...Penny Pincher Co defined benefit pension plan: Calculate funded status, obligation Penny Pincher Company has a defined benefit pension plan for its employees. The following pension data are available at year end (in millions): Accumulated benefit obligation $142 Projected benefit obligation 205 Fair value of plan assets 175 There is no balance in prepaid/accrued pension costs. Required: a. Calculate the funded status of the plan (see definition under ASC (was old SFAS 158 for funded status). Is the plan overfunded or underfunded? b. If the projected benefit obligation provides the appropriate measure of the company’s obligation for pension benefits and the assets in the fund are viewed as satisfying all or part of that obligation, what is Penny Pincher’s liability, if any, for the pension plan at year-end? Briefly explain, citing the conceptual framework’s definition of liabilities in your explanation. c. What amount will Penny Pincher have to report in its balance sheet? Is it an asset or liability? ANSWER a. Calculate the funded status of the plan (see definition under ASC (was old SFAS 158 for funded status). Is the plan overfunded or underfunded? The overfunded or underfunded status is measures as the difference between the projected benefit obligation and the fair value of the assets at the period end date. The accumulated benefit obligation does not include the...
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...you ever thought about the kids who benefit from penny drives? If you have then you know how important pennies are. One reason that the penny should stay in use is that the help charities. Also, they keep prices low. But, a lot of people think they’re useless. These reasons prove that the U.S. should keep the penny. One reason that the penny should stay in use in the because they keep prices low. One example is the supporters of the penny point out that if the U.S. stops using the penny cash transactions will have to be rounded up to the nearest nickel. This would make people pay more than what they would have if we have the penny. Also, prices show that if cash sales get rounded up to the nearest nickel, that would cost consumers more than $600,000 a year. According to the “Federal Reserve Bank,” low-income Americans are more likely to pay with cash. They would be hit hard if prices were rounded up to the nearest nickel. This reason is why pennies keep prices low. But, there are other reasons that the U.S. should keep the penny....
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...National feud: Should America keep the penny? Many people pick up pennies on the sidewalk, do you pick them up, or are they worthless? I argue that we should keep the penny! The cost of producing the penny, charities, and America’s history, for these reasons, we should keep the penny! If America gets rid of the penny, we would have to make more nickels. Although the penny is more expensive to make, than it is worth, the nickel is even more expensive. The penny costs 1.8 cents to make,while the nickel costs 9.4 cents to make. So, if we do get rid of the penny, stores would have to round to the nearest 5 cents. Most likely, stores would round up, which would create more nickels in circulation, and less money in your wallet! Secondly, the...
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...that signifies ownership in a corporation and represents a claim on part of the corporation’s assets and earnings. There are two main types of stock: common and preferred. Common stock usually entitles the owner to vote at shareholders' meetings and to receive dividends. Preferred stock generally does not have voting rights, but has a higher claim on assets and earnings than the common shares. Owning a stock means that a stockholder (person that owns the stock) has a claim to a part of the corporation’s assets and earnings. We could say that shareholders are owners of a corporation. Ownership is determined by the number of shares a person owns relative to the number of outstanding shares. The higher number of stocks a person owns, the more benefit he/she will get. People that purchase stocks would have the following advantages and disadvantages: Advantages: -They would be able to gain a large amount of money -The potential loss from stock purchases with cash is limited to the amount of the initial investment. -Stocks offer limited legal liability -Most stocks are very liquid (they can be bought and sold quickly at a fair price) -Investment diversification (purchasing stocks from more than one company could reduce the risk of losing money) Disadvantages: -Since common stock represents ownership of a business, stockholders are the last to get paid, like all other owners. A company must pay its employees, suppliers, creditors, maintain its facilities and pay its taxes. Any money...
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...J.C. Penny (a U.S. retailer) provided Synergy (a Hong Kong corporation with offices in the United States) with specifications for pants that J.C. Penny wished to buy. Synergy arranged to have the China National Textiles Import and Export corporation (Chinatex) manufacture a sample production pant. After seeing the sample, J.C. Penny ordered pants from Synergy at a price of $123.48 per dozen. Synergy contracted with Chinatex to fill the J.C. Penny order and then attempted to enter the merchandise into the United States at $58.00 per dozen, the price Synergy had paid to Chinatex in their arm's length contract. Customs rejected this attempted entry and valued the pants at $123.48 per dozen. (A) In general, what is transaction value and why is it important? Transaction value is essentially the price actually paid or payable for goods imported into a country plus any additional elements which include; a. Packing costs incurred by the buyer b. Selling commissions paid by the buyer c. Value of any assists d. Royalty or license fees the buyer is required to pay as a condition of sale e. Any proceeds of subsequent resale, disposal, or use of goods that accrues to the seller Minus any charges incurred because of the following categories – a. Freight Fees b. Insurance Charges c. Construction and assembly expenses incurred after importation d. Customs duties and federal taxes e. Buying commissions f. Any bona fide finance charges The additional costs are added to the price paid or payable...
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...J.C. Penny started off selling work clothes and shoes to mining families in Wyoming. The basis of the how the company conducts business was actually its initial name as James Cash Penney, named the company the Golden Rule, showing that they want to provide the customer a buying experience that a J.C Penney employee would want to receive as a consumer.?? (JCP.net) J.C. Penny grew from a small town store to multiple stores in the region by providing consistently high quality apparel that the whole family could depend on which attracted loyal customers. After expanding their stores throughout its existence, corporate headquarters has moved to Utah, to New York City, closer to the suppliers and consumers to decrease costs, then the latest moved to Texas because of the current lower cost of business compared to NYC. As Ron Johnson talks about a trouble company in JCPenny’s, he seems to be the most excited and in his element, seeing the opportunity for JCP to flourish (possibly add to this). He compares JCP to Apple when first joining the company, with the same market share, but with JCP having higher market cap, revenue, profit, and six times more customers, showing JCP is not as bad as what Apple was. Johnson started off in clothing retail, because he wanted to have a job he loved to do and that has shown to provide very positive results looking at the success of the last two companies he has left, with the businesses running very successfully. The new CEO explains that J.C. Penny’s...
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...Penny Juice is a B2B based company, who solely relies on local distributers to shape their extern image and brand. And they use positive testimonials to support their statement about being the first choice of distributer, which is a very bold move. A testimonial is also a typical American way to support or subsidize a claim. The company specializes in 100% blended fruit juice concentrate which is specifically designed for childcare centers, preschools and head starts. Their products also comply with all requirements for subsidy and nutrition set forth by the Food and Drug administration. Penny Juice is also available in 48 states and offers free delivery on all of their products. Their entire website seems to have been lost in a void of bad color choices and poor layout. The structure combined with all the colors of the rainbow makes it even harder to navigate and find the actual information in which you’re looking for. The website haven’t been following the trends of the 21th century either, and it seems like they’ve been unaware that web design is like a river – it is always changing and always in motion. Previous studies also shows that many web designs aren't creating enough incentive for people to access content - Backed by resent research and eye-tracking studies. The first problem is aesthetic - the nature of...
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...moonlight twinkled into the hospital window. My eyes had fought to stay open, I wanted to wait though. I wanted to keep wishing it was going to be alright, for everything to just go back to the way it was. I stroked Penny’s hair and said a prayer. That was it. To keep hope and faith were the only things I could do. Except maybe I could’ve noticed the signs earlier. When we had arrived at the hospital they said that we brought him in right on time. That we got here right...on...time. But was it? How’d they know we couldn’t have come sooner? Penny noticed the look on my face, I had felt guilty. Since I was the first one awake, maybe I did something wrong. Penny had said to me that no matter what happens it wasn’t my fault. She had tried to reassure me, and say how we will get through this. It’s gonna suck but we could do it. I had a hard time managing to look at her but in doing so, I did feel a little better. After all the efforts to stay awake, Penny and I dozed off. I tried to force myself to dream off something else, but I failed. I only dreamt of my dad, and the slow motion moments right before we arrived at the hospital. “Help me! Help me!” My dad was screaming. “I can’t see!” His breath was quicker. I saw the fear in his...
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...Running Head: Pennies from Heaven 1 Case Study 25: Pennies from Heaven By Tiffany Moore Dr.Heather. PSL5002 Capella University Running Head : Pennies from Heaven 2 A Medicaid spend down is a portion of health coverage that an individual must pay for before Medicaid coverage begins. The exact amount of the “spend down” varies depending on the state in which you live, medical bills you have each month and other factors such as a bingo winning. Individuals who receive any portion of their income from Supplemental Security Income through Social Security are not required to pay a “spend down” for Medicaid (nysed.gov, 2014). In my essay I will be rendering an synopsize of the Pennies for Heaven Case Study. To include identifying the leader, the issue he faces, and what I believe to be the cause of the issue and evaluating how effective this leader is in the ability to build relationships within the organization; to encompass how well the leader manages professional responsibilities and priorities and how well this leader communicates and resolve the issues. In the case study Pennies from Heaven Patrick Ulmer who would be the new Director of the state Department of Health and Human Services in two more weeks had been recruited from out of state and just arrived to meet with the governor and other cabinet members. Around lunchtime he sat next man named Henry Walsh, who was...
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...1. Briefly outline the key findings of the Supreme Court decision of Penny and Hooper v Commissioner of Inland Revenue [2011] NZSC 95. In particular, comment on whether a market salary must be paid in all circumstances if a company employs a person who primarily earns the company’s income? Both Penny and Hooper were orthopaedic surgeons from Christchurch. Each seperately restructured their businesses so that they traded as a company, with shares being held by their family trusts. The practices were sold to the company and each surgeon then became an employee of the company. To parties outside, the businesses continued to operate as normal. Salaries were declared of $120,000 for Hooper, and $100,000 for Penny, however their companies had income of $567,000 and $832,000 respectively. This had the effect of saving 6 cents per dollar, as the top marginal tax rate was 39 cents, and the company tax rate was 33 cents. The Supreme Court held that the predominant purpose of this arrangement was tax purpose, due to the low fixed salaries. A market salary for a surgeon was much higher than what was paid. Shortly after this landmark case, a Revenue Alert summarised the findings. It was stated that a person who primarily earns the companies income must be appropriately compensated, and if not there must be a valid commercial reason (such as in White v CIR). 2. You work for a local accounting firm and have been asked by your manager to write a brief list of the key facts and findings...
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...Some Gum Tip: Running with gum in your mouth will prevent you from tensing your jaw and will keep you more relaxed. 2 Pinch Your Pennies Tip: Pinching a penny between your thumb and the base of your index finger keeps your hands more relaxed for better arm drive. Benefit: By reducing tension in your jaw you’ll also loosen up your upper-body so you have a more fluid arm swing, stronger leg drive and greater speed. Benefit: Reducing tension in your arms and upper body will give you a smoother arm swing, which will improve your form and overall speed. www.stack.com/order/speed-kills WHEN ACCELERATING… 3 4 5 Downward Gaze Tip: Focus your eyes on the ground just a few feet in front of you. Benefit: This helps you stay low during your start to propel your body forward and not up. That produces more explosive and efficient acceleration to help you reach top speed faster. Break Some Wind Tip: Imagine you have to run through a 100 mph wind when accelerating. If you stand straight up the wind will blow you back. Get a good forward lean to cut through the wind. Benefit: By having the proper forward body lean you’ll accelerate faster to break away from an opponent or to run them down when on defense. Punch the Ground Tip: Imagine you’re punching the ground with your feet. Focus the punch on the ground behind you so each punch propels you forward. Benefit: Creates powerful sprinting, as it ensures you are creating force into the ground that propels you forward and prevents you...
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...Contents Introduction 1 Reasons of Converting Start up business to Public Limited Company 1 Process of Converting Start up business to Public Limited Company 1 Legal Requirements for Formation of Public Limited Company 2 Prospectus 2 Contents of Prospectus 2 Initial Public Offering (IPO) 3 How to get the permission of IPO 3 Restrictions & rules of IPO face value 4 Prospect of Book Building Method 4 The Prospect of Dutch auction method 4 Conclusion 5 References: 6 Introduction A startup company or startup is organization formed to search for a repeatable and scalable business model. These companies are usually small in size. These companies, generally newly created, are in a phase of development and research for markets. Paul Graham says that "A startup is a company designed to grow fast. Being newly founded does not in itself make a company a startup. Nor is it necessary for a startup to work on technology, or take venture funding, or have some sort of "exit." The only essential thing is growth. Everything else we associate with startups follows from growth." A public limited company is a company which offers equity shares with limited liability to public investors on a registered exchange. Reasons of Converting Start up business to Public Limited Company Going public raises cash, and usually a lot of it. Being publicly traded also opens many financial doors: * Because of the increased scrutiny, public companies can usually get better rates when they issue...
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...Compound Rates of Growth In the modern version of an old legend, an investment banker asks to be paid by placing one penny on the first square of a chessboard, two pennies on the second square, four on the third, etc. If the banker had asked that only the white squares be used, the initial penny would have doubled in value thirty-one times, leaving $21.5 million on the last square. Using both the black and the white squares would have made the penny grow to $92 million billion. People are reasonably good at forming estimates based on addition, but for operations such as compounding that depend on repeated multiplication, we systematically underestimate how quickly things grow. As a result, we often lose sight of how important the average rate of growth is for an economy. For an investment banker, the choice between a payment that doubles with every square on the chessboard and one that doubles with every other square is more important than any other part of the contract. Who cares whether the payment is in pennies, pounds, or pesos? For a nation, the choices that determine whether income doubles with every generation, or instead with every other generation, dwarf all other economic policy concerns. Growth in Income per Capita You can figure out how long it takes for something to double by dividing the growth rate into the number 72. In the twenty-five years between 1950 and 1975, income per capita in India grew at the rate of 1.8 percent per year. At this rate, income doubles...
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...Lesson Title: You, Your Best Friend and the School Store! Grade Level: Third Subject/Topic Area: Mathematics Designed by: Time needed: 50 minutes Key Vocabulary: Money, Coins, Pennies, Nickels, Dimes, Quarters, Combination, Total, Determine, Pictorially, Scenario, Purchases, Journal Lesson Summary: The purpose of this lesson is for students to use number, operation and quantitative reasoning skills as well as demonstrate the ability to determine the value of a collection of coins. This is primarily an inquiry based lesson where students will be using a performance task which will be used to “place” students in a situation which could occur in “real life” involving money falling from their pocket, and a friend’s pocket, onto the ground. Students will have to use mathematical skills and reasoning to figure out which of the 16 coins they find on the ground belong to them and to their friend and the dollar amount to which each persons coins add up to. In part two of the performance task, students will again use empathy as they “visit” the school store. Students will have figured out how much money they have to spend in the school store in part one of the performance task. Students will be allowed to buy as many items as they can in the school store with one caveat – they must have one coin left over after their shopping spree. Established Goals: MST Learning Standard #3: Math 2. Students use number sense and numeration to ...
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...Greg Mortenson reflection Leadership is formed through a set of cumulous skills that are enhanced through the experiences of life. It is not something that can become in a single day or even year, in fact there is no person who has mastered the art of leadership. Every leader has his or her assets that contribute to their success, but with all success comes failures and flaws. As George R. Zalucki stated famously “Without failure there can be no success!”, this can be backed up with the experiences of Greg Mortenson, the co-founder and executive director of the non-profit Central Asia institute. Mortenson was climbing one of the highest peaks in the world called the K2 summit when he came across a village in the country of Pakistan. Here he had new customs and traditions to account for. He learned how important praying as a community was and how the community came together for many daily activities. It was important for him to encourage the heart of the villagers so that they would trust him. It was then when a little girl planted a seed into his brain, a seed of education. He had a vision of a better life for the children, especially the girls, in the country of Pakistan. So he made the promise to give this girl and her village a place to learn, and feel safe while learning. When he returned to the United States he couldn’t take his mind of this girl and her village. This is where Mortenson used a set of fine leadership skills, which was to inspire his vision amongst...
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