...Ribbons and Bows INTRODUCTION Carmen Diaz, with a ten thousand dollar loan from two of her cousins, and one thousand dollars that she invested in equity, was able to open a specialty store called Ribbons an’ Bows, Inc, which was located in Coconut Grove, Miami, Florida. Four months after opening the business, Carmen’s relatives requested a financial report, which was part of the original business arrangement. Within a short time, Carmen had expanded the business, purchased small equipment, paid wages to a part-time employee, and by all outward indicators, had been running a flourishing business. As Carmen gathered the necessary information to prepare financial statements, she started to scrutinize the transactions and was somewhat perplexed. Carmen realized that numbers were not adding up as she had anticipated. Additionally, it became questionable whether the business was operating successfully, at least when accounting principles were appropriately applied. Statement of the Problem It was fortuitous for Carmen Diaz to have family who were supportive of her small business endeavor, thereby providing start-up funds and legal advice. Carmen’s endeavor can be recognized as a “microbusiness” operation; “microcredit”, microenterprise” and “microfinance” are terms that have been associated with microbusinesses (Datar, 2009). Clearly, Carmen would have benefitted from some professional entrepreneurial guidance that is widely available at no cost in the United States...
Words: 299 - Pages: 2
...FINACC Report Case 1-1 RIBBONS AN’ BOWS, INC. Guide Questions 1. How would you report on the three-month operations of Ribbons an’ Bows, Inc, through June 30? Was the company profitable? (Ignore Income Taxes) Why did its cash in the bank decline during the three-month operating period? 2. How would you report the financial condition of the business as of June 30, 2010? 3. Do you believe Carmen’s first three months of operation could be characterized as “successful”? Explain your answer. Answers to guide questions 1. Ribbons and Bows performance from April to June 2010 shows a net income (before tax) of $1,480. As a start up company, it was able to sustain its operations and produce its key business elements. The company’s profit during this period may not be as impressive as those from established businesses but “fairly satisfactory”. |Cash | |Dr |Cr | |3/31 4,000 |5/1 1,800) (Sewing Machine) | |5/30 7,400 |5/30 1,510 (Salaries expense) | | |5/30 1,800 (Rent expense) | | |5/30 2,900 (Merchandise) | |11,400...
Words: 700 - Pages: 3
...Case 1-1 Ribbons and Bows Questions: 1a. How would you report on the three-month operations of Ribbons an’ Bows, Inc., through June 30? Ribbons an’ Bows remains in the black at the end of the three month period given to us in the case. However, several items need to be considered to have a good understanding of the state of the company from a profitability standpoint: all monies going out (debited), and all monies already in (credited). 1b. Was the company profitable? On paper, the company looks profitable with the money it has available in the bank keeping it in the black. Looking only at the differences in the credits and debits over the three month period, we could justifiably say “no, the company was not profitable.” A total of $8,010.00 went out to cover expenses (wages, inventory, etc.), with only $7,400.00 cash coming in, and $320 receivable. The difference coming to the $3,390 ending balance, and explaining that the expenses exceeded the revenues. 1c. Why did its cash in the bank decline during the three-month period? Looking above at 1b, we see that Ribbons an’ Bows had expenses that exceeded their revenues. Where the company to have no other working cash in the company bank account, Ribbons an’ Bows’ financial sheets would show their accounts in the red. However, Carmen had extra working capital in the amount of $4,000, from which the excess expenses of $610 was drawn. Expenses exceeded revenues, leaving the working capital as the only...
Words: 652 - Pages: 3
...Case: Ribbons an’ Bows, Inc. In January 2006, Carmen Diaz, a recent arrival from Cuba, decided to open a small ribbon shop in Coconut Grove section of Miami, Florida. During the month, she put together a simple business plan, which she took to several relatives whom she believed would be interested in helping her finance the new venture. Two of her cousins agreed to loan the business a total of $10,000 for one year at a 6 per cent interest rate. For her part Carmen agreed to invest $1,000 in the equity of the business. On March 1, 2006, with the help of an uncle who practiced law, Carmen formally incorporated her business, which she named “Ribbons an’ Bows.” Normally, the uncle would have charged a fee of $600 for handling the legal aspects of a simple incorporations, but since Carmen was family, he waived the fee. As soon as the new business was incorporated, Carmen opened a bank account and deposited the cousins’ $10,000 loan and her $1,000 equity contribution. The same day, she signed an agreement to rent store space for $600 per month, paid on the last day of the month. The agreement was for an 18-month period beginning April 1. The agreement called for a prepayment of the last two months’ rent, which Carmen paid out of company bank account at the signing. Over the next few weeks, Carmen was actively engaged in getting ready to open the store for business on April 1. Fortunately for Carmen, the previous tenant had left counters and display furniture that Carmen...
Words: 1084 - Pages: 5
..................................3 Facts...........................................................................................................................................3 Analysis......................................................................................................................................5 Conclusions/solutions/recommendations...................................................................................8 Issues: 1. a. How would you report on the three-month operations of Ribbons an' Bows, Inc., through June 30? b. Was the company profitable? (Ignore income taxes.) c. Why did its cash in the bank decline during the three-month operating period? 2. How should you report the financial condition of the business on June 30, 2010? 3. Do you believe Carmen's first three months of operation could be characterized as "successful"? Explain your answer. Facts 1. Carmen Diaz decided to open a small ribbon shop. Two of her cousins agreed to loan the business $10,000 for one year at a 6 percent interest rate. 2. On March 1, 2010, Carmen's uncle help him formally incorporated her business and waive her legal fee. 3. On March, 2010, Carmen deposited the cousins' $10,000 loan and her $1000 equity distribution. She also signed an agreement to rent store space for $600 per month, paid on the last day of the month. The agreement was for an 18-month period beginning April 1. The agreement called for a prepayment of...
Words: 1209 - Pages: 5
...most of your friends are turning eighteen. Why not give them a homemade corsage? To make them feel even more special. How? Listen for the next few minutes and you will learn how to make this 10-step DIY or do it yourself wrist corsage. For the corsage, you’re going to need some simple basic DIY ingredients like stapler, glue gun with the glue stick, and fabric ribbon for about 12” by 1.5” for your bow. You’ll also need a beaded bracelet or any decorative bracelet where you can attach your final corsage. Finally, you need to add some decorative flowers and leaves. I think the cutest flowers for a corsage are mini-roses, paperwhites, cherry flowers or any artificial flowers of your own choice. Now that we have our materials before us, we’re going to start by gluing the fabric ribbon together at the ends to have a loop and staple it at the center to make a two-point bow. Do this with the other ribbon in a like manner. Attach the bow at the top of the other in an opposite direction to make a four-point bow. The next step we’re going to do is to take at least three pieces of any artificial leaves and glue them above the bow in a triangular distribution. Now, it’s time to begin adding in with your flowers. Since the roses take up the most space, I’ll add those first by stripping off the leaves and glue them at the top. (Whenever I gave flowers to my grandma, I always give her white roses because white roses are often used as an expression of remembrance.)After the roses are...
Words: 483 - Pages: 2
...Issues 1. a. How would you report on the three-month operations of Ribbons an’ Bows, Inc., through June 30? b. Was the company profitable? (Ignore income taxes.) c. Why did its cash in the bank decline during the three- month operating period? 2. How would you report the financial condition of the business on June 30, 2006? 3. Do you believe Carmen’s first three months of operation could be characterized as “successful”? Explain your answer. 1. a. By the end of June 30, 2013, the sales for the 3 months is the cash sales ($7,400) and credit sales ($320). The net sale is $7,720. The net sale form Cash sales Credit sales Net sale $7,400 $320 $7,720 The salary for the part-time employee is ($1,510) plus ($90) that is owed to the employee. So the total salary is $1,600. The part-time employee’s salary form Cash paid Owed total $1,510 $90 $1,600 The rent for three-month period is $1,800 ($600 per month for three months). The rent for space form Rent for each month Mouth total $600 3 $1,800 The cost for the inventory is $3,300 at the store opening date. She pays another $2,900 for replenishing the inventory on June 30, 2006. However, she estimates that there may be inventory on hand of $4,100. The cost of inventory form Beginning inventory replenishment total $3,300 $2,900 $6,200 Inventory on hand $4,100 Final cost of inventory $2,100 At the beginning, the cost of supplies is $100. However, there is also $20 on hand. The total cost for supplies is...
Words: 1156 - Pages: 5
... 2. One paper file of 16” inch by 10”inch 3. A string of ribbon 4. A paper punch Preparation: Before starting the activity we will keep ready the paper file decorated as needed. Also ensure that there are two holes in the file. Presentation: 1. . Making holes on the paper: 1. Pick up the paper punch and grasp the middle of it with right hand. 2. Grasp a piece of coloured paper with the left hand. 3. Position the punch so that the paper is between the gap of the head of the punch at the point marked on the top for making the hole. 4. Squeeze the punch to make hole and say “Squeeze.” 5. Release the grasp and say “Release.” 6. Remove the punch from the paper and indicate the hole made to the child. 7. Continue the above procedure to make hole on the bottom portion also. 8. Repeat the above procedure for the remaining colored papers. Stringing the ribbon: 1. Pick up the paper file and show the holes on the back and front flaps of it. 2. Open the file and hold it with the left hand. 3. Pick up one end of the ribbon with right hand and push it through the top hole of the back flap of the file from below. 4. Pull the ribbon out of the hole till half length. 5. Release the right hand. 6. Pick the other end of the ribbon with right hand push it through the bottom hole of the back flap of the file from below. 7. Pull that end of the ribbon out of the bottom hole till half length. 8. Release both hands...
Words: 603 - Pages: 3
...Event When Worn | USA | USMC | USN | USAF | USCG | CivilianMen | CivilianLadies | Official formal andevening functions, state occasions, private and formal dinners or at occasions that are less formal requiring more formality than Service Uniforms * | Blue or White Mess Evening Dress w/bow tie orBlue Army Service w/ bow tie | Evening Dress“A”/”B” or Blue Dress “A”/”B” Year-roundorBlue-White “A”/”B”Summer(“A” w/ medals“B” w/ ribbons) | Formal Dress(white tie) orDinnerDressBlue/White Jacketor Dinner Dress Blue/ White | Mess DressorService Dress | Formal Dress Blue White Tie (not pictured)orDinner Dress Blue/ White JacketBlack Tie | Formal Tuxedo, Bow Tie is StandardFormal or Semi-Formal Tuxedo or Dark Dinner Jacket ** | Formal Cocktail or Evening GownFormal or Semi-Formal Long or short evening dress or evening trousers with a dressy top ** | Parades, ceremonies, reviews, when special honors are being paid, official visits of US orforeign dignitaries * | Blue ArmyService Class “A” (1) Service Dress – Tropical (Class “B” w/ribbons) | Blue Dress orBlue-White“A”/“B” (“A” w/ medals“B” w/ ribbons)(Service “A” may be worn if command directed) | Full Dress Blue/White (ceremonial) or Service Dress Blue/White | Service Dress | Full Dress Blue/Whiteor Dinner Dress Blue/WhiteorService DressBlue/White | Informal, Smart or Business CasualBusinessSuit or SportCoat and tie ** | Informal, Smart or Business Casual Evening orCocktail attire, Sunday Dress or Business suit or Pant suit...
Words: 485 - Pages: 2
...hoCase study Bleu riBBon CHoColates: How Can small Businesses aDaPt to a CHanGinG environment? Dawn r. Deeter-schmelz, rosemary P. ramsey, and Jule B. Gassenheimer Bleu Ribbon Chocolates is a small regional manufacturer of high-quality chocolate that sells its products via trade accounts, corporate-owned stores, and online/mail. Historically, the company has not engaged in strategic planning, as demand was greater than manufacturing capabilities. The trend toward healthier foods and the poor economy, however, has hurt sales. The owners must determine their new strategic direction. Should they change the product line, in-source manufacturing, reduce the number of companyowned stores, increase sales to retail outlets, lay off workers, or hope the health craze ends soon and the economy turns around? Bleu Ribbon Chocolates, a small manufacturer well-known in the Midwest for producing and retailing high-quality chocolates, was at a crossroads. Historically, Bleu Ribbon Chocolates has not engaged in strategic planning. Management saw no need; everything had been going fine. In the past, demand always had been greater than what the company could produce, and geographic expansion was not a goal. Unfortunately, by 2010, the external environment had changed significantly, and the current owners of Bleu Ribbon Chocolates found they needed to determine a new strategic direction. Today, more consumers prefer healthy food products. In fact, organic products comprise 8 percent of the confectionary...
Words: 3825 - Pages: 16
...imitate and use McDonald’s as the prime example. Finally, McDonald’s famous theme “I’m lovin’ it” is directed at how much consumers love their products. In this advertisement the creator used the “I’m gainin’ it” to tie the theme of gaining weight to McDonald’s fast food. There is nothing to love about gaining weight if you ask anyone. Again, this is directly picking on America’s infamous fast food restaurant. This quote is very direct and easy to interpret, and it just ties it all together neatly like a ribbon bow on a present. Overall this advertisement is effective in a sense that it got their point across associating weight gain with McDonalds, America’s number one fast food restaurant. However, a few of the details such as the red box with the word “Weight” inside is halfway effective with the weight association. The giant “W” is a clear and effective way to point the finger at McDonalds and connecting them with the weight-gaining epidemic. The message at the bottom is the ribbon bow that ties the whole advertisement together. America’s number one go to for a quick and cheap meal is the target for this weight gain message. Despite of the unhealthy lifestyle Americans live, they will always seek a way to squeeze out a few hours here and there. One of the goals that people want is to uphold an ideal image, but still want inexpensiveness and quickness. ...
Words: 828 - Pages: 4
...CHAPTER 1: ARTICLES ABOUT WEDDING CUSTOM IN WESTERN 1. Western Wedding - Wedding in Western Countries By Uttoran Sen Wedding is a celebration in which couples begin their married life. Concept and customs of marriage varies between countries, religions, casts, cultures. Marriage also depends on economic condition of bride and grooms family. But both Eastern and western marriages has its own importance. Nuptial is the common adjective of "wedding" used in zoology. Wedding rings or wedding vows symbolizes the Western wedding, where as wedding chain symbolizes the Eastern wedding. There are many differences between Eastern and western wedding for example differences in wedding reception, wedding halls, wedding party and many other things. Wedding reception is very common in western wedding ceremonies. Sometimes receptions are arranged after wedding, some times before. Commonly receptions arrange in evening times. Dinner in reception is quite different from other dinners. Western wedding include dance, music, orchestras, poetry, prayer. Some traditions of Western wedding represents the bride's and her father's relationship and her relationship with new family. Some traditions symbolize the relationship between husband and wife. Modern couples are not giving importance to these traditions. Day by day these customs are vanishing. Wedding rings plays very big role in every western marriage. Wedding rings are the sign of expressing one’s love and affection to his...
Words: 6896 - Pages: 28
...breezy, summer day, and I could hear the chirping of baby birds in their nest. Upon my face shined the bright sun through my bedroom window. This day represented my birth right of turning fourteen years old, and I needed to figure out what to wear on this special occasion. As I walked toward my closet door, there was a breeze of warm spring sunflowers gathering in each corner of my bedroom. As I inhaled this delightful smell, I thought of my favorite sunflower dress to wear. The length went below my knees and it had two straps on each shoulder. The base color of my dress was pure white cotton material with medium sunflowers patterns around the bottom. I chose my flat flip-flop scandals and brushed my hair into a ponytail with a white ribbon tied in a bow. At that moment in my life, I felt like a beautiful young lady. As I stood in front of the mirror admiring myself, a loud knock rattle from the other side of my bedroom door. I opened the door, and there stood my sisters and brothers with the excitement of “Happy Birthday” roaring off their tongues. My eyes began to fill with tears just knowing that my family was as excited as I was about my special day. We all decided to run...
Words: 363 - Pages: 2
... This advertisement shows a gifting and holiday mood to its target market. This observation is evident with the use of particular elements in the photo such as the ribbons, the iPhone, and the overall design of the poster. The title “Rogers Wireless Happier Holidays are Just around the Corner”, portrays that the holiday season is fast approaching. Second, the creator of this advertisement used axial balance, whereby the visual elements of this advertisement have been separated by an imaginary horizontal line. The bow is placed horizontally at the center of the picture, then the title and caption of the ad are on the upper half. Meanwhile, the price and a picture of the iPhone can be seen at the lower half. There is also a larger picture of an iPhone which stands at the left side of the poster, the said iPhone is has a red ribbon wrapped around it which signifies that it is a present awaiting everyone (Berger, 1995). There is a relationship between the pictorial elements and the written material. The word “iPhone” is depicted by the iPhone picture at the bottom of the advertisement, and the larger iPhone picture on the left of the advertisement. The words “happier holidays” are represented by the large, red bow that runs in the middle of the poster. The red bow implies that the advertisement is a gift to the customers on the holiday season. The “499” means that the item is for preorder. It also indicates the price of the iPhone. Finally, “iPhone...
Words: 4245 - Pages: 17
...breezy, summer day, and I could hear the chirping of baby birds in their nest. Upon my face shined the bright sun through my bedroom window. This day represented my birth right of turning fourteen years old, and I needed to figure out what to wear on this special occasion. As I walked toward my closet door, there was a breeze of warm spring sunflowers gathering in each corner of my bedroom. As I inhaled this delightful smell, I thought of my favorite sunflower dress to wear. The length went below my knees and it had two straps on each shoulder. The base color of my dress was pure white cotton material with medium sunflowers patterns around the bottom. I chose my flat flip-flop scandals and brushed my hair into a ponytail with a white ribbon tied in a bow. At that moment in my life, I felt like a beautiful young lady. As I stood in front of the mirror admiring myself, a loud knock rattle from the other side of my bedroom door. I opened the door, and there stood my sisters and brothers with the excitement of “Happy Birthday” roaring off their tongues. My eyes began to fill with tears just knowing that my family was as excited as I was about my special day. We all decided to run...
Words: 363 - Pages: 2
