The Roman Government Essay Example For Students

The Roman Government Essay The Romans have had almost every type of government there is. Theyve had akingdom, a republic, a dictatorship, and an empire. Their democracy would be the basisfor most modern democracies. The people have always been involved with and loved theirgovernment, no matter what kind it was. They loved being involved in the government,and making decisions concerning everyone. In general, the Romans were verypower-hungry. This might be explained by the myth that they aredescended fromRomulus, whos father was Mars, the god of war. Their government loving tendencieshave caused many, many civil wars. After any type of government, the change has beenmade with a civil war. There have also been many civil wars between rulers. But it all boilsdown to wanting to be involved in government. When the Greeks finally entered Troyafter ten long years of siege, a man named Aeneas escaped the city with his father,Anchises, and his son, Ascanius. They went to Mt. Ida, where they were to meet Aeneaswife, Creu sa, but she never showed up. Saddened, Aeneas acquired a boat and sailedaround the Mediterranean. He bounced around from Asia Minor to Greece to Cretelooking for a place to found a new Troy, but he couldnt find a satisfactory place. As toldby Homer in the Aeneid, Aeneas was cared for by the gods. Venus, in particular, was veryworried about him. She asked Jupiter, king of the gods abouthim, and he said this: Sinceyou are so consumed with anxiety for Aeneas, I shall turn forward far The hidden pages offate and speak of the future. He shall conduct a great campaign for you And conquer allItaly and its haughty peoples. He shall impose laws on his own people And build walledcities for them; the third summer Shall see him rule in Latium, the third winter Of warfaresee the Rutulians an Italian tribe subdued. But his son Ascanius It is he who shallconsolidate your power- For thirty years with all their turning months; Then shall he movehis capital from Lavinium To Alba Longa, which he shall fortify To the uttermost; andthere a line of kings Shall reign and reign till Ilia Rhea Silvia, a priestess Of royalblood, bear twins begotten by Mars; And one of these, Romulus, fostered by a she-wolf,And joyfully wearing her tawny hide, shall rule And found a city for Mars, a new city, Andcall his people Romans, after his name. For them I see no measure nor date, I grant themDominion without end. Yes, even Juno Even she will mend her ways and vie with me Incherishing the Romans, the master-race, The wearers of the Toga. So it is willed.(Nardo13) Finally, he wound up at the mouth of the Tiber River in Italy. He went inland up theriver, which was a miracle in itself, because the river is very swift. He found Latium, ruledby King Latinus, and married his daughter, Lavinia. With King Latinus permission,Aeneas and Lavinia founded a city called Lavinium, where they ruled side by side for manyyears. When Aeneas died, his son Ascanius took over. Ascanius founded a new city, whichhe calle d Alba Longa, and made it his capital. Now we advance four centuries. The king ofAlba Longa is Numitor. He had a jealous brother named Amulius, who seized the throneand drove out Numitor. To prevent Numitors daughter, Rhea Silvia, from having childrenwho could claim the throne, Amulius made her a celibate priestess. While she was apriestess, Mars, the god of war, came and visited her and she had twin boys named Remusand Romulus (Burrell 7). When Amulius found out about the twins, he was furious. Heordered Rhea imprisoned and the boys drowned on the Tiber. The slave who was orderedto drown them felt pity for them, and instead sent them down the river in a basket. Whenthey landed, a she-wolf found them and nursed them because her cubs had just been killedand she was still fertile. Romulus and Remus were found by a shepherd named Faustulus,who took them home to his wife to raise them. As they grew up, being sons of Mars, theyturned out to be very athletic and natural leaders, especiall y of the local boys. When theboys grew up, they heard the story of Numitor and Amulius. With their local friends, .u83692ef4f836a258ab38f6fb28a21e90 , .u83692ef4f836a258ab38f6fb28a21e90 .postImageUrl , .u83692ef4f836a258ab38f6fb28a21e90 .centered-text-area { min-height: 80px; position: relative; } .u83692ef4f836a258ab38f6fb28a21e90 , .u83692ef4f836a258ab38f6fb28a21e90:hover , .u83692ef4f836a258ab38f6fb28a21e90:visited , .u83692ef4f836a258ab38f6fb28a21e90:active { border:0!important; } .u83692ef4f836a258ab38f6fb28a21e90 .clearfix:after { content: ""; display: table; clear: both; } .u83692ef4f836a258ab38f6fb28a21e90 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u83692ef4f836a258ab38f6fb28a21e90:active , .u83692ef4f836a258ab38f6fb28a21e90:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u83692ef4f836a258ab38f6fb28a21e90 .centered-text-area { width: 100%; position: relative ; } .u83692ef4f836a258ab38f6fb28a21e90 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u83692ef4f836a258ab38f6fb28a21e90 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u83692ef4f836a258ab38f6fb28a21e90 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u83692ef4f836a258ab38f6fb28a21e90:hover .ctaButton { background-color: #34495E!important; } .u83692ef4f836a258ab38f6fb28a21e90 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u83692ef4f836a258ab38f6fb28a21e90 .u83692ef4f836a258ab38f6fb28a21e90-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u83692ef4f836a258ab38f6fb28a21e90:after { content: ""; display: block; clear: both; } READ: Intercultural Communication And Interpersonal Communication Essay We will write a custom essay on The Roman Government specifically for you for only $16.38 $13.9/page Order now

Compositional Unity

Compositional Unity Unity is one of the features that are used to add value to an image in art and design. Some artists don’t know how to use the elements of design collectively to portray collectiveness thus when a viewer looks at that image, his/her attention is focused on parts that have been made to shout for attention than others.Advertising We will write a custom essay sample on Compositional Unity specifically for you for only $16.05 $11/page Learn More This paper explains how artists use various techniques to bring unity in an image. The strategies used to achieve unity include proximity, repetition, and continuation (Skaalid, 1999). Graham (2004) argues that an image in art and design is supposed to present unity all over the frame of the work. The artist should therefore choose his elements carefully to avoid conflicts of elements. For instance, let us take a look at Soap bubbles by Simeon Chardin (The Metropolitan Museum of Art, 2010). In this painting a young man is seen blowing soap bubbles using a small pipe and besides him is a glass containing the soap liquid which is used to reveal to the viewer the source of the bubbles. First and foremost unity is created in this image by drawing the objects close to each other and in fact the objects are touching each other. This is also referred to as proximity because there is some form of pattern in the painting. If the objects in this image were scattered there would be no unity. Overlapping has also been applied to create unity in this image. Besides, overlapping enables the viewer to view other objects in the background which are blended with the main image. In soap bubbles work, overlapping does not only create unity but it also reveals the other objects that are in the background such as the young fellow who seems to be shorter than the main character (Graham, 2004).Advertising Looking for essay on art and design? Let's see if we can help you! Get your first paper with 15% OFF Learn More The concept of similarity is depicted in the picture because color has also been distributed evenly to create unity. This achieved by repeating the pale brown color all over the painting. This image suggests that Chardin is a seasoned artist because the emphasis of his coloring is even. If he had used brighter colors on some objects and dull colors on others the unity of the image would have been lost. Continuation in this image is brought by the repetition of the outline of the boy’s body structure which is progressed by the edge of the platform on which his arms rest. Another work that applies unity is an art work that was done by Claude Monet of The Woman in Green Dress in 1866 (Top of Art, 2010). In this painting repetition has been employed by having a continuous line of the edge of the lady’s dress which brings association among the objects of this image that is the woman and the ground on which she stands. The line which is portrayed by the edges of the ground is progressed by the line on the edge of the lady’s dress. The pattern on the lady’s dress has been realized by repeating the two colors simultaneously, that is green and black. The upper body of the woman is blended with the lower body by the smooth edge of the coat that she wears. The shape on the edge has been repeated on other parts to indicate where her arms are and her neck. It is important to note that the color on the edges of her jacket resembles that of the ground thus the two of them are bound by color. In fact the colors on her dress are used to add diversity to the image. Monet used dark shading which blends well with the color of this lady but she used temperate lighting to enable the viewer to differentiate between the shadow and the hair of this lady. Monet did another painting in 1873 which was referred to as The Lilacs in the Sun (Printing Mania, 2010). In this image Monet presents unity by repeating the pink color on the bushe s which blends well with the brightness of the sun.Advertising We will write a custom essay sample on Compositional Unity specifically for you for only $16.05 $11/page Learn More She does this to prevent the green color from dominating the image. Barasch (2000) argues that color can be repeated to add unity and in deed in this image the green color on the surface of the grass below blends with that of the bushes above which binds them together collectively. In conclusion, for unity in art work to be realized the artist must choose colors that are closely related. In addition to that the artist must place his/her objects close in order to bring out the intended theme of the work. Another important aspect is to ensure that there is some sort of continuation of line or direction. Therefore, the principle of unity within an art piece depicts the understanding of the principles of design. References Barasch, M. (2000).Theories of Art 3: From Impressionism to Kan dinsky. New York, NY: Routledge. Graham, P (2004).An Introduction to Painting Still life. Edison, N.J: Chartwell Books, Inc. Printing Mania. (2010). Lilacs in the Sun – Claude Monet Paintings. Web. Skaalid, B. (1999). Principles of Design: Unity. Web. The Metropolitan Museum of Art.(2010). â€Å"Jean Simà ©on Chardin: Soap Bubbles (49.24)† Heilbrunn Timeline of Art History. Web.Advertising Looking for essay on art and design? Let's see if we can help you! Get your first paper with 15% OFF Learn More Top of Art. (2010). Camille (The Woman in the Green Dress). Web. Appendix 1. Soap Bubbles, ca. 1734 Artist: Jean Simà ©on Chardin (French, 1699–1779) Medium: Oil on canvas Source: The Metropolitan Museum of Art.(2010) 2. Camille (The Woman in the Green Dress) – 1866 Artist: Claude Monet: Germany Medium: Oil on Canvas Source: (Top of Art, 2010). 3. Lilacs in the Sun 1873 Artist: Claude Monet Medium: Oil on Canvas Source: (Printing Mania, 2010)

To What Extent the Chinese Stock Markets are Efficient Research Paper

To What Extent the Chinese Stock Markets are Efficient - Research Paper Example From this discussion it is clear that high population has also ensured supply of skilled labor is plenty within the Chinese economy. Chinese people are well known for their fastness and commitment in doingactivities. Itwas firstly witness in China wherethecurfewswereconducted on peopleworkinglate in thenight, before theindustrieswastransformed to a 24hour economy. Due to their hard work and innovation, they have emerged to be amongst thewellperformingeconomies in theworld. Chinese people have grown to the extent of exporting their civilengineeringskills to variouscountries within and outside the Asian continent. They offer cheap services that are of highquality as compared to otherdevelopedcountries. China has a highfavoured in terms of mineralsandresources, whichincludethingssuch as crudeoils, iron, and copper. Themainsource of revenues in Chinese economy is Exports. According to the paper Chinese peopleproducemore than whatthey domestically consume. Their exports come from domestic surplus. Banks have come in within China economy to help in theflow of income. Banks have financed viable business ideas amongst the Chinese entrepreneurs in order to exploittheavailableresourcesfor their benefits, as well as theworld as a whole. Investment has flourishedfollowingthereadilyavailablecapital from banks that is offered to lowerrates. Thegovernment of China has contributed by its initiativescreatingenablingenvironmentforinnovationandbusiness. Chinese government has increased its publicrelations with othercountries in an effort to createmarkets to its citizen. Thegovernment has alsodevelopedfinancinginitiatives of offeringcapital to potential investors at relativelyverylowcost of processing andrepayment. There are two majorstockmarkets in china’s economy. Thesemarketsincludethe shanghai Stock Exchange and Shenzhen stockexchanges.  

A report on Wireshark Essay Example | Topics and Well Written Essays - 3500 words

A report on Wireshark - Essay Example This network packet analyzer works as an appliance utilized to inspect what is happening within a communication network cable, immediately similar to a voltmeter is utilized by an electrician to look at what is going on within an electric cable (however at a advanced scale). In the past, similar applications and tools were extremely costly, based on ownership, or together. With the arrival of Wireshark, the situation has changed. Thus, Wireshark is perceived to be possibly one of the most excellent open source packet analyzers available in the marketplace at the moment (Lamping, Sharpe, & Warnicke, 2011). I have chosen this technology for my research. In this report I will assess this technology based application with respect to its overall technological working, operations, history and mainly for the Linux based services administration. WIRESHARK Wireshark technology is a network protocol analyzer system. It allows us to get as well as interactively surf the network communication tr affic operating on a computer network system. Additionally, the Wireshark has optimistic and dominant characteristic collection and is world's most well-liked application of this sort. In addition, it is compatible and works on the majority of networks and computing systems comprising OS X, Windows, UNIX and Linux. Moreover, network experts, developers, safety professionals and instructors all through the world make use of this technology. Its main characteristic is that we need to pay no cost for this since it is open source application; moreover it is released with the standards defined by the GNU (General Public License) version. Furthermore, it is designed and supported by a worldwide staff of protocol specialists, as well as it is an instance of a disruptive technology based systems. Wireshark was also recognized as Ethereal protocol (Wireshark Foundation , 2011). WIRESHARK FEATURES Wireshark takes network communication packets at the internet or transport layer of OSI model. A dditionally, the leading protocols are TCP and IP; jointly, they are known as internet protocol group or TCP/IP. As this is a packet switching network framework (a network works on data packets communication). In this scenario data will be transmitted to the right destination system formed on the basis of information created in the network packet header (Codex-M , 2011) and (Lamping, Sharpe, & Warnicke, 2011). These are extremely significant tasks to perform; particularly if someone is appointed as a network manager to inspect/care for the data and information being sent away from the communications. For instance, if the system on which we are performing our tasks deals with extremely secret information, we are able to make use of Wireshark capability to dual verify whether those network communication packets transmitted away the technology based machines are encrypted or encoded. Thus, this will validate that the encryption protocol of the system or network is in operational condit ion (Codex-M , 2011) and (Lamping, Sharpe, & Warnicke, 2011). One more instance of this situation is; if secret data and information, like that password, is not encrypted or encoded, it could be interpreted in the form of apparent text by making use of packet analysis through Wireshark. Additionally, this is equally high-quality aspect and terrible feature for the machine's clients. In addition, the high-quality aspect of this application is that, if the manager frequently checks and

Answer 5 questions - do not need MLA style Essay

Answer 5 questions - do not need MLA style - Essay Example Models could be easy or difficult to understand depending on the company’s flow of transmission of value for consideration. The level of complexity in a model could be the deciding factor for investment by an investor. (Ritchie)Moreover, unless one comprehends a company's business model, one would not know what the drivers are for future growth, and he will leave himself susceptible to being blindsided. For instance, Warrant Buffet never invested in an IT firm because he was unable to comprehend their business model. Competitive Advantage   Another key aspect is the identification of company’s competitive advantage over others. An investor is particularly interested in long-term success of the company and to reach that he needs to know which element would keep the company’s performance better than others. For instance, Wall-Mart possesses competitive advantage in price of the product. It means that it provides the product in the lowest price and no competitor c an beat them in a price war. Ultimately, if a company achieves competitive advantage, then its shareholders will be rewarded for decades. Management   A company cannot reach its objectives and cannot implement its business model if the leaders of the company fail to execute a plan. This information is present on the website of each company but it’s always sugar coated and one would not find anything useful on the site. Therefore, some ways to get a feel of management would be through a. Conference Calls- talk between CEO and CFO could reveal results. b. Management Discussion and Analysis (MD&A)- compare what management has said previously and what are they stating today. c. Ownership and Insider sales- If management holds share options then you have confidence that they will do well. d. Past Performance-identify companies CEOs have worked in the past and their performance. Corporate Governance   An important thing to analyze is the compliance of governance policies and ap plicable government regulations (such as the  Sarbanes-Oxley Act of 2002) by the company. Corporate governance policies normally cover a few general areas: structure of the board of directors, stakeholder rights and transparency of financials and information. As an employee, it is imperative that these factors are taken into consideration. An employee as well as the organization would like to share similar values. If the organizational culture is based on honesty and integrity, then a person with unethical behavior would not sustain for long. Therefore, employees’ actions should be in-line with the company’s competitive advantage and core values to benefit him as well as the organization. Moreover, an employee should know before entering a firm about its business model. There may be actions by the company which are against the values of the employee. Before the burn gets exacerbated, preventive measures should be taken. Furthermore, employee should consider the style of leadership practiced in the organization. If the company follows a bureaucratic structure, then the employee should be prepared to work hard on flattering his/her bosses. These aspects are not given equal weight ages in every company. However, all these factors are always considered by company’s stakeholders before jumping on to the decision. From an employee’s perspective, management’s role should be the factor to be analyzed closely. Usually, employee turnover is caused neither because of company’

Rebranding: Legal, Regulatory and Ethical Issues

Rebranding: Legal, Regulatory and Ethical Issues Introduction According to Mintel, the total UK market for deodorants was estimated at  £459 million in 2008. Unilevers Lynx brand for men had estimated sales of  £92 million during the same period giving it a market share of 20% (Bainbridge, J., 2009) Tyrelever Cosmetics has recently acquired a stock of low cost deodorant for men from South America. The proposal is to rebrand this deodorant and market it through retail outlets in the UK under the brand name Stynx. It also proposed to use a celebrity endorsement within the product advertising. Tyrelevers current contracted celebrity, Gordon Oliver, is not considered suitable for this role and the proposal is that an altered image of the footballer David Beckham be used to endorse the product. The product branding and celebrity endorsement strategies are designed to take market share from the Lynx brand and thus establish Stynx as a credible male deodorant brand in its own right. By adopting this strategy and by pricing the product competitivel y, Stynx expects to make a significant return on its original investment. Objective of the Report This report identifies and critically examines the legal, regulatory and ethical issues associated with the proposals outlined in section 1.0 above. In the light of this analysis the report also makes recommendations as to how the advertising of the proposed Stynx brand should proceed and how that advertising can be supported and leveraged by deploying additional marketing strategies. Legal Issues There are a number of legal issues that can affect the nature and content of advertisements as well as the use of celebrities within advertisements. If an advertiser creates an advertisement that is misleading, it may be unlawful in a number of different ways. It may, for example, constitute a malicious falsehood or infringe a registered trademark. A trademark is defined as a distinctive design, picture, emblem, logo or wording (or combination) affixed to goods for sale to identify the manufacturer as the source of the product and to distinguish them from goods sold or made by others (Hill G.N. et al., 2005). The Lynx name is a registered trademark of the Unilever Group (Unilever, 2009) and, as such, it is capable of being infringed by another product that attempts to pass off its brand name as the Lynx brand. The Law of Passing Off The law of passing off is a common law tort that has been created by the judiciary. It relates to a misrepresentation made by one business which damages the goodwill of another business. Typically, this will involve passing off the goods or services of one business as those of another. In most cases businesses will have protectable rights under the law of passing off in relation to trade marks, brand names, slogans and other elements of advertising in which they have accrued goodwill (Ali, I., 2005). There is a distinct probability that the proposed Stynx brand name will be seen as passing off the Lynx brand name because the names are so similar and the products using the names are both male deodorants. There are three main points that need to be satisfied to qualify as passing off for legal action. These points were defined by the House of Lords in the famous legal case of Reckitt Colman Ltd v Borden Inc (1990) 1 WLR 49, sometimes also known as the Jif Lemon case. The three points defined by the judges in this case were i. There is goodwill in the defendants brand name. This will undoubtedly be the case in terms of the Lynx brand which has been registered as a trademark since 1985 and is the UKs number two deodorant brand (after Sure). By definition, therefore, it has accrued a considerable amount of goodwill evidenced by its sales and market position. ii. The offenders brand name has misled consumers into believing that there is a connection with the defendants brand name. This is classic passing off and, as stated earlier there is no doubt that the Stynx brand name will mislead consumers into believing that it is either Lynx or has a close connection to it. iii. The action has resulted in damage to or a likelihood of damage to, the defendants goodwill. The nature and quality of the Stynx product is vastly inferior to the Lynx product and has a different smell. This will certainly cause damage to the defendants goodwill if customers unintentionally buy the S tynx brand thinking it to be Lynx. It will obviously be necessary to consult Tyrelevers solicitors over this issue but the initial research above indicates that Tyrelever would be in a very weak position in terms of its ability to defend any legal action by Unilever in terms of passing off. Contract Law Whilst it may be undeniable that Gordon Olivers skin complaint and weight gain does not make him the ideal face of Stynx there is the issue of his contract to consider. There is no clause in the contract that allows Tyrelever to terminate said contact due to physiological changes on the part of the other party to the contract, namely Gordon Oliver Tyrelevers contract gives Gordon Oliver exclusive rights to the endorsement of Tyrelever cosmetic brands. The current contract does not expire until 31 December 2009 and is subject to a six month period of notice for it to be terminated by either party. Copyright Law With regard to the use of an image of David Beckham in the advertisements for Stynx then there are issues of copyright law infringement to consider. The copyright to the photograph that Tyrelever plans to use will be held by the originator of the image, namely the photographer, or his or her agent. Copyright law is a powerful legal tool used to prevent the unauthorised appropriation and use of, amongst other things, images. In the UK, courts can impose an unlimited fine and even up to ten years in prison on copyright infringers. Initially in the USA, and now in the UK too, lawyers have successfully extended the use of trademark and passing off laws to protect their celebrity clients (Lydiate, H 2004). The legal case that brought this issue to the forefront in the UK involved the Formula One racing driver, Eddie Irvine who successfully sued Talk Radio (now Talksport) for the unauthorised use of his image in its advertising. A picture of Eddie Irvine was digitally altered by Talk Radio to show the racing driver holding a radio which also included wording that gave the impression that he was endorsing the radio station (Lysandrides, J., 2005). In terms of the proposed unauthorised use of an image of David Beckham then he already has a number of endorsement contracts including one with Gillette. It is likely that David Beckhams lawyers will be able to successfully refer to the Irvine case in the event of the unauthorized and digitally alerted use of his image in advertising for Stynx. In addition, the ASA code requires advertisers to gain written permission from those whose image it is going use in advertising, especially in respect of endorsement. This applies whether the image is altered or not. Failure to comply with this aspect of the code could lead to the involvement of the Office of Fair Trading and Ofcom in respect of printed and broadcast advertisements respectively (CAP, 2007). Regulatory Issues Whilst contravening regulations does not incur the same potentially damaging penalties as contravening the law, there are, nonetheless, serious consequences for the infringement of regulations. The Department for Business, Enterprise and Regulatory Reform (BERR) The BERR has introduced new regulations (in force from 26 May 2008) to crack down on unfair trading sales and marketing practices. The new Regulations are called the Consumer Protection from Unfair Trading Regulations 2008 and they replace the Control of Misleading Advertisements (Amendment) Regulations 1988 (as amended in 2000 and 2003). Misleading Advertisements If the BERR considers that an advertisement misleads consumers or is aggressive or unfair to consumers, then it may refer the case to the Advertising Standards Authority (ASA) whose role is to ensure that all advertisements are legal, decent, honest and truthful (ASA, 2009). The ASA performs this task by referring complaints to its Committee of Advertising Practice (CAP). The advertising codes administered by CAP contain: wide-ranging rules designed to ensure that advertising does not mislead, harm or offend. Advertisements must also be socially responsible and prepared in line with the principles of fair competition. These broad principles apply regardless of the product being advertised (ASA, 2009). So, the CAP rules are very explicit and it is the references to misleading the consumer and the principles of fair competition that are most likely to be a cause for concern for Tyrelever. Unfair Trading As well as covering misleading advertisements the Consumer Protection from Unfair Trading Regulations 2008 prohibit unfair trading practices generally. There are some 31 specific areas of unfair trading that are encompassed by the regulations including aggressive and misleading sales practices. Local authorities have the power to ask Trading Standards Officers to investigate complaints by consumers of unfair trading practises. The general caveat for the regulations state: To breach the majority of the Regulations, the misleading action or omission must cause, or be likely to cause, the average consumer to make a different transactional decision e.g. make a purchase which he would not otherwise have made (Trading Standards Institute, 2009). Complaints from consumers about being mislead into making a purchase they might otherwise not have made due to confusion between Stynx and Lynx is a very real possibility. Ethical Issues As well as legal and regulatory concerns, there are ethical issue to consider. Firstly, if the fact became known that Tyrelever acquired the deodorant product from South America, where it was produced using child labour (hence the knockdown price), then this could severely damage Tyrelevers reputation. Equally, if Tyrelever was to proceed with the planned branding and advertising of the deodorant then, as well as legal and regulatory penalties, it will be viewed as an unethical and untrustworthy business that relies on misleading and illegal advertising to sell its products. This proposed advertising campaign, by association, will also undoubtedly damage the reputation and efficacy of other brands in the Tyrelever portfolio. More and more businesses are adopting ethical and socially responsible policies in terms of their marketing activities. The term ethical has become a highly topical and catchall word which has come to be associated with basically any product or service that does not harm people or flora and fauna. Being ethical is all about respect and Tyrelever would be showing huge disrespect to its employees, consumers and to David Beckham if it proceeds with the advertising campaign as currently proposed. Recommendations for a Way Forward In view of the potential legal, regulatory and ethical pitfalls associated with the proposed advertising campaign, it is recommended that an alternative way forward is adopted. The following part of the report outlines some alternative strategies that could be deployed to launch the Stynx brand effectively without the risks associated with the original idea. The Stynx Brand It has been shown that by deploying this brand name it is highly likely that Unilever will bring and win a case of passing off against Tyrelever. Consequently, a new name should be sourced for the product and registered as a trademark. Celebrity Endorsement The risk of damaging litigation in using David Beckhams image is too high to warrant proceeding. Even if it were possible to persuade him to endorse the product the cost of such an endorsement would be prohibitively high and certainly not affordable for Tyrelever. Although Gordon Oliver is a minor league celebrity, he has become known as the face of Tyrelever through his previous exposure on other brands for the business. Tyrelever should honour Gordon Olivers contract. His image can easily be digitally enhanced (with his permission, of course) to minimise the detrimental effects of his skin disorder and weight gain. The professional use of celebrities in advertising has been found to measurably improve its effectiveness. All of the evidence demonstrates that, when done professionally, the use of celebrities in advertising can be enormously profitable for brands. For example, the use of Jamie Oliver in Sainsburys advertising has produced a return on investment of 27:1 in incremental revenue (IPA, 2009). Also, 13% of the prize-winners in the Institute of Practitioners in Advertisings (IPA) Effectiveness Awards have used celebrities as a major part of their advertising concepts. So, to improve the effectiveness of the advertising it will be necessary to leverage Gordon Olivers involvement in the campaign. For example, Tyrelever could i. Use him as a presenter at company events this may necessitate a contractual amendment. ii. Get him involved in charitable work (childrens charities) and se public relations to generate news stories around this involvement. This will, by association, also help to show that Tyrelever supports the rights of children and is against child exploitation in the factories of South America. iii. Make him the brand character of the campaign (rather than have Gordon playing himself) in the advertising by using his natural acting ability at playing character roles. A good example of how this is has worked successfully is the use of Rowan Atki nson for Barclaycard (Pringle, H., 2004) The more the celebrity becomes involved with the brand and the business, then the more the consumer will engage with the brand. Corporate Social Responsibility A programme of staff (and celebrity) involvement in socially responsible projects around Tyrelevers operational headquarters should be planned and implemented as soon as possible. The detailed planning is outside the scope of this report and should be considered separately. Also, Tyrelever should cease to source any more products from countries that are known to use child labour. By doing deploying these two strategies and by using public relations techniques to promote them to stakeholders Tyrelever can start to build a reputation as a socially and ethically responsible business. Summary and Conclusions This report recommends that the advertising campaign as originally envisaged, does not proceed for the reasons detailed. By not proceeding, Tyrelever will be able to avoid almost certain litigation and regulation infringement. Both of which could lead to significant financial penalties and reputation damage. In addition, the original proposals have been seen to be unethical and socially irresponsible, which will be detrimental to Tyrelevers long term future. There is an opportunity for Tyrelever to market the deodorant in a legal, decent and honest way and thus not full foul of the law or the regulators. At the same time Tyrelever can enhance its reputation and leverage its sales by adopting a socially responsible and ethical stance which will have incremental benefits for all of its products. -ends-

Children And Exercise Essay -- essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  In our society today one of the most difficult problems we are facing is the large numbers of obesity in our children. One of the major factors in that is this; our children have become less physically active. At an early age children start watching TV, learn how to operate a computer, and play video games. Having technological skills is now a necessity in all of our lives because everything has turned â€Å"computerized,† but the fact is that our children are relying on these types of entertainment rather than getting up and physically exercising to entertain them selves. This directly affects the large number of obese children in our country today because of the lack of physical exercise. It is not that we want our kids to look a certain way or to be better at sports than everyone else, but it is that we want our kids to be physically fit and to develop a healthy lifestyle. Physical exercise is not only for adults, it is for children as well, so we must understand the importance of our children exercising and the benefits from it. By doing that it will make an impact on that child for the rest of his/her life.   Ã‚  Ã‚  Ã‚  Ã‚  The reason we should be hesitant to allow our children to watch TV or play video games is that once a child does that, then he/she starts to enjoy it and wants to do it more and more. It becomes an event that they look forward to doing. Whether it is anxiously waiting on a certain TV show to come on, or hurrying in the house to get to their favorite video game. Children have become obsessed with these types of entertainment and have completely forgot about physical activities. Children do not look forward to getting some friends over to play football in the backyard as much anymore. They look forward to getting friends over to go inside and play a video game while eating chips and drinking cokes. Not only are they eating wrong foods, but also they are cutting out the physical activities to burn those calories off. Granted children should have restrictions on the types of food they eat, I am not taking anything away from that fact. But if a child is at least exerci sing then he/she will burn off a lot of those calories consumed in those unhealthy foods. So one question to ask is this; why are children becoming more dependent on technology rather than physical activity?   Ã‚  Ã‚  Ã‚  &nbs... ...verything you and your child need to know about   Ã‚  Ã‚  Ã‚  Ã‚  sports, Physical activity, and good health - a doctor’s guide for parents an coaches.   Ã‚  Ã‚  Ã‚  Ã‚  New York: Newmarket Press. Kalish, Susan. (1996). Your Child’s Fitness: Practical advice for parents. Champaigne:   Ã‚  Ã‚  Ã‚  Ã‚  Human Kinetics. Hinson, Curt. (1995). Fitness for Children. Champaign: Human Kinetics. Gabbard, C., LeBlanc, B., & Lowy, S. (1994). Physical Education for Children: Building   Ã‚  Ã‚  Ã‚  Ã‚  the Foundation, 2nd edition. New Jersey: Prentice-Hall, inc. American Heart Association. Exercise (Physical Activity) and Children. April 4th, 2005   Ã‚  Ã‚  Ã‚  Ã‚  < http://www.americanheart.org/presenter.jhtml?identifier=4596 > Diagnose-Me. Problems associated with lack of exercise. March 27th, 2005. April 4th, 2005. < http://www.diagnose-me.com/cond/C380381.html >. IDEA Fitness Journal. Exercise Decreases Risk of Depression in Kids. October 2004. April   Ã‚  Ã‚  Ã‚  Ã‚  4th, 2005. < http://pdfserve.galegroup.com/pdfserve/get_item/1/Scdbf1ew6   Ã‚  Ã‚  Ã‚  Ã‚  _1/SB806_01.pdf >.

Ifrs Accounting Solution

Solutions to Problems and Exercises TABLE OF CONTENTS * Chapter 11 Concepts for Analysis 1-51 Concepts for Analysis 1-62 Concepts for Analysis 1-103 Concepts for Analysis 1-113 * Chapter 24 Brief Exercise 2-34 Brief Exercise 2-44 Brief Exercise 2-54 Exercise 2-35 * Chapter 36 Exercise 3-66 Exercise 3-96 Exercise 3-118 Exercise 3-1410 Exercise 3-1510 Exercise 3-1610 * chapter 412 Exercise 4-212 Exercise 4-413 Exercise 4-516 Exercise 4-1217 Exercise 4-1318 Exercise 4-1519 Problem 4-119 Problem 4-721 * Chapter 523 Exercise 5-223 Exercise 5-423 Exercise 5-1325Exercise 5-1525 Problem 5-227 * Chapter 729 Exercise 7-529 Exercise 7-730 Exercise 7-1330 Exercise 7-1531 Exercise 7-1631 Exercise 7-2432 Problem 7-834 Problem 7-1135 Problem 7-1536 * Chapter 838 Exercise 8-138 Exercise 8-1538 Exercise 8-2539 Exercise 8-2640 * chapter 942 Brief Exercise 9-242 Brief Exercise 9-442 Brief Exercise 9-742 Brief Exercise 9-843 Exercise 9-243 Exercise 9-744 Exercise 9-1245 Exercise 9-1446 Exercise 9-1947 P roblem 9-447 * Chapter 1849 Exercise 18-249 Exercise 18-450 Exercise 18-751 Exercise 18-1152 Exercise 18-1553 Exercise 18-1954Problem 18-755 Problem 18-857 * Chapter 2359 Exercise 23-159 Exercise 23-559 Exercise 23-660 Exercise 23-1160 CHAPTER 1 CA 1-5 (a)One of the committees that the AICPA established prior to the establishment of the FASB was the Committee on Accounting Procedures (CAP). The CAP, during its existence from 1939 to 1959, issued 51 Accounting Research Bulletins (ARB). In 1959, the AICPA created the Accounting Prin-ciples Board (APB) to replace the CAP. Before being replaced by the FASB, the APB released 31 official pronouncements, called APB Opinions. b)Although the ARBs issued by the CAP helped to narrow the range of alternative practices to some extent, the CAP’s problem-by-problem approach failed to provide the well-defined, structured body of accounting principles that was both needed and desired. As a result, the CAP was replaced by the APB. The APB had more authority and responsibility than did the CAP. Unfortunately, the APB was beleaguered throughout its 14-year existence. It came under fire early, charged with lack of productivity and failing to act promptly to correct alleged accounting abuses.The APB also met a lot of industry and CPA firm opposition and occasional governmental interference when tackling numerous thorny accounting issues. In fear of governmental rule making, the accounting profession investigated the ineffectiveness of the APB and replaced it with the FASB. Learning from prior experiences, the FASB has several significant differences from the APB. The FASB has: (1) smaller membership, (2) full-time, compensated membership, (3) greater autonomy, (4) increased independence, and (5) broader representation. In addition, the FASB has its own research taff and relies on the expertise of various task force groups formed for various projects. These features form the bases for the expectations of success and support f rom the public. In addition, the due process taken by the FASB in establishing financial accounting standards gives interested persons ample opportunity to make their views known. Thus, the FASB is responsive to the needs and viewpoints of the entire economic community, not just the public accounting profession. (c)The AICPA has supplemented the FASB’s efforts in the present standard-setting environment.The issue papers, which are prepared by the Accounting Standards Executive Committee (AcSEC), identify current financial reporting problems for specific industries and present alternative treat-ments of the issue. These papers provide the FASB with an early warning device to insure timely issuance of FASB standards, Interpretations, and Staff Positions. In situations where the FASB avoids the subject of an issue paper, AcSEC may issue a Statement of Position to provide guidance for the reporting issue. AcSEC also issues Practice Bulletins which indicate how the AICPA believes a given transaction should be reported.Recently, the role of the AICPA in standard-setting has diminished. The FASB and the AICPA agreed, that after a transition period, the AICPA and AcSEC no longer will issue authoritative accounting guidance for public companies. CA 1-6 (a)The Financial Accounting Foundation (FAF) is the sponsoring organization of the FASB. The FAF selects the members of the FASB and its Advisory Council, funds their activities, and generally oversees the FASB’s activities. The FASB follows a due process in establishing a typical FASB Statement of Financial Accounting Standards.The following steps are usually taken: (1) A topic or project is identified and placed on the Board’s agenda. (2) A task force of experts from various sectors is assembled to define problems, issues, and alternatives related to the topic. (3) Research and analysis are conducted by the FASB technical staff. (4) A preliminary views document is drafted and released. (5) A public hearing is often held, usually 60 days after the release of the preliminary views. (6) The Board analyzes and evaluates the public response. (7) The Board deliberates on the issues and prepares an exposure draft for release. 8) After a 30-day (minimum) exposure period for public comment, the Board evaluates all of the responses received. (9) A committee studies the exposure draft in relation to the public responses, reevaluates its position, and revises the draft if necessary. (10) The full Board gives the revised draft final consideration and votes on issuance of a Standards Statement. The passage of a new accounting standard in the form of an FASB Statement requires the support of five of the seven Board members. (b)The FASB issues three major types of pronouncements: Standards and Interpretations, Financial Accounting Concepts, and Technical Bulletins.Financial accounting standards issued by the FASB are considered GAAP. In addition, the FASB also issues interpretations that rep resent modifications or extensions of existing standards and APB Opinions. These interpretations have the same authority as standards and APB Opinions in guiding current accounting practices. The Statements of Financial Accounting Concepts (SFAC) help the FASB to avoid the â€Å"problem-by-problem approach. † These statements set forth fundamental objectives and concepts that the Board will use in developing future standards of financial accounting and reporting.They are intended to form a cohesive set of interrelated concepts, a body of theory or a conceptual framework, that will serve as tools for solving existing and emerging problems in a consistent, sound manner. The FASB may issue a technical bulletin when there is a need for guidelines on implementing or applying FASB Standards or Interpretations, APB Opinions, Accounting Research Bulletins, or emerging issues. A technical bulletin is issued only when (1) it is not expected to cause a major change in accounting practic e for a number of enterprises, (2) its cost of implementation is low, and (3) the guidance provided by the bulletin does ot conflict with any broad fundamental accounting principle. In addition, the FASB’s Emerging Issues Task Force (EITF) issues statements to provide guidance on how to account for new and unusual financial transactions that have the potential for creating diversity in reporting practices. The EITF identifies controversial accounting problems as they arise and determines whether they can be quickly resolved or whether the FASB should become involved in solving them. In essence, it becomes a â€Å"problem filter† for the FASB.Thus, it is hoped that the FASB will be able to work on more pervasive long-term problems, while the EITF deals with short-term emerging issues. CA 1-10 1. (b), (e) 2. (a) 3. (c) 4. (d) CA 1-11 1. (d) 2. (f) 3. (c) 4. (e) 5. (a) 6. (b) CHAPTER 2 BRIEF EXERCISE 2-3 (a)Equity (b)Revenues (c)Equity (d)Assets (e)Expenses (f)Losses (g)L iabilities (h)Distributions to owners (i)Gains (j)Investments by owners BRIEF EXERCISE 2-4 (a)Periodicity (b)Monetary unit (c)Going concern (d)Economic entity BRIEF EXERCISE 2-5 (a)Revenue recognition (b)Expense recognition (c)Full disclosure (d)Historical cost EXERCISE 2-3 (15–20 minutes) a)Gains, losses. (b)Liabilities. (c)Investments by owners, comprehensive income. (also possible would be revenues and gains). (d)Distributions to owners. (Note to instructor: net effect is to reduce equity and assets). (e)Comprehensive income. (also possible would be revenues and gains). (f)Assets. (g)Comprehensive income. (h)Revenues, expenses. (i)Equity. (j)Revenues. (k)Distributions to owners. (l)Comprehensive income. CHAPTER 3 EXERCISE 3-6 (10–15 minutes) 1. | Accounts Receivable| 750| | | Service Revenue| | 750| | | | | 2. | Utilities Expense| 520| | | Utilities Payable| | 520| | | | | 3. | Depreciation Expense| 400| | Accumulated Depreciation—Dental Equipment| | 400| | | | | | Interest Expense| 500| | | Interest Payable| | 500| | | | | 4. | Insurance Expense ($15,000 X 1/12)| 1,250| | | Prepaid Insurance| | 1,250| | | | | 5. | Supplies Expense ($1,600 – $400)| 1,200| | | Supplies| | 1,200| EXERCISE 3-9 (15–20 minutes) (a)| 10/15| Salaries Expense| 800| | | | Cash| | 800| | | (To record payment of October 15 payroll)| | | | | | | | | 10/17| Accounts Receivable| 2,100| | | | Service Revenue| | 2,100| | | (To record revenue for services performed for which payment has not yet been received)| | | | | | | | | 10/20| Cash| 650| | | Unearned Service Revenue| | 650| | | (To record receipt of cash for services not yet performed)| | | | | | | | (b)| 10/31| Supplies Expense| 470| | | | Supplies| | 470| | | (To record the use of supplies during October)| | | | | | | | | 10/31| Accounts Receivable| 1,650| | | | Service Revenue| | 1,650| | | (To record revenue for services performed for which payment has not yet been received)| | | | | | | | | 10/3 1| Salaries Expense| 600| | | | Salaries Payable| | 600| | | (To record liability for accrued payroll)| | | | | | | | | 10/31| Unearned Service Revenue| 400| | | | Service Revenue| | 400| | (To reduce the Unearned Service Revenue account for service that has been performed)| | | EXERCISE 3-11 (20–25 Minutes) (a)CAVAMANLIS CO. | Income Statement| For the Year Ended December 31, 2010| Revenues| | | Service revenue| | $12,590| Expenses| | | Salaries expense| $6,840| | Rent expense| 2,760| | Depreciation expense| 145| | Interest expense| 83| 9,828| Net Income| | $ 2,762| (b)CAVAMANLIS CO. | Statement of Retained Earnings| For the Year Ended December 31, 2010| Retained earnings, January 1| $11,310| Add: Net income| 2,762| Less: Dividends| 3,000| Retained earnings, December 31| $11,072| c)CAVAMANLIS CO. | Balance Sheet| December 31, 2010| Assets| | | Current Assets| | | Cash| $18,972| | Accounts receivable| 6,920| | Prepaid rent| 2,280| | Total current assets| | $28,172| Property, plant, and equipment| | | Equipment| 18,050| | Less: Accumulated depreciation| (4,895)| 13,155| Total assets| | $41,327| | | | Liabilities and Stockholders’ Equity| | | Current liabilities| | | Notes payable| | $ 5,700| Accounts payable| | 4,472| Interest payable| |   Ã‚  Ã‚  Ã‚  Ã‚   83| Total current liabilities| | 10,255| Stockholders’ equity| | | Common Stock| $20,000| | Retained Earnings| 11,072*| 31,072|Total liabilities and stockholders’ equity| | $41,327| *Beg. Balance + Net Income – Dividends = Ending Balance $11,310 + $2,762 – $3,000 = $11,072 EXERCISE 3-14 (10–15 minutes) Sales| 340,000| | Sales Returns and Allowances| | 13,000| Sales Discounts| | 8,000| Income Summary| | 319,000| | | | Income Summary| 302,000| | Cost of Goods Sold| | 202,000| Freight-out| | 7,000| Insurance Expense| | 12,000| Rent Expense| | 20,000| Salary Expense| | 61,000| | | | Income Summary| 17,000| | Retained Earnings| | 17,000| EXERCISE 3-15 (10–1 5 minutes) (a) $5,000 ($90,000 – $85,000)(d) $95,000 ($5,000 + $90,000) b) $29,000 ($85,000 – $56,000)(e) $52,000 ($90,000 – $38,000) (c) $14,000 ($29,000 – $15,000) EXERCISE 3-16 (10–15 minutes) Sales| 390,000| | Cost of Goods Sold| | 235,700| Sales Returns and Allowances| | 12,000| Sales Discounts| | 15,000| Selling Expenses| | 16,000| Administrative Expenses| | 38,000| Income Tax Expense| | 30,000| Income Summary| | 43,300| | | | (or)| | | | | | Sales| 390,000| | Income Summary| | 390,000| | | | Income Summary| 346,700| | Cost of Goods Sold| | 235,700| Sales Returns and Allowances| | 12,000| Sales Discounts| | 15,000| Selling Expenses| | 16,000| Administrative Expenses| | 38,000|Income Tax Expense| | 30,000| | | | Income Summary| 43,300| | Retained Earnings| | 43,300| | | | Retained Earnings| 18,000| | Dividends| | 18,000| CHAPTER 4 EXERCISE 4-2 (25–35 minutes) (a)| Total net revenue:| | | | | Sales| | | $400,000| | Less: Sales discounts| | $ 7,800| | | Sales returns| | 12,400| 20,200| | Net sales| | | 379,800| | Dividend revenue| | | 71,000| | Rental revenue| | | 6,500| | Total net revenue| | | $457,300| | | | | | (b)| Net income:| | | | | Total net revenue (from a)| | | $457,300| | Expenses:| | | | | Cost of goods sold| | $184,400| | | Selling expenses| | 99,400| | Administrative expenses| | 82,500| | | Interest expense| | 12,700| | | Total expenses| | | 379,000| | Income before income tax| | | 78,300| | Income tax| | | 26,600| | Net income| | | $ 51,700| (c)| Dividends declared:| | | | | Ending retained earnings| | | $134,000| | Beginning retained earnings| | | 114,400| | Net increase| | | 19,600| | Less: Net income (from (b))| | | 51,700| | Dividends declared| | | $ 32,100| ALTERNATE SOLUTION (for (c)) | Beginning retained earnings| | | $114,400| | Add: Net income| | | 51,700| | | | | 166,100| Less: Dividends declared| | | ? | | Ending retained earnings| | | $134,000| | | | | | | Dividends declared must be $32,1 00| | | | ($166,100 – $134,000)| | | | EXERCISE 4-4 (30–35 minutes) (a)Multiple-Step Form| WEBSTER COMPANY| Income Statement| For the Year Ended December 31, 2010| (In thousands, except earnings per share)| Sales| | | $96,500| Cost of goods sold| | | 63,570| Gross profit| | | 32,930| | | | | Operating Expenses| | | | Selling expenses| | | | Sales commissions| $7,980| | | Depr. of sales equipment| 6,480| | | Transportation-out| 2,690| $17,150| | Administrative expenses| | | |Officers’ salaries| 4,900| | | Depr. of office furn. and equip. | 3,960| 8,860| 26,010| Income from operations| | | 6,920| | | | | Other Revenues and Gains| | | | Rental revenue| | | 17,230| | | | 24,150| Other Expenses and Losses| | | | Interest expense| | | 1,860| | | | | Income before income tax| | | 22,290| Income tax| | | 7,580| Net income| | | $14,710| | | | | Earnings per share ($14,710 ? 40,550)| | | $. 36| (b)Single-Step Form| WEBSTER COMPANY| Income Statement| For the Year Ended Dec ember 31, 2010| (In thousands, except earnings per share)| Revenues| | | | Sales| | | $ 96,500|Rental revenue| | | 17,230| Total revenues| | | 113,730| | | | | Expenses| | | | Cost of goods sold| | | 63,570| Selling expenses| | | 17,150| Administrative expenses| | | 8,860| Interest expense| | | 1,860| Total expenses| | | 91,440| | | | | Income before income tax| | | 22,290| Income tax| | | 7,580| Net income| | | $ 14,710| | | | | Earnings per share| | | $0. 36| Note: An alternative income statement format for the single-step form is to show income tax as part of expenses, and not as a separate item. (c)Single-step: 1. Simplicity and conciseness. 2. Probably better understood by users. . Emphasis on total costs and expenses and net income. 4. Does not imply priority of one revenue or expense over another. Multiple-step: 1. Provides more information through segregation of operating and nonoperating items. 2. Expenses are matched with related revenue. Note to instructor: Studentsâ€⠄¢ answers will vary due to the nature of the question; i. e. , it asks for an opinion. However, the discussion supporting the answer should include the above points. EXERCISE 4-5 (30–35 minutes) PARNEVIK CORP. | Income Statement| For the Year Ended December 31, 2010| Sales Revenue| | | Sales| | $1,280,000|Less: Sales returns and allowances| $150,000| | Sales discounts| 45,000| 195,000| Net sales revenue| | 1,085,000| Cost of goods sold| | 621,000| Gross profit| | 464,000| | | | Operating Expenses| | | Selling expenses| 194,000| | Admin. and general expenses| 97,000| 291,000| Income from operations| | 173,000| Other Revenues and Gains| | | Interest revenue| | 86,000| | | 259,000| Other Expenses and Losses| | | Interest expense| | 60,000| | | | Income before tax and extraordinary item| | 199,000| Income tax ($199,000 X . 34)| | 67,660| Income before extraordinary item| | 131,340|Extraordinary item—loss from earthquake damage| 120,000| | Less: Applicable tax reduction ($ 120,000 X . 34)| 40,800| 79,200| Net income| | $ 52,140| Per share of common stock:| | | Income before extraordinary item ? ($131,340 ? 100,000)| | $1. 31*| Extraordinary item (net of tax)| | (0. 79)| Net income ($52,140 ? 100,000)| | $0. 52| *Rounded EXERCISE 4-12 (15–20 minutes) Net income:| | | Income from continuing operations before income tax| | $21,650,000| Income tax (35% X $21,650,000)| | 7,577,500| Income from continuing operations| | 14,072,500| Discontinued operations| | |Loss before income tax| $3,225,000| | Less: Applicable income tax (35%)| 1,128,750| 2,096,250| Net income| | $11,976,250| | | | Preferred dividends declared:| | $ 860,000| | | | Weighted average common shares outstanding| | 4,000,000| | | | Earnings per share| | | Income from continuing operations| | $3. 30*| Discontinued operations, net of tax| | (0. 52)**| Net income| | $2. 78***| *($14,072,500 – $860,000) ? 4,000,000. (Rounded) **$2,096,250 ? 4,000,000. (Rounded) ***($11,976,250  œ $860,000) ? 4,000,000. EXERCISE 4-13 (15–20 minutes) (a) 2010 Income before income tax$460,000Income tax (35%) 161,000 Net Income$299,000 (b)Cumulative effect for years prior to 2010: Year| Weighted Average  | FIFO| Difference| Tax Rate (35%)   | Net Effect| 2008| $370,000| $395,000| $25,000| | | 2009| 390,000| 420,000| 30,000| | | | | Total| $55,000| $19,250| $35,750| (c)| |   Ã‚  Ã‚   2010  Ã‚     |   Ã‚  Ã‚   2009  Ã‚     |   Ã‚     2008  Ã‚     | | Income before income tax| $460,000| $420,000| $395,000| | Income tax (35%)| 161,000| 147,000| 138,250| | Net income| $299,000| $273,000| $256,750| EXERCISE 4-15 (15–20 minutes) BRYANT CO. | Statement of Stockholders’ Equity| For the Year Ended December 31, 2010| | Total| |Compre-hensive Income| | Retained Earnings| | Accumulated Other Comprehensive Income| | Common Stock| Beginning balance| $520,000| | | | $ 90,000| | $80,000| | $350,000| Comprehensive income| | | | | | | | | | Net income *| 170,000| | $170,000| | 170,000| | | | | Other comprehensive income| | | | | | | | | | Unrealized holding loss| (50,000)| | (50,000)| | | | (50,000)| | | Comprehensive income| | | $120,000| | | | | | | Dividends| (10,000)| | | | (10,000)| |   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  | |   Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  | Ending balance| $630,000| | | | $250,000| | $30,000| | $350,000| *($750,000 – $500,000 – $80,000).SOLUTIONS TO PROBLEMS | PROBLEM 4-1| | DICKINSON COMPANY| Income Statement| For the Year Ended December 31, 2010| Sales| | $25,000,000| Cost of goods sold| | 16,000,000| Gross profit| | 9,000,000| Selling and administrative expenses| | 4,700,000| Income from operations| | 4,300,000| Other revenues and gains| | | Interest revenue| $ 70,000| | Gain on the sale of investments| 110,000| 180,000| Other expenses and losses| | | Write-off of goodwill| | 820,000| Income from continuing operations before income tax| | 3,660,000| Income ta x| | 1,244,000| Income from continuing operations| | 2,416,000|Discontinued operations| | | Loss on operations, net of tax| 90,000| | Loss on disposal, net of tax| 440,000| 530,000| Income before extraordinary item| | 1,886,000| Extraordinary item—loss from flood damage, net of tax| | 390,000| Net income| | $ 1,496,000| Earnings per share:| | | | Income from continuing operations| | $ 4. 67a| Discontinued operations| | | Loss on operations, net of tax| $(0. 18)| | Loss on disposal, net of tax| (0. 88)| (1. 06)| Income before extraordinary item| | 3. 61b| Extraordinary loss, net of tax| | | (0. 78)| Net income| | | $ 2. 83c| DICKINSON COMPANY|Retained Earnings Statement| For the Year Ended December 31, 2010| Retained earnings, January 1| | $ 980,000| Add: Net income| | 1,496,000| | | 2,476,000| Less: Dividends| | | Preferred stock| $ 80,000| | Common stock| 250,000| 330,000| Retained earnings, December 31| | $ 2,146,000| a$2,416,000 – $80,000| =| $4. 67| 500,000 shares| | | | | | b$1,886,000 – $80,000| =| $3. 61| 500,000 shares| | | | | | c$1,496,000 – $80,000| =| $2. 83| 500,000 shares| | | | PROBLEM 4-7| | WADE CORP. | Income Statement (Partial)| For the Year Ended December 31, 2010| Income from continuing operations before income tax| | $1,200,000*| Income tax| | | 456,000**| Income from continuing operations| | | 744,000| Discontinued operations| | | | Loss from operations of discontinued subsidiary| $ 90,000| | | Less: Applicable income tax reduction| 34,200| $ 55,800| | Loss from disposal of subsidiary| 100,000| | | Less: Applicable income tax reduction| 38,000| 62,000| 117,800| Income before extraordinary item| | | 626,200| Extraordinary item:| | | | Gain on condemnation| | 125,000| | Less: Applicable income tax| | 50,000| 75,000| Net income| | | $ 701,200| | | | | Per share of common stock:| | | |Income from continuing operations| | | $4. 96| Discontinued operations, net of tax| | | (0. 79)| Income before extraordinary item| | | 4. 17| Extraordinary item, net of tax| | | 0. 50| Net income ($701,200 ? 150,000)| | | $4. 67| *Computation of income from continuing operations before income tax:| | As previously stated| | | $1,210,000| Loss on sale of equipment [$40,000 – ($80,000 – $30,000)]| (10,000)| Restated| | | $1,200,000| | | | | **Computation of income tax expense:| | | $1,200,000 X . 38 = $456,000| | | | Note: The error related to the intangible asset was correctly charged to retained earnings.CHAPTER 5 EXERCISE 5-2 (15–20 minutes) 1. | h. | 11. | b. | 2. | d. | 12. | f. | 3. | f. | 13. | a. | 4. | f. | 14. | h. | 5| c. | 15. | c. | 6. | a. | 16. | b. | 7. | f. | 17. | a. | 8. | g. | 18. | a. | 9. | a. | 19. | g. | 10. | a. | 20. | f. | EXERCISE 5-4 (30–35 minutes) GULISTAN INC. | Balance Sheet| December 31, 2010| Assets| Current assets| | | | Cash| $XXX| | | Less: Cash restricted for plant expansion| XXX| $XXX| | Accounts receivable| XXX| | | Less: Allowance for doubtful accounts| XXX| XXX| | Notes receivable| | XXX| | Receivables—officers| | XXX| | Inventories| | | | Finished goods| XXX| | |Work in process| XXX| | | Raw materials| XXX| XXX| | Total current assets| | | $XXX| | | | | Long-term investments| | | | Preferred stock investments| | XXX| | Land held for future plant site| | XXX| | Cash restricted for plant expansion| | XXX| | Total long-term investments| | | XXX| | | | | Property, plant, and equipment| | | | Buildings| | XXX| | Less: Accum. depreciation— buildings| | XXX| XXX| | | | | Intangible assets| | | | Copyrights| | | XXX| Total assets| | | $XXX| Liabilities and Stockholders’ Equity| Current liabilities| | | | | Accrued salaries payable| | $XXX| | |Notes payable, short-term| | XXX| | | Unearned subscriptions revenue| | XXX| | | Unearned rent revenue| | XXX| | | Total current liabilities| | | | $XXX| | | | | | Long-term debt| | | | | Bonds payable, due in four years| | | $XXX| | Less: Discount on bonds payable| | | (XXX)| XXX| Total liabilities| | | | XXX| | | | | | Stockholders’ equity| | | | | Capital stock:| | | | | Common stock| | XXX| | | Additional paid-in capital:| | | | | Paid in capital in excess of par—common stock| | XXX| | | Total paid-in capital| | | XXX| | Retained earnings| | | XXX| |Total paid-in capital and retained earnings| | | XXX| | Less: Treasury stock, at cost| | | (XXX)| | Total stockholders’ equity| | | | XXX| Total liabilities and stock- holders’ equity| | | | $XXX| Note to instructor: An assumption made here is that cash included the cash restricted for plant expansion. If it did not, then a subtraction from cash would not be necessary or the cash balance would be â€Å"grossed up† and then the cash restricted for plant expansion deducted. EXERCISE 5-13 (15–20 minutes) (a)| 4. | (f)| 1. | (k)| 1. | (b)| 3. | (g)| 5. | (l)| 2. | (c)| 4. | (h)| 4. (m)| 2. | (d)| 3. | (i)| 5. | | | (e)| 1. | (j)| 4. | | | EXERCISE 5-15 (25â₠¬â€œ35 minutes) (a)SONDERGAARD CORPORATION| Statement of Cash Flows| For the Year Ended December 31, 2010| Cash flows from operating activities| | | Net income| | $160,000| Adjustments to reconcile net income| | | to net cash provided by operating | | | activities:| | | Depreciation expense| $17,000| | Loss on sale of investments| 7,000| | Decrease in accounts receivable| 5,000| | Decrease in current liabilities| (17,000)| 12,000| Net cash provided by operating activities| | 172,000| Cash flows from investing activities| | |Sale of investments| | | [($74,000 – $52,000) – $7,000]| 15,000| | Purchase of equipment| (58,000)| | Net cash used by investing activities| | (43,000)| Cash flows from financing activities| | | Payment of cash dividends| | (50,000)| Net increase in cash| | 79,000| Cash at beginning of year| | 78,000| Cash at end of year| | $157,000| (b)Free Cash Flow Analysis| Net cash provided by operating activities| | $172,000| Less: Purchase of equipment| | (58 ,000)| Dividends| | (50,000)| Free cash flow| | $ 64,000| | PROBLEM 5-2| | MONTOYA, INC. | Balance Sheet| December 31, 2010|Assets| Current assets| | | | Cash| | $ 360,000| | Trading securities| | 121,000| | Notes receivable| | 445,700| | Income taxes receivable| | 97,630| | Inventories| | 239,800| | Prepaid expenses| | 87,920| | Total current assets| | | $1,352,050| | | | | Property, plant, and equipment| | | | Land| | $ 480,000| | Building| $1,640,000| | | Less: Accum. depreciation— building| 270,200| 1,369,800| | Equipment| 1,470,000| | | Less: Accum. depreciation— equipment| 292,000| 1,178,000| 3,027,800| | | | | Intangible assets| | | | Goodwill| | | 125,000| Total assets| | | $4,504,850|Liabilities and Stockholders’ Equity| Current liabilities| | | | Accounts payable| | $ 490,000| | Notes payable to banks| | 265,000| | Payroll taxes payable| | 177,591| | Taxes payable| | 98,362| | Rent payable| | 45,000| | Total current liabilities| | | $1,075,953| | | | | Long-term liabilities| | | | Unsecured notes payable| | | | (long-term)| | $1,600,000| | Bonds payable| $300,000| | | Less:Discount on bonds payable| 15,000| 285,000| | Long-term rental obligations| | 480,000| 2,365,000| Total liabilities| | | 3,440,953| | | | | Stockholders’ equity| | | | Capital stock| | | |Preferred stock, $10 par; 20,000 shares authorized, 15,000 shares issued| $150,000| | | Common stock, $1 par; 400,000 shares authorized, 200,000 issued| 200,000| $350,000| | Retained earnings ($1,063,897 – $350,000)| | 713,897| | Total stockholders’ equity ($4,504,850 – $3,440,953)| | | 1,063,897| Total liabilities and stockholders’ equity| | | $4,504,850| CHAPTER 7 EXERCISE 7-5 (15–20 minutes) (a)| 1. | June 3| Accounts Receivable—Arquette| 2,000| | | | | Sales| | 2,000| | | | | | | | | June 12| Cash| 1,960| | | | | Sales Discounts ($2,000 X 2%)| 40| | | | | Accounts Receivable—Arquette| | 2,000| | | | | | | 2. | June 3| Accounts Receivable—Arquette| 1,960| | | | | Sales ($2,000 X 98%)| | 1,960| | | | | | | | | June 12| Cash| 1,960| | | | | Accounts Receivable—Arquette| | 1,960| (b)| July 29| Cash| 2,000| | | | Accounts Receivable—Arquette| | 1,960| | | Sales Discounts Forfeited| | 40| | | | | | | (Note to instructor: Sales discounts forfeited could have been recog-nized at the time the discount period lapsed. The company, however, would probably not record this forfeiture until final cash settlement. )| EXERCISE 7-7 (10–15 minutes) (a)| Bad Debt Expense| 7,500| | | Allowance for Doubtful Accounts| | 7,500*| | | | | . 01 X ($800,000 – $50,000) = $7,500| | | | | | | (b)| Bad Debt Expense| 6,000| | | Allowance for Doubtful Accounts| | 6,000*| | | | | *Step 1:. 05 X $160,000 = $8,000 (desired credit balance in Allowance account) Step 2:$8,000 – $2,000 = $6,000 (required credit entry to bring allowance account to $8,000 credit balance) EXERCISE 7-13 (10– 15 minutes) (a)| Cash| 290,000| | | Finance Charge| 10,000*| | | Notes Payable| | 300,000| | | | | *2% X $500,000 = $10,000| | | | | | | (b)| Cash| 350,000| | | Accounts Receivable| | 350,000| EXERCISE 7-13 (Continued) (c)| Notes Payable| 300,000| | | Interest Expense| 7,500*| | Cash| | 307,500| | | | | *10% X $300,000 X 3/12 = $7,500| | | EXERCISE 7-15 (10–15 minutes) Computation of net proceeds:| Cash received| | $190,000| Less: Recourse liability| | 2,000| Net proceeds| | $188,000| Computation of gain or loss:| Carrying value| | $200,000| Net proceeds| | 188,000| Loss on sale of receivables| | $ 12,000| The following journal entry would be made:| Cash| $190,000| | Loss on Sale of Receivables| 12,000| | Recourse Liability| | 2,000| Accounts Receivable| | 200,000| EXERCISE 7-16 (15–20 minutes) (a)| To be recorded as a sale, all of the following conditions would be met:| | | | 1. The transferred asset has been isolated from the transferor (put beyond reach of the trans feror and its creditors). | | | | | 2. | The transferees have obtained the right to pledge or to exchange either the transferred assets or beneficial interests in the trans-ferred assets. | | | | | 3. | The transferor does not maintain effective control over the trans-ferred assets through an agreement to repurchase or redeem them before their maturity. | (b)| Computation of net proceeds:| | Cash received ($250,000 X 94%)| $235,000| | | Due from factor ($250,000 X 4%)| 10,000| $245,000| | Less: Recourse obligation| | 3,000| Net proceeds| | $242,000| | Computation of gain or loss:| | Carrying value| | $250,000| | Net proceeds| | 242,000| | Loss on sale of receivables| | $ 8,000| | The following journal entry would be made:| | Cash| $235,000| | | Due from Factor| 10,000| | | Loss on Sale of Receivables| 8,000| | | Recourse Liability| | 3,000| | Accounts Receivable| | 250,000| *EXERCISE 7-24 (15–20 minutes) (a)KIPLING COMPANY| Bank Reconciliation | July 31| Balance per bank stat ement, July 31| | $ 8,650| Add: Deposits in transit| | 2,850a| Deduct: Outstanding checks| | (1,100)b| Correct cash balance, July 31| | $10,400| | | Balance per books, July 31| | $ 9,250| Add: Collection of note| | 1,500| Less: Bank service charge| $ 15| | NSF check| 335| (350)| Corrected cash balance, July 31| | $10,400| aComputation of deposits in transit| | | Deposits per books| | $5,810| Deposits per bank in July| $ 4,500| | Less deposits in transit (June)|   (1,540)| | Deposits mailed and received in July| | (2,960)| Deposits in transit, July 31| | $2,850| bComputation of outstanding checks| | | Checks written per books| | $3,100| Checks cleared by bank in July| $ 4,000| | Less outstanding checks (June)*| (2,000)| |Checks written and cleared in July| | (2,000)| Outstanding checks, July 31| | $1,100| *Assumed to clear bank in July (b)| Cash| 1,150| | | Office Expenses—Bank Charges| 15| | | Accounts Receivable| 335| | | Notes Receivable| | 1,500| | PROBLEM 7-8| | 10/1/10 | Notes Receivable| 120,000| | | Sales| | 120,000| | | | | 12/31/10| Interest Receivable| 2,400*| | | Interest Revenue| | 2,400| | | | | *$120,000 X . 08 X 3/12 = $2,400| | | | | | 10/1/11| Cash| 9,600*| | | Interest Receivable| | 2,400| | Interest Revenue| | 7,200**| | | | | *$120,000 X . 08 = $9,600**$120,000 X . 08 X 9/12 = $7,200| | | | | | 2/31/11| Interest Receivable| 2,400| | | Interest Revenue| | 2,400| | | | | 10/1/12| Cash| 9,600| | | Interest Receivable| | 2,400| | Interest Revenue| | 7,200| | | | | | Cash| 120,000| | | Notes Receivable| | 120,000| Note: Entries at 10/1/11 and 10/1/12 assumes reversing entries were not made on January 1, 2011 and January 1, 2012. | PROBLEM 7-11| | SANDBURG COMPANY| Income Statement Effects| For the Year Ended December 31, 2010| Expenses resulting from accounts receivable| | | | | assigned (Schedule 1)| | | | $22,320| Loss resulting from accounts receivable| | | | | sold ($300,000 – $270,000)| | | | 30,000|Total expenses| | | | $52, 320| Schedule 1 Computation of Expense| for Accounts Receivable Assigned| Assignment expense:| | | | | Accounts receivable assigned| | $400,000| | | | | X 80%| | | Advance by Keller Finance Company| | 320,000| | | | | X 3%| | $ 9,600| Interest expense| | | | 12,720| Total expenses| | | | $22,320| | *PROBLEM 7-15| | (a)The entries for the issuance of the note on January 1, 2010: The present value of the note is: $1,200,000 X . 68058 = $816,700 (Rounded by $4). | Botosan Company (Debtor):| | | | Cash| 816,700| | | Discount on Notes Payable| 383,300| | | Note Payable| | 1,200,000| | | | | National Organization Bank (Creditor):| | | | Notes Receivable| 1,200,000| | | Discount on Notes Receivable| | 383,300| | Cash| | 816,700| (b)The amortization schedule for this note is: SCHEDULE FOR INTEREST AND DISCOUNT AMORTIZATION— EFFECTIVE-INTEREST METHOD $1,200,000 Note Issued to Yield 8% Date| | Cash Paid| | Interest Expense| | Discount Amortized| | Carrying Amount of Note| 1/1/10| | | | | | | | $ 816,700| 12/31/10| | $0| | $ 65,336*| | $ 65,336| | 882,036**| 12/31/11| | 0| | 70,563| | 70,563| | 952,599| 12/31/12| | 0| | 76,208| | 76,208| | 1,028,807| 12/31/13| | 0| | 82,305| | 82,305| | 1,111,112| 2/31/14| | 0| | 88,888| | 88,888| | 1,200,000| Total| | $0| | $383,300| | $383,300| | | *$816,700 X 8% = $65,336. **$816,700 + $65,336 = $882,036. (c)The note can be considered to be impaired only when it is probable that, based on current information and events, National Organization Bank will be unable to collect all amounts due (both principal and interest) according to the contractual terms of the loan. (d)| The loss is computed as follows:| | | | Carrying amount of loan (12/31/11)| | $952,599a| | Less: Present value of $800,000 due in 3 years at 8%| |   (635,064)b| | Loss due to impairment| | $317,535| | | | | aSee amortization schedule from answer (b) on page 7-66. | | | b$800,000 X . 79383 = $635,064. | | | | December 31, 2011| | National Organization Bank (Cred itor):| | | | Bad Debt Expense| 317,535| | | Allowance for Doubtful Accounts| | 317,535| Note: Botosan Company (Debtor) has no entry. CHAPTER 8 EXERCISE 8-1 (15–20 minutes) Items 2, 3, 5, 8, 10, 13, 14, 16, and 17 would be reported as inventory in the financial statements. The following items would not be reported as inventory: 1. Cost of goods sold in the income statement. 4. Not reported in the financial statements. 6. Cost of goods sold in the income statement. . Cost of goods sold in the income statement. 9. Interest expense in the income statement. 11. Advertising expense in the income statement. 12. Office supplies in the current assets section of the balance sheet. 15. Not reported in the financial statements. 18. Short-term investments in the current asset section of the balance sheet. EXERCISE 8-15 (15–20 minutes) (a)ESPLANADE COMPANY| Computation of Inventory for Product| BAP Under FIFO Inventory Method| March 31, 2010| | Units| | Unit Cost| | Total Cost| Mar ch 26, 2010| 600| | $12. 00| | $ 7,200| February 16, 2010| 800| | 11. 00| | 8,800|January 25, 2010 (portion)| 100| | 10. 00| | 1,000| March 31, 2010, inventory | 1,500| | | | $17,000| (b)ESPLANADE COMPANY| Computation of Inventory for Product| BAP Under LIFO Inventory Method| March 31, 2010| | Units| | Unit Cost| | Total Cost| Beginning inventory| 600| | $8. 00| | $ 4,800| January 5, 2010 (portion)| 900| | 9. 00| | 8,100| March 31, 2010, inventory| 1,500| | | | $12,900| (c)ESPLANADE COMPANY| Computation of Inventory for Product| BAP Under Weighted Average Inventory Method| March 31, 2010| | Units| | Unit Cost| | Total Cost| Beginning inventory| 600| | $ 8. 0| | $ 4,800| January 5, 2010| 1,100| | 9. 00| | 9,900| January 25, 2010| 1,300| | 10. 00| | 13,000| February 16, 2010| 800| | 11. 00| | 8,800| March 26, 2010| 600| | 12. 00| | 7,200| | 4,400| | | | $43,700| | | | | | | Weighted average cost| | | | | | ($43,700 ? 4,400)| | | $ 9. 93*| | | | | | | | | March 31, 2010, inventory| 1,5 00| | $ 9. 93| | $14,895| *Rounded off. EXERCISE 8-25 (20–25 minutes) | Current $| | Price Index| | Base Year $| | Change from Prior Year| 2007| $ 80,000| | 1. 00| | $ 80,000| | —| 2008| 111,300| | 1. 05| | 106,000| | +$26,000| 2009| 108,000| | 1. 0| | 90,000| | (16,000)| 2010| 122,200| | 1. 30| | 94,000| | +4,000| 2011| 147,000| | 1. 40| | 105,000| | +11,000| 2012| 176,900| | 1. 45| | 122,000| | +17,000| Ending Inventory—Dollar-value LIFO: 2007| $80,000| | | 2011| $80,000 @ 1. 00 =| $ 80,000| | | | | | 10,000 @ 1. 05 = | 10,500| 2008| $80,000 @ 1. 00 =| $ 80,000| | | 4,000 @ 1. 30 =| 5,200| | 26,000 @ 1. 05 =| 27,300| | | 11,000 @ 1. 40 = | 15,400| | | $107,300| | | | $111,100| | | | | | | | 2009| $80,000 @ 1. 00 =| $ 80,000| | 2012| $80,000 @ 1. 00 =| $ 80,000| | 10,000 @ 1. 05 =| 10,500| | | 10,000 @ 1. 5 =| 10,500| | | $ 90,500| | | 4,000 @ 1. 30 =| 5,200| | | | | | 11,000 @ 1. 40 =| 15,400| 2010| $80,000 @ 1. 00 =| $ 80,000| | | 17,000 @ 1. 45 =| 24,650| | 10,000 @ 1. 05 =| 10,500| | | | $135,750| | 4,000 @ 1. 30 =| 5,200| | | | | | | $ 95,700| | | | | EXERCISE 8-26 (15–20 minutes) Date| | Current $| | Price Index| | Base-Year $| | Change from Prior Year| Dec. 31, 2007| | $ 70,000| | 1. 00| | $70,000| | —| Dec. 31, 2008| | 88,200| | 1. 05| | 84,000| | +$14,000| Dec. 31, 2009| | 95,120| | 1. 16| | 82,000| | (2,000)| Dec. 31, 2010| | 108,000| | 1. 0| | 90,000| | +8,000| Dec. 31, 2011| | 100,000| | 1. 25| | 80,000| | (10,000)| Ending Inventory—Dollar-value LIFO: Dec. 31, 2007| $70,000| | | | | Dec. 31, 2008| $70,000 @ 1. 00 =| $70,000| | 14,000 @ 1. 05 =| 14,700| | | $84,700| | | | Dec. 31, 2009| $70,000 @ 1. 00 =| $70,000| | 12,000 @ 1. 05 =| 12,600| | | $82,600| | | | Dec. 31, 2010| $70,000 @ 1. 00 =| $70,000| | 12,000 @ 1. 05 =| 12,600| | 8,000 @ 1. 20 =| 9,600| | | $92,200| | | | Dec. 31, 2011| $70,000 @ 1. 00 =| $70,000| | 10,000 @ 1. 05 =| 10,500| | | $80,500| CHAPTER 9 BRIEF EXERCISE 9-2 Item| | Cost| | Design ated Market| |LCM| Jokers| | $2,000| | $2,050| | $2,000| Penguins| | 5,000| | 4,950| | 4,950| Riddlers| | 4,400| | 4,550| | 4,400| Scarecrows| | 3,200| | 3,070| | 3,070| BRIEF EXERCISE 9-4 Group| | Number of CDs| | Sales Price per CD| | Total Sales Price| | Relative Sales Price| | Total Cost| | Cost Allocated to CDs| | Cost per CD| 1| | 100| | $ 5| | $ 500| | 5/100*| X| $8,000| =| $ 400| | $ 4**| 2| | 800| | $10| | 8,000| | 80/100| X| $8,000| =| 6,400| | $ 8| 3| | 100| | $15| | 1,500| | 15/100| X| $8,000| =| 1,200| | $12| | | | | | | $10,000| | | | | | $8,000| | | $500/$10,000 = 5/100**$400/100 = $4 BRIEF EXERCISE 9-7 Beginning inventory| | $150,000| Purchases| | 500,000| Cost of goods available| | 650,000| Sales| $700,000| | Less gross profit (35% X 700,000)| 245,000| | Estimated cost of goods sold| | 455,000| Estimated ending inventory destroyed in fire| | $195,000| BRIEF EXERCISE 9-8 | Cost| | Retail| Beginning inventory| $ 12,000| | $ 20,000| Net purchases| 120,000| | 170,000| N et markups|   | | 10,000| Totals| $132,000| | 200,000| Deduct:| | | | Net markdowns| | | 7,000| Sales| | | 147,000| Ending inventory at retail| | | $ 46,000| | | | |Cost-to-retail ratio: $132,000 ? $200,000 = 66%| | | | Ending inventory at lower-of cost-or-market (66% X $46,000) = $30,360 EXERCISE 9-2 (10–15 minutes) Item| | Net Realizable Value (Ceiling)| | Net Realizable Value Less Normal Profit (Floor)| | Replacement Cost| | Designated Market| | Cost| | LCM| D| | $90*| | $70**| | $120| | $90| | $75| | $75| E| | 80| | 60| | 72| | 72| | 80| | 72| F| | 60| | 40| | 70| | 60| | 80| | 60| G| | 55| | 35| | 30| | 35| | 80| | 35| H| | 80| | 60| | 70| | 70| | 50| | 50| I| | 60| | 40| | 30| | 40| | 36| | 36| | | | | | | | | | | | | | Estimated selling price – Estimated selling expense = $120 – $30 = $90. **Net realizable value – Normal profit margin = $90 – $20 = $70. EXERCISE 9-7 (15–20 minutes) Cost Per Lot (Cost Allocated/ No. of Lots)| $2,040| 2,720| 1,360| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cost Allocated to Lots| $18,360| 40,800| 25,840| $85,000| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Cost| $85,000| 85,000| 85,000| | | | | | | | | | | | | | | | | | | | X| X| X| | | | | | | | | | | | | | | | | | |Relative Sales Price| $27,000/$125,000| $60,000/$125,000| $38,000/$125,000| | | $78,000| 53,040| 24,960| 18,200| $ 6,760| | | Gross Profit| $ 3,840| 10,240| 10,880| $24,960| | | | | | | | | | | | | | | | | | | | | | | | | | | Total Sales Price| $ 27,000| 60,000| 38,000| $125,000| | Sales (see schedule)| Cost of goods sold (see schedule)| Gross profit| Operating expenses| Net income| | | Sales| $12,000| 32,000| 34,000| $78,000| | | | | | | | | | | | | | | | | | | | | | | | | | | SalesPrice Per Lot| $3,000| 4,000| 2,000| | | | | | | | | | Cost Cost of Per Lots Lot Sold| $2,040 $ 8,160| 2,720 21,760| 1,360 23,120| $53,040| | | | | | | | | | | | | | | | | | | | | | | | | | | No. of Lots| 9| 15| 19| | | | | | | | | | Number of Lots Sold*| 4| 8| 17| 29| | * 9 – 5 = 4| 15 – 7 = 8| 19 – 2 = 17| | | | | | | | | | | | | | | | | | | | | | | | Group 1| Group 2| Group 3| | | | | | | | | | | Group 1| Group 2| Group 3| Total| | | | | EXERCISE 9-12 (10–15 minutes) a)| Inventory, May 1 (at cost)| | $160,000| | Purchases (at cost)| | 640,000| | Purchase discounts| | (12,000)| | Freight-in| | 30,000| | Goods available (at cost)| | 818,000| | Sales (at selling price)| $1,000,000| | | Sales returns (at selling price)| (70,000)| | | Net sales (at selling price)| 930,000| | | Less: Gross profit (25% of $930,000)| 232,500| | | Sales (at cost)| | 697,500| | Approximate inventory, May 31 (at cost)| | $120,500| (b)Gross profit as a percent of sales must be computed: | 25%| = 20% of sales. | | 100% + 25%| | | Inventory, May 1 (at cost)| | $160,000| Purchases (at cost)| | 640,000| | Purchase discounts| | (12,000)| | F reight-in| | 30,000| | Goods available (at cost)| | 818,000| | Sales (at selling price)| $1,000,000| | | Sales returns (at selling price)| (70,000)| | | Net sales (at selling price)| 930,000| | | Less: Gross profit (20% of $930,000)| 186,000| | | Sales (at cost)| | 744,000| | Approximate inventory, May 31 (at cost)| | $ 74,000| | | | | EXERCISE 9-14 Beginning inventory| | $170,000| Purchases| | 450,000| | | 620,000| Purchase returns| | (30,000)| Goods available (at cost)| | 590,000|Sales| $650,000| | Sales returns| (24,000)| | Net sales| 626,000| | Less: Gross profit (30% X $626,000)| (187,800)| 438,200| Estimated ending inventory (unadjusted for damage)| | 151,800| Less: Goods on hand—undamaged (at cost) $21,000 X (1 – 30%)| | (14,700)| Less: Goods on hand—damaged (at net realizable value)| | (5,300)| Fire loss on inventory| | $131,800| EXERCISE 9-19 (12–17 minutes) | Cost| | Retail| Beginning inventory| $ 200,000| | $ 280,000| Purchases| 1,425,000| | 2, 140,000| Totals| 1,625,000| | 2,420,000| Add: Net markups| | | |Markups| | $95,000| | Markup cancellations| _________| (15,000)| 80,000| Totals| $1,625,000| | 2,500,000| | | | | Deduct: Net markdowns| | | | Markdowns| | 35,000| | Markdown cancellations| | (5,000)| 30,000| Sales price of goods available| | | 2,470,000| Deduct: Sales| | | 2,250,000| Ending inventory at retail| | | $ 220,000| Cost-to-retail ratio =| $1,625,000| = 65%| | $2,500,000| | Ending inventory at cost = 65% X $220,000 = $143,000 | PROBLEM 9-4| | Beginning inventory| | $ 80,000| Purchases| | 290,000| | | 370,000| Purchase returns| | (28,000)|Total goods available| | 342,000| Sales| $415,000| | Sales returns| (21,000)| | | 394,000| | Less: Gross profit (35% of $394,000)| 137,900|   (256,100)| Ending inventory (unadjusted for damage)| | 85,900| Less: Goods on hand—undamaged| | | ($30,000 X [1 – 35%])| | 19,500| Inventory damaged| | 66,400| Less: Salvage value of damaged inventory| | 8,150| Fire loss on inventory| | $ 58,250| CHAPTER 18 EXERCISE 18-2 (15–20 minutes) (a)1. 6/3Accounts Receivable—Ann Mount8,000 Sales8,000 6/5Sales Returns and Allowances600 Accounts Receivable—Ann Mount600 6/7Transportation-Out24Cash24 6/12Cash7,252 Sales Discounts (2% X $7,400)148 Accounts Receivable—Ann Mount7,400 2. 6/3Accounts Receivable—Ann Mount7,840 Sales [$8,000 – (2% X $8,000)]7,840 6/5Sales Returns and Allowances588 Accounts Receivable—Ann Mount [$600 – (2% x $600)]588 6/7Transportation-Out24 Cash24 6/12Cash7,252 Accounts Receivable—Ann Mount7,252 (b)8/5Cash7,400 Accounts Receivable—Ann Mount7,252 Sales Discounts Forfeited (2% X $7,400)148 EXERCISE 18-4 (20–25 minutes) (a)Gross profit recognized in: | 2010| 2011| 2012| Contract price| | $1,600,000| | $1,600,000| | $1,600,000| Costs:| | | | | | |Costs to date| $400,000| | $825,000| | $1,070,000| | Estimated costs to complete| 600,000| 1,000,000| 275,000| 1,100,00 0| 0| 1,070,000| Total estimated profit| | 600,000| | 500,000| | 530,000| Percentage completed to date| | 40%*| | 75%**| | 100%| Total gross profit recognized| | 240,000| | 375,000| | 530,000| Less: Gross profit recognized in previous years| | 0| | 240,000| | 375,000| Gross profit recognized in current year| | $ 240,000| | $ 135,000| | $ 155,000| **$400,000 ? $1,000,000**$825,000 ? 1,100,000 (b)Construction in Process ($825,000 – $400,000)425,000Materials, Cash, Payables, etc. 425,000Accounts Receivable ($900,000 – $300,000)600,000 Billings on Construction in Process600,000 Cash ($810,000 – $270,000)540,000 Accounts Receivable540,000 Construction Expenses425,000 Construction in Process135,000 Revenue from Long-Term Contracts560,000* *$1,600,000 X (75% – 40%) (c)Gross profit recognized in: | 2010| 2011| 2012| Gross profit| $–0–| $–0–| $530,000*| *$1,600,000 – $1,070,000 EXERCISE 18-7 (25–30 minutes) (a)1. Gross pro fit recognized in 2010: Contract price$1,200,000 Costs: Costs to date$280,000Estimated additional costs 520,000 800,000 Total estimated profit400,000 Percentage completion to date ($280,000/$800,000) 35% Gross profit recognized in 2010$ 140,000 Gross profit recognized in 2011: Contract price$1,200,000 Costs: Costs to date$600,000 Estimated additional costs 200,000 800,000 Total estimated profit400,000 Percentage completion to date ($600,000/$800,000) 75% Total gross profit recognized300,000 Less: Gross profit recognized in 2010 140,000 Gross profit recognized in 2011$ 160,000 2. Construction in Process ($600,000 – $280,000)320,000 Materials, Cash, Payables, etc. 20,000 Accounts Receivable ($500,000 – $150,000)350,000 Billings on Construction in Process350,000 Cash ($320,000 – $120,000)200,000 Accounts Receivable200,000 Construction in Process160,000 Construction Expenses320,000 Revenues from Long-Term Contracts480,000* *$1,200,000 X [($600,000 – $280,000) ? $800,000] (b)Income Statement (2011)— Gross profit on long-term construction contract$160,000 Balance Sheet (12/31/11)— Current assets: Receivables—construction in process$180,000* Inventories—construction in process totaling $900,000** less billings of $500,000$400,000 **$180,000 = $500,000 – $320,000 **Total cost to date$600,000 010 Gross profit140,000 2011 Gross profit 160,000 $900,000 EXERCISE 18-11 (15–20 minutes) (a)Computation of gross profit recognized: | 2010| 2011| $370,000 X 34%*| $125,800| | $350,000 X 34%*| | $119,000| $450,000 X 32%**|   Ã‚     | 144,000| | $125,800| $263,000| *($900,000 – $594,000) ? $900,000 **($1,000,000 – $680,000) ? $1,000,000(b)Installment Accounts Receivable—20111,000,000 Installment Sales1,000,000 Cost of Installment Sales680,000 Inventory680,000 Cash800,000 Installment Accounts Receivable, 2010350,000 Installment Accounts Receivable, 2011450,000 Installment Sales1,000,000 Co st of Installment Sales680,000Deferred Gross Profit on Installment Sales, 2011320,000 Deferred Gross Profit on Installment Sales, 2010119,000 Deferred Gross Profit on Installment Sales, 2011144,000 Realized Gross Profit on Installment Sales263,000 Realized Gross Profit on Installment Sales263,000 Income Summary263,000 EXERCISE 18-15 (10–15 minutes) (a)Realized gross profit recognized in 2011 under the installment-sales method of accounting is $83,000. When gross profit is expressed as a percentage of cost, it must be converted to percentage of sales to compute the realized gross profit under the installment-sales method of accounting.Thus, 2010 and 2011 gross profits as a percentage of sales are 20% and 21. 875% respectively. Sale Year|   Ã‚  Gross Profit Percentage  Ã‚  | 2011 Collections| 2011 Realized Profit| 2010| . 25/(1. 00 + . 25) = 20%  | $240,000| $48,000| 2011| . 28/(1. 00 + . 28) = 21. 875%| 160,000| 35,000| | | TOTAL| $83,000| (Note to instructor: The proble m provides gross profit as a percent of cost. ) (b)The balance of â€Å"Deferred Gross Profit† could be reported on the balance sheet for 2011: 1. As a current liability on the theory that it is related to Installment Accounts Receivables that are normally treated as current assets; . As a deferred credit between liabilities and stockholders’ equity. This treatment is criticized because there is no obligation to outsiders; or 3. As an adjustment or offset to the related Installment Accounts Receivable. This is because the deferred gross profit is a part of revenue from installment sales not yet realized. The related receivable will be overstated unless the deferred gross profit is deducted. On the other hand, the amount of deferred gross profit has no direct relationship with the estimated collectibility of the accounts receivable.It is not a settled matter as to the proper classification of â€Å"deferred gross profit† on the balance sheet when the installment- sales method of accounting is used to measure income. As indicated in the text, the FASB in Statement of Financial Accounting Concepts No. 6 indicates that it conceptually is an asset valuation. We support the FASB position. (c)Gross profit as a percent of sales in 2010 is 20% (as computed in (a) above); gross profit therefore is $96,000 ($480,000 X . 20) and the cost of 2010 sales is $384,000 ($480,000 – $96,000). Because the amounts collected in 2010 ($130,000) and 2011 ($240,000) do not exceed the total cost of

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