Baltimore Company's Assets And Liabilities

baltimore Company's Complete Assets And Liabilities

Baltimore Company's complete assets and liabilities are Accounts Receivable $800, Equipment $10,000, Accounts Payable $4,650, Prepaid Rent $2,000, Supplies $400, Bank Loan $3,950, and Tools $300. Baltimore's total liabilities are: (All account balances are normal.) Your Answer: Answer Question 2 (7 points) Baltimore Company's complete assets and liabilities are Accounts Receivable $1,950, Equipment $8,200, Accounts Payable $5,500, Prepaid Rent $1,500, Supplies $725, Bank Loan $4,450, and Tools $535. Baltimore's total equity is: (All account balances are normal.) Your Answer: Answer Question 3 (7 points) Baltimore Company experienced a total increase in stockholders' equity of $24,000 during the current year. Stockholders' equity was increased by additional issuances of $43,000 capital stock during the year. No dividends were paid. Expenses incurred during the year were $88,000. How much was Baltimore's revenue for the year? Your Answer: Question 4 (7 points) Baltimore Company experienced an increase in total assets of $20,500 during the current year. During the same time period, total liabilities increased $3,600. Shareholders made no investments during the year and no dividends were paid. How much was Baltimore's net income Your Answer: Answer Question 5 (7 points) Annapolis Corporation's trial balance included debits to expense accounts of $105,000, credits to revenue accounts of $225,000, and debits to the Dividends account of $50,000. Based on this information, what is the amount of the company's net income or loss. Enter a loss as a negative number. Your Answer: Answer Question 6 (7 points) Baltimore Company reports total assets and total liabilities of $276,000 and $110,000, respectively, at the conclusion, of its first year of business. The company earned $67,500 during the first year, and distributed $28,000 to shareholders as dividends. How much did shareholders initially invest in the business? Your Answer: Answer Question 7 (7 points) During June, Bravo Magazine sold for cash six advertising spaces for $400 each to be run in the July through December issues. On that date, Bravo properly recognized Unearned Revenue. The adjusting entry to record on July 31 includes: Question 7 options: a credit to Revenue for $2,000 a debit to Cash for $2,000 a credit to Unearned Revenue for $400 a debit to Unearned Revenue for $400 Question 8 (7 points) On January 7, Bravo purchased supplies on account for $1,000, and recorded this purchase to the Supplies account. At the end of January, Bravo had $600 of these supplies still on hand. The proper adjusting journal entry at January 31 would: Question 8 options: include a credit to Supplies for $400 include a debit to Supplies Expense for $600 include a debit to Supplies for $1,000 include a debit to Accounts Payable for $400 Question 9 (7 points) On January 1, 20X1, Bravo Company borrowed $26,000 to purchase equipment. The loan is to be repaid plus interest of 10% per year, on December 31, 20X2. Prepared the general journal adjusting entry (without explanation) needed for December 31, 20X1. If no entry is required then write "No Entry Required." Question 9 options: Question 10 (7 points) On Tuesday March 31, 20X1 the Bravo Company had accrued wages of $1,000. Friday, April 3, Bravo paid employee wages of $2,500 for the week. Prepared the general journal entry (without explanation) needed for March 31, 20X1. If no entry is required then write "No Entry Required." ANSWER Question 11 (7 points) During 2018, Towson Company had credit sales of $40,000 and cash sales of $14,000. In 2018 Towson collected $31,000 of accounts receivable resulting from sales on credit. Towson incurred operating expenses of $47,000; of this amount, $42,900 was paid in 2018, and the remaining balance represented a liability at year-end. In addition to these operating expenses, Towson also purchased for cash a three-year insurance policy on January 1, 2018. The cost of this policy was $3,000. What is Towson's 2018 accrual basis net income or loss? Enter a loss as a negative number. Your Answer: Answer Question points) The following is the Frederick Company's adjusted Trial Balance. Frederick Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $85,150 Accounts Receivable 229,140 Supplies 16,955 Equipment 395,285 Accumulated Depreciation $221,260 Accounts Payable 74,235 Capital Stock 220,000 Retained Earnings 101,145 Service Revenue 893,105 Interest Income 1,500 Dividends 2,000 Rent Expense 58,500 Wages Expense 527,260 Supplies Expense 42,520 Utilities Expense 8,595 Depreciation Expense 145,840 ________ Totals $1,522,565 $1,522,565 Use this information to prepare the classified Balance Sheet for the fiscal year. There are additional lines in the classified Balance Sheet form to allow for authorized alternate presentations. Hint: you must close out temporary accounts to arrive at adjusted retained earnings balance. Question 13 (7 points) A partial list shows that Charles Corporation's adjusted trial balance included the following items (all account balances are normal): Accounts payable $47,000, Accounts receivable $54,000, Capital stock $100,000, Cash $46,000, Dividends $10,000, Interest expense $4,000, Interest payable $5,000, Inventory $32,000, Prepaid expenses $5,000, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000. How much is Charle's current ratio? (Round your answer to two decimal places.) Your Answer: Professional Development Internship Asher Paper By mid-semester, you are to read Who Gets Promoted Who Doesn’t and Why by Donald Asher and craft a well-written paper using the following guidelines. Your paper should be written according to APA guidelines and include an abstract and cover-page with the assignment title, your name, date, university name, school name, course number, and professor (See figure 1 below). Your paper should be no less than 5 pages in length, double-spaced, 1-inch margins, Times New Roman, 12-point font, and include a reference page. There is no penalty for writing more than 5 pages. Do not plagiarize as each submitted paper will be scanned through iThenticate plagiarism software. Your cover page and reference pages do not count towards the total page count. Each section of your paper should be labeled with the corresponding question in bold. Your paper should address each of the following questions: 1. No matter what you have done in the past, the boss really doesn’t care. Why? What do they care about? 2. What are some ways to improve other people’s perceptions of you at work? 3. What is self-promotion, and why is it important? 4. Explain the statement, “all business is sales.” What six things matter? 5. If you’re valuable where you are, why won’t you get promoted? 6. Why should you try to make yourself replaceable? What are some strategies to make yourself replaceable? 7. Whether or not you’re a strong performer, what’s the risks of working on a project that’s not important? 8. What’s the risk when you are the source of surprise? 9. What is the advantage of having several mentors in your organization? 10. What is the best management style? Explain your answer. 11. Why should you make friends within your firm? 12. Briefly explain the top 10 career points for the overly ambitious. 13. What are the various strategies to get noticed higher up on the food chain?

Paper For Above instruction

The core of effective leadership and career advancement lies in understanding what truly matters to organizational success and how individuals can strategically position themselves to achieve their professional goals. Donald Asher's "Who Gets Promoted, Who Doesn’t, and Why" offers valuable insights into career development, emphasizing that past actions often hold less weight than perceptions, strategic self-promotion, and relationship-building within organizations. This paper explores key themes from Asher’s work, integrating scholarly perspectives on organizational behavior, leadership, and career strategy, to provide a comprehensive guide for aspiring professionals aiming for promotion and influence.

1. Why do bosses not care about past achievements? What do they care about?

Bosses tend to focus on current performance and future potential rather than past accomplishments because organizational priorities revolve around ongoing productivity and adaptability. Past achievements, while important, are viewed as preliminary indicators, with a greater emphasis on current contributions and the ability to meet evolving organizational needs. Asher (2018) emphasizes that managers value behavioral traits such as reliability, adaptability, and the capacity to solve problems over historical successes, as these traits more accurately predict future performance. Additionally, perception plays a critical role; how an employee is viewed in terms of initiative, teamwork, and leadership potential influences promotion decisions more than historical achievements.

2. How can one improve perceptions at work?

Improving perceptions involves consistent demonstration of value through proactive communication, reliability, and visibility. Employees can enhance their reputation by volunteering for important projects, assuming leadership roles, and maintaining a positive attitude. Building relationships through genuine interactions and showing willingness to help others foster trust and recognition. Moreover, documenting accomplishments and sharing successes appropriately ensures that contributions are recognized. Asher (2018) advocates for strategic self-promotion that highlights relevant skills without arrogance, aligning perceptions with organizational goals.

3. What is self-promotion, and why is it important?

Self-promotion involves proactively communicating one’s achievements, skills, and contributions to others in the organization. It is crucial because it shapes perceptions and ensures that an employee’s value is recognized by decision-makers. Without strategic self-promotion, talented individuals risk remaining unnoticed, especially in environments where managers are busy and may overlook quietly competent workers. Asher (2018) insists that effective self-promotion balances humility and assertiveness, allowing individuals to stand out without appearing boastful.

4. What does “all business is sales” mean? What six things matter?

The statement “all business is sales” asserts that regardless of industry, success hinges on persuading others—be it clients, colleagues, or superiors—to support ideas, proposals, or initiatives. The six critical elements are trust, credibility, relationships, communication, value proposition, and persistence. Building trust and credibility makes others receptive; strong relationships facilitate influence; clear and persuasive communication conveys value; and persistence ensures that efforts culminate in recognition and advancement (Northouse, 2019). These elements are foundational because they create an environment conducive to influence and success.

5. Why might valuable employees not get promoted?

Valuable employees may not be promoted because organizational promotion often requires visibility and strategic self-promotion, not just competence. Additionally, some employees may possess technical skills but lack other traits such as political savvy or networking ability. Asher (2018) emphasizes that visibility, relationships, and understanding organizational politics significantly influence promotion decisions. Employees who are highly competent but shy or unaware of political dynamics may be overlooked despite their value.

6. Why should you make yourself replaceable? What strategies can achieve this?

Making oneself replaceable involves documenting processes, training others, and creating systems that allow the organization to function seamlessly without dependence on a single individual. Strategies include cross-training colleagues, sharing knowledge openly, and developing standardized procedures. Such actions demonstrate leadership, collaboration, and foresight. Asher (2018) notes that creating a reputation as a team player and a mentor enhances one’s standing and reduces job insecurity, making it easier to be promoted or assigned to more strategic roles.

7. Risks of working on unimportant projects

Engaging in projects that are not perceived as valuable carries risks such as being overlooked for promotions, wasting time and resources, and fostering a perception of lack of ambition. Regardless of performance, importance and visibility matter; work that does not align with organizational priorities seldom leads to recognition, as highlighted by Asher (2018). Therefore, aligning efforts with organizational goals is vital for career progression.

8. Risks of being the source of surprise

Surprising others with unanticipated actions or results can be risky because it suggests unpredictability, which may undermine trust and reliability. Managers prefer employees whose behavior is consistent and predictable, enabling better planning. Unexpected contributions may be celebrated if they align strategically, but often, surprises erode credibility if not managed carefully. Asher (2018) advocates for strategic disclosure and alignment with organizational expectations to mitigate this risk.

9. Advantages of multiple mentors

Having several mentors within an organization provides diverse perspectives, broadens networks, and offers support in different areas such as technical skills, leadership, and organizational politics. Multiple mentors increase opportunities for advocacy and mentorship, enhancing visibility and influence. According to Asher (2018), building a network of mentors helps navigate complex organizational dynamics and accelerates career growth.

10. The best management style

The situational management style—adapting leadership approaches based on context—is often considered most effective. This includes a balance of directing, coaching, supporting, and delegating according to followers' needs and task complexity. Effective leaders assess their team’s maturity and skills, adjusting their style to maximize productivity and morale (Northouse, 2019). Flexibility and emotional intelligence are critical components of this approach.

11. Why make friends within your firm?

Building genuine relationships within the organization fosters trust, collaboration, and access to informal networks. These relationships can provide support, insider knowledge, and opportunities for advancement. Social capital is crucial; colleagues are more likely to advocate for individuals they personally trust and respect (Asher, 2018). Furthermore, fostering friendships creates a positive work environment that enhances overall performance.

12. Top 10 career points for the overly ambitious

While not listed explicitly here, common advice includes setting clear goals, seeking mentors, maintaining visibility, continuously learning, demonstrating initiative, developing political skills, networking broadly, balancing assertiveness with humility, being adaptable, and delivering consistent results. These strategies help ambitious individuals gain recognition and accelerate their careers (Asher, 2018).

13. Strategies to get noticed higher up the food chain

Key strategies involve consistently exceeding expectations, developing political acumen, aligning work with organizational priorities, cultivating influential relationships, taking on high-visibility projects, and effectively self-promoting achievements. Visibility campaigns and strategic communication efforts are essential; managers are more likely to promote those who are not only competent but also known and appreciated across the organization (Northouse, 2019).

References

• Northouse, P. G. (2019). Introduction to Leadership: Concepts and Practice. SAGE Publications, Inc.
• Asher, D. (2018). Who Gets Promoted, Who Doesn’t, and Why. TarcherPerigee.
• Robinson, S. P., & Judge, T. A. (2019). Organizational Behavior. Pearson.
• Goleman, D. (2000). Leadership that gets results. Harvard Business Review.
• Yukl, G. (2013). Leadership in Organizations. Pearson.
• Collins, J. (2001). Good to great: Why some companies make the leap... and others don't. HarperBusiness.
• Yukl, G. (2010). Leadership in Organizations. Pearson.
• Kotter, J.P. (1996). Leading change. Harvard Business School Press.
• Bass, B.M. (1998). Transformational leadership: Industry, military, and educational impact. Leadership Quarterly, 2(4), 293-316.
• Bennis, W., & Nanus, B. (1985). Leaders: Strategies for Taking Charge. Harper & Row.