Colton Enterprises experienced the following events for Year 1, the first year of operation: 1. Acquired $56,000 cash from the issue of common stock.
2. Paid $14,100 cash in advance for rent. The payment was for the period April 1, Year 1 to March 31, Year 2.
3. Performed services for customers on account for $114,000.
4. Incurred operating expenses on account of $45,500
5. Collected $87,000 cash from accounts receivable.
6. Paid $42,000 cash for salary expense.
7. Paid $36,400 cash as a partial payment on accounts payable. Adjusting Entries
8. Made the adjusting entry for the expired rent. (See Event 2.)
9. Recorded $6,600 of accrued salaries at the end of Year 1.
Events for Year 2
1. Paid $6,600 cash for the salaries accrued at the end of the prior accounting period.
2. Performed services for cash of $63,000.
3. Purchased $4,900 of supplies on account.
4. Paid $16,800 cash in advance for rent. The payment was for one year beginning April 1. Year 2.
5. Performed services for customers on account for $130,000,
6. Incurred operating expenses on account of $62,500.
7. Collected $110,000 cash from accounts receivable.
8. Paid $60,000 cash as a partial payment on accounts payable.
9. Paid $33,600 cash for salary expense.
10. Paid a $12,000 cash dividend to stockholders. Adjusting Entries
11. Made the adjusting entry for the expired rent. (Hint Part of the rent was paid in Year 1.)
12. Recorded supplies expense. A physical count showed that $500 of supplies were still on hand.

Goals that are overly ambitious can discourage employees and decrease motivation, yet the idea of stretch goals is proposed as a way to get people fired up and motivated. as a manager, how might you decide where to draw the line between a “good” stretch goal and a “bad” one that is unrealistic?

Jameson manages a well-known cell phone company. this company has been voted as having the best cell-phone service. consumers appreciate the fact that they can call from almost anywhere in the world and the service still gets through. jameson knows that the company's product far surpasses that of the competition. one thing has been bothering him, though. in order to put so many resources into ensuring the best service, jameson has cut back on employees at the firm's customer call center. recently, consumers have begun complaining about long wait times when they call in with a problem or concern. although its cell phone service is still considered one of the best, customer satisfaction with the firm's customer service has plummeted. jameson does not understand why consumers are getting so upset. he believes the exceptional cell phone service more than makes up for long waiting periods and other issues with its customer service. "after all," he says, "they can't have it all. if i invest more in customer service, that means less investment on ensuring the quality of our product offering."refer to scenario. jameson has asked you, a marketing consultant, to give him advice. he cannot understand how a cell-phone company with the best product offering in the cell-phone service industry could get such low satisfaction ratings simply because the customer service is not up to par. you suggest that jameson has a narrowly defined view of the company's product offering. you tell jameson that successful marketers should define their products as what they

Jordan, inc. sells fireworks. the company’s marketing director developed the following cost of goods sold budget for april, may, june, and july. april may june july budgeted cost of goods sold $62,000 $72,000 $82,000 $88,000 jordan had a beginning inventory balance of $3,000 on april 1 and a beginning balance in accounts payable of $14,600. the company desires to maintain an ending inventory balance equal to 15 percent of the next period’s cost of goods sold. jordan makes all purchases on account. the company pays 65 percent of accounts payable in the month of purchase and the remaining 35 percent in the month following purchase. required prepare an inventory purchases budget for april, may, and june. determine the amount of ending inventory jordan will report on the end-of-quarter pro forma balance sheet. prepare a schedule of cash payments for inventory for april, may, and june. determine the balance in accounts payable jordan will report on the end-of-quarter pro forma balance sheet.