Critically understand the different elements of the financial statements.
Knowing how to record business transactions on the General Journal
Knowing how to prepare a trial balance
Exercise 1:
Calculate the missing retained earnings (X) and inventory (Y) accounts in the following cases: (20 points) Balance Sheet A:
Assets Liabilities
Cash 28000 Accounts payable 65000
Accounts receivable 65000 Notes payable
128000
Land 50000 Salaries payable 23000
Building 300000 Taxes payable 49000
Office Equipement 24000
Vehicles 32000 Stockholders equity
Inventory
125000
Capital stock
Retained earnings 200000
(X)
Balance Sheet B:
Assets Liabilities
Cash 30500 Accounts payable 43000
Accounts receivable 12700 Notes payable
23000
Land 50000 Salaries payable 12000
Building 260000 Taxes payable 75000
Office Equipement 2300
Vehicles 24000 Stockholders equity
Inventory
(Y)
Capital stock 150000
Retained earnings 207000
Exercise 2:
A. Prepare the Balance Sheet based on the information supplied below: (30 points)
Inventory 15000
Loans 40000
Bank Accounts 6000
Accounts payable 12000
Land 60000
Owners’ Capital 35000
Cash 500
Equipments 7000
Retained earnings 55000
Salaries payable 7000
Building 65000
Accounts receivable 22000
Accumulated depreciation 4500
Line of credit 20000
Bonds payable 8000
Vehicles 6000
B. Compute the Accounting Metrics and comment the results. (20 points)
Exercise 3:
Brandon has recently decided to open his new business of retail of toys in a store located in the center of Barcelona. During the month of April 2021, Brandon’s new company BONCO, Ltd. realized the following transactions:
2nd of April: BONCO, Ltd issued to Brandon 100,000 shares in exchange of $350,000 of share capital.
3rd of April: BONCO, Ltd purchased a shop for $250,000. The price of the land is $100,000 and the building $150,000. BONCO, Ltd has signed a mortgage with a bank.
4th of April: BONCO, Ltd purchased furniture to FURNISH YOUR SHOP, Inc. for $35,000.
5th of April: BONCO, Ltd purchased merchandises on account to BIGUP, Inc for $28,000.
6th of April: BONCO, Ltd makes some installations in the shop for $7,500 paid in cash.
7th of April: BONCO, Ltd hires two employees with a salary $1,500/ month each. Salaries are paid on the last day of the month.
8th of April: BONCO, Ltd purchases little gifts to be offered to clients during the first week of activity for $1,500, paid in cash.
16th of April, BONCO, Ltd purchases merchandises to ONSTYLE, Ltd on account for $41,000.
22nd of April, BONCO, Ltd receives an electricity bill for $900 payable in May.
29th of April: BONCO, Ltd pays the accounts payable to FURNISH YOUR SHOP, Inc.
30th of April: BONCO, Ltd records the sales of the month of April that amount to $126,000. All sales have been paid in cash.
Record the transactions of the company on the General Journal using the Double-Entry method (30 points)
Rubrics
Overall Grade Descriptor
90-100 The student demonstrates an excellent understanding of the concepts.
80-89 The student demonstrates a good understanding of the concepts.
70-79 The student demonstrates a fair understanding of the concepts.
60-69 The student demonstrates some, but insufficient understanding of the concepts.
30-59 The student demonstrates insufficient understanding of the concepts. They may mention some relevant ideas or concepts, although the relationship between them is not understood by the student.
1-29 The student demonstrates insufficient understanding of the concepts and does not mention any relevant ideas or concepts.
0 The student leaves the questions blank or cheats.
Points are stated at the end of each question.
Dante Alighieri played a critical role in the literature world through his poem Divine Comedy that was written in the 14th century. The poem contains Inferno, Purgatorio, and Paradiso. The Inferno is a description of the nine circles of torment that are found on the earth. It depicts the realms of the people that have gone against the spiritual values and who, instead, have chosen bestial appetite, violence, or fraud and malice. The nine circles of hell are limbo, lust, gluttony, greed and wrath. Others are heresy, violence, fraud, and treachery. The purpose of this paper is to examine the Dante’s Inferno in the perspective of its portrayal of God’s image and the justification of hell.
In this epic poem, God is portrayed as a super being guilty of multiple weaknesses including being egotistic, unjust, and hypocritical. Dante, in this poem, depicts God as being more human than divine by challenging God’s omnipotence. Additionally, the manner in which Dante describes Hell is in full contradiction to the morals of God as written in the Bible. When god arranges Hell to flatter Himself, He commits egotism, a sin that is common among human beings (Cheney, 2016). The weakness is depicted in Limbo and on the Gate of Hell where, for instance, God sends those who do not worship Him to Hell. This implies that failure to worship Him is a sin.
God is also depicted as lacking justice in His actions thus removing the godly image. The injustice is portrayed by the manner in which the sodomites and opportunists are treated. The opportunists are subjected to banner chasing in their lives after death followed by being stung by insects and maggots. They are known to having done neither good nor bad during their lifetimes and, therefore, justice could have demanded that they be granted a neutral punishment having lived a neutral life. The sodomites are also punished unfairly by God when Brunetto Lattini is condemned to hell despite being a good leader (Babor, T. F., McGovern, T., & Robaina, K. (2017). While he commited sodomy, God chooses to ignore all the other good deeds that Brunetto did.
Finally, God is also portrayed as being hypocritical in His actions, a sin that further diminishes His godliness and makes Him more human. A case in point is when God condemns the sin of egotism and goes ahead to commit it repeatedly. Proverbs 29:23 states that “arrogance will bring your downfall, but if you are humble, you will be respected.” When Slattery condemns Dante’s human state as being weak, doubtful, and limited, he is proving God’s hypocrisy because He is also human (Verdicchio, 2015). The actions of God in Hell as portrayed by Dante are inconsistent with the Biblical literature. Both Dante and God are prone to making mistakes, something common among human beings thus making God more human.
To wrap it up, Dante portrays God is more human since He commits the same sins that humans commit: egotism, hypocrisy, and injustice. Hell is justified as being a destination for victims of the mistakes committed by God. The Hell is presented as being a totally different place as compared to what is written about it in the Bible. As a result, reading through the text gives an image of God who is prone to the very mistakes common to humans thus ripping Him off His lofty status of divine and, instead, making Him a mere human. Whether or not Dante did it intentionally is subject to debate but one thing is clear in the poem: the misconstrued notion of God is revealed to future generations.
References
Babor, T. F., McGovern, T., & Robaina, K. (2017). Dante’s inferno: Seven deadly sins in scientific publishing and how to avoid them. Addiction Science: A Guide for the Perplexed, 267.
Cheney, L. D. G. (2016). Illustrations for Dante’s Inferno: A Comparative Study of Sandro Botticelli, Giovanni Stradano, and Federico Zuccaro. Cultural and Religious Studies, 4(8), 487.
Verdicchio, M. (2015). Irony and Desire in Dante’s” Inferno” 27. Italica, 285-297.
