...ax Return Problem 1 (TRP 1) Corporate Tax Return Information The Snap-It-Open Corporation incorporated and began operations on January 15, 2002. Its address is 3701 Commerce Drive, Baltimore, MD 23239. Its employer identification number is 69-7414447. It elects to file its initial tax return for 2002 as a calendar-year corporation and uses the accrual method of accounting. It elects the LIFO method of inventory valuation. Jason Sprull (SSN 333-33-3333) and Martin Winsock (SSN 555-55-5555) formed the business. They each contributed $250,000 cash for 50 percent of the 100,000 shares of $1 par value stock issued and outstanding. The company was formed to assemble and market a unique, compact, snap-open umbrella and its business activity code is 339900. These umbrellas are sold to a variety of organizations as premiums. The company purchases the umbrella frames and several types of waterproof fabric for the umbrella material and covers from various manufacturers. It prints the organizations’ advertising logos or other designs on the umbrella material and covers and then assembles these on the umbrella frames for delivery to the customer. On January 16, the company began using two machines for printing and cutting the fabric for the umbrellas that they had purchased for $250,000 each and two used umbrella assembly machines purchased for $200,000 each. The company obtained a bank loan of $750,000 secured by the machines. Jason and Martin were required to personally...
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... Fill in the Blank Complete the following exercise by filling in the blanks with the appropriate terms from this lesson. 1. The leftmost pane in a Microsoft Management Console window is called the __________ pane. 2. The Terminal Services license included with Windows Server 2008 enables administrators to connect to distant servers using __________. 3. When you run the Mmc.exe program with no additional parameters, a blank __________ appears. 4. To enable the computers on a network to download operating system updates from a server on the local network, you must install __________. 5. The two types of snap-ins that you can add to an MMC console are __________ and __________. 6. To manage permissions for an Active Directory object, you can open the object’s Properties sheet or use the __________. 7. The Windows Vista feature that enables computers on the same network to share updates is called __________. 8. The Terminal Services client included with Windows Server 2008 is called __________. 9. __________ is a shell application that Windows Server 2008 uses to provide access to most of its system and network management tools. 10. The first window that appears when you start a Windows Server 2008 computer is called __________. Answers 1. scope 2. Remote Desktop 3. console 4. Windows Server Update Services ...
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...CVP Analysis Introduction According to “Snap Fitness,” (2011), “economically, the health club industry has proven to be recession-proof, averaging an 8% annual growth rate since the early 1990’s across all health clubs and gyms,” (Fitness Franchise Opportunities). Snap Fitness franchising offers opportunities for entrepreneurs to open a successful business that has already allocated the following benefits and services for consumers and for the franchisee: Location of fitness needs is open 24/7 Can be easily operated with one employee Affordability for the owner and consumer Business training and start-up marketing include Snap Fitness clubs that have been open for 2 years as of December 31,2012 o (13%) have more than 740 members o 387 (50%) have more than 469 members o 523 (68%) have more than 305 members. This paper will identify the estimation of Snap Fitness’ start-up and variable costs with the inclusion of a cost-volume-profit analysis, the measures needed to achieve net income, its various variable costs, and an analysis on why opening a franchise with Snap Fitness would be a good idea. Estimation of Snap Fitness’ Start-up and Variable Costs (Section A) In determining what Snap Fitness estimated variables are, one needs to look at the monthly fixed costs. Currently, each location of Snap Fitness spends $4,000 in fixed operating expenses and $2,000 to lease equipment. The total of each location’s fixed cost is $6,000. To break even for their...
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...SNAP ASSISTS Window snapping was a feature that was first introduced in Windows 7. It allowed you to quickly snap any open window to the side without you having to drag it and resize it manually. It was a very handy feature since it allowed you to keep more than one app open in front of you, and allowing you to maximize the screen real estate of your PC. With Windows 10, Microsoft has made sure that this feature not only stays but also becomes even more convenient and easy to use. There are more snap options now. You can drag a window by clicking and holding on its title bar and if you drag it to the left or right corner, an outline will appear. When you let go, the window will automatically adjust as so to take the corresponding half of the screen. If...
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...Tax Return Problem 1 (TRP 1) Corporate Tax Return Information The Snap-It-Open Corporation incorporated and began operations on January 15, 2002. Its address is 3701 Commerce Drive, Baltimore, MD 23239. Its employer identification number is 69-7414447. It elects to file its initial tax return for 2002 as a calendar-year corporation and uses the accrual method of accounting. It elects the LIFO method of inventory valuation. Jason Sprull (SSN 333-33-3333) and Martin Winsock (SSN 555-55-5555) formed the business. They each contributed $250,000 cash for 50 percent of the 100,000 shares of $1 par value stock issued and outstanding. The company was formed to assemble and market a unique, compact, snap-open umbrella and its business activity code is 339900. These umbrellas are sold to a variety of organizations as premiums. The company purchases the umbrella frames and several types of waterproof fabric for the umbrella material and covers from various manufacturers. It prints the organizations’ advertising logos or other designs on the umbrella material and covers and then assembles these on the umbrella frames for delivery to the customer. On January 16, the company began using two machines for printing and cutting the fabric for the umbrellas that they had purchased for $250,000 each and two used umbrella assembly machines purchased for $200,000 each. The company obtained a bank loan of $750,000 secured by the machines. Jason and Martin were required to personally...
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...the four key components of the Snap-on marketing strategy? First, their products quality, they use credit payment to sell their products. Second, charging premium prices which is about 10 more percent than its direct competitors. Third, presenting the tools directly to the mechanics. Fourth, establishing franchises for each independent dealer. 2. What one element of Snap-on’s marketing mix do you think separates it from its competition? The distribution separates it from its competition. Snap-on introduced the distribution method by selling territories to individual sales dealers and having them carry product inventory in their vehicles for immediate delivery to the customer. 3. How would you describe Snap-on’s marketing channels (distribution)? There are four channels: mobile van franchises, company-direct, distributor and the internet. Company-direct and vans comprise only small percentage of business and are used in the open market. You can go to the company to get the new products or you can buy it from the mobile van franchises. Snap-on sells most of their products directly to a select number of distributors, and then they resell products. 4. Assume that average annual per-square-foot sales for specialty retail are approximately $400 per square foot. How does this compare to Snap-on’s revenue generation per square foot? Why do you think there is such a difference? $400,000/160 sqft = $2500 $2500 - $400 = $2100 Snap-on sell at a much lower price...
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...Following are the before-tax financial accounting income statement and balance sheet for Snap- It-Open Corporation as of December 31, 2008 Snap-It-Open Corporation Income Statement For the Year Ending December 31, 2008 Sales Revenue $1,535,000 Cost of Goods Sold (1) 428,000 Gross Profit on Sales $1,107,000 Expenses: Salaries and Wages $186,000 FICA/FUTA (2) 25,810 Rent 240,000 Repairs and Maintenance 20,000 Utilities 80,000 Taxes and Licenses (excluding FICA and FUTA taxes) 10,000 Health Insurance 16,000 Advertising 40,000 Travel (excluding meals) 20,000 Meals and Entertainment 15,000 Group Term Life Insurance 2,000 Depreciation (3) 100,000 Interest Expense 57,500 Bad Debt Expense (4) 30,700 Total Expenses 843,010 Net Income Before Tax $263,990 Beginning Inventory 0 + Purchases $360,000 - Purchase Returns (5,000) - Ending Inventory (33,000) + Factory Salaries 106,000 Cost of Goods $428,000 TRP 1 Corporate Tax Return Problem Solution Note to Instructor: Part A requires the completion of pre-tax financial statements. This requirement may only be appropriate for accounting majors. You may wish to provide these statements to your students if you expect them to complete only the tax return in part B. Part A: Following are the before-tax financial accounting income statement and balance sheet for Snap- It-Open Corporation as of December 31, 2008 Snap-It-Open Corporation Income Statement For the Year Ending December 31, 2008 (1) Cost of Goods Sold: ...
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...(MKT333) Case Study #5 Snap-on Tools began its business in Milwaukee, Wisconsin, in 1918. The original business sold an interchangeable socket wrench set directly to auto mechanics. Snap-on Wrench was incorporated in 1920. They intended to grow the business in a typical fashion by offering its wrenches in an indirect marketing channel through distributors. The distributors, at that time, were less than impressed with the product and Snap-on had difficulty getting its product into the hands of end-users. The founders developed a selling strategy that presented the tools directly to the mechanics with a demonstration and opportunity for the mechanics to try out the product. By 1927 the transition to direct selling-- “from factory-to-warehouse-to-you”—was completed. Although in the past 80 years the sales force dynamics have changed, the basic commitment to direct selling has remained the cornerstone of the Snap-on marketing strategy. In 1939, the Teamsters Union attempted to organize the branch sales force. In direct response, Snap-on introduced a new distribution method by selling territories to individual sales representatives (dealers) and having them carry product inventory in their vehicles for immediate delivery to the customer. The final step in the marketing evolution was establishing each independent dealer as a franchised owner carrying a rolling stock of Snap-on small hand tools. In an effort to increase volume, Snap-on started a program (that still...
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...MARKETING (MKT333) Case Study #5 Snap-on Tools began its business in Milwaukee, Wisconsin, in 1918. The original business sold an interchangeable socket wrench set directly to auto mechanics. Snap-on Wrench was incorporated in 1920. They intended to grow the business in a typical fashion by offering its wrenches in an indirect marketing channel through distributors. The distributors, at that time, were less than impressed with the product and Snap-on had difficulty getting its product into the hands of end-users. The founders developed a selling strategy that presented the tools directly to the mechanics with a demonstration and opportunity for the mechanics to try out the product. By 1927 the transition to direct selling-- “from factory-to-warehouse-to-you”—was completed. Although in the past 80 years the sales force dynamics have changed, the basic commitment to direct selling has remained the cornerstone of the Snap-on marketing strategy. In 1939, the Teamsters Union attempted to organize the branch sales force. In direct response, Snap-on introduced a new distribution method by selling territories to individual sales representatives (dealers) and having them carry product inventory in their vehicles for immediate delivery to the customer. The final step in the marketing evolution was establishing each independent dealer as a franchised owner carrying a rolling stock of Snap-on small hand tools. In an effort to increase volume, Snap-on started a program (that still...
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...“SNAPS” Marketing Plan Student: Ebony Muldrow Professor: Dr. Karen Mountain Course: Marketing Management (MKT 500) Date: February 2, 2015 Write an introduction to your company. Describe your company, its location, and the product it makes or the service it provides. Company Introduction Welcome to Snaps! Where all can come and show case their talent. Based in Washington DC, “Snaps” provides a place where adults can come, be entertained and showcase what there working with! We are a poetry café and lounge located in the heart of Georgetown. We believe in allowing our patrons the freedom of expression through spoken work, dance, rap, song and even portrait. Each night is a different occasion to celebrate the artist in each of you! Located 525 Old Georgetown Rd, Washington DC 20085, cover is 5 dollar to enter 10, to perform. Monday nights starts our sultry night, providing an atmosphere of peace and tranquilly. Allowing you to start your work week off right! Tuesday we come to watch poetry thought the eye of portraits. Wednesday, is dance that hump out your week Wednesdays, where we let loose and move our bodies to the rhythm of the beat. Thursday, we host our amateur rap battle night, (if you got rhymes, we let you shine). Friday is spoken word night. Come relax and tell us what’s on your mind. Saturday night, is come choose your poison night. We open up all art forms to be displayed. Would you like to sing, dance or just play and instrument? Choose wisely because after...
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...but worldwide, which is why Snap Fitness has been selected as the business venture that will be embarked on in order to provide a greater fitness experience for communities within the Imperial Valley, and eventually across southern California. Snap Fitness is a 24 hour fitness center which provides every amenity any other fitness center or gym can offer, without the obligation of a contract, as well as being open 24 hours a day seven days a week without having to rely on personal to be there in order to enjoy the facility. Snap Fitness can provide its customers everything from tanning, group fitness sessions, personal training sessions, hydro massage therapy, as well as enough fitness equipment to satisfy the beginner to the advanced weight lifter. These luxuries are often offered by other fitness centers but with an increase in membership fees with every option upgrade, with Snap Fitness the membership will be on a month to month basis, with the fees being all inclusive, meaning one fee to utilize every amenity the fitness center has to offer, which is why the mission statement for Snap Fitness is “fast-convenient-affordable”. If a vision for this venture was to be presented today, it would be to smartly and effectively implement Snap Fitness facilities in several locations throughout the southern California region, while optimizing financial stability and growth, as well as changing the lives of members and its employees in the process. Snap Fitness is more than just a business...
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...In Angus Chen’s article, “Can Snapchat's New 'Snap Map' Bring The World Closer Together?” the author discusses the positives that come with this new feature. He talks about how this new addition can “foster a global community or sense of togetherness” (Chen 1). By looking on Snap Maps, any user is able to see the world with the touch of their fingers and experience a new culture without leaving the comforts of their home. One issue that the writer does mention with this is that there is a possibility of someone leaking another person’s private information and graphic/violent content. He questions how SnapChat will be able to censor these pictures before it is able to reach the public. However, the writer fails to discuss the negatives that come with Snap Maps. This new terrifying feature opens an invitation of stalking, robbery, and relationship issues that can be detrimental to a community or a group of friends....
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...franchise is a big decision especially one in the fitness industry. I would say it would help if that were your interest? We are going to take a look at a few franchises businesses and discuss to pros and con of them. In today's fast paced world, it's difficult for people to commit to an exercise program due to busy, unpredictable schedules. When you own a Snap Fitness franchise, we will help you bring affordability and convenience to the neighborhoods of people across America. Our proven concept shows the fact that many people will give up the Athletic Conglomerates in lieu of convenience and cost. Snap Fitness provides a value people are looking searching. The hours and locations are convenient. They offer state of the art equipment in a clean environment. Snap Fitness offers its owners the opportunity to become part of a brand name. Partnering with Snap Fitness is like partner with the global leader in fitness franchises. Snap Fitness offers training and financial the first step in owning your own Snap Fitness franchise is by filling out the Express Request form. By providing us your contact information, a Snap Fitness representative will contact you and walk you through the approval process for your club. Once we receive the appropriate information from you, your approval will take approximately two to five days. Other Fitness clubs have jumped on the band wagon of smaller less intimidating fitness clubs as in Curves. Gary Heaven and his wife Diane opened the first...
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...Malcolm Gladwell’s famous novel, Blink: The Power of Thinking Without Thinking, opens up a new idea of how first impressions truly have a major impact within our minds. Gladwell is not only a well known best selling author, having all five of his books on New York times best selling list, but also a respectable journalist. Gladwell introduces his idea of “thin-slicing” through situations with both good and bad outcomes. “Thin-Slicing” is the idea that humans are able to make accurate judgments based on solely a “thin slice” of knowledge. Gladwell’s notion supports humans can make decisions with merely a blink of an eye and be accurate. These snap decisions are made unconsciously. Throughout his book, Gladwell shows that “thin-slicing” is the...
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...Snap Ltd Supply Chain Management Case Study Name: Institution: Date: Word count: 3516 Reference Style: APA Table of Contents Executive summary3 Introduction5 Report of the Case Study………………………………………………………………………….6 Production department…………………………………………………………………….6 Finance department……………………………………………………………………...7 Human resource department…………………………………………………………..8 Research department…………………………………………………………………..9 Summary………………………………………………………………………………………..13 References……………………………………………………………………………………….15 Executive Summary Snap is well said to be a textile industry that deals in clothes supply in different countries in the world. The company can be said to outdo its competitors in the industry by the use of organizational strategies making it perform differently from other cloth firms. The corporate strategies in use include an increase in general growth, compensation of diversification, product and services diversification and expansion of volume. The strategic plans have helped the company to achieve its goals and objectives as intended. The textile industry has been experiencing stiff competition for the last few decades. Reason being, there have been massive innovations in this field. Many designs are coming up as the old fashions get outdated. That has primarily affected the rate at which textile business has arisen in the market. Snaps clothing industry has its offices located in London as well as England. For some years, the company...
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