Justice in Oedipus the King :: Oedipus Rex Essays

Equity in Oedipus the King        After perusing Oedipus the King, one may believe that in this story, there was no equity, and no one could keep away from their fate.  King Laius and Queen Jocasta, dreading the prescience of the Delphic prophet, had the youthful Oedipus left on Mount Cithaeron to kick the bucket, however the dad bites the dust and the child weds the mother at any rate. Oedipus, apparently a decent individual, likewise attempts to maintain a strategic distance from the subsequent prescience, as it were to satisfy the first.  But even through this, I have done some examination and feel that there was equity in Oedipus, The King, and their destiny wasn't totally fixed.        First, the homicide of King Laius.  Laius appeared to bite the dust a ridiculous passing, in any case, he was not really in complete guiltlessness, for he had done some vindictive things prior in his life, for example, the endeavored murder of his child, Oedipus, furthermore, the seizing and assault of Chrysippus,  a youngster Laius began to look all starry eyed at before Jocasta.  And Oedipus wasn't as liable under old Greek law as he is under our advanced laws.  It was each Greek's obligation to hurt his/her foes, and supposedly, King Laius was a foe.        Queen Jocasta wasn't actually guiltless, either.  The incomparable Queen had too attempted with King Laius to murder their child, and had no regard for the predictions of Apollo:  A prophet?  Listen to me and get familiar with some tranquility of mind:  no ability in the world, nothing human can infiltrate the future.  She was additionally the other half of a mother-child marriage.   Greek law thought about the demonstration, not the rationale - implying that despite the fact that she nor Oedipus realized they were connected, they submitted the wrongdoing.        Finally, Oedipus' guilt.  here and there, Oedipus was the most liable of them all.  Consider his 'hubris'.  He viewed himself as just about a divine being, expecting that since only he had explained the sphinx's conundrum, he was the one of the divine beings' favorites.  He rushed to pass judgment, and decided on the most unstable of evidence.  He approaches Tiresias to mention to him what he ought to do, and when he doesn't care for what he hears, Oedipus says, Your words are nothing - vain, and

Great Days Out For Social Groups Article Example | Topics and Well Written Essays - 500 words

Extraordinary Days Out For Social Groups - Article Example The Isle of Wight is the perfect goal with regards to cruising in the UK. It is most unmistakably referred to for its yachting exercises just as the wide scope of cruising occasions that occur throughout the entire year. Cruising is viewed as the most loved diversion. It generally happens in August. There are amusement offices for both, the tourists just as the mariners. The mariners are offered enlist types of gear while bars and eateries are available for the tourists. One significant fascination is additionally the firecrackers that are hung on the last Friday of the week.2 Outdoors is an open air action that has fascination for all age gatherings and is viewed as one of the most engaging and solid outside action and wellspring of amusement. Exercises like swimming, untamed life nature and so on is likewise remembered for the outdoors bundle. Youngsters can take a dip in a close by lake or lake and go through hours sprinkling and getting a charge out of in the water, giving that it is sheltered. Another intrigue is the untamed life nature. The vast majority like things that are nearest to the nature. Indeed, even a little creepy crawly can be a wellspring important to them. Assessment of rocks, blossoms, butterflies and so on are the significant intrigue. Every one of these exercises are altogether different from the typical routine life and henceforth the gatherings trance like state back home, loose and fresh.3

How Topiramate Is Used to Treat Alcoholism

How Topiramate Is Used to Treat Alcoholism Addiction Coping and Recovery Overcoming Addiction Print How Topiramate Is Used for the Treatment of Alcoholism By Buddy T facebook twitter Buddy T is an anonymous writer and founding member of the Online Al-Anon Outreach Committee with decades of experience writing about alcoholism. Learn about our editorial policy Buddy T Updated on February 08, 2020 Drinking High Doses of Alcohol is Linked to Reduced Testosterone Levels. Phil Ashley Stone/Getty Images More in Addiction Coping and Recovery Overcoming Addiction Methods and Support Personal Stories Alcohol Use Addictive Behaviors Drug Use Nicotine Use Topamax (topiramate), an anti-seizure medication usually prescribed for people with epilepsy, is also prescribed for helping alcohol-dependent individuals stop drinking. It is used off-label for the treatment of alcoholism and alcohol use disorders, meaning that it is not FDA approved for this purpose. However, it is recommended in the 2015 United States Department of Veterans Affairs/ Department of Defense Practice Guideline for the Management of Substance Use Disorders for people who have moderate-severe alcohol use disorder.??   How Topiramate Works Topiramate has been shown to reduce alcohol cravings for people who have alcoholism and alcohol use disorders. It is not completely clear exactly how it works from a biochemical standpoint, but there are some possible mechanisms that have been suggested. Drinkers get pleasure from alcohol because it triggers the release of dopamine, a positive feedback chemical in the brain. Drinking also alters GABA, an inhibitory neurotransmitter. Topiramate is thought to have its effect on alcohol cravings and alcohol use  by interacting with GABA and decreasing the dopamine-induced pleasure caused by alcohol consumption.?? Dose For the treatment of alcohol use disorder or alcoholism, topiramate is used at a dose of 25 mg per day, and it is generally increased to 75 mg per day, although it can be increased to a maximal dose of 300 mg per day.?? This is a relatively low dose, as it is typically started at 100 mg to 200 mg per day for control of seizures in epilepsy. Topiramate is generally not recommended for use when consuming alcohol, as topiramate and alcohol can interfere with each other, causing negative side effects. However, your doctor may suggest using it even if you are still trying to decrease your alcohol use. Its recommended that you slowly decrease your topiramate dose if you will stop taking it, and avoid abruptly stopping this medication without your doctors consent. Topiramate Effect on Alcohol Use Disorders Because  topiramate was first considered as a treatment for alcohol use disorders, a number of studies have been done to test its effectiveness. The studies show that topiramate  is an effective treatment option in alcohol use disorders, specifically in terms of reducing the harmful  drinking  patterns of alcohol use disorders.?? Symptomatic Relief The results of the studies done so far suggest that low doses of topiramate can reduce cravings for alcohol, can reduce the pleasure of drinking alcohol, and can ameliorate  the anxiety and mood instability that may occur when you quit drinking. It also produces a substantial effect on improving the maintenance of abstinence and reducing  alcohol use.?? Types of Alcohol Use that Respond to Topiramate Topiramate  is not effective for every aspect of alcohol use disorders. It has been found to be more effective for people who have certain characteristics, including alcohol cravings, drinking  obsessions, and habitual drinking. It is not considered effective in the treatment of alcohol withdrawal symptoms. There is some evidence that topiramate may be more effective for treating alcohol use disorder in people who have certain genetic patterns. The Side Effects of Topiramate While topiramate  can help you with your drinking problem, you may experience side effects. Among the most important concerns are suicidal thoughts, increased anxiety or aggression, or mood changes. This is of particular concern if you have a history of depression or other mental health problems.?? Other side effects of topiramate include: HeadachesChange in ability to taste foodMissed menstrual periods and excessive menstrual bleedingDrowsinessParesthesias (tingling of the arms or legs)Trouble concentrating?? Other Medications for Alcohol Use Disorder There are several medications used to reduce alcohol cravings. Three medications, Antabuse (disulfiram), naltrexone, and Campral (acamprosate) are currently approved by the FDA for treating alcohol use disorders U.S.?? Each of these medications works somewhat differently. For example, Antabuse does not reduce cravings, but it makes a drinker feel sick from consuming alcohol, reducing the pleasurable effects of drinking. Naltrexone and Campral have been shown to reduce cravings in alcoholics who have already quit drinking. A Word From Verywell Medications used to treat alcohol use disorders are helpful, but counseling, strategies to reduce alcohol consumption, and, most importantly, a decision to quit, are important aspects of recovering from alcohol addiction.

American Dream Is Not A Dream - 771 Words

American dream is not a dream What is your own version of the American Dream? Money? Living a big house or having a nice car? I believe these are values that most of people define to them what the American Dream is. The American Dream has alway been challenging to receive happiness; but as an Americans, we had worked our way from inequality to freedom. First, immigration as one biggest puzzle in the United States. America is also refer to a melting pot. Because many different ethnic groups and races come to the United States and gather together; they come with their own language, region, and culture. There is why the America is differ than other country. According to Stephanie Maier, â€Å"In early twentieth century America, the dream†¦show more content†¦had the attention to putting effects on education. Due to the well build education system, the U.S. become the number one choice for the immigrant to think about. Third, this is most important puzzle of the American Dream, happiness. In my prospective, receiving happiness is the ultimate goal of the American Dream. According to Howard R.Gold, â€Å"finding and pursuing a rewarding career, leading a healthy and personally fulfilling life, and being able to retire in comfort.† In other word, the immigrants migrant to the United States and hoping that one day will achieve those goals, such as career, healthy and comfort. Their belief that with the hard work and freedom in the United States will ensure themselves to live in a American dream and provide better opportunities for their children as what they thoughts about the people who live in the United States. This is true for me because I as an immigrant from China, I believe the United States was totally different world. The American’s lifestyle are different than the Chinese, such as environmental, food, and culture. Also, the goods in China is pricey. For example, my parents work ed as officers, their wages only can cover our monthly bills and food. Unlike in China, my parents worked full month in the U.S., and it can cover bimonthly bill and with left over.Show MoreRelatedAmerican Dreams : The American Dream1068 Words   |  5 PagesAmerican Dream? American Dream: Noun, the ideals of freedom, equality, and opportunity traditionally held to be available to every American. That is the definition of the American dream according to Dictionary.com, but the American Dream is more than a definition, but a way of life for many. Millions of immigrants come to our country in search of this â€Å"American Dream† including my grandparents but more and more are disappointed. So does the American Dream exist? Has it ever existed or has it allRead MoreAmerican Dreams And The American Dream Essay1727 Words   |  7 PagesMobility and the American Dream feed off one another, immigrants and American citizens wanting to work hard and building new inventions to make life easier. Without this American ingenuity, it might of taken the United States longer to get to where the country is now. The American Dream has helped people see all the potential that there is in the U.S. Almost all aspects of mobility relating to the American Dream are still achievable. The path to the so called American Dream might be a harder toRead MoreThe Dream Of The American Dream1047 Words   |  5 PagesThe American Dream is heralded and aspired to, by immigrants and natives alike. It is a hopeful belief, that although many believe in, very few achieve. This variability of outcomes is due to the American Dream’s dependency on ideals of equality and freedom of opportunity. These two ideals do not institutionally exist in the United States, causing its construction to be inherently unequal, as individuals cannot reach the Dream without systemic privilege and power. Social positions and historic contextRead MoreAmerican Dreams : The American Dream1187 Words   |  5 PagesThe American dream is what makes people from all around the world to want to move to America. The American dream is what makes America wonderful. The American dream has been categorized as an equal opportunity to attain success through hard work. The end result of t he American dream for the universal people is for that character and their loved ones to be living contentedly for the rest of their lives. However, this is not the same apparition that every individual has of the American dream. The AmericanRead MoreAmerican Dreams : The American Dream1663 Words   |  7 PagesThe American Dream The American Dream is indefinable. There is no one set of words or characteristics that the entire population assigns directly to its definition. With the American population consisting of people of various races, ethnicities, ages, classes, and genders, it seems trivial to even attempt to attribute a single definition to the concept of the American Dream. It is this inability however, to be confined within one single meaning, that allows for the American Dream to govern theRead MoreThe Dream Of The American Dream1178 Words   |  5 PagesThe American dream has been a beacon of hope and motivation for the millions of people who have immigrated and grown up in the United States; especially for those of the lower class. Through hard work and determination one could completely change their life for the better while provide better circumstances for future generations. The American dream is defined as, â€Å"a happy way of living that is thought of by many Americans as something that c an be achieved by anyone in the U.S. especially by workingRead MoreThe Dream Of The American Dream1098 Words   |  5 Pagesline â€Å"Follow your dreams!† This simple sentence has inspired many. This idea of creating a dream and chasing it has inspired the American Dream. The American Dream is different for everybody. It could be getting married, creating a business, or being a hero. It turns out the American Dream is not for everybody. There is always something standing in the way of the American Dream. Race, social status, and the individual are standing in the way between the person and the American Dream. A person s raceRead MoreAmerican Dreams And The American Dream1728 Words   |  7 PagesAmericans have been dreaming since the Mayflower arrived in the New World and the American Dream itself has withstood threats up until this very day to all of its internal characteristics: international peace, health, leadership, wealth, supremacy, and equality. H.W. Brands states in his book American Dreams that â€Å"Americans had dreamed since our national birth, and in the twenty-first century we are dreaming still†. Both Brands’ story and Nathaniel Philbrick’s account in Mayflower assist significantlyRead MoreDreams And The American Dream828 Words   |  4 PagesThe American Dream is the thought the United States had never ending chances to live ones dream no matter where one would come from. During the Great Depression, the American Dream is to own land, to rise out of one’s current situation, and to not have to worry about money. In the novel Of Mice and Men by John Steinbeck, three characters have individual dreams that directly relate to the American Dream. George and Lennie want to own their own farm. He wants to not have to work 11 hour shifts andRead MoreThe Dream Of The American Dream1096 Words   |  5 Pagesline â€Å"Follow your dreams!† This simple sentence has inspired many. This idea of creating a dream and chasing it has inspired the American Dream. The American Dream is different for everybody. It could be getting married, creating a business, or being a hero. It turns out the American Dream is not for everybody. There is always something standing in the way of the American Dream. Race, social status, and the individual are standing in the way between the person and the American Dream. A person s race

Everyman Is An English Morality Play By An Unknown Author

Originally known as â€Å"The Summoning of Everyman†, â€Å"Everyman† was writing sometime during the late 1400s. â€Å"Everyman† is an English morality play by an unknown author. This play first appeared in England in the 16th century. â€Å"Everyman† can be considered as a play of transience because it shows a protagonist who is during the whole play. It also illustrates the way Christians are expected to live and the endeavors that should be made in order for their lives to be saved. The morality play â€Å"Everyman† is about a man who is too attached and obsessed with materialistic things when Death summons and tells him about his end. The author used symbolic names for characters to show us the moral of the play. â€Å"The characters in an allegory often have no individual personality, but are embodiments of moral qualities and other abstractions† (Allegory, 2010) The author of the play â€Å"Everyman† has the main character Everyman to only symbolize the typical human being. Death, also known as the antagonist, is a messenger sent by God to summon Everyman. The author is trying to show readers that death is inescapable, and every human being will have to face it one day. In the beginning of the play, God speaks about his death on the cross to give life to His people, mentions the deadly sins, He tells that people live for their own enjoyments, and how some have neglected Him. God then commands Death to show Everyman who is outside of the law of God what must come to him without escape or delay, the dayShow MoreRelatedEveryman Is A Morality Play1720 Words   |  7 PagesEveryman is a morality play that was written in the late fifteenth-century, by an unknown author. It is unknown who originally wrote the play. It has been said that maybe Monks and Priests of that time wrote these types of plays. Therefore, it is believed that the play was probably written by multiple people. Morality plays were written to show people how they should act in the eyes of God and how the way they live their lives will affect them after death. Everyman seeks to persuade the audienceRead MoreEveryman Research Paper1584 Words   |  7 Pagesâ€Å"Everyman† Research Paper COURSE # and TITLE: _ENGL 102: Literature and Composition_ SEMESTER OF ENROLLMENT: _Fall D04-2010_ NAME: _Nathalia Santos_ WRITING STYLE USED: _APA_ Thesis: The English morality play â€Å"Everyman† uses allegorical characters to represent what Everyman holds onto and values during his life. Everyman has neglected his spiritual life, but as the play develops Everyman repents of his sins on time. Summoned by Death, Everyman realizes that he is not ready andRead MoreCritical Analysis Of Everyman1296 Words   |  6 Pageslate fifteenth century by an unknown author, Everyman was a play composed about Christian morality. The story is said to be an English version of a Dutch play on called Elckerlijc. Everyman is generally represented as the finest and most innovative example of the English morality play. â€Å"Like other morality plays from the late medieval period, it is meant to communicate a simple moral lesson to both educated and illiterate audiences† (Gyamfi Schmidt). What makes this play so great is, it provides itsRead MoreEvery man1649 Words   |  7 Pages Everyman faces Death James M. Burnett Liberty University Outline Thesis Statement: Everyman is a play that is deeply tied to the human condition. The author had a perception death and a direction of death that they wanted to share with the world. I aim to show and reveal the authors intention so that we may better understand death more. I. Intro II. Understanding the Author’s perception of death a. The time period that everyman was writtenRead MoreEveryman1518 Words   |  7 PagesNAME March 8, 2012 English 102 â€Å"Everyman† Research Paper Thesis Statement: â€Å"Everyman† is an English morality play that uses allegorical characters to depict what Everyman values throughout his life. Everyman has not been living a virtuous life focused on God and his kingdom but instead places a high value on â€Å"worldly riches† and goods. As the play progresses Everyman is summoned by Death and realizes he is not ready to die and doesn’t want to do it alone. He repents of his sins andRead MoreEveryman1653 Words   |  7 PagesEveryman Liberty University Online English 102 i. Thesis/ Introduction ii. Summary of Characters and what they add to the play a. Messenger b. God c. Death d. Everyman e. Fellowship f. Kindred g. Cousin h. Goods i. Good Deeds j. Knowledge k. Confession l. Beauty m. Strength n. Discretion o. Five Wits (Senses) p. Angel q. Doctor iii. Perspective of Death rRead MoreEveryman, The English Counterpart Of The Flemish Play Elckerlijc1475 Words   |  6 Pagesâ€Å"Everyman†, the English counterpart of the Flemish play Elckerlijc, is an English didactic play written in the fifteenth-century. The unknown author uses â€Å"Everyman†, with the aid of allegorical characters, to cast the light on moral issues for all, regardless of their background or intelligence level, therefore making it easier to see and understand the moral dilemmas. The most powerful message received in this work is that all need to be saved and right with God before their demise and that by continuouslyRead MoreEssay on Everyman Analysis1887 Words   |  8 PagesAnalysis of Death in â€Å"Everyman† Name Outline 1. Give brief overview of Death a. Discuss when he appears and for what reason b. Discuss his objectives and what his reason for being there is c. Discuss who he is talking to d. Give thesis statement 2. Quote the excerpt of Death’s conversation with God 3. Quote the excerpt of Trussler and his summary of the conversation 4. Discuss the atypical depiction of Death e. Follow up with Ron Tanner’s quotationRead MoreWilliam Shakespeare s Everyman As An English Morality Play1277 Words   |  6 Pagesâ€Å"Everyman† is an English morality play whose author is unknown. It dates back to the 16th century and was first seen in England. The play depicts a man who is caught up in a secular world and is more concerned with worldly riches than nurturing his spiritual life. He seems content until Death is sent to tell him his life is over and he must now give an account to God of how he lived his life. The author uses allegory characters to describe moral qualities and abstractions in Everyman’s life. (AllegoryRead More Salvation is in the hands of the Sinner1625 Words   |  7 PagesIn the 16th century English morality play â€Å"Everyman† who’s author is unknown. Everyman has an encounter with death who reminds him who his maker is and that it is time to make a reckoning of his good and bad deeds. He realizes that salvation lies in his hands, and that it is a personal decision that only he can make. One senses the desperation in the heart of Everyman, having realized that his life was blackened with sin; he strives to change the black he has accumulated in the â€Å"book of counts† and

Ifrs Accounting Solution Free Essays

string(110) " applying FASB Standards or Interpretations, APB Opinions, Accounting Research Bulletins, or emerging issues\." 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 5-1325 Exercise 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 Problem 9-447 * Chapter 1849 Exercise 18-249 Exercise 18-450 Exercise 18-751 Exercise 18-1152 Exercise 18-1553 Exercise 18-1954 Problem 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. We will write a custom essay sample on Ifrs Accounting Solution or any similar topic only for you Order Now 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 from 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 n ew 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 represent 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. You read "Ifrs Accounting Solution" in category "Essay examples" A technical bulletin is issued only when (1) it is not expected to cause a major change in accounting practice 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 prac tices. 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)Liabilities (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)Reven ues. (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)| | | | | | | | | 10/31| 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 (10–15 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| | Divide nds 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 $32,100| | | | ($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 December 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: Students’ 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 – $860,000) ? 4,000,000. EXERCISE 4-13 (15–20 minutes) (a) 2010 Income before income tax$460,000 Income 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 tax| | 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 ex traordinary 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 (25–35 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| | Lo ss 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 instruc tor: 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 transferor 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 statement, 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| | $10,4 00| 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 Stateme nt 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 Amou nt 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| | Nationa l Organization Bank (Creditor):| | | | 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| | Uni t Cost| | Total Cost| March 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| 1,500| | $ 9. 93| | $14,895| *Rounded off. EXERCISE 8-25 (20–25 minutes) | Curr ent $| | 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| | | | | | | $ 9 5,700| | | | | 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| | Designated 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| Net 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| | | | | | | | | | | | | | | | | | | | | | | | | | | Sales Price 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 comp uted: | 25%| = 20% of sales. | | 100% + 25%| | | 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 (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-Out24 Cash24 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| 1,100,000| 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 œ| $–0–| $530,000*| *$1,600,000 – $1,070,000 EXERCISE 18-7 (25–30 minutes) (a)1. Gross profit recognized in 2010: Contract price$1,200,000 Costs: Costs to date$280,000 Estimated 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 cons truction 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 Cost of Installment Sales680,000 Deferred 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 problem 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 w ill 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 How to cite Ifrs Accounting Solution, Essay examples

International Law Alleged Apartment

Question: Discuss about the International Law for Alleged Apartment. Answer: Facts and Proceeding: Ms. Smith Ms. Smith is a senior who has lived in her apartment for the past 30 years. Her lease also includes a locker and a parking spot. Once a pipe burst in her apartment which cause flood in her apartment later on the manager has shifted the Materials and the luggages of Ms Smith to the another locker. He has not informed her about the stealing activities which has happened earlier. As the time passes the luggage and materials of Ms. Smith is got stolen from the locker. As after some months the Insurance Company has provided the compensation money to Ms. Smith for the stolen goods but she estimated that there are missing materials worth $ 30,000. In this case Ms Smith is considering claiming about the stolen Goods so that she can get the estimated amount of money. As per the law Ms. Smith can claim against the theft of the goods from the locker. As this is under the constitution law as per the Canadian constitution and this provides her legal right for the claiming compensation against any kind of theft. If the case goes into trial there might be chances that the court may make a observing committee who will look into the case. As per the law everyone has right to protect and claim of any loss which are under the legal terms. Court after hearing the claim may charge the police to investigate and make assured arrangement for the safety of the properties and catch the thieves. In a latest case a thief has been arrested by the Toronto police who is charged for 56 locker theft cases, in which most of them occurred in residential apartments. One more situation which may arise is the suing the Manager of the Apartment who has not taken enough security measures for the security of the locker room (Constitutional act, 1982) . Ms Smith can file a case on the apartment manager for the miss management and negligence in the security of the good stored in the locker. Every person has right to secure his own property as per the Canadian Civil right. Property is anything that can be owned by a person such as materials and Goods as well. The property damage and thefts carries penalties such as imprisonment or fines and in some cases its both fine and imprisonment. The court generally measures the charges for these acts. As per my view Ms Smith is applicable to claim against the stolen Goods and Court might give a verdict in her favors. Fact and Proceedings: In August, 2015, Jerry Garcia opened, Jolly, Jolly, a video store in Toronto, Ontario. The shop sells and rents hard core" videotapes and magazines as well as sexual paraphernalia. In early September, 2015, Toronto Police entered Jolly Jolly with a search warrant and seized all the inventory. Mr. Garcia was charged with three counts of selling obscene material contrary to s. 163(2)(a) of the Criminal Code, R.S.C. 1970, c. C-34, 41 counts of possessing obscene material for the purpose of distribution contrary to s. 163(1)(a) of the Criminal Code , 128 counts of possessing obscene material for the purpose of sale contrary to s. 163(2) (a) of the Criminal Code and one count of exposing obscene material to public view contrary to s. 163(2) (a) of the Criminal Code . Law: The criminal code did not provide a definition of any of the operative terms, Obscene, Indecent, or disgusting. As stated by Charon, the focus on the Corruption of morals was grew up from the English obscenity law which has made the courts as the Guardian of the public law. There are different form of pornography which are considered as Obscene. The subject matter in this case is clearly physical, the films, magazines, written matters which were sexual in nature.. As we know there is nothing bad in vehicle of expression and it also does not fall outside the protected activities by the law. As per the s. 163, it violets the s. 2(b)n of the charter. In he case of Garcia and Jolly Jolly video Gallery. As per the reference of the re: ss.193 and 195.1(1)(c)of criminal code (1990), 56 C.C.C (3d) 66, (1990) S.C.R 1123, 77 C.R. (3d) 1 the prostitution Reference that activities which were observed in the case of Garcia and Jolly Jolly Video Gallery cannot be excluded from the Scope of Guaran teed autonomy on the basis of content and meaning being conveyed. (Martin, 1994) As a judge of the court recognize that the harm which can be caused by the proliferation of the materials which can seriously offend the fundamental values of the society. These materials which is considered as the offended material for the values of the societies moral values. This is considered as a substantial concern for the society and law and it justifies the restricting the otherwise full exercise of the freedom of expression (Adam, 1994). In my view the harm which could happen in the society by the access of the films, magazines and written adult materials can be avoided by proper restriction over these explicit materials. According the view of Anderson, these adult materials generally portrays women as an object of exploitation and submissive which have a negative impact over the society. As a Judge of the Court I conclude that legislation proscribing obscenity is a valid objective which justifies the full expression of freedom, things and materials which can cause harm to t he society as well as to the women and childrens whether from the Films and Magazines should be restricted. Reference: Man facing 56 charges for alleged apartment storage locker thefts; From https://www.cbc.ca/news/canada/toronto/man-facing-56-charges-for-alleged-apartment-storage-locker-thefts-1.3092634 Martin Adam, 1994, A Sourcebook of Canadian Media Law, Pg- 514-530 Constitution Act, 1982 https://laws-lois.justice.gc.ca/eng/const/page-15.html Waters, .C, 2006, British and Canadian Perspectives on International Law, pg- 90

Vera Deakin Essay Example

Vera Deakin Essay Vera Deakin had a MASSIVE part in World War 1 as she was the driving force of the wounded and missing Inquiry Bureau. The aim of the bureau was to provide information to the families of Australian soldier’s, to notify them if their sons were missing, wounded or dead. This bureau was SO important as it was the official link between the soldiers and their families. Vera, was the youngest daughter of former Australian Prime Minister Alfred Deakin, she was originally supposed to go into nursing but, went against her father’s wishes to go to Port Said located in Egypt, so she could open this significant bureau.Unfortunately it was forced to move its operations to London as the army didn’t view Deakin’s work in the bureau as favourably to its reputation. As months went on the bureau grew in size and volunteers. Requests for soldier’s information raised to 25,000 a year. For Vera’s efforts in the bureau she was awarded an OBE, which is An Officer of the Most Excellent Order of the British Empire. Vera’s significance on Australia’s war was mostly back in Australia.With this bureau ANZAC families were notified if their sons had met any harm on the battle field. This bureau also brought closure to soldier’s families informing them of how the son, husband or father died heroically on the battlefield to protect the lives of the Australian people. This bureau revealed that Australia wasn’t successful in their battles, especially at Gallipoli and it exposed to the Australian public the true consequences that war has.According to the Australian War Memorial archives Vera said What we tried to accomplish as a bureau was to relieve as quickly as possible the anxiety of the relatives in Australia, to make the men realise that we were there to help and assist them in every way in our power, and to shield the authorities from unnecessary and duplicated enquiries. This quote shows and reflects the hardworking na ture of Vera and the significance she played to relieve the anxiety and stress soldier’s families.Vera also received a thankyou from Gunner Arthur Marginson expressing his appreciation on her efforts, he wrote Dear miss Deakin â€Å"I have to thank you for the kind and sympathetic letter I have received notifying me of the manner and details of the way in which my dear Brother met his death in action and the system by which you gain your information reflects great credit on your society which is doing so much now to alleviate the suffering of relations of the men who go out The greatest blow is over now† this is just another example that’s hows the significance of Vera Deakin in her effort caring for Anzac families. In conclusion I believe that Vera Deakin had an immensely important part in the 1st world war, through her missing and enquiry bureau which we can see had a great effect through Vera’s awards and appreciation from the Australian people.

Skype A Huge Advancement in Communication Systems

Skype A Huge Advancement in Communication Systems Introduction Skype can be considered a significant advancement in information technologies because it offers a number of efficient communication devices promoting interaction between people (Skype, 2012).Advertising We will write a custom essay sample on Skype: A Huge Advancement in Communication Systems specifically for you for only $16.05 $11/page Learn More The software has a number of useful functions ensuring successful information exchange, including video calling, conference calling, calling from ordinary phones and calling from Skype to telephones (Skype, 2012). Instant messages are also possible and, people can communicate freely regardless of the distance and location. What is more important is that Skype allows communicating with friends and relatives for free. Background The emergence and development of Skype dates back to 2003 when Janus Friss and Niklas Zennstrom founded the communication system (Mohr et al., 2009). At the end of 2005, Skype wa s purchased by eBay for assisting the company to increase the number of users, as well as extend its revenues (Mohr et al., 2009). Three years later, about 276 million users all over the world communicated via Skype using free video and voice calls. However, the software owners were not satisfied with the number of registered users because of poor revenues received from the service. Main Discussion Potential Benefits Zennstrom and Friss’s invention introduces voice communication of exceptional quality to any user having Internet connection all over the world. Easy download and installing is among the main benefits of the Skype software. Other than that, the program ensures free video and conference calls online. The software services also offer low-cost connectivity to mobile and ordinary telephones. In addition, Skype also provides a variety of features, including instant messaging, voicemail, and call forwarding.Advertising Looking for essay on communications media ? Let's see if we can help you! Get your first paper with 15% OFF Learn More Apart from these functions, the Skype has gained popularity and leadership in almost every country. According to the software founders, â€Å"†¦vision for Skype has always been to build the world’s largest communications business and revolutionize the ease with which people can communication through the Internet† (Furrer, 2010, p. 66). The program, therefore, is a good media platform which manages to fulfill the needs of registered users. Legal and ethical issues EBay, as the current owner of the Skype service, can face serious legal issues leading to the termination of service in future, despite the fact that the company’s officials reject to the possible closure of the software. Specific attention requires the licensing agreement between eBay and Joltid (Randomus, 2009). According to eBay officials were accused by Joltid for violating the agreement. The representa tives of EBay Company put similar counterclaims against Joltid. In 2009, the Skype producers started developing popular video and audio services and they were eligible for launching the service in case the licensing agreement was not concluded (Randomus, 2009). Due to the fact that introducing a new software product is quite time consuming and costly, cooperation with Joltid could significantly forward the introduction. The conflict between two companies eventually prevented eBay developers from fostering their product, despite the fact of possessing over 480 million registered users.Advertising We will write a custom essay sample on Skype: A Huge Advancement in Communication Systems specifically for you for only $16.05 $11/page Learn More Therefore, the Skype producers are concerned with their position because they should introduce the product before the decline in consumer demand. Skype producers have no doubts concerning the legality and ethically of the ir actions, but still there is a possibility of facing negative consequences because of the failure to negotiate with Joltid officials. The point is that Skype initiated the development of alternative software licensed through Joltid. The software can fail as a result the loss of functionality and, therefore, there is a potential threat to lose consumers. Security Concerns The Skype, as a vast VOIP setting, is under the strict focus in terms of security. In particular, the possibility for all people to interact via Skype does not guarantee safety because many of conversations and calls can be carried out for different purposes. According to Svensson (2006), the Skype company is able to introduce 256 but encrypt keys, which are extremely difficult to crack. The encryptions are processed on credit cart numbers during transactions. Although there are certain aspects of the software to be considered in terms of security, Skype continues improving security of communication and informatio n exchange. While talking about Skype as a world-known online social network, it is hard to consider the issues of privacy and security because the software is primarily oriented on the possibility of communicating and making calls from all over the world and, therefore, there are not actual restrictions imposed on performing such a function.Advertising Looking for essay on communications media? Let's see if we can help you! Get your first paper with 15% OFF Learn More The most problematic issue about Skype is the possibility of seeing still images without the consent of the recipient (Rogerson, 2008). Once captured, the recipient can experience unlikely endeavors of other users to disturb and manipulate information (Rogerson, 2008). The vulnerability of Skype users is under greater threat due to the risk of using information in unsafe and questionable ways. Despite the potential challenges, there is a still a chance to protect users from possible interruptions. The security is ensured by the possibility for users to either portray or hide their profiles for people they want to talk to. The Skype also allows users to add some personal information, including gender, date-of-birth, location, and some interesting facts (Rogerson, 2008). Details about social interests and hobbies, as well as sporting interests, are also possible to fill out in a user’s profile. However, the users may leave these spaces unfilled to protect themselves from privac y interventions. Social Problems Certainly, the variety of function offered by the Skype producers allows customers to put away their cell phones. As a result, the software can become a potential rival to the producers of telephone communications and technology (Furrer, 2010). However, the Skype also introduces relatively new services that had never been practiced before. In particular, the software is better known as the most effective one in computer-to-computer communications (Furrer, 2010). Unfortunately, some of the functions offered by Skype are not always beneficial in terms of interaction and confidentiality. This is of particular concern to the information represented in a user’s profile. Further Research It has been discovered that Skype has been sufficiently considered in regards to its cost-effectiveness and usability. It has a number of unique functions that other programs never had. However, little research has been done on social value of the VoIP, as well as h ow it influences various spheres of social and cultural life. This is of particular concern to educational field since it can significantly benefit from using online communication, especially video calls and conferences. Conclusion Skype is considered as the most popular social network and communication technology offering a variety of opportunities for online users. Possibility to make video calls and creating conferences is a unique function that users all over the world may take advantage of. Despite the legal and ethical concerns, the Skype still operates in many countries because other related social networks have similar concerns as well. References Furrer, O. (2010). Corporate Level Strategy: Theory and Applications. US: Taylor Francis. Mohr, J.J., Sengupta, S., Slater S.F. (2009). Marketing of High-Technology Products and Innovations. US: Jakki Mohr. Randomus. (2009). Skype Faces Legal Issues; Possible Closure, Myce. Web. Rogerson, S. (2008). VoIP Ethics. ETHIcol in the IM IS Journal. 18(2). Web. Skype (2012). Skype Explained. Web. Svensson, P. (2006). Skype Innovation and Security. Legal and Ethical Issues with the Internet. Web.

Coursework 1 Report Dissertation Example | Topics and Well Written Essays - 2000 words

Coursework 1 Report - Dissertation Example The online access of products offered by the departmental stores has brought the consumers closer to the industry. The internet activities in context to the Japanese department store SOGO is one such example. The Japanese style department store is a preferred destination of consumers for style oriented products that are desired by the customers (Wordie 183). SOGO is a preferred destination and one-stop shopping centre for customers who could have the pleasure of shopping in an ideal environment. Leveraging on its brand name built over the years and the quality of its goods and services, the company has introduced internet based activities which created a change in the behaviour of the customers. Based on the emerging demands of their customers, SOGO has designed future strategies for implementation. The future strategies are inclusion of a wide range of customers through its services like internet based marketing which enable e-commerce for the consumers and also allows the company t o increase its customer base. Organisation Background SOGO is a Japanese style department store that includes Hong Kong and China as its major areas of operation. The company was founded by Japan’s SOGO. The style department store is currently owned by the Lifestyle International Holdings which is controlled by the billionaire brothers Joseph Lau and Thomas Lau of Hong Kong. Japan’s style department store SOGO started its operations in the Causeway Bay in 1985 but renovated its store to become JUMBO SOGO in 1993. The company increased its floor area and expanded its operations but in 2000, the company declared bankruptcy due to the burden of debt of $17bn. It was then that Japan’s SOGO was acquired by the Hong Kong based Lau brothers. The second department store was launched by the Hong Kong based group in 2005. Chow Tai Fook Enterprises which is owned by Cheng Yu-teng also has a controlling stake in the style department store. The SOGO Hong Kong departmental st ore is listed in the Hong Kong Stock Exchange since 2004. The products offered the style department store are customised to suit the style requirements of its customers. The products sold the department store includes men’ and women shoes of different styles and fashion, watches of different categories for men and women, branded watches of various style statements, cosmetics and fragrances for both men and women, lingerie and underwear, etc. The departmental store also sells several food items of different tastes. The food items include the flavors of different region. The food items include delicious and specialised Vietnamese dishes and Italian food items. SOGO also publishes a weekly new magazine in which its advertises its foods and accessory items, products of daily use, handbags, cosmetics and other necessary things of different styles required for daily use. The departmental store holds a comprehensive range of products and goods that are customised to meet the style o f different segments of the customers. In order to advertise and promote its products and to spread its customer base, SOGO style departmental stor

Valuation of Firms in Mergers and Acquisitions Case Study

Valuation of Firms in Mergers and Acquisitions - Case Study Example Triumph is of the opinion that acquisition of Rustic, a competitor in the same industry but with a radically different market share, would significantly boost its market penetration, enhance quality in production, and give it immense benefits with regard to economies of scale. As of present, Triumph has a predominantly southern customer base while Rustic has a chiefly northern customer base. The premise for this presumption is the view by Triumph’s CEO that Rustic is underperforming and its shares are undervalued. Hopes regarding the merger and acquisition soar high, with the expectations that the deal will grow the combined business establishment by up to 10%. However, the operating costs will rise by an estimated 5% in the first year. The financing option under consideration involves the issuance of long-term bonds to buy out shareholders at Rustic. The bonds will be issued at the current borrowing rate of the two companies. This report analyses the merger and acquisition ca se for Triumph and Rustic Plc.  The first two valuation cases are highly similar, with the only difference being that the first method assumes a constant dividend in perpetuity while the other DVM option assumes a constant dividend growth in perpetuity. The slight difference, however, makes a considerable difference in the estimated value of the resultant business, 41,000,000 and 90,420,000 respectively. The use of DVM in valuation model is most relevant in cases where the dividend pattern for a company is predictable and highly estimable (Bayrak, 2010). The management at both companies can make use of the method since both companies are currently paying dividends to their shareholders.

Elementary Number Theory

Elementary Number Theory Bernard Opoku qCarl Friedrich Gauss, born into a poor working class family in Brunswick, now lower Saxon, Germany and died in Gottingen, Germany. He was a child prodigy with genius that did not impress his father who called him a star-gazer. His mother, Dorothea Gauss was the exact opposite of his father as she collaborated with his teachers who were impressed enough to find a him a scholarship at the at the local secondary school in Duke of Brunswick. At a very early age Gauss showed signs of great mathematical prospects. At the age of only three years old he noticed arithmetic mistakes his father had made in bookkeeping. (Eves 476) At the age of seven he started elementary school and it was not long after that his teacher, Bà ¼ttner, and his assistant, Martin Bartels, realized Gauss ability when he summed the numbers from 1 through 100 in his head. It had become obvious to Gauss that the numbers 1 + 2 + 3 + 4 + + 97 + 98 + 99 + 100 could also be thought of as 1 + 100 + 2 + 99 + + 49 + 52 + 50 + 51. Thinking of it this way he had paired the numbers up so that there would be fifty pair of numbers which would each sum to be 101, or 50 * 101 which equals 5050. (OConnor) It was this that lead Gauss to joke that he could figure before he could talk. In 1788 Gauss began his education at the Gymnasium with the help of Bà ¼ttner and Bartels, where he learnt High German and Latin. After receiving a stipend from the Duke of Brunswick- Wolfenbà ¼ttel, Gauss entered Brunswick Collegium Carolinum in 1792 at the age of fifteen and then Gà ¶ttingen University at age eighteen. (Eves476). While in Collegium in 1797, he collected a very ripe and seasoned education filled with science and classical education way beyond those his age. It was on March 30, 1796, that Gauss began writing in his famous mathematical diary to which he commonly wrote encrypted messages about his mathematical achievements. His diary contains 146 entries, the last of which was dated July 9, 1814. The entry from July 10, 1796, reads EYPHKA! num = + + , which records Gauss discovery of a proof of the fact that every positive integer is the sum of three triangular numbers (0, 1, 3, 6, 10, 15,). All but two of the entries in Gauss diary have been deciphered. His dramatic achievement that marked him as a mathematician was in 1796, when he was able to figure out and show that any regular polygon with a prime number of sides can be drawn by using only a compass and a straight edge. And from then for five years until the year 1800,when they began to slow, ideas began to flood his mind so fast he could not write them down fast enough and always had more than he could produce writings for. During this epic time of discovery he came across a heptadecagon, which when he discovered it he requested to have it put on his tombstone, but that request was denied because, it would have ended up looking like a circle. He also discovered modular arithmetic, which is used to calculate check sums, and a heliotrope, which is a moveable mirror that reflects the suns rays; he also was not to mention the first to prove quadratic equations using modular arithmetic. He also had many breakthroughs with writings that of course had to go with these theorems such as in 1801 Disquisitions Arithmetica, which has very important contributions to the number theory. Along with theories of binary and ternary quadratic forms, not to mention he proved the fundamental theorem of algebra just a few days before he wrote this book. In this same year life began to change for Carl a tad when an Italian astronomer named Giuseppe Piazzi discovered a planet that had a celestial body and orbited the sun without disturbing the orbit of any other planet, the celestial planet was called Ceres. Which Giuseppe tracked for a couple months as it moved across the, but suddenly it disappeared and should had reappeared months later Giuseppe could not locate it. He studied his work trying to realize his mistake when he found that it had only moved three degrees which was less than one percent of its entire orbit, along with that his tools and math were not capable of this kind of precision and tracking with such small amounts of data and more to come. Carl, Twenty-Three years old at the time, heard about this discovery and the predicament and took matters into his own hands, and after three months of intense labor he predicted the next position of Ceres in December 1801, about a year after its first sighting. His prediction was only about half a degree off, and for this achievement he was designated Professor of Astronomy and Director of the Astronomical Observatory in Gottingen which was a position he held for the rest of his life.