...Intermediate Accounting 2 Week 1 homework 12-5 Research & Development Costs 940,000 Legal Costs 75,000 Prepaid Rent 26,000 Rent Expense 65,000 Discount on Bonds Payable 82,950 Interest Expense 1.050 Advertising Expense 207,000 Income Summary 141,000 Paid in Capital in Excess of par on Common Stock 250,000 Intangible Assets 1,288,000 12-15 (a.) 335,000,000 Fair Value -160,000,000 net identifiable assets 175,000,000 impaired value of Goodwill 200,000,000 Carrying amount of Goodwill -175,000,000 Impaired value of Goodwill 25,000,000 Loss on Impairment Loss on Impairment 25,000,000 Goodwill 25,000,000 (b.) Once goodwill is written off, it cannot be written back up so no entry is necessary. CA12-2 Interest on Mortgage Bonds: 2009 amount is due to normal construction and wasn’t impacted by the tornado. They knew it would accrue during the construction and add to the total cost of building the shopping center. The 2010 amount is also what would have normally accrued; there just wasn’t any income to offset it. IF the tornado hadn’t hit, it would have been a normal operating expense. Cost of Obtaining Tenants: Both years are normal expenses that would have been incurred regardless of the tornado. These are considered a start-up cost that would get expensed when they are incurred. Promotional Advertising- The 2009 costs were not affected by the tornado and should be expensed...
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...NBER WORKING PAPER SERIES THE GRAVITY EQUATION IN INTERNATIONAL TRADE: AN EXPLANATION Thomas Chaney Working Paper 19285 http://www.nber.org/papers/w19285 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 August 2013 I want to thank Fernando Alvarez, Michal Fabinger, Xavier Gabaix, Sam Kortum, Bob Lucas, Jim Tybout, Jon Vogel and seminar participants in Berkeley, Bilkent, Bocconi, Boston University, Chicago, Erasmus, Hitotsubashi, LBS, Louvain-CORE, LSE, the NY Fed, Oxford, Princeton, Rochester, Sciences Po, Toulouse, UBC Vancouver, Yale and Zurich for helpful discussions, and NSF grant SES-1061622 for financial support. I am indebted to Jong Hyun Chung, Stefano Mosso and Adriaan Ten Kate for their research assistance. During the last year, I have received compensation for teaching activities from the Toulouse School of Economics, as well a research grant from the National Science Foundation (SES-1061622), in excess of $10,000. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peerreviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2013 by Thomas Chaney. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit...
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...INTERMEDIATE ACCOUNTING 2 of 3 MIDTERM EXAM Pick 7 problems that you will do. Each problem is worth 14 points. Please put your answer in the space provided, any back up can be attached at the end of the exam as long as it is clearly labeled . Your work can be done by hand as long as it is legible. Select the 7 problems you are completing: 1, 4, 5, 9, 10, 11, 12 Problem 1—Accounts and Notes Payable. Described below are certain transactions of Larson Company for 2010: 1. On May 10, the company purchased goods from Fry Company for $60,000, terms 2/10, n/30. Purchases and accounts payable are recorded at net amounts. The invoice was paid on May 18. 2. On June 1, the company purchased equipment for $90,000 from Raney Company, paying $25,000 in cash and giving a one-year, 10% note for the balance. 3. On September 30, the company discounted at 10% its $150,000, one-year zero-interest-bearing note at First State Bank. Instructions (a) Prepare the journal entries necessary to record the transactions above using appropriate dates. Date | Account Name | Debit | Credit | 05-10 | Purchases | 49,000 | | | Accounts Payable | | 49,000 | | To record purchased goods at net amounts. | | | 05-18 | Accounts Payable | 49,000 | | | Cash | | 49,000 | | To record payment of invoice. | | | 06-01 | Equipment | 90,000 | | | Cash | | 25,000 | | Note Payable | | 65,000 | | To record purchase of equipment. | |...
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...sale if certain conditions are met: the price must be fixed and the buyer must pay or commit to a payment, the seller should not have any future performance obligations that will directly bring about resale of the product by the buyer, and the amount of future returns must be reasonably estimated (605-15-25-1). Proper authoritative guidance allows returns to be made by either the direct customer or a party to which the goods were resold. However, there are reimbursement options for returned products. Some companies offer a refund of the purchase price, while others offer a credit or an exchange. However, it is not technically considered a return when the original customer exchanges an item for another of the same kind and price (605-15-15-2). Authoritative guidance is important for companies who offer their customers’ the right to return. This gives them insight and allows them to see when a transaction is considered a return. In some industries returns are not usually permissible. Real estate and service companies are examples. Products under warranty are also treated differently; if the good is defective it would not be treated as a return since it may require further performance by the seller and its warranty provisions (605-15-15-3). Although sales with high rates of return can ultimately cause inventory to be misstated, returns are allowed because there may be dissatisfaction with the product. Different industries should...
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...are exercised at the beginning of the year (or the date of issue if later), and that the company uses the proceeds to purchase common stock for the treasury. If the exercise price is lower than the market price proceeds are insufficient to buy back all the shares causing the company to add the incremental shares remaining to the weighted-average number of shares outstanding to compute diluted EPS.(5) The treasury stock method must be used to compute dilutive EPS under GAAP. Convertible bonds are determined to be dilutive or anti-dilutive based on how their exercise affects EPS.(2) Dilutive convertible bonds will decrease EPS and anti-dilutive convertible bonds will increase EPS. A capital structure is complex if it includes securities that could have a dilutive effect on earnings per common share.(5) When a complex capital structure exists the company generally reports both basic and diluted EPS. Essay 2: Leases For the first transaction the leased computer should be shown in Superior Electronic’s (the lessee) financial statements. In consulting with the textbook in Chapter 21 it is stated that if the present value of the minimum lease payments is equal to or exceeds 90 percent of the fair value of the asset the lessee should capitalize the asset. The transaction states that the present value of the lease payments exceeds 90 percent of the fair value of the asset. The computer could fail to be shown in...
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...Operational Barriers to Success Operations Management: Solutions to Business Challenges Abstract There are many obstacles in any given business operations that can impact a company’s efficiencies, morale, supply chain, and it’s customer base. Identifying these obstacles and creating processes to mitigate them is paramount to a company’s success. In this paper, we will explore a few of them in order to better understand the cause and effect of these barriers. We will also look at various possible solutions to the barriers by investigating a case study for an architectural firm in which I used to work for. Week 1 - Assignment 3: Operational Barriers to Success What are some tools that an organization could use to move the company forward? This is a question that is not easily answerable, but is at its core, a very valuable and necessary function to understand. Tools such as Strengths, Weaknesses, Opportunities, Threats (S.W.O.T) analysis (Russell, 2010) is a very theoretical way of identifying the companies overall mission as well as understanding the needs to stay competitive in its given market place. However, there are more pragmatic ways of looking at a firm’s efficiency and areas of opportunity to better the operating processes within an organization. Some of these other tools that todays leading firms can utilize to further the market share are things like workflow analysis (Russell, 2010), data flow charts and diagrams, and value engineering (Jergeas...
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...A friend of your says, “I understand there are ‘rules’ for financial reporting. But what are these rules, where can a person find them, and which ones are more important?” One of the most common rules for financial reporting is GAAP, which is Generally Accepted Accounting Principles. GAAP are and is a combination of authoritative standards and simply the common accepted ways of recording and reporting accounting information from companies. GAAP can be found and imposed by companies so that investors have minimum level of consistency in the area of financial statements when analyzing companies for investment purposes. The GAAP covers such things as revenue recognition and balance sheets. Do understand also that companies are expected to follow GAAP rules when reporting their financial data via financial statements, so be very cautious if one is not using GAAP. The most important of financial reporting, is also the Financial Accounting Standard Board also known as the FASB, which is the highest of authoritative of Accounting Standards Codifications. GAAP is not statistic. It includes very complex standards that were issued in response to some very complicated business transactions. GAAP can be found in such industries; utilities, banking and insurance. You and a friend are in the same accounting class. During the first test, you observe that your friend cheated by copying one of her answers from another student (who was unaware of the copying). When the exams are...
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...please call our GCE line on 0844 576 0025, our GCSE team on 0844 576 0027, or visit our website at www.edexcel.com. If you have any subject specific questions about the content of this Mark Scheme that require the help of a subject specialist, you may find our Ask The Expert email service helpful. Ask The Expert can be accessed online at the following link: http://www.edexcel.com/Aboutus/contact-us/ Alternatively, you can speak directly to a subject specialist at Edexcel on our dedicated Science telephone line: 0844 576 0037 Summer 2010 Publications Code US023629 All the material in this publication is copyright © Edexcel Ltd 2010 6CH01_01 1006 Section A (multiple choice) Question Number 1 (a) Question Number 1 (b) Question Number 2 Question Number 3 Question Number 4 (a) Question Number 4(b) Question Number 4 (c) Question Number 4 (d) Question Number 5 Question Number 6 Question Number 7 Question Number 8 Question Number 9 Correct Answer B Correct Answer D Correct Answer D Correct Answer A Correct Answer B Correct Answer D Correct Answer C Correct Answer A Correct Answer B Correct Answer A Correct Answer C Correct Answer D Correct Answer C Mark 1 Mark 1 Mark 1 Mark 1 Mark 1 Mark 1 Mark 1 Mark 1 Mark 1 Mark 1 Mark 1 Mark 1 Mark 1 6CH01_01 1006 Question...
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...C H A P T E R 2 CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING LEARNING OBJECTIVES After studying this chapter, you should be able to: •1 •2 •3 •4 Describe the usefulness of a conceptual framework. Describe efforts to construct a conceptual framework. Understand the objective of financial reporting. Identify the qualitative characteristics of accounting information. Define the basic elements of financial statements. •6 •7 Describe the basic assumptions of accounting. Explain the application of the basic principles of accounting. Describe the impact that constraints have on reporting accounting information. •8 •5 What Is It? Everyone agrees that accounting needs a framework—a conceptual framework, so to speak—that will help guide the development of standards. To understand the importance of developing this framework, let’s see how you would respond in the following two situations. SITUATION 1: “Taking a Long Shot . . . ” To supplement donations collected from its general community solicitation, Tri-Cities United Charities holds an Annual Lottery Sweepstakes. In this year’s sweepstakes, United Charities is offering a grand prize of $1,000,000 to a single winning ticket holder. A total of 10,000 tickets have been printed, and United Charities plans to sell all the tickets at a price of $150 each. Since its inception, the Sweepstakes has attracted area-wide interest, and United Charities has always been able to meet its sales target. However, in the...
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...The company chosen for this assignment is Walmart. Walmart's history is one of innovation, leadership and success. Walmart was founded by Sam Walton in 1962, it was incorporated on October 31, 1969, and listed on the New York Stock Exchange in 1972. It started with a single store in Rogers, Arkansas in 1962 and has grown to what is now the world's largest and arguably, the most emulated retailer. Some researchers refer to Walmart as the industry trendsetter. Today, this retailing pioneer has annual revenues of over $100 billion, 3,000 stores and more than 750,000 employees worldwide. (source: walmart.blogspot.com) Adding value The enhancement a company gives its product or service before offering the product to customers. Value added is used to describe instances where a firm takes a product that may be considered a homogeneous product, with few differences (if any) from that of a competitor, and provides potential customers with a feature or add-on that gives it a greater sense of value. A value add can either increase the product's price or value. For example, offering one year of free support on a new computer would be a value-added feature. Additionally, individuals can bring value add to services that they perform, such as bringing advanced financial modeling skills to a position in which the hiring manager may not have foreseen the need for such skills. (source:www.investopedia.com) Based on my research, it can be concluded that the human resource management of...
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...random manner. Show that regardless of how the numbers are positioned on the wheel, there are three adjacent numbers whose sum is at least 39. Adding all 25 inequalities, we find that 3∑_(i=1)^25▒xi = 3∑_(i=1)^25▒i < 25(39) = 975. But 3∑_(i=1)^25▒i=(25)(26)/2=325 gives us the contradiction that 988 = 3(325) < 975 7. A lumberjack has 4n + 110 logs in a pile consisting of n layers. Each layer has two more logs than the layer directly above it. If the top layer has six logs, how many layers are there? . . 18. Consider the following four equations: 1) 1 =1 2) 2 + 3 + 4 = 1 + 8 3) 5 + 6 + 7 + 8 + 9 = 8 + 27 4) 10 + 11 + 12 + 13 + 14 + 15 + 16 = 27 + 64 1) 1=1 n = 1 2) 2 + 3 + 4 = 1 + 8 n = 2 3) 5 + 6 + 7 + 8 + 9 = 8 + 27 n = 3 4) 10 + 11 + 12 + 13 + 14 + 15 + 16 = 27 + 64 n = 4 Formula (n-1)²+1, or n²-2n+1+1or n²-2n+2. n²-2n+2 Exercise 4,3 10 & 15 10. If n ∈ Z+, and n is odd, prove that 8|(n2 − 1). 15. Write each of the following (base-10) integers in base 2 and base 16. a)22 b) 527 c) 1234 d) 6923 22) base 2 10110 base 16 = 16 527 base 2 = 1000001111 base 16 = 20F 1234 base 2 = 10011010010 base 16 = 4D2 6923 base 2 = 1101100001011 base 16 = 1B0B Exercise 4.4 (1&14) 1. For each of the following pairs a, b ∈ Z+, determine gcd(a, b) and express it as a linear combination of a, b. 231, 1820 b) 1369, 2597 c) 2689, 4001 a) 231, 1820 a) 231, 1820 1820 = 7 (231) + 203 ...
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...Identifying Good or Bad Statements Anit Maharjan HUMN210-H5WW Meghan Roehll Franklin University 4th April, 2013 a. Nobody in the world today is really good. Yes, I have heard of good people, but not really good people. - Good statement. b. The world is not flat. Well, if you look at a map it is: - in what point of view - bad statement. c. I will need an extended period of laborious cogitation to assimilate the missive. This doesn't make any sense - bad statement. d. The number 2 is odd. Are we talking about an even number? I believe your confusion comes from the fact that 2 is a prime number, but it is still even. It is the only even number that is prime – false statement. e. If you believe in evolution, then your ancestors were filthy apes. There are two kinds of people in the world: - one is god prayer and the next is science believer. If you support the statement from the point of scientific theory of evolution by Darwin, then yes our ancestors are filthy apes, whereas if you think form the side of god’s prayer then the statement is false – good statement. f. Some swans are black. In this statement, I am not sure that some swans are black or not, all swans could be black or white – good statement. g. If you are a human, then you are a person. If you are an individual, then you are alive. Human is a person and of course the person becomes an individual and every individual breaths...
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...Year | Album | Peak chart positions | Sold | | | UK | AUS | GER | SWI | FRA | NZ | AUT | IRE | | 2000 | Bright Lights * Released: August 2000 * Label: Island | 1 | 3 | 2 | 2 | 6 | 3 | 10 | 1 | * UK: 3xPlatinum * AUS: Platinum * GER: Platinum * SWI: Platinum * FRA: Gold * NZ: Platinum * IRE: Platinum | 2001 | Dangerously In Love * Released: October 2001 * Label: Island | 1 | 1 | 1 | 1 | 3 | 1 | 6 | 1 | * UK: 4xPlatinum * AUS: Platinum * GER: Platinum * SWI: Platinum * FRA: Platinum * NZ: Platinum * AUT: Gold * IRE: Platinum | 2003 | All Night Long * Released: August 2003 * Label: Island | 1 | 6 | 5 | 5 | 10 | 6 | 14 | 1 | * UK: 2xPlatinum * AUS: Gold * GER: Gold * SWI: Gold * NZ: Gold * IRE: Platinum | 2004 | Troublemaker * Released: October 2004 * Label: Island | 3 | 12 | 10 | 10 | 14 | 12 | 18 | 3 | * UK: Platinum * IRE: Platinum | Year | Song | Peak chart positions | Sold | Album | | | UK | AUS | GER | SWI | FRA | NZ | AUT | IRE | | | 2000 | | 2 | 12 | 10 | 10 | 14 | 12 | 16 | 2 | * UK: Gold * AUS: Gold * NZ: Gold | | | | 1 | 6 | 4 | 4 | 8 | 6 | 10 | 1 | * UK: Platinum * AUS: Platinum * GER: Gold * SWI: Gold * NZ: Platinum | | 2001 | | 8 | 24 | 22 | 22 | 26 | 24 | 28 | 8 | * UK: Gold | | | | 12 | - | - | - | - | - | - | 12 | | | | | 1 | 8 | 6 | 6 | 10 | 8 | 12 | 1 | * UK: Platinum * AUS: Platinum * GER: Gold * SWI: Gold * NZ: Platinum...
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...receives it. And also some other facts which should be considered like life expectancy, importance, age etc. when deciding on whom to donate the heart to. He’s cause for damage to the heart was the steroids, of which he was unaware of the consequences of taking the steroids at the time he took so there wasn’t any sort of health irresponsibility known otherwise. His chances to live 10-15 more years are very high so it’s one point investing in him. He has a family to take care of, wife and the 3 kids who he has to support till they are on their feet and so forth. He also has been a good supporting father as he’s already being supporting their dreams career wise and the future. So my first choice with all confidence would be Jerry. The number 2 choice is Ozzie because as LONG as he does not get back on his old ways HE does hold out some hope on society as a whole as long he does NOT revert back and does good in society by helping out and he no longer does any drugs - he really can have a useful and a prosperous and productive life. His chances of living after a successful heart transplant are another 10 years but only if he stays off the drugs and which is not really guaranteed but if he does he can be a very good mentor and a coach or a guidance for teens with troubled life as they are on drugs already. Since Ozzie have seen the side effects and losses because of the drugs, he can let the teens know it too and...
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...MON TUE FEB WED THU FRI SAT SUN MON TUE MAR WED THU FRI SAT SUN MON TUE APR WED THU FRI SAT 1 2 3 4 5 6 8 9 10 11 12 13 15 16 17 18 19 20 22 23 24 25 26 27 29 30 31 2012 SUN MON TUE 7 14 21 28 5 6 7 12 13 14 19 20 21 26 27 28 SUN MON TUE 1 2 3 8 9 10 15 16 17 22 23 24 29 JUNE WED THU FRI 4 11 18 25 4 5 6 7 11 12 13 14 18 19 20 21 25 26 27 28 SUN MON TUE 1 2 3 8 9 10 15 16 17 22 23 24 29 30 31 FRI SAT 1 2 3 4 5 6 8 9 10 11 12 13 15 16 17 18 19 20 22 23 24 25 26 27 29 30 AUG SUN MON TUE WED THU FRI 7 14 21 28 MAY WED THU FRI SAT JULY SAT WED THU SAT 6 7 13 14 20 21 27 28 2012 1 2 3 4 5 8 9 10 11 12 15 16 17 18 19 22 23 24 25 26 29 30 31 SEPT WED THU FRI SAT 3 4 5 6 7 10 11 12 13 14 17 18 19 20 21 24 25 26 27 28 OCT SUN MON TUE WED THU 1 8 15 22 29 FRI 2 9 16 23 30 SAT 1 2 3 4 5 6 8 9 10 11 12 13 15 16 17 18 19 20 22 23 24 25 26 27 29 30 31 NOV SUN MON TUE WED THU FRI 7 14 21 28 5 6 7 12 13 14 19 20 21 26 27 28 SUN MON TUE 1 2 3 8 9 10 15 16 17 22 23 24 29 30 31 DEC WED THU FRI 4 11 18 25 SUN MON TUE SAT SAT 2 3 4 5 6 7 9 10 11 12 13 14 16 17 18 19 20 21 23 24 25 26 27 28 30 1 8 15 22 29 7 14 21 28 1 2 3 4 5 6 8 9 10 11 12 13 15 16 17 18 19 20 22 23 24 25 26 27 29 30 31 4 5 6 7 11 12 13 14 18 19 20 21 25 26 27 28 1 2 3 8 9 10 15 16 17 22 23 24 29 30 2 9 16 23 30 3 4 5 6 7 10 11 12 13 14 17 18 19 20 21 24 25 26 27 28 31 1 8 15 22 29...
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