Discussion Board #1 - Ethics and Social Responsibility No unread replies.No replies. Class discussions are an important part of the virtual classroom. Your participation will enrich your experience in this course and will also enrich the experiences of fellow students. There are certain requirements to fulfill in order to receive the maximum credit for class discussion participation. Frequency and Timeliness Students should post on three different days with the initial post being within 48 hours of the discussion opening. You should first post your initial comments, then you should comment to at least two other students.  Comments should be about the topics, not simply a greeting.  I am grading on three high-quality posts as described below. Quality:  High-Quality posts include substantial posts containing well-developed original thoughts, added insight to the topic, book references, and follow-up questions. These posts are error-free and grammatically correct. In addition, these posts are a minimum of (10) sentences and/or over 250 words. The posts should demonstrate higher order thinking and critical thinking skills. Medium-Quality posts include posts containing original thoughts, added insight to the topic, and follow-up questions. These posts are near error-free and typically grammatically correct. In addition, these posts are a minimum of seven (7) sentences and/or over 200 words. The posts should demonstrate higher order thinking and critical thinking skills.  Low-Quality posts include basic thoughts with little to no insight. The post may simply be a follow-up question. These posts contain mechanical and grammatical errors. These posts are typically five (5) or fewer sentences and less than 200 words. No higher order thinking, or critical thinking skills are demonstrated.  Zero points will be awarded for no posts. Discuss: Consider a business where you have worked or volunteered. Describe how the business was ethical and/or socially responsible (see Chapter 4) or take the opposite approach and tell us why they weren't ethical or socially responsible.  Consider examples and tell your fellow students about them. Explain whether, and how, the described behavior benefited the business. Use terminology from the book. For example, if a company has a Code of Ethics, is it compliance based, or integrity based? Because you are business students, you should "talk business" using the terminology we are studying.  Note: CASE STUDY: Answer Question 1 and 2. 1. The Case Study should be minimum 2 pages in length and written in APA style format. 2. Minimum of 2 references. 3. Double spaced with 12-point Times Roman font. Q 1. What are the possible financial outcomes if Lassiter orders 5000 T-shirts? 7,500? 10,000? Q 2. How many T-shirts should Lassiter order? Effects Of Transactions (Balance Sheet Accounts) John Sullivan started a business. During the first month (February 20--), the following transactions occurred. Show the effect of each transa ...

1. Discussion Board #1 - Ethics and Social Responsibility
No unread replies.No replies.
Class discussions are an important part of the virtual classroom.
Your participation will enrich your experience in this course
and will also enrich the experiences of fellow students. There
are certain requirements to fulfill in order to receive the
maximum credit for class discussion participation.
Frequency and Timeliness
Students should post on three different days with the initial post
being within 48 hours of the discussion opening. You should
first post your initial comments, then you should comment to at
least two other students. Comments should be about the topics,
not simply a greeting. I am grading on three high-quality posts
as described below.
Quality:
High-Quality posts include substantial posts containing well-
developed original thoughts, added insight to the topic, book
references, and follow-up questions. These posts are error-free
and grammatically correct. In addition, these posts are a
minimum of (10) sentences and/or over 250 words. The posts
should demonstrate higher order thinking and critical thinking
skills.
Medium-Quality posts include posts containing original
thoughts, added insight to the topic, and follow-up questions.
These posts are near error-free and typically grammatically
correct. In addition, these posts are a minimum of seven (7)
sentences and/or over 200 words. The posts should demonstrate
higher order thinking and critical thinking skills.
Low-Quality posts include basic thoughts with little to no
insight. The post may simply be a follow-up question. These
posts contain mechanical and grammatical errors. These posts
are typically five (5) or fewer sentences and less than 200
words. No higher order thinking, or critical thinking skil ls are
demonstrated.

2. Zero points will be awarded for no posts.
Discuss:
Consider a business where you have worked or volunteered.
Describe how the business was ethical and/or socially
responsible (see Chapter 4) or take the opposite approach and
tell us why they weren't ethical or socially responsible.
Consider examples and tell your fellow students about them.
Explain whether, and how, the described behavior benefited the
business. Use terminology from the book. For example, if a
company has a Code of Ethics, is it compliance based, or
integrity based? Because you are business students, you should
"talk business" using the terminology we are studying.
Note:
CASE STUDY: Answer Question 1 and 2.
1. The Case Study should be minimum 2 pages in length and
written in APA style format.
2. Minimum of 2 references.
3. Double spaced with 12-point Times Roman font.
Q 1. What are the possible financial outcomes if Lassiter orders
5000 T-shirts? 7,500? 10,000?
Q 2. How many T-shirts should Lassiter order?
Effects Of Transactions (Balance Sheet Accounts)
John Sullivan started a business. During the first month
(February 20--), the following transactions occurred. Show the
effect of each transaction on the accounting equation: Assets =
Liabilities + Owner's Equity. After each transaction, show the
new totals. Use the minus sign to indicate a decrease or
reduction in the account. If an amount box does not require an
entry, leave it blank.
Assets

3. =
Liabilities
+
Owner's Equity
a. Invested cash in the business, $27,000.
fill in the blank 1
fill in the blank 2
fill in the blank 3
Bal.
fill in the blank 4
fill in the blank 5
fill in the blank 6
b. Bought office equipment on account, $7,500.
fill in the blank 7
fill in the blank 8
fill in the blank 9
Bal.
fill in the blank 10
fill in the blank 11
fill in the blank 12
c. Bought office equipment for cash, $1,600. (Enter the change
in Cash on the first line and the change in Equipment on the
second line)
fill in the blank 13

4. fill in the blank 14
fill in the blank 15
fill in the blank 16
fill in the blank 17
fill in the blank 18
Bal.
fill in the blank 19
fill in the blank 20
fill in the blank 21
d. Paid cash on account to supplier in transaction (b), $2,300.
fill in the blank 22
fill in the blank 23
fill in the blank 24
Bal.
fill in the blank 25
fill in the blank 26
fill in the blank 27
Effects of Transactions (Revenue, Expense, Withdrawals)
Assume John Sullivan completed the following additional
transactions during February.
(e) Received cash from a client for professional services,
$1,500.
(f) Paid office rent for February, $600.

5. (g) Paid February phone bill, $64.
(h) Withdrew cash for personal use, $1,000.
(i) Performed services for clients on account, $750.
(j) Paid wages to part-time employee, $1,200.
(k) Received cash for services performed on account in
transaction (i), $400. (Enter the change in Cash on the first line
and the change in other account on the second line.)
Show the effect of each transaction on the basic elements of the
expanded accounting equation: Assets = Liabilities + Owner's
Equity (Capital – Drawing + Revenues – Expenses). Use the
minus sign to indicate a decrease or reduction in the account.
After transaction (k), report the totals for each element. If an
amount box does not require an entry, leave it blank.
Owner's Equity
Assets
=
Liabilities
+
Capital
-
Drawing
+
Revenues
-
Expenses
Description
Bal.

6. 32,200
5,200
27,000
(e)
fill in the blank 1
fill in the blank 2
fill in the blank 3
fill in the blank 4
fill in the blank 5
fill in the blank 6
(f)
fill in the blank 8
fill in the blank 9
fill in the blank 10
fill in the blank 11

7. fill in the blank 12
fill in the blank 13
(g)
fill in the blank 15
fill in the blank 16
fill in the blank 17
fill in the blank 18
fill in the blank 19
fill in the blank 20
(h)
fill in the blank 22
fill in the blank 23
fill in the blank 24
fill in the blank 25
fill in the blank 26
fill in the blank 27
(i)
fill in the blank 28

8. fill in the blank 29
fill in the blank 30
fill in the blank 31
fill in the blank 32
fill in the blank 33
(j)
fill in the blank 35
fill in the blank 36
fill in the blank 37
fill in the blank 38
fill in the blank 39
fill in the blank 40
(k)
fill in the blank 42
fill in the blank 43
fill in the blank 44
fill in the blank 45
fill in the blank 46

9. fill in the blank 47
fill in the blank 48
fill in the blank 49
fill in the blank 50
fill in the blank 51
fill in the blank 52
fill in the blank 53
Bal.
fill in the blank 54
=
fill in the blank 55
+
fill in the blank 56
-
fill in the blank 57
+
fill in the blank 58
-
fill in the blank 59
Demonstrate that the accounting equation has remained in
balance.
Total Assets
$fill in the blank 60

10. Total Liabilities
$fill in the blank 61
Capital
fill in the blank 62
Drawing
fill in the blank 63
Revenues
fill in the blank 64
Expenses
fill in the blank 65
Total Liabilities and Owner's Equity
$fill in the blank 66
eBook
Statement Of Owner's Equity Reporting Net Income
Betsy Ray started an accounting service on June 1, 20--, by
investing $20,000. Her net income for the month was $10,000,
and she withdrew $8,000.
Prepare a statement of owner's equity for the month of June. If
an amount is zero, enter "0".
Betsy Ray's Accounting Service
Statement of Owner's Equity
For Month Ended June 30, 20--
$- Select -
- Select -
Total investment
$fill in the blank 5
$- Select -

11. - Select -
- Select -
$- Select -
Effect of Transactions on Accounting Equation
Jay Pembroke started a business. During the first month (April
20--), the following transactions occurred.
a. Invested cash in business, $18,000.
b. Bought office supplies for $4,600: $2,000 in cash and $2,600
on account.
c. Paid one-year insurance premium, $1,200.
d. Earned revenues totaling $3,300: $1,300 in cash and $2,000
on account.
e. Paid cash on account to the company that supplied the office
supplies in transaction (b), $2,300.
f. Paid office rent for the month, $750.
g. Withdrew cash for personal use, $100.
Required:
Show the effect of each transaction on the individual accounts
of the expanded accounting equation: Assets = Liabilities +
Owner's Equity (Capital - Drawing + Revenues - Expenses).
After transaction (g), report the totals for each element. Use the
minus sign to indicate a decrease or reduction in the account. If
an amount box does not require an entry, leave it blank.
Assets
=
Liabilities
+
Owner's Equity

12. (Items Owned)
(Amts. Owed)
(Owner's Investment)
(Earnings)
Cash
+
Accounts Receivable
+
Office Supplies
+
Prepaid Insurance
=
Accounts Payable
+
J. Pembroke, Capital
-
J. Pembroke, Drawing
+
Revenues
-
Expenses
Description
a.
fill in the blank 1
fill in the blank 2
fill in the blank 3

13. fill in the blank 4
fill in the blank 5
fill in the blank 6
fill in the blank 7
fill in the blank 8
fill in the blank 9
b.
fill in the blank 10
fill in the blank 11
fill in the blank 12
fill in the blank 13
fill in the blank 14
fill in the blank 15
fill in the blank 16
fill in the blank 17
fill in the blank 18
c.
fill in the blank 19

14. fill in the blank 20
fill in the blank 21
fill in the blank 22
fill in the blank 23
fill in the blank 24
fill in the blank 25
fill in the blank 26
fill in the blank 27
d.
fill in the blank 28
fill in the blank 29
fill in the blank 30
fill in the blank 31
fill in the blank 32
fill in the blank 33
fill in the blank 34
fill in the blank 35
fill in the blank 36

15. e.
fill in the blank 38
fill in the blank 39
fill in the blank 40
fill in the blank 41
fill in the blank 42
fill in the blank 43
fill in the blank 44
fill in the blank 45
fill in the blank 46
f.
fill in the blank 47
fill in the blank 48
fill in the blank 49
fill in the blank 50
fill in the blank 51
fill in the blank 52
fill in the blank 53

16. fill in the blank 54
fill in the blank 55
g.
fill in the blank 57
fill in the blank 58
fill in the blank 59
fill in the blank 60
fill in the blank 61
fill in the blank 62
fill in the blank 63
fill in the blank 64
fill in the blank 65
Bal.
fill in the blank 66
+
fill in the blank 67
+
fill in the blank 68
+
fill in the blank 69
=
fill in the blank 70
+

17. fill in the blank 71
-
fill in the blank 72
+
fill in the blank 73
-
fill in the blank 74
Demonstrate that the accounting equation has remained in
balance.
Cash
$fill in the blank 75
Accounts receivable
fill in the blank 76
Office supplies
fill in the blank 77
Prepaid insurance
fill in the blank 78
Total Assets
$fill in the blank 79
Accounts payable
$fill in the blank 80
Jay Pembroke, capital
fill in the blank 81
Jay Pembroke, drawing
fill in the blank 82
Service fees
fill in the blank 83
Rent expense
fill in the blank 84
Total Liabilities and Owner's Equity
$fill in the blank 85

18. Income Statement
Jay Pembroke started a business. During the first month (April
20--), the following transactions occurred.
a. Invested cash in business, $18,000.
b. Bought office supplies for $4,600: $2,000 in cash and $2,600
on account.
c. Paid one-year insurance premium, $1,200.
d. Earned revenues totaling $3,300: $1,300 in cash and $2,000
on account.
e. Paid cash on account to the company that supplied the office
supplies in transaction (b), $2,300.
f. Paid office rent for the month, $750.
g. Withdrew cash for personal use, $100.
The effect of each transaction is shown in the individual
accounts of the expanded accounting equation.
Assets
=
Liabilities
+
Owner's Equity
(Items Owned)
(Amts. Owed)
(Owner's Investment)
(Earnings)
Cash
+
Accounts Receivable
+
Office Supplies

19. +
Prepaid Insurance
=
Accounts Payable
+
J. Pembroke, Capital
-
J. Pembroke, Drawing
+
Revenues
-
Expenses
Description
a.
18,000
18,000
b.
(2,000)

20. 4,600
2,600
c.
(1,200)
1,200

21. d.
1,300
2,000
3,300
Service fees
e.
(2,300)
(2,300)

22. f.
(750)
750
Rent expense
g.
(100)

23. 100
Bal.
12,950
+
2,000
+
4,600
+
1,200
=
300
+
18,000
-
100
+
3,300
-
750
Required:
Use the accounting equation to prepare an income statement for
Jay Pembroke for the month of April 20--.
Jay Pembroke
Income Statement

24. For Month Ended April 30, 20--
$- Select -
- Select -
$- Select -
1. Statement Of Owner's Equity
Jay Pembroke started a business. During the first month (April
20--), the following transactions occurred.
a. Invested cash in business, $18,000.
b. Bought office supplies for $4,600: $2,000 in cash and $2,600
on account.
c. Paid one-year insurance premium, $1,200.
d. Earned revenues totaling $3,300: $1,300 in cash and $2,000
on account.
e. Paid cash on account to the company that supplied the office
supplies in transaction (b), $2,300.
f. Paid office rent for the month, $750.
g. Withdrew cash for personal use, $100.
The effect of each transaction is shown in the individual
accounts of the expanded accounting equation.
Assets
=
Liabilities
+
Owner's Equity
(Items Owned)

25. (Amts. Owed)
(Owner's Investment)
(Earnings)
Cash
+
Accounts Receivable
+
Office Supplies
+
Prepaid Insurance
=
Accounts Payable
+
J. Pembroke, Capital
-
J. Pembroke, Drawing
+
Revenues
-
Expenses
Description
a.
18,000

26. 18,000
b.
(2,000)
4,600
2,600
c.
(1,200)

27. 1,200
d.
1,300
2,000
3,300
Service fees
e.

28. (2,300)
(2,300)
f.
(750)

29. 750
Rent expense
g.
(100)
100
Bal.
12,950
+
2,000
+
4,600
+
1,200
=
300
+
18,000
-

30. 100
+
3,300
-
750
The income statement for Jay Pembroke for the month ended
April 30, 20-- is shown.
Jay Pembroke
Income Statement
For Month Ended April 30, 20--
Revenues:
Service fees
$3,300
Expenses:
Rent expense
750
Net income
$2,550
Required:
Use the information to prepare a statement of owner’s equity for
Jay Pembroke for the month of April 20--.
Jay Pembroke
Statement of Owner's Equity
For Month Ended April 30, 20--
$- Select -
- Select -
Total investment

31. $fill in the blank 5
$- Select -
- Select -
- Select -
$- Select -
Balance Sheet
Jay Pembroke started a business. During the first month (April
20--), the following transactions occurred.
a. Invested cash in business, $18,000.
b. Bought office supplies for $4,600: $2,000 in cash and $2,600
on account.
c. Paid one-year insurance premium, $1,200.
d. Earned revenues totaling $3,300: $1,300 in cash and $2,000
on account.
e. Paid cash on account to the company that supplied the office
supplies in transaction (b), $2,300.
f. Paid office rent for the month, $750.
g. Withdrew cash for personal use, $100.
The effect of each transaction is shown in the individual
accounts of the expanded accounting equation.
Assets
=
Liabilities
+
Owner's Equity

32. (Items Owned)
(Amts. Owed)
(Owner's Investment)
(Earnings)
Cash
+
Accounts Receivable
+
Office Supplies
+
Prepaid Insurance
=
Accounts Payable
+
J. Pembroke, Capital
-
J. Pembroke, Drawing
+
Revenues
-
Expenses
Description
a.
18,000

33. 18,000
b.
(2,000)
4,600
2,600
c.
(1,200)

34. 1,200
d.
1,300
2,000
3,300

35. Service fees
e.
(2,300)
(2,300)
f.
(750)

36. 750
Rent expense
g.
(100)
100
Bal.
12,950
+
2,000
+
4,600
+
1,200
=
300
+

37. 18,000
-
100
+
3,300
-
750
The income statement and statement of owner's equity for Jay
Pembroke for the month ended April 30, 20-- are shown.
Jay Pembroke
Income Statement
For Month Ended April 30, 20--
Revenues:
Service fees
$3,300
Expenses:
Rent expense
750
Net income
$2,550
Jay Pembroke
Statement of Owner’s Equity
For Month Ended April 30, 20--
Jay Pembroke, capital, April 1, 20--
$ -
Investment during April
18,000
Total investment

38. $18,000
Net income for April
$2,550
Less withdrawals for April
100
Increase in capital
2,450
Jay Pembroke, capital, April 30, 20--
$20,450
Required:
Use the information to prepare a balance sheet for Jay Pembroke
as of April 30, 20--.
Jay Pembroke
Balance Sheet
April 30, 20--
Assets
Liabilities
$fill in the blank 2
$fill in the blank 4
fill in the blank 6
fill in the blank 8
Owner's Equity

39. fill in the blank 10
fill in the blank 12
Total assets
$fill in the blank 13
Total liabilities & owner's equity
$fill in the blank 14
1. Balance Sheet
Jay Pembroke started a business. During the first month (April
20--), the following transactions occurred.
a. Invested cash in business, $18,000.
b. Bought office supplies for $4,800: $2,000 in cash and $2,800
on account.
c. Paid one-year insurance premium, $1,100.
d. Earned revenues totaling $3,300: $1,200 in cash and $2,100
on account.
e. Paid cash on account to the company that supplied the office
supplies in transaction (b), $2,500.
f. Paid office rent for the month, $600.
g. Withdrew cash for personal use, $150.
The effect of each transaction is shown in the individual
accounts of the expanded accounting equation.
Assets
=
Liabilities
+
Owner's Equity
(Items Owned)
(Amts. Owed)

40. (Owner's Investment)
(Earnings)
Cash
+
Accounts Receivable
+
Office Supplies
+
Prepaid Insurance
=
Accounts Payable
+
J. Pembroke, Capital
-
J. Pembroke, Drawing
+
Revenues
-
Expenses
Description
a.
18,000
18,000

41. b.
(2,000)
4,800
2,800
c.
(1,100)
1,100

42. d.
1,200
2,100
3,300
Service fees
e.
(2,500)

43. (2,500)
f.
(600)
600
Rent expense

44. g.
(150)
150
Bal.
12,850
+
2,100
+
4,800
+
1,100
=
300
+
18,000
-
150
+
3,300

45. -
600
The income statement and statement of owner's equity for Jay
Pembroke for the month ended April 30, 20-- are shown.
Jay Pembroke
Income Statement
For Month Ended April 30, 20--
Revenues:
Service fees
$3,300
Expenses:
Rent expense
600
Net income
$2,700
Jay Pembroke
Statement of Owner’s Equity
For Month Ended April 30, 20--
Jay Pembroke, capital, April 1, 20--
$ -
Investment during April
18,000
Total investment
$18,000
Net income for April
$2,700

46. Less withdrawals for April
150
Increase in capital
2,550
Jay Pembroke, capital, April 30, 20--
$20,550
Required:
Use the information to prepare a balance sheet for Jay Pembroke
as of April 30, 20--.
Jay Pembroke
Balance Sheet
April 30, 20--
Assets
Liabilities
$fill in the blank 2
$fill in the blank 4
fill in the blank 6
fill in the blank 8
Owner's Equity
fill in the blank 10
fill in the blank 12

47. Total assets
$fill in the blank 13
Total liabilities & owner's equity
$fill in the blank 14
Statement Of Owner's Equity Reporting Net Loss
Betsy Ray started an accounting service on June 1, 20--, by
investing $20,000. Her net loss for the month was $3,000, and
she withdrew $8,000.
Prepare a statement of owner's equity for June transactions. If
an amount is zero, enter "0".
Betsy Ray's Accounting Service
Statement of Owner's Equity
For Month Ended June 30, 20--
$- Select -
- Select -
Total investment
$fill in the blank 5
$- Select -
- Select -
- Select -
$- Select -