...11/17/13 1. Should the leased building be accounted for as an asset? No, the lease should be considered an operating lease. The building is the asset. The expense should be accrued on the building. The length of the lease should be less than 75% of the life of the asset leased. The lease is a ten year lease and the building has a 30-year economic life. Therefore this is an operating lease. The rental payments should be expensed as they are paid and offset by the cash used to make them. Should the agreement to pay lease rentals be recorded as a liability? No liabilities should be recorded because the future payments on the lease should be noted in the footnotes of the company’s financial statements. 2. Record the journal entries to account for the bank loan for all 3 years. Assume the loan was made at the beginning of the year and repaid at the end of year. Assume all interest payments are made on an annual basis. The $10,000 per year payment is to reduce the loan’s principal. Loan Issuance: DR Cash $180,000 CR Notes Payable $180,000 Year One Loan Repayment: DR Notes Payable $10,000 CR Cash $10,000 Year Two Loan Repayment: DR Notes Payable $10,000 CR Cash $10,000 Year Three Loan Repayment: DR Notes Payable $160,000 CR Cash $160,000 To record the interest payments annually (10% interest rate on $180,000 principal): DR Interest Payable $18,000 CR Cash $18,000 3. Applying the principals of accrual accounting, how should Mike treat the expenditures...
Words: 840 - Pages: 4
...DHS & the Patriot Act CJ-355- Homeland Security Professor Anderson By Jimmy Ortega 4/29/14 The September 11, 2001 terrorist attacks led to the forming of the Department of Homeland Security and the Patriot Act, which was a law passed just six weeks after the World Trade Center and the Pentagon were hit. This Act was passed by the Senate the by a vote of 98-1(Sensenbrenner, 2001). The Bush Administration considered this Act a form of "anti-terrorism weapon." It’s sad that it took our country to experience such a tragic act of terror to do something about our nation’s security. However, with everything that the Bush administration tried to do to help secure and tighten up our nation’s security while critics consider this Act unconstitutional and a violation of our rights. In addition, some felt that their privacy was being invaded and soon coming to an end. But also many others like me consider this Act reasonable due to the safety it would bring the citizens because many lives are threatened here in America. This paper will scrutinize and focus on the positive as well as some of the negative arguments that have been brought up when analyzing the Patriot Act. The Patriot Acts goals are to strengthen domestic security and broaden the powers of law-enforcement agencies with regards to identifying and stopping terrorists (Doyle, 2002) and enforced by the Department of Homeland Security. The Act also gives federal officials greater authority to track and intercept communications...
Words: 711 - Pages: 3
...Candidate Name: Yashraj Shukla Candidate Number: 002272-0143 Session: May 2014 Introduction: Chewing tobacco, more commonly known as Gutka in India, is a social concern in India; specifically in the northern states of India. Due to gutka being a social concern the state governments in India have begun to place a ban against the production and consumption of gutka. A ban is an official order that prohibits something, in this case it prohibits the production and selling of gutka. Gutka is a sweetened mixture of chewing tobacco combined with a mixture of two types of nuts, betel and palm nut. State governments have imposed a ban on the consumption and production of gutka; however it has not been implemented by the central government of India. According to the following table smokeless tobacco (such as gutka) is consumed by 25.9% of the population which would be approximately 329 million people. As gutka is sold at nominal prices it’s easier to obtain than the other forms of tobacco. This allows the lower income groups to purchase and consume gutka rather than other forms of tobacco such as cigarettes, pan masala etc. This is supported by Table 1. Table 1 Current Population of India 2013 1.27 Billion1 Population Consuming Gutka 329 Million Rural Population Consuming Gutka 29.3% Urban Population Consuming Gutka 17.7% People in rural areas tend to be from an economically backward society and thus do not possess the same amount of money...
Words: 5669 - Pages: 23
...business model to achieve sustainable growth that generates profit, while aiming to reduce its dependence on scarce resources, eliminate waste and minimize negative environmental impact. Nike seeks to achieve this commercial success by focusing its CSR efforts on designing and innovating products that targets at creating positive environmental, labor and social change through honoring ethical values, and respecting people, communities and the natural environment. 3.0 Nike’s Organizational Structure At Nike, commitment to CSR begins at the top – the board level (Epstein et al., 2010). To embed its vision throughout the organization, Nike formed a Corporate Responsibility (CR) committee as part of its Board of Directors committee structure (as shown in Figure 1). The CR committee consists of a group of CR practitioners who are responsible for working with the business at different...
Words: 2138 - Pages: 9
...Balance Sheet - the information it provides | A typical balance sheet would look something like this. Balance Sheet of M/s Free Flow Fluids as on 30th June 2007 | Liabilities | Amount | Assets | Amount | Eq. Share Capital Pr. Share Capital Reserves and SurplusCapital Reserve General Reserve Share Premium Retained Earnings (P/L Appr.) Other ReservesLong Term Loans Fixed Deposits Collected Debentures Provisions for Taxation Provisions for Dividends Outstanding Expenses Pre-received Incomes Unclaimed Dividends Sundry Creditors Bills Payable Bank Overdraft | 35,00,000 12,00,000 6,00,000 12,00,000 3,50,000 43,50,000 4,00,00054,00,000 16,00,000 24,00,000 3,00,000 4,00,000 5,00,000 2,00,000 20,000 13,00,000 12,00,000 5,00,000 | Goodwill Land Buildings Plant and Machinery Furniture and Fittings Motor Vehicles Patents, Trade Marks, Copyrights Investments Stock of Raw Material Work in Progress Finished Goods Stock Prepaid Expenses Incomes Receivable Sundry Debtors Cash Bank Balance Loans and Advances Bills Receivable Deferred Revenue Expenditure Miscellaneous Expenses Discounts to be written off Accumulated Loss (P/L Appr. a/c debit balance) | 8,00,000 35,00,000 27,00,000 15,00,000 25,00,000 35,00,000 18,00,000 24,00,000 2,50,000 2,40,000 3,00,000 4,00,000 3,00,000 26,00,000 1,16,000 – 6,00,000 15,00,000 54,000 1,20,000 2,40,000 –...
Words: 31927 - Pages: 128
...based on the belief that behaviors can be measured, trained, and changed. Behaviorism is a concept of learning based upon the idea that all behaviors are developed through conditioning. Conditioning occurs through interaction with the environment. The first example of this was on my first visit with the students and their art teacher. When a student would talk over the teacher, she would take away points for their daily activities and they would immediately stop. By taking something away, the bad behavior was changed. Another example of behaviorism that the students exhibited was when they found out I would be helping out every week. It gave them something to look forward to and more than likely provided a basis for their behavior throughout the week. The students who exhibited bad behavior could be put back “in line” by letting them know they would not be able to participate in the interactions of the high school student that visited them weekly. Students were also rewarded for traits that are considered good behavior. For example, students who had perfect attendance received awards that they showed me. They were proud of their accomplishments and you can see the look of fulfillment in their faces. While behaviorism is not as dominant today as it was during the middle of the 20th-century, it still remains an influential force in psychology. Outside of psychology, animal...
Words: 1020 - Pages: 5
...Research and Development of Freeform Gameplay in Computer Games Contextual Report Contents Section 1: Introduction………………………………………………………… | 1 | 1.1 The Project……………………………………………………………... | 1 | 1.1.1 Project Key Words…………………………………………… | 1 | 1.1.2 What is Freeform Gameplay?.............................. | 1 | 1.1.3 Project Goal…………………………………………………….. | 1 | 1.1.4 Project Context……………………………………………….. | 2 | 1.1.5 Project Objectives…………………………………………… | 3 | 1.1.6 Techniques for Realisation………………………………. | 3 | 1.1.7 Structure of This Report………………………………….. | 4 | Section 2: The Contextual Review……………………………………….. | 6 | 2.1 Market Research…………………………………………………….. | 6 | 2.1.1 Categorisation of Gameplay Elements…………….. | 6 | 2.1.2 Game Comparisons…………………………………………. | 8 | 2.1.3 Comparison Analysis………………………………………. | 9 | 2.2 Market Surveys……………………………………………………….. | 11 | 2.2.1 Target Audience……………………………………………… | 11 | 2.2.2 Survey Approach…………………………………………….. | 11 | 2.2.3 Questionnaire…………………………………………………. | 12 | 2.2.4 Survey Results………………………………………………… | 12 | Section 3: Project Planning………………………………………………….. | 17 | 3.1 Design Blueprints……………………………………………………. | 17 | 3.1.1 Design Approach……………………………………………...
Words: 13805 - Pages: 56
...John M. Olin School of Business ACCOUNTING 3610 - FALL 2008 INTERMEDIATE FINANCIAL ACCOUNTING THEORY I EXAM # 1 (100 Points) There are a total of 100 points on this exam. There are five problems, and the total amount of points allocated to each problem is as follows: Points Earned Problem 1 – 20 Points _______ Problem 2 – 30 Points _______ Problem 3 – 25 Points _______ Problem 4 – 15 Points _______ Problem 5 – 10 Points _______ Total - 100 Points _______ Each problem is composed of multiple parts, and the points allocated to each part are indicated. The contribution of this exam to your final score for the class is equal to the percentage of points you earn on this exam multiplied by (25 less the sum of your score on Quiz 1). You may use a non-programmable calculator. You may not use your textbook or notes. You have eighty-three minutes to complete the exam. Partial credit will be given, so be sure to provide support for you answers. Please note that by taking this exam you agree to abide by the Olin School Honor Code, and may be subject to appropriate action for violation of any of its covenants. GOOD LUCK! Name____________________________ Problem 1 (A) (5) Recently, some accountants have proposed new accounting standards for valuing Property, Plant and Equipment (PP&E)...
Words: 4415 - Pages: 18
...the Chinese market. According to the New York Times, “Google linked its decision to sophisticated cyber-attacks on its computer systems that it suspected originated in China and that were aimed, at least in part, at the Gmail user accounts of Chinese human rights activists. The attacks were directed at some 34 companies or entities, most of them in Silicon Valley, California, according to people with knowledge of Google’s investigation into the matter. The attackers may have succeeded in penetrating elaborate computer security systems and obtaining crucial corporate data and software source codes.” Both of these attacks could be dismissed as everyday criminal cyber-attacks but they could be considered something much more serious. By some the attack against Visa and MasterCard maybe considered cyber...
Words: 2021 - Pages: 9
...sector is the largest and most innovative part of any free societies economy. However CSR remains controversial; In spite of the rising importance of CSR today for corporate leaders, academics, and bureaucrats alike, many still draw on the views of the Nobel Prize- winning economist Milton Friedman, who argues against CSR because it distracted leaders from economic goals. Friedman believed that the only “social responsibility of a business is to increase its profits”- that society benefits most when businesses focus on maximizing their financial success. David Packard, a co-founder of Hewlett-Packard however, believes “a group of people get together and exist as an institution that we call a company so that they are able to accomplish something collectively that they could not accomplish separately- they make a contribution to society” CSR: A view of the corporation and its role in society that assumes a responsibility among firms to pursue goals in addition to profit maximization and a responsibility among a firms stakeholders to hold the firm...
Words: 2331 - Pages: 10
...Classical Conditioning Paper PSY 390 September 19, 2011 Chelsea Hansen Classical Conditioning Paper The primary premise of psychology is the study of one’s behavior through mental research as well as physical experiments. Classical Conditioning is the study of one’s behavior through research and experiments and trying to identify the conditions one put themselves in or are put in to study their behavior. “Classical Conditioning is a technique used in behavioral training.” (http://psychology.about.com/od/cindex/g/classcond.htm) A Russian physiologist by the name of Ivan Pavlov is believed to be the igniter to classical conditioning though his intense research and experiments with dogs and his saliva theoretical presentations and experiments. Pavlov also believed that “classical conditioning is a learning process that occurs through associations between an environmental stimulus and a naturally occurring stimulus.” (http://psychology.about.com/od/behavioralpsychology/a/classcond.htm) Theory of Classical Conditioning and Scenario The theory of classical conditioning that was most famous by Ivan Pavlov was the digestive system where he then accidently had his attention drawn to “psychic reflexes.” (http://www.learning-theories.com/classical-conditioning-pavlov.html) The scenario that will be used in this paper will be how prisoners are classically conditioned with “chow time” (time to eat) in the prison system. In the prison systems inmates and their natural reflex of...
Words: 756 - Pages: 4
...3” ECON 545 February 8, 2015 Professor: Dr.Melton “Macroeconomics Analysis-Project 2” Introduction Uncle Dan just as with your idea of wanting to create an organic farming market for your farm; this also is a situation is one that I am very familiar with as I am also a landlord here on my farm property #3. As you know grandma decide to lease out the farm properties on farm land #3.There are several issues that have to address before any cash crop can be planted on farm land organic or otherwise. First; as I mentioned in my e-mail to you about three weeks ago the same rules applies for this type of project since it is still farm property. Here in the State of Georgia as I am sure it is a regulation in the other 49 states to be considered a commercial or corporate farmer you must submit a request to your state’s Department of Agriculture. Next; you must be up-to-date with all of the local, state, and, federal land taxes to apply to all properties owned. Finally; you must count the cost; because as a land owner of any kind of property especially a landlord you are responsible for maintenance and upkeep of the property even though it is rented out to a tenant. Also; you or the tenant will have to` have some kind of Renter‘s Insurance in case of a natural disaster or a personal injury, just-in-case. GDP(Growth Rate) The Gross Domestic Product Growth Rate in my area is astounding; because we live a two miles away from a Military Base. There is a great housing market here...
Words: 2067 - Pages: 9
...TMA 04 In order to explain how legal causation is established in criminal law it is first necessary to understand that legal causation is an element of the actus reus (the guilty act prohibited by law) that needs to be satisfied before a person can be convicted of an offence. This essay will consider how factual and legal causation can be established in regards to acts and omissions before discussing the views of Brett and Waller concerning the fairness of legal causation in situations such as refusing medical treatment and careless driving. For a person to be convicted for an offence the prosecution will establish firstly whether the person has committed the actus reus, secondly, the persons state of mind at the time of offence such as intent or recklessness (mens rea) and lastly whether the defendant has a valid defence such as self defence. To establish the actus reus of an offence the courts will consider the guilty act, the circumstances at the time of the act and the consequences of that act. These are commonly defined within statute relating to the particular offence, for example, the actus reus of criminal damage is defined in s.1(1) of Criminal Damage Act 1971 as “a person who, without lawful excuse destroys or damages property belonging to another”. Criminal damage requires a consequence from an action making it a result crime; therefore the prosecution would have to show that the defendants conduct had caused a consequence that is prohibited by criminal law,...
Words: 1592 - Pages: 7
...ACCA Paper F3 (INT) Financial accounting The Essential Text British library cataloguinginpublication data A catalogue record for this book is available from the British Library. Published by: Kaplan Publishing UK Unit 2 The Business Centre Molly Millars Lane Wokingham Berkshire RG41 2QZ ISBN 978 1 84710 537 0 © Kaplan Financial Limited, 2008 Printed and bound in Great Britain Acknowledgements We are grateful to the Association of Chartered Certified Accountants and the Chartered Institute of Management Accountants for permission to reproduce past examination questions. The answers have been prepared by Kaplan Publishing. All rights reserved. No part of this publication may be reproduced,stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Kaplan Publishing. ii KAPLAN PUBLISHING Contents Page Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9 Chapter 10 Chapter 11 Chapter 12 Chapter 13 Chapter 14 Chapter 15 Chapter 16 Chapter 17 Chapter 18 Chapter 19 Chapter 20 Introduction to accounting Statement of financial position and income statement Double entry bookkeeping Inventory Sales tax Accruals and prepayments Irrecoverable debts and allowances for receivables Noncurrent assets From trial balance to financial statements Books of prime entry and control accounts...
Words: 17300 - Pages: 70
...Evidence To what extent has the use of technology in evidence altered our understanding of adversarialism? What is adversarialism? The adversarial system is the two-sided structure under which criminal trial courts in the UK operate. There are four prominent structural features of the English adversarial system. Firstly, the parties dominate the conduct of proceedings with the judge playing a relatively passive role. Secondly, the parties are free to choose the terrain on which to fight out their legal battles and to select their forensic weapons. Thirdly, Trials are continuous, oral and public events. Fourthly, the imbalance of power between the state and the accused is ameliorated by rules and principles reducing inequality of arms. High level definitions or at least descriptions of the adversarial system abound such as that of Lord Denning in Jones v The National Coal Board.They are all to the effect that the judge is a passive and neutral umpire who cannot descend into the arena for fear of having his or her judgement clouded. The adversarial system is said to be the most efficient means of arriving at approximate truth because it harnesses the power of self-interest on each side to unearth the best evidence. Similarly the best legal arguments are thought to emerge from the clash of advocate’s submission on the law. A classic quotation is that of Lord Eldon in Ex Parte Lloyd that ‘truth is best discovered by powerful statements on both sides of the question.’ This...
Words: 6120 - Pages: 25
