Likes to Be Changed”?
No one likes to be changed: https://hbr.org/2013/05/no-one-likes-to-be-changed
3.Meetings
What have you learned about meetings that you can implement at your next meeting?
need to read book p266- 267 for techniques to implement in your next meeting
p279-281 for more pointers on running effective meetings
http://www.ted.com/talks/nilofer_merchant_got_a_meeting_take_a_walk
4.Leaders
What kinds of leaders have you observed or acted as during your career? What worked effectively and what could have worked better? Implement the terminology from Chapter 10 in your post, as well as selected quotations from the chapter text and videos.
http://www.michiganstateuniversityonline.com/media/1894560/getting-fit-to-lead-infographic.png
https://hbr.org/video/2515962122001/leading-like-nelson-mandela
https://hbr.org/2013/04/improve-your-leadership-presen.html
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