Big Tommy Corporation is a local grocery store organized seven years ago as a corporation. The bookkeeper prepared the following statement (assume that all amounts are correct, but note the Incorrect terminology and format) BIG TOMMY CORPORATION

Profit and Loss

December 31

Debit Credit
Sales $275,000
Cost of Goods Sold $207,000
Sales Returns and Allowances 3,700
Sales Discounts 4,200
Salaries and Wages Expense 40,000
Office Expense 2,500
Travel Expenses 1,000
Income Tax Expense 4,980
Net Profit $275,000 $275,000
Required:

1. Prepare a properly formatted multistep income statement that would be used for internal reporting purposes. Treat Sales Returns and Allowances and Sales Discounts as contra-revenue accounts.

2. Prepare a properly formatted multistep income statement that would be used for external reporting purposes, beginning with the amount for Net Sales.

Peninsula products has just applied for a loan at your bank. when reviewing peninsula's books for the year that just ended, you notice that the firm uses the fair value option for its bonds payable. you also see that the firm recorded a $55,000 debit in its bonds payable account and a $55,000 credit in its unrealized holding gain or loss"income account. over that same period, interest rates decreased by about 0.5 percent. how should this information affect the bank's decision as to whether to grant peninsula a loan? a : the bank should strongly consider giving a loan to peninsula because the changes in firm's bonds payable and unrealized holding gain or loss"income accounts suggest that peninsula has seen an increase in its credit rating over the past year. b : the bank should put little emphasis on the changes in peninsula's bonds payable and unrealized holding gain or loss"income accounts because these changes are likely the result of the rise in interest rates. c : the bank should hesitate before giving a loan to peninsula because the changes in firm's bonds payable and unrealized holding gain or loss"income accounts suggest that peninsula has seen a decline in its credit rating over the past year. d : the bank should put little emphasis on the changes in peninsula's bonds payable and unrealized holding gain or loss"income accounts because these changes are likely unrelated to either interest rates or the firm's credit rating.

John is a 45-year-old manager who enjoys playing basketball in his spare time with his teenage sons and their friends. at work he finds that he is better able to solve problems that come up because of his many years of experience, but while on the court, he finds he is not as good keeping track of the ball while worrying about the other players. john's experience is:

Why is job security of such importance to workers?