Playoffs Inc. sells inventory and provides services (basketball lessons). The following balance sheet is for Playoffs Inc. for the fiscal year 2019 ending December 31, 2019:
Playoffs Inc.
Balance Sheet
As of December 31, 2019
Cash $200 Accounts Payable $85
Accounts Receivable 100 Interest Payable 15
Inventory 300 Bonds Payable 300
Total Current Assets $600 Total Liabilities $400
PP&E, Gross $600 Common Stock $400
Accumulated Depreciation (200) Retained Earnings 200
PP&E, Net $400 Total Stockholders’ Equity $600
Total Assets $1,000 Total Liabilities & S/H Equity $1,000
The following transactions occurred in 2020:
1. On 1/1/20, Playoffs Inc. issued stock for $250.
2. On 1/1/20, Playoffs Inc. paid $10 to cover office rent for the period 1/1/20-12/31/20.
3. On 2/15/20, Playoffs Inc. purchased $600 of inventory (60% of the purchase was paid in cash).
4. On 7/1/20, Playoffs Inc. sold inventory for $500 (the cost of the inventory sold is $250); all the sales were on credit.
5. On 8/1/20, the Bucks signed up for lessons from Playoffs Inc.; the monthly fee for lessons is $400. Playoffs Inc. received $2,400 in cash (in advance from the Bucks) for these lessons.
6. On 8/1/20, Playoffs Inc. paid $36 of interest on the bonds and bought back $100 of the bonds (Bonds Payable listed in the Balance Sheet) with no resulting gain or loss on this repurchase.
7. On 12/31/20, the following transactions should be recorded before preparing the annual financial statements:
A. Annual interest rate on the bonds is 12% (make sure the annual interest expense matches the bonds outstanding during the year, otherwise make an adjustment).
B. The manager of Playoffs Inc. did not receive his annual salary of $80.
C. $100 of depreciation on PP&E needs to be recorded.
D. Playoffs Inc. provided lessons to the Lakers during November 2020. A bill for $500 was sent but the payment has not been received yet.
E. Playoffs Inc. declared $50 cash dividends on 12/31/20 to be paid in cash on 1/10/21.
F. Playoffs Inc. used the office space during the year (related to transaction 2.).
G. Playoffs Inc. provided 5 months of services (lessons) to the Bucks before the year-end (related to transaction 5.).
REQUIRED:
1. Record Playoffs Inc.’s journal entries (for transactions 1 through 7G.)
2. Post Playoffs Inc.’s beginning balances and journal entries for 2020 to T-accounts
3. Prepare Playoffs Inc.’s Income Statement for the year ended December 31, 2020
4. Prepare Playoffs Inc.’s Balance Sheet as of December 31, 2020.
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.
Sample Answer
Sample Answer
The Financial Journey of Playoffs Inc. in 2020
Introduction
Playoffs Inc. is a company that sells inventory and provides basketball lessons. This essay will explore the financial journey of Playoffs Inc. in the year 2020. We will record journal entries, post beginning balances and journal entries to T-accounts, prepare an income statement for the year, and finally prepare a balance sheet as of December 31, 2020.
Recording Journal Entries
On 1/1/20, Playoffs Inc. issued stock for $250.
Common Stock: $250
Cash: $250
On 1/1/20, Playoffs Inc. paid $10 to cover office rent for the period 1/1/20-12/31/20.
Rent Expense: $10
Cash: $10
On 2/15/20, Playoffs Inc. purchased $600 of inventory (60% of the purchase was paid in cash).
Inventory: $600
Accounts Payable: $240
Cash: $360
On 7/1/20, Playoffs Inc. sold inventory for $500 (the cost of the inventory sold is $250); all the sales were on credit.
Accounts Receivable: $500
Sales Revenue: $500
Cost of Goods Sold: $250
Inventory: $250
On 8/1/20, the Bucks signed up for lessons from Playoffs Inc.; the monthly fee for lessons is $400. Playoffs Inc. received $2,400 in cash (in advance from the Bucks) for these lessons.
Cash: $2,400
Unearned Revenue: $2,400
On 8/1/20, Playoffs Inc. paid $36 of interest on the bonds and bought back $100 of the bonds (Bonds Payable listed in the Balance Sheet) with no resulting gain or loss on this repurchase.
Interest Expense: $36
Bonds Payable: $100
Cash: $64
On 12/31/20, the following transactions should be recorded before preparing the annual financial statements: A. Annual interest rate on the bonds is 12% (make sure the annual interest expense matches the bonds outstanding during the year, otherwise make an adjustment).
Interest Expense: $24
Interest Payable: $24
B. The manager of Playoffs Inc. did not receive his annual salary of $80.
Salary Expense: $80
Salary Payable: $80
C. $100 of depreciation on PP&E needs to be recorded.
Depreciation Expense: $100
Accumulated Depreciation: $100
D. Playoffs Inc. provided lessons to the Lakers during November 2020. A bill for $500 was sent but the payment has not been received yet.
Accounts Receivable: $500
Sales Revenue: $500
E. Playoffs Inc. declared $50 cash dividends on 12/31/20 to be paid in cash on 1/10/21.
Dividends Payable: $50
Retained Earnings: $50
F. Playoffs Inc. used the office space during the year (related to transaction 2.).
Rent Expense: $10
Prepaid Rent: $10
G. Playoffs Inc. provided 5 months of services (lessons) to the Bucks before the year-end (related to transaction 5.).
Unearned Revenue: $2,000
Service Revenue: $2,000
Posting to T-Accounts
We will now post Playoffs Inc.’s beginning balances and journal entries for 2020 to T-accounts.
Account Name Debit Credit
Cash $200
Accounts Receivable $100
Inventory $300
Accounts Payable $85
Interest Payable $15
Bonds Payable $300
Common Stock $400
Retained Earnings $200
PP&E ($200)
Accumulated Depreciation ($200)
Income Statement for the Year Ended December 31, 2020
Now let’s prepare Playoffs Inc.’s income statement for the year ended December 31, 2020.
Amount
Sales Revenue $500
Service Revenue ($2,000)
Cost of Goods Sold ($250)
Gross Profit ($1,750)
Rent Expense ($10)
Depreciation Expense ($100)
Salary Expense ($80)
Interest Expense ($60)
Net Income ($2,000)
Balance Sheet as of December 31, 2020
Lastly, let’s prepare Playoffs Inc.’s balance sheet as of December 31, 2020.
Assets Amount Liabilities and Stockholders’ Equity Amount
Cash ($38) Accounts Payable $85
Accounts Receivable ($400) Interest Payable $39
Inventory ($250) Bonds Payable $200
PP&E, Net ($300)
Common Stock $650
Retained Earnings ($2,000)
Total Assets ($988) Total Liabilities & S/H Equity ($988)
Conclusion
In conclusion, Playoffs Inc. experienced various financial transactions in the year 2020. By recording journal entries and preparing financial statements such as an income statement and balance sheet, we were able to analyze their financial journey throughout the year. It is important for companies to accurately track their transactions and maintain proper financial records to assess their performance and make informed decisions for future growth.
