Analysis of the daffodils by Wordsworth Essay

In this poem the poet speaks to a friend or family member about a spectacular group of daffodils that he recalls seeing when on a walk one day .The poet has an exultant tone which is obvious when reading this well-known poem. The theme is introduced with an end rhyming scheme which allows the poem to flow †I wandered lonely as a cloud†¦.when all at once I saw a crowd† .The theme of this poem is nature. The tone of the poem is shown by the use of joyful adjectives such as â€Å"golden† or â€Å"fluttering† this allows the poem to be light-hearted .Although the main theme in this poem is nature, I believe another theme is relationships because Wordsworth seems to have an amazing relationship with nature , in the way he describes the daffodils and when he thinks of the daffodils â€Å"his heart with pleasure fills and dances with the daffodils†. The imagery in this poem is bright and colourful due to the metaphors used â€Å"Continuous as the stars that shine†. In third stanza the poet talks of the waves â€Å" The waves beside them danced ,but they outdid the sparkling waves in glee† this creates a striking image of waves ,but this quote also proves how great the daffodils were .This effects the tone of the poem. The wording Wordsworth uses is so brilliant that, with each sentence the image of the daffodils becomes clearer and clearer. This effects how I imagine the flowers. The sound pattern in this poem is includes many examples of assonance â€Å"For oft when on my couch I lie†, the o in a lot of the words slows the poem down, and it allows you to reflect on the sentence. There is alteration in this poem for example â€Å"Beside the lake ,beneath the trees† .Alliteration makes the sentence remorable and allows the poem to flow.

“Integrity: The Courage to Meet the Demands of Reality” by Henry Cloud Essay

The book titled â€Å"Integrity: The Courage to Meet the Demands of Reality† by Dr. Henry Cloud, shed a whole new light on the subject of integrity for me. My original understanding of integrity was to do the right thing even when no one is watching, but this book challenged my definition and the applications to my own personal life and work experience. By understanding integrity as the courage to meet the demands of reality, I will be able to focus on improving my best traits and become a great leader. Cloud explains in his book how six essential qualities determine your success in business: establishing trust, being oriented toward truth, getting results, embracing the negative, being oriented toward increase, and being oriented toward transcendence. I will give my personal educated reaction to each one of these qualities. One of the most important ideas Cloud starts mentioning in his book, is that of the â€Å"wake†, defined as the result we leave behind (pg. 17). I agree with Cloud that there are two sides to the wake, the task and the relationship side. I was especially moved by reading that the two sides of the wake must be equally important and contributed to. Unfortunately, there have been many times in my life when I have either focused on the task more, or the relationship side of the wake I was leaving behind. Looking back, I now realize why I have not been reached by people from previous jobs, where being the top performer was my priority. But I also understand now, that it was because of the great wake I left behind, that many of my previous colleagues still show appreciation, respect, and adoration for me, even though I was a better performer than them. It is a great feeling to be able to motivate people and bring out the best in them for many years to  come. After reading this book, I now understand how to use the â€Å"wake† tool to make me a better person and a better leader in my personal life but also my career. On page 24, Cloud gives his definition of character as â€Å"the ability to meet the demands of reality† which shook my perception that character couldn’t change. Cloud was very successful in making me see how the demands of reality determine the requirements of the design, and that character is changeable. From now on, I will not only try to improve my own character, but I will also push people around me to be the best character they can be. It has not been easy to meet the demand of my reality, such as being a single mother, being a great fulltime graduate student, being a good fulltime employee showing high performance results while building long lasting relationships with colleagues and customers, being a good daughter, sister, partner, a healthy and beautiful woman etc. I now truly understand why several top performers in my company have been let go over the years because of the fact that their character did not meet the demands of the reality within the company, t he employees and the customer base we are trying to provide excellent products and services to. I especially loved it when Cloud mentioned that â€Å"people grow and people change when the right experiences are brought to the person, and they have the right response in using those experiences† (pg. 27). One of the most important aspects of establishing trust, according to Cloud is â€Å"true listening and understanding, which occurs only when the other person understands that you understand† (pg. 60). This idea opened my eyes wide and made me understand how I must become better at showing to the people around me that not only I listen to when they have to say, but I truly understand them and their situation. Since reading this part of the book I have tried really hard every day at work to show empathy and connect with my coworkers and not just my customers, winning their hearts by showing that I genuinely care for their success as much as mine. The other two ways of establishing trust according to Cloud are through extending favors and through vulnerability. I could not agree more with the author in that a good leader cannot just set the demand, he or she must do anything to help the people meet that demand. I have seen this concept with my General Manager being a part of the team, working as hard as we do toward the same goal, for our store to be as successful as we are. Throughout my life I have been able to establish trust in my personal  relationships, such as with my son, by extending favors and helping people not only understand the demands but also accomplishing them. Being vulnerable is another very important part to building trust, as mentioned by Cloud on page 92. Great leaders must be â€Å"strong enough to depend on, but vulnerable enough to identify with†. This is a whole new concept for me, because I have always thought that not showing your weaknesses made you a good role model. I will definitely let my guard down now and accept my imperfections and admit to being a work in progress myself. The second important quality to be a successful leader according to Cloud is to be oriented toward the truth by being in touch with reality. On page 104 Cloud mentions how â€Å"the consequences of deceit are usually greater than the ones of the truth†. I could not agree more with this concept, especially because I was cheated on from my husband and was really hard for me to find out that what I thought was true, it had not been true all along. Being oriented toward the truth builds trustworthy relationships forever in every aspect of life. A new concept for me that I will incorporate in my life from now on, is the concept that Cloud mentions on page 117 that â€Å"you will excel only by maximizing your strengths, never by fixing your weaknesses†. Even though it does sound hard to do, I am determined to put it to practice in my own life with all my relationships. The third quality important to success mentioned by the author is that of getting results. Cloud says that one of the most important aspects of character that leads to success is â€Å"the ability to keep going when we hit an obstacle, believe that there is a way to get it done, and keep going until we find it†. I have had to learn this lesson personally in a hard way, since I have hit rock bottom many times, and have had to get up and fight and move on, and end up stronger than before. The fourth quality to a successful leader mentioned in Cloud’s book is the ability to embrace the negative. I could not agree more with Cloud in when he says that â€Å"the ones who succeed in life are the ones who realize that life is largely about solving problems†. I have had to deal with this concept myself many times in my life, and every time I have decided to take the problems head on instead of ignoring them, I have grown as a character myself while building stronger relat ionships. I have also had to work with several managers who avoided  dealing with problems, which contradicts the idea Cloud points out on page 179 that â€Å"the leaders who are respected are the ones who can be depended on to deal with things directly and competently†. This concept reiterates my belief to why employees did not respect those managers I mentioned above. Reading from Cloud that â€Å"if they have to have others like them, or not be upset with them, then solving problems becomes virtually impossible† on page 184, convinces me even more that solving problems as they come, no matter how big or small they are, will make me a better leader and role model for everyone around me. I am so proud to say that I work with great leaders who do exactly what Cloud mentions in his book â€Å"it’s not useful to beat other people up when they make mistakes†¦to the contrary that’s the time to coach, encourage them, and help then regain their confidence† (pg. 190). I am learning from the best, hands on, every day at work, and I strongly believe that because I am using the same concept in my relationships, I will soon become a great leader as well. The last two character dimensions important to success according to Cloud are: oriented toward increase and oriented toward transcendence. The idea presented in this book that managers are good maintainers, while leaders are good growers, makes me realize why I have taken so much pride and joy in helping coworkers and friends grow in the last few years, because I am working on growing myself and becoming a great leader (pg. 207). This also touches the concept of being transcendent in order to be successful, especially when Cloud mentions that â€Å"it truly is more blessed to give than to receive† (pg. 253). A fairly new concept for me though, that I truly enjoyed learning about is that ‘the greatest people are the ones who have not sought greatness, but served greatly the causes, values, and missions that were much bigger than them†¦and by joining and serving those, we see greatness emerge† (pg. 243). From my personal life I have observed how not being transc endent can hold someone from being a good leader, such as those people who believe they are the center of the Universe. This book was a great eye opener for me personally and made me question many of my traits and experiences. I now can connect the six character dimensions together within myself and using my best traits to become even better. The  most important conclusion I arrived at after reading â€Å"Integrity: The Courage to Meet the Demands of Reality† by Dr. Henry Cloud, is that to become a successful leader in life I must understand why I might have some â€Å"gaps† to work on, accept myself and realize that there is nothing â€Å"wrong† with having â€Å"gaps†, and know what to do next to resolve them (pg. 265). I will for sure share this knowledge with as many people around me as I can, so that I can help them grow together with me.

Cpa Questions

Multiple Choice—CPA Adapted Chapter 14 – Long Term Liabilities 1. On July 1, 2010, Spear Co. issued 1,000 of its 10%, $1,000 bonds at 99 plus accrued interest. The bonds are dated April 1, 2010 and mature on April 1, 2020. Interest is payable semiannually on April 1 and October 1. What amount did Spear receive from the bond issuance? a. $1,015,000 b. $1,000,000 c. $990,000 d. $965,000 2. On January 1, 2010, Solis Co. issued its 10% bonds in the face amount of $3,000,000, which mature on January 1, 2020. The bonds were issued for $3,405,000 to yield 8%, resulting in bond premium of $405,000.Solis uses the effective-interest method of amortizing bond premium. Interest is payable annually on December 31. At December 31, 2010, Solis's adjusted unamortized bond premium should be a. $405,000. b. $377,400. c. $364,500. d. $304,500. 3. On July 1, 2009, Noble, Inc. issued 9% bonds in the face amount of $5,000,000, which mature on July 1, 2015. The bonds were issued for $4,695,00 0 to yield 10%, resulting in a bond discount of $305,000. Noble uses the effective-interest method of amortizing bond discount. Interest is payable annually on June 30. At June 30, 2011, Noble's unamortized bond discount should be a. 264,050. b. $255,000. c. $244,000. d. $215,000. 4. On January 1, 2010, Huff Co. sold $1,000,000 of its 10% bonds for $885,296 to yield 12%. Interest is payable semiannually on January 1 and July 1. What amount should Huff report as interest expense for the six months ended June 30, 2010? a. $44,266 b. $50,000 c. $53,118 d. $60,000 5. On January 1, 2011, Doty Co. redeemed its 15-year bonds of $2,500,000 par value for 102. They were originally issued on January 1, 1999 at 98 with a maturity date of January 1, 2014. The bond issue costs relating to this transaction were $150,000.Doty amortizes discounts, premiums, and bond issue costs using the straight-line method. What amount of loss should Doty recognize on the redemption of these bonds (ignore taxes)? a. $90,000 b. $60,000 c. $50,000 d. $0 6. On its December 31, 2010 balance sheet, Emig Corp. reported bonds payable of $6,000,000 and related unamortized bond issue costs of $320,000. The bonds had been issued at par. On January 2, 2011, Emig retired $3,000,000 of the outstanding bonds at par plus a call premium of $70,000. What amount should Emig report in its 2011 income statement as loss on extinguishment of debt (ignore taxes)? . $0 b. $70,000 c. $160,000 d. $230,000 7. On January 1, 2006, Goll Corp. issued 1,000 of its 10%, $1,000 bonds for $1,040,000. These bonds were to mature on January 1, 2016 but were callable at 101 any time after December 31, 2009. Interest was payable semiannually on July 1 and January 1. On July 1, 2011, Goll called all of the bonds and retired them. Bond premium was amortized on a straight-line basis. Before income taxes, Goll's gain or loss in 2011 on this early extinguishment of debt was a. $30,000 gain. b. $12,000 gain. c. $10,000 loss. d. $8,000 g ain. 8. On June 30, 2011, Omara Co. ad outstanding 8%, $3,000,000 face amount, 15-year bonds maturing on June 30, 2021. Interest is payable on June 30 and December 31. The unamortized balances in the bond discount and deferred bond issue costs accounts on June 30, 2011 were $105,000 and $30,000, respectively. On June 30, 2011, Omara acquired all of these bonds at 94 and retired them. What net carrying amount should be used in computing gain or loss on this early extinguishment of debt? a. $2,970,000. b. $2,895,000. c. $2,865,000. d. $2,820,000. 9. A ten-year bond was issued in 2009 at a discount with a call provision to retire the bonds.When the bond issuer exercised the call provision on an interest date in 2011, the carrying amount of the bond was less than the call price. The amount of bond liability removed from the accounts in 2011 should have equaled the a. call price. b. call price less unamortized discount. c. face amount less unamortized discount. d. face amount plus unamor tized discount. 10. Paige Co. took advantage of market conditions to refund debt. This was the fourth refunding operation carried out by Paige within the last three years. The excess of the carrying amount of the old debt over the amount paid to extinguish it should be reported as a a. ain, net of income taxes. b. loss, net of income taxes. c. part of continuing operations. d. deferred credit to be amortized over the life of the new debt. *11. Eddy Co. is indebted to Cole under a $400,000, 12%, three-year note dated December 31, 2009. Because of Eddy's financial difficulties developing in 2011, Eddy owed accrued interest of $48,000 on the note at December 31, 2011. Under a troubled debt restructuring, on December 31, 2011, Cole agreed to settle the note and accrued interest for a tract of land having a fair value of $360,000. Eddy's acquisition cost of the land is $290,000.Ignoring income taxes, on its 2011 income statement Eddy should report as a result of the troubled debt restruc turing Gain on DisposalRestructuring Gain a. $158,000$0 b. $110,000$0 c. $70,000$40,000 d. $70,000$88,000 Multiple Choice Answers—CPA Adapted Item| Ans. | Item| Ans. | Item| Ans. | Item| Ans. | Item| Ans. | Item| Ans. | 1. | a| 3. | a| 5. | a| 7. | d| 9. | c| *11. | d| 2. | b| 4. | c| 6. | d| 8. | c| 10. | c| | | No. AnswerDerivation 1. a($1,000,000 ? .99) + ($1,000,000 ? .10 ? 3/12) = $1,015,000. 2. b$405,000 – [($3,000,000 ? .10) – ($3,405,000 ? .08)] = $377,400. 3. a2009–2010:$4,695,000 + [($4,695,000 ? 1) – ($5,000,000 ? .09)] = $4,714,500. 2010–2011:$4,714,500 + ($471,450 – $450,000) = $4,735,950 $5,000,000 – $4,735,950 = $264,050. 4. c$885,296 ? .06 = $53,118. 5. a($2,500,000 ? 1. 02) –= $90,000. 6. d($3,000,000 + $70,000) – [($6,000,000 – $320,000) ? 1/2] = $230,000. 7. d – ($1,000,000 ? 1. 01) = $8,000. 8. c$3,000,000 – ($105,000 + $30,000) = $2,865,000. 9. cConceptual. 10. cConceptual . *11. d$360,000 – $290,000 = $70,000 ($400,000 + $48,000) – $360,000 = $88,000. Chapter 15 – Stockholders’ Equity 1. A corporation was organized in January 2007 with authorized capital of $10 par value common stock.On February 1, 2010, shares were issued at par for cash. On March 1, 2010, the corporation's attorney accepted 7,000 shares of common stock in settlement for legal services with a fair value of $90,000. Additional paid-in capital would increase on February 1, 2010March 1, 2010 a. YesNo b. YesYes c. NoNo d. NoYes 2. On July 1, 2010, Nall Co. issued 2,500 shares of its $10 par common stock and 5,000 shares of its $10 par convertible preferred stock for a lump sum of $125,000. At this date Nall's common stock was selling for $24 per share and the convertible preferred stock for $18 per share. The amount of he proceeds allocated to Nall's preferred stock should be a. $62,500. b. $75,000. c. $90,000. d. $68,750. 3. Horton Co. was organized on Janua ry 2, 2010, with 500,000 authorized shares of $10 par value common stock. During 2010, Horton had the following capital transactions: January 5—issued 375,000 shares at $14 per share. July 27—purchased 25,000 shares at $11 per share. November 25—sold 15,000 shares of treasury stock at $13 per share. Horton used the cost method to record the purchase of the treasury shares. What would be the balance in the Paid-in Capital from Treasury Stock account at December 31, 2010? . $0. b. $15,000. c. $30,000. d. $45,000. 4. In 2010, Hobbs Corp. acquired 9,000 shares of its own $1 par value common stock at $18 per share. In 2011, Hobbs issued 4,000 of these shares at $25 per share. Hobbs uses the cost method to account for its treasury stock transactions. What accounts and what amounts should Hobbs credit in 2011 to record the issuance of the 4,000 shares? TreasuryAdditionalRetainedCommon StockPaid-in CapitalEarnings Stock a. $72,000$70,000 b. $72,000$28,000 c. $96,000$4,0 00 d. $68,000$28,000$4,000 5. At its date of incorporation, Sauder, Inc. ssued 100,000 shares of its $10 par common stock at $11 per share. During the current year, Sauder acquired 20,000 shares of its common stock at a price of $16 per share and accounted for them by the cost method. Subsequently, these shares were reissued at a price of $12 per share. There have been no other issuances or acquisitions of its own common stock. What effect does the reissuance of the stock have on the following accounts? Retained EarningsAdditional Paid-in Capital a. DecreaseDecrease b. No effectDecrease c. DecreaseNo effect d. No effectNo effect 6. Farmer Corp. owned 20,000 shares of Eaton Corp. urchased in 2007 for $240,000. On December 15, 2010, Farmer declared a property dividend of all of its Eaton Corp. shares on the basis of one share of Eaton for every 10 shares of Farmer common stock held by its stockholders. The property dividend was distributed on January 15, 2011. On the declaration date, the aggregate market price of the Eaton shares held by Farmer was $400,000. The entry to record the declaration of the dividend would include a debit to Retained Earnings of a. $0. b. $160,000. c. $240,000. d. $400,000. 7. A corporation declared a dividend, a portion of which was liquidating.How would this distribution affect each of the following? Additional Paid-in CapitalRetained Earnings a. DecreaseNo effect b. DecreaseDecrease c. No effectDecrease d. No effectNo effect 8. On May 1, 2010, Ziek Corp. declared and issued a 10% common stock dividend. Prior to this dividend, Ziek had 100,000 shares of $1 par value common stock issued and outstanding. The fair value of Ziek ‘s common stock was $20 per share on May 1, 2010. As a result of this stock dividend, Ziek's total stockholders' equity a. increased by $200,000. b. decreased by $200,000. c. decreased by $10,000. d. did not change. . How would the declaration and subsequent issuance of a 10% stock dividend by the issuer af fect each of the following when the market value of the shares exceeds the par value of the stock? Additional Common StockPaid-in Capital a. No effectNo effect b. No effectIncrease c. IncreaseNo effect d. IncreaseIncrease 10. On December 31, 2010, the stockholders' equity section of Arndt, Inc. , was as follows: Common stock, par value $10; authorized 30,000 shares; issued and outstanding 9,000 shares$ 90,000 Additional paid-in capital116,000 Retained earnings 174,000 Total stockholders' equity$380,000On March 31, 2011, Arndt declared a 10% stock dividend, and accordingly 900 additional shares were issued, when the fair market value of the stock was $18 per share. For the three months ended March 31, 2011, Arndt sustained a net loss of $32,000. The balance of Arndt’s retained earnings as of March 31, 2011, should be a. $125,800. b. $133,000. c. $134,800. d. $142,000. *11. At December 31, 2010 and 2011, Plank Corp. had outstanding 2,000 shares of $100 par value 8% cumulative p referred stock and 10,000 shares of $10 par value common stock. At December 31, 2010, dividends in arrears on the preferred stock were $8,000.Cash dividends declared in 2011 totaled $30,000. What amounts were payable on each class of stock? Preferred StockCommon Stock a. $16,000$14,000 b. $22,000$8,000 c. $24,000$6,000 d. $30,000$0 Multiple Choice Answers—CPA Adapted Item| Ans. | Item| Ans. | Item| Ans. | Item| Ans. | Item| Ans. | Item| Ans. | 1. | d| 3. | c| 5. | c| 7. | b| 9. | d| *11. | c| 2. | b| 4. | b| 6. | d| 8. | d| 10. | a| | | No. AnswerDerivation 1. dConceptual. 2. b($24 2,500) + ($18 5,000) = $150,000. $90,000 ————— ? $125,000 = $75,000. $150,000 3. c15,000 $2 = $30,000. 4. b(4,000 $18) = $72,000; (4,000 $7) = $28,000. . cConceptual. 6. d$400,000 (market value). 7. b Conceptual. 8. dConceptual. 9. dConceptual. 10. a$174,000 – $32,000 – (900 $18) = $125,800. *11. c($200,000 . 08) + $8,000 = $24,000; $30,000 – $24,000 = $6,000 Chapter 16 — Dilutive Securities ; Earnings Per Share 1. On January 2, 2010, Farr Co. issued 10-year convertible bonds at 105. During 2012, these bonds were converted into common stock having an aggregate par value equal to the total face amount of the bonds. At conversion, the market price of Farr’s common stock was 50 percent above its par value.On January 2, 2010, cash proceeds from the issuance of the convertible bonds should be reported as a. paid-in capital for the entire proceeds. b. paid-in capital for the portion of the proceeds attributable to the conversion feature and as a liability for the balance. c. a liability for the face amount of the bonds and paid-in capital for the premium over the face amount. d. a liability for the entire proceeds. 2. Lang Co. issued bonds with detachable common stock warrants. Only the warrants had a known market value. The sum of the fair value of the warrants and the face amount of the bonds exceeds the cash p roceeds.This excess is reported as a. Discount on Bonds Payable. b. Premium on Bonds Payable. c. Common Stock Subscribed. d. Paid-in Capital in Excess of Par—Stock Warrants. 3. On January 1, 2010, Sharp Corp. granted an employee an option to purchase 6,000 shares of Sharp's $5 par value common stock at $20 per share. The Black-Scholes option pricing model determines total compensation expense to be $140,000. The option became exercisable on December 31, 2011, after the employee completed two years of service. The market prices of Sharp's stock were as follows: January 1, 2010$30 December 31, 201150For 2011, should recognize compensation expense under the fair value method of a. $90,000. b. $30,000. c. $70,000. d. $0. *4. On January 2, 2010, for past services, Rosen Corp. granted Nenn Pine, its president, 16,000 stock appreciation rights that are exercisable immediately and expire on January 2, 2011. On exercise, Nenn is entitled to receive cash for the excess of the market pr ice of the stock on the exercise date over the market price on the grant date. Nenn did not exercise any of the rights during 2010. The market price of Rosen's stock was $30 on January 2, 2010, and $45 on December 31, 2010.As a result of the stock appreciation rights, Rosen should recognize compensation expense for 2010 of a. $0. b. $80,000. c. $240,000. d. $480,000. Multiple Choice Answers—Dilutive Securities, CPA Adapted Item| Ans. | Item| Ans. | Item| Ans. | Item| Ans. | 1. | d| 2. | a| 3. | c| *4. | c| No. AnswerDerivation 1. dConceptual. 2. aConceptual. 3. c$140,000 ? 2 = $70,000. *4. c($45 – $30) ? 16,000 = $240,000. Earnings Per Share 5. Didde Co. had 300,000 shares of common stock issued and outstanding at December 31, 2010. No common stock was issued during 2011. On January 1, 2011, Didde issued 200,000 shares of nonconvertible preferred stock.During 2011, Didde declared and paid $100,000 cash dividends on the common stock and $80,000 on the preferred stock. N et income for the year ended December 31, 2011 was $620,000. What should be Didde's 2011 earnings per common share? a. $2. 07 b. $1. 80 c. $1. 73 d. $1. 47 6. At December 31, 2011 and 2010, Miley Corp. had 180,000 shares of common stock and 10,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2011 or 2010. Net income for 2011 was $400,000. For 2011, earnings per common share amounted to a. $2. 22. b. $1. 94. c. 1. 67. d. $1. 11. 7. Marsh Co. had 2,400,000 shares of common stock outstanding on January 1 and December 31, 2011. In connection with the acquisition of a subsidiary company in June 2010, Marsh is required to issue 100,000 additional shares of its common stock on July 1, 2012, to the former owners of the subsidiary. Marsh paid $200,000 in preferred stock dividends in 2011, and reported net income of $3,400,000 for the year. Marsh's diluted earnings per share for 2011 should be a. $1. 42. b. $1. 36. c. $1. 33. d. $1. 28. 8. Foyle, Inc. , had 560,000 shares of common stock issued and outstanding at December 31, 2010.On July 1, 2011, an additional 40,000 shares of common stock were issued for cash. Foyle also had unexercised stock options to purchase 32,000 shares of common stock at $15 per share outstanding at the beginning and end of 2011. The average market price of Foyle's common stock was $20 during 2011. What is the number of shares that should be used in computing diluted earnings per share for the year ended December 31, 2011? a. 580,000 b. 588,000 c. 608,000 d. 612,000 9. When computing diluted earnings per share, convertible securities are a. ignored. b. recognized only if they are dilutive. c. recognized only if they are antidilutive. . recognized whether they are dilutive or antidilutive. 10. In determining diluted earnings per share, dividends on nonconvertible cumulative preferred stock should be a. disregarded. b. added back to net income whether de clared or not. c. deducted from net income only if declared. d. deducted from net income whether declared or not. 11. The if-converted method of computing earnings per share data assumes conversion of convertible securities as of the a. beginning of the earliest period reported (or at time of issuance, if later). b. beginning of the earliest period reported (regardless of time of issuance). c. iddle of the earliest period reported (regardless of time of issuance). d. ending of the earliest period reported (regardless of time of issuance). Multiple Choice Answers—Earnings Per Share—CPA Adapted Item| Ans. | Item| Ans. | Item| Ans. | Item| Ans. | Item| Ans. | Item| Ans. | Item| Ans. | 5. | b| 6. | b| 7. | d| 8. | b| 9. | b| 10. | d| 11. | a| No. AnswerDerivation 5. b$620,000 – $80,000 ————————— = $1. 80. 300,000 6. b $400,000 – (10,000 ? $100 ? .05) ————— Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€ = $1. 94. 180,000 7. d $3,400,000 – $200,000 ——————————– = $1. 28. 2,400,000 + 100,000 8. b560,000 + (40,000 ? 6/12) + [32,000 – (32,000 ? 15 ? $20)] = 588,000. 9. bConceptual. 10. dConceptual. 11. aConceptual. Chapter 17 – Investments 1. On October 1, 2010, Wenn Co. purchased 600 of the $1,000 face value, 8% bonds of Loy, Inc. , for $702,000, including accrued interest of $12,000. The bonds, which mature on January 1, 2017, pay interest semiannually on January 1 and July 1. Wenn used the straight-line method of amortization and appropriately recorded the bonds as available-for-sale. On Wenn's December 31, 2011 balance sheet, the carrying value of the bonds is a. $690,000. b. $684,000. c. $681,600. d. $672,000. 2. Valet Corp. egan operations in 2010. An analysis of Valet’s equity securities portfolio acquir ed in 2010 shows the following totals at December 31, 2010 for trading and available-for-sale securities: TradingAvailable-for-Sale SecuritiesSecurities Aggregate cost$90,000$110,000 Aggregate fair value65,00095,000 What amount should Valet report in its 2010 income statement for unrealized holding loss? a. $40,000. b. $10,000. c. $15,000. d. $25,000. 3. At December 31, 2010, Jeter Corp. had the following equity securities that were purchased during 2010, its first year of operation: FairUnrealized Cost ValueGain (Loss)Trading Securities: SecurityA$ 90,000$ 60,000$(30,000) B 15,000 20,000 5,000 Totals$105,000$ 80,000$(25,000) Available-for-Sale Securities: SecurityY$ 70,000$ 80,000$ 10,000 Z 85,000 55,000 (30,000) Totals$155,000$135,000$(20,000) All market declines are considered temporary. Fair value adjustments at December 31, 2010 should be established with a corresponding charge against IncomeStockholders’ Equity a. $45,000$ 0 b. $30,000$30,000 c. $25,000$20,000 d. $25,00 0$ 0 4. On December 29, 2011, James Co. sold an equity security that had been purchased on January 4, 2010.James owned no other equity securities. An unrealized holding loss was reported in the 2010 income statement. A realized gain was reported in the 2011 income statement. Was the equity security classified as available-for-sale and did its 2010 market price decline exceed its 2011 market price recovery? 2010 Market Price Decline Exceeded 2011 Available-for-SaleMarket Price Recovery a. YesYes b. YesNo c. NoYes d. NoNo Use the following information for questions 5 through 7. Rich, Inc. acquired 30% of Doane Corp. ‘s voting stock on January 1, 2010 for $400,000. During 2010, Doane earned $160,000 and paid dividends of $100,000.Rich's 30% interest in Doane gives Rich the ability to exercise significant influence over Doane's operating and financial policies. During 2011, Doane earned $200,000 and paid dividends of $60,000 on April 1 and $60,000 on October 1. On July 1, 2011, Ri ch sold half of its stock in Doane for $264,000 cash. 5. Before income taxes, what amount should Rich include in its 2010 income statement as a result of the investment? a. $160,000. b. $100,000. c. $48,000. d. $30,000. 6. The carrying amount of this investment in Rich's December 31, 2010 balance sheet should be a. $400,000. b. $418,000. c. $448,000. d. $460,000. . What should be the gain on sale of this investment in Rich's 2011 income statement? a. $64,000. b. $55,000. c. $49,000. d. $40,000. 8. On January 1, 2010, Reston Co. purchased 25% of Ace Corp. ‘s common stock; no goodwill resulted from the purchase. Reston appropriately carries this investment at equity and the balance in Reston’s investment account was $720,000 at December 31, 2010. Ace reported net income of $450,000 for the year ended December 31, 2010, and paid common stock dividends totaling $180,000 during 2010. How much did Reston pay for its 25% interest in Ace? a. $652,500. b. $765,000. c. $787,500. d. 877,500. 9. On December 31, 2010, Patel Co. purchased equity securities as trading securities. Pertinent data are as follows: Fair Value Security CostAt 12/31/11 A$132,000$117,000 B168,000186,000 C288,000258,000 On December 31, 2011, Patel transferred its investment in security C from trading to available-for-sale because Patel intends to retain security C as a long-term investment. What total amount of gain or loss on its securities should be included in Patel's income statement for the year ended December 31, 2011? a. $3,000 gain. b. $27,000 loss. c. $30,000 loss. d. $45,000 loss. Multiple Choice Answers—CPA AdaptedItem| Ans. | Item| Ans. | Item| Ans. | Item| Ans. | Item| Ans. | 1. | d| 3. | c| 5. | c| 7. | c| 9. | b| 2. | d| 4. | d| 6. | b| 8. | a| | | No. AnswerDerivation 1. d$702,000 – $12,000 = $690,000 15 $690,000 – ($90,000 ? — ) = $672,000. 75 2. d$90,000 – $65,000 = $25,000. 3. c 4. dConceptual. 5. c$160,000 ? 30% = $48,000. 6. b$400,0 00 + $48,000 – ($100,000 ? 30%) = $418,000. 7. c$418,000 – ($60,000 ? 30%) + ($200,000 ? 50% ? 30%) = $430,000. $264,000 – ($430,000 ? 2) = $49,000. 8. a$720,000 – ($450,000 ? 25%) + ($180,000 ? 25%) = $652,500. 9. b$18,000 – $15,000 – $30,000 = $27,000 loss. Chapter 18 – Revenue Recognition . According to the FASB's conceptual framework, the process of reporting an item in the financial statements of an entity is a. recognition. b. realization. c. allocation. d. matching. 2. Green Construction Co. has consistently used the percentage-of-completion method of recognizing revenue. During 2010, Green entered into a fixed-price contract to construct an office building for $12,000,000. Information relating to the contract is as follows: At December 31 2010 2011 Percentage of completion15%45% Estimated total cost at completion$9,000,000$9,600,000 Gross profit recognized (cumulative)600,0001,440,000Contract costs incurred during 2011 were: a . $2,880,000. b. $2,970,000. c. $3,150,000. d. $4,320,000. 3. Bruner Constructors, Inc. has consistently used the percentage-of-completion method of recognizing income. In 2010, Bruner started work on a $35,000,000 construction contract that was completed in 2011. The following information was taken from Bruner's 2010 accounting records: Progress billings$11,000,000 Costs incurred10,500,000 Collections7,000,000 Estimated costs to complete21,000,000 What amount of gross profit should Bruner have recognized in 2010 on this contract? a. $3,500,000 b. 2,333,334 c. $1,750,000 d. $1,166,667 4. During 2010, Gates Corp. started a construction job with a total contract price of $3,500,000. The job was completed on December 15, 2011. Additional data are as follows: 2010 2011 Actual costs incurred$1,350,000$1,525,000 Estimated remaining costs1,350,000— Billed to customer1,200,0002,300,000 Received from customer1,000,0002,400,000 Under the completed-contract method, what amount should Ga tes recognize as gross profit for 2011? a. $225,000 b. $312,500 c. $475,000 d. $625,000 5. Hogan Farms produced 800,000 pounds of cotton during the 2010 season.Hogan sells all of its cotton to Ott Co. , which has agreed to purchase Hogan's entire production at the prevailing market price. Recent legislation assures that the market price will not fall below $. 70 per pound during the next two years. Hogan's costs of selling and distributing the cotton are immaterial and can be reasonably estimated. Hogan reports its inventory at expected exit value. During 2010, Hogan sold and delivered to Ott 600,000 pounds at the market price of $. 70. Hogan sold the remaining 200,000 pounds during 2011 at the market price of $. 72. What amount of revenue should Hogan recognize in 2010? . $420,000 b. $432,000 c. $560,000 d. $576,000 6. Braun, Inc. appropriately uses the installment-sales method of accounting to recognize income in its financial statements. Some pertinent data relating to this metho d of accounting include: 2010 2011 Installment sales$750,000$720,000 Cost of installment sales 570,000 504,000 Gross profit$180,000$216,000 Rate of gross profit24%30% Balance of deferred gross profit at year end: 2010$108,000$ 36,000 2011 198,000 Total$108,000$234,000 What amount of installment accounts receivable should be presented in Braun's December 31, 2011 balance sheet? a. 720,000 b. $810,000 c. $780,000 d. $866,666 7. Hartz Co. , which began operations on January 1, 2010, appropriately uses the installment-sales method of accounting. The following information pertains to Hartz's operations for the year 2010: Installment sales$1,200,000 Regular sales480,000 Cost of installment sales720,000 Cost of regular sales288,000 General and administrative expenses96,000 Collections on installment sales288,000 The deferred gross profit account in Hartz's December 31, 2010 balance sheet should be a. $115,200. b. $192,000. c. $364,800. d. $480,000. 8. On January 1, 2010, Orton Co. old a us ed machine to King, Inc. for $350,000. On this date, the machine had a depreciated cost of $245,000. King paid $50,000 cash on January 1, 2010 and signed a $300,000 note bearing interest at 10%. The note was payable in three annual installments of $100,000 beginning January 1, 2011. Orton appropriately accounted for the sale under the installment method. King made a timely payment of the first installment on January 1, 2011 of $130,000, which included interest of $30,000 to date of payment. At December 31, 2011, Orton has deferred gross profit of a. $70,000. b. $66,000. c. $60,000. d. 51,000. 9. Piper Co. began operations on January 1, 2010 and appropriately uses the installment method of accounting. The following information pertains to Piper's operations for 2010: Installment sales1,800,000 Cost of installment sales1,080,000 General and administrative expenses180,000 Collections on installment sales825,000 The balance in the deferred gross profit account at December 31, 2010 shoul d be a. $330,000. b. $495,000. c. $390,000. d. $720,000. 10. Moon Co. records all sales using the installment method of accounting. Installment sales contracts call for 36 equal monthly cash payments.According to the FASB's conceptual framework, the amount of deferred gross profit relating to collections 12 months beyond the balance sheet date should be reported in the a. current liabilities section as a deferred revenue. b. noncurrent liabilities section as a deferred revenue. c. current assets section as a contra account. d. noncurrent assets section as a contra account. 11. Crane, Inc. is a retailer of home appliances and offers a service contract on each appliance sold. Crane sells appliances on installment contracts, but all service contracts must be paid in full at the time of sale.Collections received for service contracts should be recorded as an increase in a a. deferred revenue account. b. sales contracts receivable valuation account. c. stockholders' valuation account. d. service revenue account. Multiple Choice Answers—CPA Adapted Item| Ans. | Item| Ans. | Item| Ans. | Item| Ans. | Item| Ans. | Item| Ans. | 1. | a| 3. | d| 5. | c| 7. | c| 9. | c| 11. | a| 2. | b| 4. | d| 6. | b| 8. | c| 10. | c| | | No. AnswerDerivation 1. aConceptual. 2. b($9,600,000 45%) – ($9,000,000 15%) = $2,970,000. $10,500,000 3. d—————— ($35,000,000 – $31,500,000) = $1,166,667. $31,500,000 . d$3,500,000 – $1,350,000 – $1,525,000 = $625,000. 5. c800,000 lbs. $. 70 = $560,000. 6. b($36,000 ? 24%) + ($198,000 ? 30%) = $810,000. 7. c$1,200,000 – $720,000 = $480,000 gross profit (40% gross profit rate) $480,000 – ($288,000 . 4) = $364,800. 8. c$300,000 + $50,000 = $350,000 $350,000 – $245,000 = $105,000 gross profit (30% gross profit rate) ($300,000 – $100,000) ? 30% = $60,000. 9. c$1,800,000 – $1,080,000 = $720,000 (40% gross profit rate)$720,000 – ($825,00 0 40%) = $390,000. 10. cConceptual. 11. aConceptual. Chapter 20 Accounting for Pensions ; Post Retirement Benefits 1.The following information pertains to Hopson Co. ‘s pension plan: Actuarial estimate of projected benefit obligation at 1/1/11$72,000 Assumed discount rate10% Service costs for 2011$18,000 Pension benefits paid during 2011$15,000 If no change in actuarial estimates occurred during 2011, Hopson's projected benefit obligation at December 31, 2011 was a. $64,200. b. $75,000. c. $79,200. d. $82,200. 2. Interest cost included in pension expense recognized for a period by an employer sponsoring a defined-benefit pension plan represents the a. shortage between the expected and actual returns on plan assets. b. ncrease in the projected benefit obligation due to the passage of time. c. increase in the fair value of plan assets due to the passage of time. d. amortization of the discount on accumulated OCI (PSC). 3. Logan Corp. , a company whose stock is publicly traded, provides a noncontributory defined-benefit pension plan for its employees. The company's actuary has provided the following information for the year ended December 31, 2011: Projected benefit obligation$600,000 Accumulated benefit obligation525,000 Fair value of plan assets825,000 Service cost240,000 Interest on projected benefit obligation24,000Amortization of prior service cost60,000 Expected and actual return on plan assets82,500 The market-related asset value equals the fair value of plan assets. No contributions have been made for 2011 pension cost. In its December 31, 2011 balance sheet, Logan should report a pension asset / liability of a. Pension liability of $600,000 b. Pension asset of $824,000 c. Pension asset of $225,000 d. Pension liability of $525,000 4. Seigel Co. maintains a defined-benefit pension plan for its employees. At each balance sheet date, Yeager should report a pension asset / liability equal to the a. ccumulated benefit obligation. b. projected benefit ob ligation. c. accumulated benefit obligation. d. funded status relative to the projected benefit obligation. 5. Ohlman, Inc. maintains a defined-benefit pension plan for its employees. As of December 31, 2011, the market value of the plan assets is less than the accumulated benefit obligation. The projected benefit obligation exceeds the accumulated benefit obligation. In its balance sheet as of December 31, 2011, Ohlman should report a liability in the amount of the a. excess of the projected benefit obligation over the fair value of the plan assets. b. xcess of the accumulated benefit obligation over the fair value of the plan assets. c. projected benefit obligation. d. accumulated benefit obligation. 6. At December 31, 2011, the following information was provided by the Vargas Corp. pension plan administrator: Fair value of plan assets$4,500,000 Accumulated benefit obligation5,580,000 Projected benefit obligation7,200,000 What is the amount of the pension liability that should be shown on Vargas' December 31, 2011 balance sheet? a. $7,200,000 b. $2,700,000 c. $1,620,000 d. $1,080,000 Multiple Choice Answers—CPA Adapted Item| Ans. | Item| Ans. | Item| Ans. | 1. d| 3. | c| 5. | a| 2. | b| 4. | d| 6. | b| No. AnswerDerivation 1. d$72,000 + $18,000 + ($72,000 ? .10) – $15,000 = $82,200. 2. bConceptual. 3. c$825,000 – $600,000 = $225,000. 4. dConceptual. 5. aConceptual. 6. b$7,200,000 – $4,500,000 = $2,700,000. Chapter 21 –Accounting for Leases 1. Lease A does not contain a bargain purchase option, but the lease term is equal to 90 percent of the estimated economic life of the leased property. Lease B does not transfer ownership of the property to the lessee by the end of the lease term, but the lease term is equal to 75 percent of the estimated economic life of the leased property.How should the lessee classify these leases? Lease A Lease B a. Operating leaseCapital lease b. Operating leaseOperating lease c. Capital leaseCapita l lease d. Capital leaseOperating lease 2. On December 31, 2011, Burton, Inc. leased machinery with a fair value of $840,000 from Cey Rentals Co. The agreement is a six-year noncancelable lease requiring annual payments of $160,000 beginning December 31, 2011. The lease is appropriately accounted for by Burton as a capital lease. Burton's incremental borrowing rate is 11%. Burton knows the interest rate implicit in the lease payments is 10%.The present value of an annuity due of 1 for 6 years at 10% is 4. 7908. The present value of an annuity due of 1 for 6 years at 11% is 4. 6959. In its December 31, 2011 balance sheet, Burton should report a lease liability of a. $606,528. b. $680,000. c. $751,344. d. $766,528. 3. On December 31, 2010, Harris Co. leased a machine from Catt, Inc. for a five-year period. Equal annual payments under the lease are $630,000 (including $30,000 annual executory costs) and are due on December 31 of each year. The first payment was made on December 31, 201 0, and the second payment was made on December 31, 2011.The five lease payments are discounted at 10% over the lease term. The present value of minimum lease payments at the inception of the lease and before the first annual payment was $2,502,000. The lease is appropriately accounted for as a capital lease by Harris. In its December 31, 2011 balance sheet, Harris should report a lease liability of a. $1,902,000. b. $1,872,000. c. $1,711,800. d. $1,492,200. 4. A lessee had a ten-year capital lease requiring equal annual payments. The reduction of the lease liability in year 2 should equal a. the current liability shown for the lease at the end of year 1. . the current liability shown for the lease at the end of year 2. c. the reduction of the lease liability in year 1. d. one-tenth of the original lease liability. Use the following information for questions 5 and 6. On January 2, 2011, Hernandez, Inc. signed a ten-year noncancelable lease for a heavy duty drill press. The lease stip ulated annual payments of $150,000 starting at the end of the first year, with title passing to Hernandez at the expiration of the lease. Hernandez treated this transaction as a capital lease. The drill press has an estimated useful life of 15 years, with no salvage value.Hernandez uses straight-line depreciation for all of its plant assets. Aggregate lease payments were determined to have a present value of $900,000, based on implicit interest of 10%. 5. In its 2011 income statement, what amount of interest expense should Hernandez report from this lease transaction? a. $0 b. $56,250 c. $75,000 d. $90,000 6. In its 2011 income statement, what amount of depreciation expense should Hernandez report from this lease transaction? a. $150,000 b. $100,000 c. $90,000 d. $60,000 7. In a lease that is recorded as a sales-type lease by the lessor, interest revenue a. hould be recognized in full as revenue at the lease's inception. b. should be recognized over the period of the lease using the straight-line method. c. should be recognized over the period of the lease using the effective interest method. d. does not arise. 8. Torrey Co. manufactures equipment that is sold or leased. On December 31, 2011, Torrey leased equipment to Dalton for a five-year period ending December 31, 2016, at which date ownership of the leased asset will be transferred to Dalton. Equal payments under the lease are $220,000 (including $20,000 executory costs) and are due on December 31 of each year.The first payment was made on December 31, 2011. Collectibility of the remaining lease payments is reasonably assured, and Torrey has no material cost uncertainties. The normal sales price of the equipment is $770,000, and cost is $600,000. For the year ended December 31, 2011, what amount of income should Torrey realize from the lease transaction? a. $170,000 b. $220,000 c. $230,000 d. $330,000 *9. Jamar Co. sold its headquarters building at a gain, and simultaneously leased back the building. The lease was reported as a capital lease. At the time of the sale, the gain should be reported as a. perating income. b. an extraordinary item, net of income tax. c. a separate component of stockholders' equity. d. a deferred gain. *10. On December 31, 2011, Haden Corp. sold a machine to Ryan and simultaneously leased it back for one year. Pertinent information at this date follows: Sales price$900,000 Carrying amount825,000 Present value of reasonable lease rentals ($7,500 for 12 months @ 12%)85,000 Estimated remaining useful life12 years In Haden’s December 31, 2011 balance sheet, the deferred profit from the sale of this machine should be a. $85,000. b. $75,000. c. $10,000. . $0. Multiple Choice Answers—CPA Adapted Item| Ans. | Item| Ans. | Item| Ans. | Item| Ans. | Item| Ans. | 1. | c| 3. | d| 5. | d| 7. | c| *9. | d| 2. | a| 4. | a| 6. | d| 8. | a| *10| d| No. AnswerDerivation 1. cConceptual. 2. a($160,000 ? 4. 7908) – $160,000 = $606,528. 3. d$2,502,000 †“ $630,000 + $30,000 = $1,902,000 (2010). $1,902,000 – [$600,000 – ($1,902,000 ? .10)] = $1,492,200 (2011). 4. aConceptual. 5. d$900,000 ? .10 = $90,000. 6. d$900,000 ? 15 = $60,000. 7. cConceptual. 8. a$770,000 – $600,000 = $170,000. *9. dConceptual. *10. d = 9. 44%, < 10% of FV of asset ? t is a minor leaseback. Chapter 22-Accounting Changes and Error Analysis 1. Which of the following should be reported as a prior period adjustment? Change inChange from Estimated LivesUnaccepted Principle of Depreciable Assetsto Accepted Principle a. YesYes b. NoYes c. YesNo d. NoNo 2. On December 31, 2011, Grantham, Inc. appropriately changed its inventory valuation method to FIFO cost from weighted-average cost for financial statement and income tax purposes. The change will result in a $1,500,000 increase in the beginning inventory at January 1, 2011. Assume a 30% income tax rate.The cumulative effect of this accounting change on beginning retained earnings is a. $0. b. $450,000. c. $1,050,000. d. $1,500,000. 3. On January 1, 2011, Frost Corp. changed its inventory method to FIFO from LIFO for both financial and income tax reporting purposes. The change resulted in an $800,000 increase in the January 1, 2011 inventory. Assume that the income tax rate for all years is 30%. The cumulative effect of the accounting change should be reported by Frost in its 2011 a. retained earnings statement as a $560,000 addition to the beginning balance. b. ncome statement as a $560,000 cumulative effect of accounting change. c. retained earnings statement as an $800,000 addition to the beginning balance. d. income statement as an $800,000 cumulative effect of accounting change. 4. On January 1, 2008, Lake Co. purchased a machine for $792,000 and depreciated it by the straight-line method using an estimated useful life of eight years with no salvage value. On January 1, 2011, Lake determined that the machine had a useful life of six years from the date of acquisition and will have a salvage value of $72,000. An accounting change was made in 2011 to reflect these additional data.The accumulated depreciation for this machine should have a balance at December 31, 2011 of a. $438,000. b. $462,000. c. $480,000. d. $528,000. 5. On January 1, 2008, Hess Co. purchased a patent for $595,000. The patent is being amortized over its remaining legal life of 15 years expiring on January 1, 2023. During 2011, Hess determined that the economic benefits of the patent would not last longer than ten years from the date of acquisition. What amount should be reported in the balance sheet for the patent, net of accumulated amortization, at December 31, 2011? a. $357,000 b. $408,000 c. $420,000 . $436,375 6. During 2010, a textbook written by Mercer Co. personnel was sold to Roark Publishing, Inc. , for royalties of 10% on sales. Royalties are receivable semiannually on March 31, for sales in July through December of the prior year, and on September 30, for sales in January through June of the same year. * Royalty income of $108,000 was accrued at 12/31/10 for the period July-December 2010. * Royalty income of $120,000 was received on 3/31/11, and $156,000 on 9/30/11. * Mercer learned from Roark that sales subject to royalty were estimated at $1,620,000 for the last half of 2011.In its income statement for 2011, Mercer should report royalty income at a. $276,000. b. $288,000. c. $318,000. d. $330,000. 7. On January 1, 2010, Janik Corp. acquired a machine at a cost of $500,000. It is to be depreciated on the straight-line method over a five-year period with no residual value. Because of a bookkeeping error, no depreciation was recognized in Janik's 2010 financial statements. The oversight was discovered during the preparation of Janik's 2011 financial statements. Depreciation expense on this machine for 2011 should be a. $0. b. $100,000. c. $125,000. d. $200,000. 8.On December 31, 2011, special insurance costs, incurred but unpaid, were not reco rded. If these insurance costs were related to work in process, what is the effect of the omission on accrued liabilities and retained earnings in the December 31, 2011 balance sheet? Accrued LiabilitiesRetained Earnings a. No effectNo effect b. No effectOverstated c. UnderstatedNo effect d. UnderstatedOverstated 9. Black, Inc. is a calendar-year corporation whose financial statements for 2010 and 2011 included errors as follows: YearEnding InventoryDepreciation Expense 2010$162,000overstated$135,000overstated 201154,000understated45,000understatedAssume that purchases were recorded correctly and that no correcting entries were made at December 31, 2010, or at December 31, 2011. Ignoring income taxes, by how much should Black's retained earnings be retroactively adjusted at January 1, 2012? a. $144,000 increase b. $36,000 increase c. $18,000 decrease d. $9,000 increase Multiple Choice Answers—CPA Adapted Item| Ans. | Item| Ans. | Item| Ans. | Item| Ans. | Item| Ans. | 1. | b| 3. | a| 5. | b| 7. | b| 9. | a| 2. | c| 4. | a| 6. | d| 8. | c| | | No. AnswerDerivation 1. bConceptual. 2. c$1,500,000 ? (1 – . 3) = $1,050,000. 3. a$800,000 ? (1 – . ) = $560,000. 4. a$792,000 ? 3/8 = $297,000 $297,000 + [($792,000 – $297,000 – $72,000) ? 1/3] = $438,000. 5. b$595,000 ? 3/15 = $119,000 $595,000 – $119,000 – [($595,000 – $119,000) ? 1/7] = $408,000. 6. d($120,000 – $108,000) + $156,000 + ($1,620,000 ? .10) = $330,000. 7. b$500,000 ? 5 = $100,000. 8. cConceptual. 9. a$54,000 (u) + $135,000 (u) – $45,000 (o) = $144,000 (u). Chapter 23- Statement of Cash Flows Use the following information for questions 1 and 2. A company acquired a building, paying a portion of the purchase price in cash and issuing a mortgage note payable to the seller for the balance. . In a statement of cash flows, what amount is included in investing activities for the above transaction? a. Cash payment b. Acquisition price c. Zero d . Mortgage amount 2. In a statement of cash flows, what amount is included in financing activities for the above transaction? a. Cash payment b. Acquisition price c. Zero d. Mortgage amount Use the following information for questions 3 and 4. Smiley Corp. ‘s transactions for the year ended December 31, 2011 included the following: * Purchased real estate for $550,000 cash which was borrowed from a bank. Sold available-for-sale securities for $500,000. * Paid dividends of $600,000. * Issued 500 shares of common stock for $250,000. * Purchased machinery and equipment for $125,000 cash. * Paid $450,000 toward a bank loan. * Reduced accounts receivable by $100,000. * Increased accounts payable $200,000. 3. Smiley's net cash used in investing activities for 2011 was a. $675,000. b. $375,000. c. $175,000. d. $50,000. 4. Smiley's net cash used in financing activities for 2011 was a. $50,000. b. $250,000. c. $450,000. d. $500,000. Use the following information for questions 5 and 6. P eavy Corp. s transactions for the year ended December 31, 2011 included the following: 0 Acquired 50% of Gant Corp. ‘s common stock for $180,000 cash which was borrowed from a bank. 1 Issued 5,000 shares of its preferred stock for land having a fair value of $320,000. 2 Issued 500 of its 11% debenture bonds, due 2016, for $392,000 cash. 3 Purchased a patent for $220,000 cash. 4 Paid $120,000 toward a bank loan. 5 Sold available-for-sale securities for $796,000. 6 Had a net increase in returnable customer deposits (long-term) of $88,000. 5. Peavy’s net cash provided by investing activities for 2011 was a. $296,000. b. 396,000. c. $476,000. d. $616,000. 6. Peavy’s net cash provided by financing activities for 2011 was a. $452,000. b. $540,000. c. $572,000. d. $660,000. Use the following information for questions 7 through 9. Jamison Corp. ‘s balance sheet accounts as of December 31, 2011 and 2010 and information relating to 2011 activities are presented below . December 31, 2011 2010 Assets Cash$ 440,000$ 200,000 Short-term investments600,000— Accounts receivable (net)1,020,0001,020,000 Inventory1,380,0001,200,000 Long-term investments400,000600,000 Plant assets3,400,0002,000,000 Accumulated depreciation(900,000)(900,000)Patent 180,000 200,000 Total assets$6,520,000$4,320,000 Liabilities and Stockholders' Equity Accounts payable and accrued liabilities$1,660,000$1,440,000 Notes payable (nontrade)580,000— Common stock, $10 par1,600,0001,400,000 Additional paid-in capital800,000500,000 Retained earnings 1,880,000 980,000 Total liabilities and stockholders' equity$6,520,000$4,320,000 Information relating to 2011 activities: 7 Net income for 2011 was $1,500,000. 8 Cash dividends of $600,000 were declared and paid in 2011. 9 Equipment costing $1,000,000 and having a carrying amount of $320,000 was sold in 2011 for $360,000. 0 A long-term investment was sold in 2011 for $320,000. There were no other transactions affecting long-te rm investments in 2011. 11 20,000 shares of common stock were issued in 2011 for $25 a share. 12 Short-term investments consist of treasury bills maturing on 6/30/12. 7. Net cash provided by Jamison’s 2011 operating activities was a. $1,500,000. b. $2,120,000. c. $2,080,000. d. $2,160,000. 8. Net cash used in Jamison’s 2011 investing activities was a. $2,320,000. b. $1,820,000. c. $1,680,000. d. $1,720,000. 9. Net cash provided by Jamison’s 2011 financing activities was a. 480,000. b. $520,000. c. $1,080,000. d. $1,680,000. 10. Foxx Corp. ‘s comparative balance sheet at December 31, 2011 and 2010 reported accumulated depreciation balances of $800,000 and $600,000, respectively. Property with a cost of $50,000 and a carrying amount of $38,000 was the only property sold in 2011. Depreciation charged to operations in 2011 was a. $188,000. b. $200,000. c. $212,000. d. $224,000. 11. Nagel Co. ‘s prepaid insurance was $90,000 at December 31, 2011 and $45,0 00 at December 31, 2010. Insurance expense was $36,000 for 2011 and $27,000 for 2010.What amount of cash disbursements for insurance would be reported in Nagel's 2011 net cash provided by operating activities presented on a direct basis? a. $99,000. b. $81,000. c. $54,000. d. $36,000. Multiple Choice Answers—CPA Adapted Item| Ans. | Item| Ans. | Item| Ans. | Item| Ans. | Item| Ans. | Item| Ans. | 1. | a| 3. | c| 5. | b| 7. | c| 9. | a| 11. | b| 2. | c| 4. | b| 6. | b| 8. | a| 10. | c| | | No. AnswerDerivation 1. aConceptual. 2. cConceptual. 3. c($550,000) + $500,000 – $125,000 = ($175,000). 4. b$550,000 – $600,000 + $250,000 – $450,000 = ($250,000). 5. b($180,000) – $220,000 + $796,000 = $396,000. 6. $180,000 + $392,000 – $120,000 + $88,000 = $540,000. 7. c$1,500,000 – $180,000 + ($900,000 – $900,000 + $680,000) – ($360,000 – $320,000) + $20,000 + $220,000 – ($320,000 – $200,000) = $2,080,000. 8. a$3 20,000 + $360,000 – ($3,400,000 + $1,000,000 – $2,000,000) – $600,000 = $2,320,000. 9. a20,000 ? $25 = $500,000 $500,000 + $580,000 – $600,000 = $480,000. 10. c$800,000 – $600,000 + ($50,000 – $38,000) = $212,000. 11. b$90,000 + $36,000 – $45,000 = $81,000. Chapter 24- Full Disclosure in Financial Reporting 1. Which of the following facts concerning plant assets should be included in the summary of significant accounting policies?Depreciation MethodComposition a. NoYes b. YesYes c. YesNo d. NoNo 2. Farr, Inc. is a multidivisional corporation which has both intersegment sales and sales to unaffiliated customers. Farr should report segment financial information for each division meeting which of the following criteria? a. Segment profit or loss is 10% or more of consolidated profit or loss. b. Segment profit or loss is 10% or more of combined profit or loss of all company segments. c. Segment revenue is 10% or more of combined revenue o f all the company segments. d. Segment revenue is 10% or more of consolidated revenue. 3. Unruh Corp. nd its divisions are engaged solely in manufacturing operations. The following data (consistent with prior years' data) pertain to the industries in which operations were conducted for the year ended December 31, 2011. Assets Industry Revenue Profit 12/31/11 A$ 8,000,000$1,320,000$16,000,000 B6,400,0001,120,00014,000,000 C4,800,000960,00010,000,000 D2,400,000440,0005,200,000 E3,400,000540,0005,600,000 F 1,200,000 180,000 2,400,000 $26,200,000$4,560,000$53,200,000 In its segment information for 2011, how many reportable segments does Unruh have? a. Three b. Four c. Five d. Six 4.The following information pertains to Nixon Corp. and its divisions for the year ended December 31, 2011. Sales to unaffiliated customers$2,500,000 Intersegment sales of products similar to those sold to unaffiliated customers750,000 Interest earned on loans to other operating segments50,000 Nixon and all of its divisions are engaged solely in manufacturing operations. Nixon has a reportable segment if that segment's revenue exceeds a. $330,000. b. $325,000. c. $255,000. d. $250,000. 5. Advertising costs may be accrued or deferred to provide an appropriate expense in each period for InterimYear-end Financial ReportingFinancial Reporting . YesNo b. YesYes c. NoNo d. NoYes 6. Mayo Corp. has estimated that total depreciation expense for the year ending December 31, 2011 will amount to $300,000, and that 2011 year-end bonuses to employees will total $600,000. In Mayo's interim income statement for the six months ended June 30, 2011, what is the total amount of expense relating to these two items that should be reported? a. $0. b. $150,000. c. $450,000. d. $900,000. 7. Fina Corp. had the following transactions during the quarter ended March 31, 2011: Loss from hurricane damage$350,000 Payment of fire insurance premium for calendar year 2011500,000What amount should be included in Fina's inco me statement for the quarter ended March 31, 2011? Extraordinary LossInsurance Expense a. $350,000$500,000 b. $350,000$125,000 c. $87,500$125,000 d. $0$500,000 8. For interim financial reporting, an extraordinary gain occurring in the second quarter should be a. recognized ratably over the last three quarters. b. recognized ratably over all four quarters with the first quarter being restated. c. recognized in the second quarter. d. disclosed by note only in the second quarter. *9. How is the average inventory used in the calculation of each of the following?Acid-Test (Quick) RatioInventory Turnover Ratio a. NumeratorNumerator b. NumeratorDenominator c. Not UsedDenominator d. Not UsedNumerator *10. Which of the following ratios is(are) useful in assessing a company's ability to meet current maturing or short-term obligations? Acid-Test RatioDebt to Total Assets Ratio a. NoNo b. NoYes c. YesYes d. YesNo *11. Which of the following ratios should be used in evaluating the effectiveness with which the company uses its assets? Receivables TurnoverPayout Ratio a. YesYes b. NoNo c. YesNo d. NoYes Multiple Choice Answers—CPA Adapted Item| Ans. | Item| Ans. Item| Ans. | Item| Ans. | Item| Ans. | Item| Ans. | 1. | c| 3. | b| 5. | b| 7. | b| *9. | c| *11. | c| 2. | c| 4. | b| 6. | c| 8. | c| *10. | d| | | No. AnswerDerivation 1. cConceptual. 2. cConceptual. 3. bRevenue test: $26,200,000 ? 10% = $2,620,000 Profit test: $4,560,000 ? 10% = $456,000 Asset test: $53,200,000 ? 10% = $5,320,000 A, B, C, E. 4. b($2,500,000 + $750,000) ? 10% = $325,000. 5. bConceptual. 6. c($300,000 + $600,000) ? 2 = $450,000. 7. bExtraordinary loss = $350,000 Insurance expense = $500,000 ? 4 = $125,000. 8. cConceptual. *9. cConceptual. *10. dConceptual. *11. cConceptual.

Saudi Arabia Political Economy Environment Dissertation

Saudi Arabia Political Economy Environment - Dissertation Example The results of this policy are that about 58% of the university students in Saudi Arabia are women, following globalization, education, and economic benefits, more women in the Kingdom are being employed, estimated at about 5% to 15% of the workforce are women. Several factors contribute to women being in business include: †¢ Women are responsible for controlling most of the country’s wealth, and as a consequence are able to access informal funding which support the growth of business entrepreneurs. It is estimated that women are in possession of over SR45 billion, most of which (approximately 75%) is deposited, idly, in banks. †¢ Ownership of businesses in the Kingdom have about 4% of the businesses belonging to women, the retail sector has about 5,500 commercial registrations being of projects by women, which accounts to an estimated 20% in the retail, contractual, wholesaling, and transferable businesses sectors, and Arab News has recognized the contribution made by women in the economy of the region, by publishing the Kingdom’s top twenty women ventures in the region in March 2007. This was reported as a new perspective that deviates from the norm, where men are considered the entrepreneurs and pillars of Saudi Arabia’s economy. The current rise in women involvement in economy is based on the education and financial strength gained by women. Women have gained power through empowerment via education and business.

Management Principles Essay Example | Topics and Well Written Essays - 3000 words

Management Principles - Essay Example These fundamental rules are called management principles and are applied by managers and leaders belonging to different organizations. For example, under the ‘directing’ activity of management, a manager should show equity, that is, he should be fair and kind to the employees working under him. We will further understand the meaning of management, management principles and related terms as we continue with our report. Differences between a Business Manager and a Business Leader Management and leadership are misunderstood to be the exactly the same thing. These terms are related; however, there is slight difference between the scopes of these terms. If we consider leadership as being a set of activities, management is, hence, a subset of leadership but not a proper subset. This suggests that leadership has a larger scope of activities of which management is also a part. The manger’s job is to plan, coordinate and organize and the leader’s job is to motivate and inspire. The difference between a business manager and a business leader can be listed as below: 1. A leader innovates whereas a manager administers. 2. A leader inspires trust whereas a manager controls 3. A leader focuses on people whereas a manager focuses on structures and systems. 4. A leader has a long range of view whereas a manager has a short range of view in terms of the objectives. 5. A leader develops whereas a manager maintains. 6. A leader works with the questions of what and why whereas a manager uses the questions how and when. 7. A leader is original and natural; hence does the right things whereas a manager imitates; hence does the things right. (Murray, 2010, as cited in Bennis, 1989). Folio3, Software House: An Incorporation of Management and Leadership Folio3 is a... This paper approves that the number of projects that Folio3 receives from its clients determines the number of project teams that are established in the Company. Each project is assigned to a group of teams. These teams are concerned and work on different areas of the project. For example, banking management software is assigned to a project group which has the following teams: analysis team, development team, design team and others. A project group is supervised by a manager. Each team inside a project group is in charge of a team leader or a head in other words. For example, the development team is run by a single leader or head under which programmers are working as sub-ordinates. The size of a project group depends on the size of the project. In this way, a manager is supervising the project group having a number of teams each in charge of a leader or a head. Management and leadership are misunderstood to be the exactly the same thing. These terms are related; however, there is slight difference between the scopes of these terms. If we consider leadership as being a set of activities, management is, hence, a subset of leadership but not a proper subset. This suggests that leadership has a larger scope of activities of which management is also a part. This essay makes a conclusion that the concept of management and leadership is changing as the world is advancing. Their activities are separated as well. Leadership is mainly categorized by activities of motivation and inspiration of the workforce while management is mainly categorized by organizing and monitoring the activities of the workforce.

Global City Essay Example | Topics and Well Written Essays - 500 words

Global City - Essay Example This research will begin with the statement that the term ‘Global City’ was first used by Saskia Sassen in her book of the same name to refer to London, New York, and Tokyo. Many more cities across the world have now been added to this list. The pre-conditions for a city to be considered global are, among others, size; being the location for the headquarters of financial institutions that play a central role in international financial markets and capital flows; having many important international flights in and out of its airports; being a center that attracts world-class managers and having local facilities capable of providing these managerial skills; having a highly developed system of transportation and communication; and being a global hub for cultural activities, sports, and educational pursuits. A global city would be an El Dorado sought out by many, and therefore would have thriving immigrant communities. If a truly global city sneezed, the rest of the world woul d indeed catch a cold! A global city captures â€Å"cultural imagination†, and â€Å" it would be one, people look to as portents of things to come; when you’re in one, you feel connected to the world, when you look on one from afar, you feel you’re seeing the future.† A global city, to retain its premier position in the world economy, would be under constant pressure to provide goods and services of a high quality at competitive prices.  

The importance of bees Research Paper Example | Topics and Well Written Essays - 1500 words

The importance of bees - Research Paper Example Female bees have a stinger where venom s stored. In the collection of pollen and nectar, bees pollinate plant flowers. The research project seeks to find out the importance of bees to plants and the ecosystem at large. A discussion on how Human activities positively or negatively affect the life and functions of bees in the botanical world is of concern in this project. It will also highlight the significance of plants in the ecosystem and the need of bees in diversity of plants. The importance of plants in the ecosystem In any ecosystem, the sun is the main source of energy. Plant community forms the largest component of the ecosystem. They trap the energy from the sun using their chlorophyll and make their own food through photosynthesis. In addition, they constitute the primary producers of the ecosystem and pass the energy to primary consumers that feed on them. The energy continues to flow to secondary consumers, tertiary consumers and then the quaternary consumers. It is clear that directly or indirectly plants provide food to all organisms in the ecosystem including humans. They also provide shelter to a number of organisms in the ecosystem (Jorgensen, 2009). Flowering plants dominate the plant community and have flowers (the reproductive organ) as the distinguishing feature. Sexual reproduction in flowering plants involves the formation of gametes and the transfer of the male gamete to the female gamete. This transfer of male gametes or pollen grains (pollination) is by animals or wind. The survival of most flowering plant to another generation depends on the formation seeds from fertilization. The agents of pollination determine the propagation of a variety of plant species (Bailey, 2009). Bees as agents of pollination: research on horticultural plantations Flower pollinators are several. They include bees, birds, bat, other insects, and wind. However, bees play the most important and effective role in pollination. Honeybees are advantageous as pollina tors compared to other types of bees especially in crop production. They collect pollen and nectar from a vast area where plants are growing until the supply is exhausted. Their consistence makes them reliable pollinators unlike other bees and insects that just visit flowers occasionally. They move out in larger numbers making every flower occupied. Honeybees are adapted for pollination in various ways. Possession of certain structures on the hind appendages, allow them to carry pollen. As they move from one flower to another, the pollen falls on the stigmas of the flowers. Their forked body hairs enable them to pick pollen and carry it around while their antennae cleaner enable them to clean the antennae. During this cleaning, pollen grains fall on the stigmas of flowers. According to research, these bees have a way of communicating to other bees (Bailey, 2009). They transmit information about flowering crops to other bees thus making pollination effective and fast. Pollination is not important to some plants such as oranges and grapes. They reproduce without fertilization (parthenocarpy). Only few plants reproduce by these means and all the other fruit plants require fertilization. A few plants are wind and self-pollinated while the others need an animal pollinator. Self-pollinations is rare because plant posses structural mechanism to get rid of it (Lovett, 2011). Experiments on

Feasibility of hotel to implement changes in strategy Speech or Presentation

Feasibility of hotel to implement changes in strategy - Speech or Presentation Example A British scientist Charles Darwin wrote that survival does not belong to the strongest, but rather those that adapt more easily to change. For change in strategy to be implemented a feasibility study has to be taken. Change in strategy at hotel Penang Mutiara is visible due to these factors; The flexibility of the management is possible because this can be attested to the fact that the hotel can cope up with unexpected requests by customers this is evident from the fact that a hotel can have someone look for camembert cheese when asked by a guest since they don’t have it.This assures the guests of dependable services and satisfaction. (Gregory, G.,Lumpkin,G.&Marilyn,L04).The strategy of the hotel to cope with influx of guests is feasible because the hotel has already moved to a system of having multi-skilled works to cope up with the needs the hotel has proved this also by having them call stuff from other hotels and restaurants to the do the job.This is the flexibility that is needed for the management to work effectively and efficiently. This proves that the hotel can have a better system which is more effective by having a on and off system of hiring labour and retraining the current workers to be multi-skilled or rehiring multi-skilled workers.Changes to make sure Quality of services are there is necessary to be in place; in the case for this hotel the guest can lose their luggage on transit to the hotel.

Signage Design For Public Spaces Assignment Example | Topics and Well Written Essays - 2000 words

Signage Design For Public Spaces - Assignment Example A signage is usually designed to arouse the audience’s interest and attention to what they refer. They are therefore, intended to identify things and places and to provide direction to an interested audience. They are also used ideally to give information about areas or places of interest, as well as warning information and instructions. As such, a signage should be designed in a specific shape depending on the intended purpose. This implies that there are specific rules dictating how they are designed. For instance, a rectangular signage is intended to provide general information to an audience and to identify things and places. In contrast, a circular signage portrays specific instructions that should be followed by the audience concerned. On the other hand, a triangular signage indicates danger, and the audience it is meant for should not ignore the message it carries. These guidelines should be taken into account when deciding on the shape of the signage (Trulove & Sprague , 2000). In addition, it is important to understand the purpose of signage. Business signs are intended to market a business to the public; hence the intended audience should easily identify and link the information with the business being advertised. Such a signage provides the business with an effective voice on the streets since it creates a permanent impression on pedestrians and motorists. A road safety sign, on the other hand, should be precise and able to communicate the intended warning in the best way and in the shortest time possible. This means that a signage should be easy to identify and understand given the short time that pedestrians and motorists spend on a particular street. There are different types of signs that depend on where they are placed to capture the attention. Their location is also important since it becomes part of the sign, and hence it should be appealing and such that emphasises the information carried by the sign. There are signs placed on buildings ; others can be said to be free standing. Some include changeable copy boards, interior signs as well as buildings which function as a sign themselves. Illumination of signs can also be used in communication of seasonal messages on signage designs to impact a buyer’s choices in particular times. However, most signs are meant to communicate a particular message to a given audience. This paper will try to highlight the main features of a business advertisement signage which is the most common type of signage. Business signs are primarily used as a way of marking the location of a business. Such an identity is a form of advertisement intended to capture the attention of potential customers. The most important aspect that must be captured in such a signage is the specific products that the business offers, which the reader should identify with. It is a fact that signs have a profound effect hardly noticed. For this reason, they are quite effective and can be used as a strong adve rtising tool if they are properly designed and located (Galindo, 2011). The main purpose of business signage is to capture the attention of potential customers, particularly new ones. This can help the business grow its revenues and profitability. In addition, signs are used as a branding tool for a business. Raising the top of the mind awareness in potential customers helps to identify the business, and this can be achieved through a properly designed signage. Such a permanent signage has a repetitive influence on those who get to read it each time they come across it. Such a brand identifier should have a consistent design that matches the products and services offered. Finally, business signs are an effective tool in triggering impulse buying. Many

Florida- Blind, Deaf, and Dumb Essay Example for Free

Florida- Blind, Deaf, and Dumb Essay Coleman already knew one thing for sure about his future, and that was that he wanted to make educating children his life’s work. Coleman knowing about the lack of educational decrees in Florida decided to take the opportunity to advantage, by writing to Governor William D. Bloxham asking for a sum of $20,000 minimum appropriation to start a school for the deaf and blind. Coleman’s hopes came true when in 1883 Florida’s legislature establishes an institution for blind and deaf children for two years at ,000. The location of the school was put to a biding between the towns in Florida. Captain Edward E. Vaill offered St. Augustine the biggest bid of $1,000 and 5 acres. The original three wood buildings were erected by contractor William A. MacDuff at $12,749. The school was completed in December 1884. The first class entered in 1892 with 62 students. The two first graduates were both deaf, their names were Artemas W. Pope of St. Augustine and Cora Carlton of Island Grove. The two later married and became parents of Florida Senator Verle A. Pope. The first blind student graduated in 1908. The first African American graduates were Louise Jones a blind student in 1914, and Cary White a deaf student in 1925. The school originally only had 5 trustees in 1905, until 1963 were there were 7. Taylor Hardwick began construction on new dormitories in late 1958 and opened in 1959. The school is now the largest of its type in the U. S. The school now has 47 buildings and 72 acres. The school’s annual budget is over $30 million dollars. The schools no longer an boarding school but, now a public school. It’s the only school in Florida that is pre-school through 12th grade. It also has a post-secondary program. The school is accredited by the Southern Association of Colleges, and Schools. The Conference of Education Administrators serving the deaf, and the National Accreditation Council for Agencies Serving the Blind and visually handicapped. The school has two departments: the Deaf department, and the Blind department. The school also has outreach programs for parents, teachers, and other staff in small and rural school districts in Florida. The also has a healthcare center on campus for students, as well as two well-appointed auditoriums. The school boasts the Copeland recreation and fitness center, which is specially designed and constructed for the blind. The center is the site of the annual USABA’s youth national goalball tournament. Not only that but blind high school students get state of the art sound system within the school. The school has 11 sports you can join at the school: Football, Soccer, Volleyball, Basketball, Little League Baseball, Track, Cross Country, Swimming, Goalball, Wrestling, and Cheerleading. They have preforming arts groups, the deaf department has a traveling dance troupe, and the blind department has a band known as the OuttaSight. The school also has several clubs: the blind skier, academic bowl team (competitive), and a traveling math club called MathCounts. -Notable Alumni- * Ray Charles- He learned to read braille here. When he went to the school it was known as the Institute for the Blind, Deaf and Dumb. * Ashley Fiolek- A very well-known rider in motocross racing. * Marcus Roberts- A famous Jazz pianist. -My Perspective- I really enjoyed researching and writing this essay. Originally the essay was supposed to be about all deaf culture related things in Florida but, as I started one of the things that kept popping up was the Florida school for the Deaf and Blind. Since it kept popping up I clicked on it and was amazed that it was in St. Augustine (which is where I was going to go for spring break), and that it was the oldest school for the deaf in Florida. All of a sudden I knew that I wasn’t doing my project on the deaf culture in Florida but instead a certain school for the deaf in Florida. Then I realized I had to make a decision; the schools name is the school for the Deaf and Blind. Meaning I would have to decide if I wanted to do my project on the school as a whole which means the Deaf and Blind, or just the Deaf department. As you already know (because hopefully you read the essay) I choose to both. The reason I choose to do both is because if I’m writing (or typing) this essay about the school than I’m going to write about the school in a whole. When I saw the school in person was when I finally realized just how big 47 buildings and 72 acres is. the school is huge and looked like it could swallow are school times two. I wasn’t able to go into the school. I was also surprised that I didn’t see that many people who were either deaf or blind from what I could tell at least. I do remember seeing this one girl who was deaf a couple times, I think she might have been a tourist though because I saw her at a tourist spot. The first time I say her we were sitting across from each other at a restaurant. My dad kept telling me to go say hi, and I swear I told him a million times that I couldn’t and that it would be considered rude. All in all I feel extremely pleased with what I came up with for this essay, and I hope you are too.

Literature Review On Inventory Control Management Finance Essay

Literature Review On Inventory Control Management Finance Essay The Assam Tea Corporation is a pioneer in producing high quality tea having its own processing plant with an excellent implication of inventory control. The main aim of this report is to conduct a literature review on the inventory control management and the operations in practice of the Assam Tea corporation processing plant where I was employed. The company has an efficient structure of inventory control and has set a standard for other companies in the same operation in that area .The company produces a high quality tea mostly meant for export in the form of CTC and Orthodox tea. The product of the company is world famous for its high quality taste. They offer state of the art infrastructure in the processing plant with a highly trained employee and efficient way if inventory control. They have various units in the processing plant i.e, starting from the picking up of green leaves which is the major part of raw material.The company has own plantation unit from where the raw material is readily available. Moreover they have tie ups with other local tea gardens to ensure a steady supply of tea leaves.The tea processing unit is a complex mechanical process works under the principle of operation management and inventory control.The function of it is a crucial one which has to deal with seasonal and cyclical fluctuations of demand persisting in the market .The inventory control has to deal with waste management in the unit by finding out the optimum level of demand .The seasonal fluctuations is mainly incorporated with the monsoon season where the production of tea leaves at the peak level.I was assigned with the responsibility of th e assistant manager operations in the processing unit. This report mainly encounters with the various concept of inventory control and its management undertaken by an organisation with stress on inventory and its effective control.It deals with the cost related with the inventory and its profile,Usage of probabilistic estimate of demand and overall role of the inventory control in a tea processing unit .There are various issues how to improvise the situations and improve the competitiveness related to the issues .The method applied to prepare this report with a high concentration on the textbooks and the web-source related to operations management .The information collected through all the experimentations observed and finally resorted to website and standard textbook of operations management. 2.Literature Review 2.1 What is inventory Inventory has a multilevel function in the process unit and the firms used to maintain mainly four level of inventories Raw material-This is the unprocessed form of the item which can be utilisied from varied number of suppliers .This form should be used to find out the superior form by removing the supply variability in quality,quanity or time of delivery. Work-in process(WIP) inventory-This is an intermediary form of inventory when the raw materials undergone a change but not completed. Maintanence/repair /operations(MRO) inventory- 2.2 INVENTORY CONTROL MANAGEMENT In this part of analysis importance should be given when to order and how much to order.The model which are based on independent demand can be divided into three. 1.Basic Economic Order quantity(EOQ) model 2.Production order quantity 3.The quantity discount model Basic Economic Order Quantity model This is the most common form of the inventory control technique .The technique is based upon following assumptions- Production order quantity model The model is applicable under two situations.Firstly,When the order is placed there is continuous flow of inventory.Secondly,the units are produced and sold simultaneously.In the case of Assam Tea Corporation processing unit both these situations are prevalent.In this model daily production rate is determined on the basis of daily rate of demand. It is useful when inventory build up is a continuous process over the time and assumption of traditional Economic Order conditions holds valid.It is the situation where the optimum order size Q* is estimated with an equality in set up cost to holding cost,The production order quantity model: Q=Number of pieces per order H=Holding cost per unit per year P=Daily production rate d=Daily demand rate or usage rate t=Length of the production run in days The final expression for optimal level of inventory Q* is- Probabilistic model with constant lead time Probailistic model with constant leadtime is highly relevant.In the presence of uncertain demand ,the management of the company faces challenges to maintain adequate service level.The service level can be complimented by the probability of a stock out isà ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦To reduce stock out the company can hold inventory as safety stock. Whereas if Reorder point=ROP=dxL With the addition of safety stock,the expression becomes=ROP=dxL+SS However annual stock out costs=The sum of the unit shortxthe probabilityxThe stock out cost per unitxthe number of orders per year 2.2 COST OF INVENTORY In case inventory control analysis there are various costs involved in the overall process.The cost of inventory is calculated in the form of unit values.However major segment of the inventory cost can be discussed as follows- THE CARRYING COST OF INVENTORY In this segment of costs of carrying items of inventories are included.This is the cost of running a warehouse,cost that are incurred on handling and counting,costs involved in special storage ,damage and lost,insurance,tax and wornout costs. THE ORDERING OR SET UP COST This is the cost which is associated with placing an order and replenishment.This cost includes all the form of orders,establishment cost needed to ensure it,inspection and receiving cost,handling the vendor invoice and the cost necessary to meet unexpected situation. This may be a cost of skilled mechanic charged as per his technical specification.There are various arguments whether the cost of the skilled mechanic is a fixed cost .But Kaplan (1988),all the costs involved in the long term is virtually variable cost where in that period a person can be fired,a plant can come to shutdown. INSUFFICIENT CAPACITY COST The cost involved here is meant to avoid the stockout cost.In the case of production process ,it is the emergency cost needed for emergency replacement of the production equipment to enhance the output level,cost involved to speed up the process,rescheduling and assigned work in split up version. SYSTEM CONTROL COSTS This is the type of cost appeared in the operation process as per selection of decision system.This includes acquisition,storage,maintanence and computation of the data.The treaining instituted by the organization and employee verification is also falls in the category costs. In Assam Tea Corporation ,there are a number of costs involved in different level of operation processes .The green leaves are initially plucked from the plantation unit and allowed to undergo different processes like picking ,wilting ,bruishing ,oxidation/fermentation ,firing,yellowing,shaping,drying and curing to get the final product. In the processing unit ,one of the major cost incurred by the company is warehousing the tea product as well as the green leaves.If the fresh leaves are not stored properly there is a greater possibility of being dried up and becomes waste.The insurance cover and tax are also one of the component. The cost of placing an order is one of the significant part of the processing unit.There is an inspection unit in the company which takes account of quality control in the unit.There is the cost of technicians expertise in that specific line During the peak season as the production process is a complex mechanical one.During the peak season ,especially during monsoon,there is always extra cost of utilizing extra-capacity,expediate the process.In that situation temporary workers are employed on the basis of shift duty with overtime bonus has to be paid. The company has to bear the cost on information system and its maintanence as it uses a data warehousing software.With the present environment of rapid change in the technology the company has to provide training for skill enhancement training to its manpower.This has been done with Tocklai Tea Research Centre,one of the leading Tea research institute .The training cost and performance analysis cost is formed as one of the cost. KEY VARIABLES IN INVENTORY MANAGEMENT 1.REPLENISHMENT LEAD TIME It is the time between placing an order and to meet the final demand of the customer physically. 2.REORDER POINT It is the point of the inventory level where the replenishment of stocked item takes place. Where ROP=dxL where d is the demand per day,L is the leadtime for a new order in days 3.SAFETY STOCK A buffer stock to meet up an uneven demand. OPERATION PROCESS UNIT OF TEA The Assam Tea Corporation has its processing unit for production of CTC() and Orthodox tea in the form of à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦.which account for almost 80% of the main production whereas the other form of teas are produced at paltry 20%. The tea processing begins with flushing of tea from Camellia Sinensis(Botanical name of tea) and after that it is dried for brewing of tea,oxidization of leaves and ,stopping oxidization ,drying of leaves ,and oxidation has a main part to bring the final flavor of tea. The company produces variety of tea through different processes which can be visualised with the aid of flow-chart diagram. The process itself starts from the left hand side of the flow chart with the operation of stocking into raw material or fresh green leaves.The processing unit of the Assam Tea Corporation is highly engaged in production of black tea and green tea which constitutes 80% of the output whereas other constitutes 20% of the total production. For obtaining a black tea(the red coloured flow chart) as the final product it can be seen in the diagram that after getting the fresh leaves the process undergoes with indoor witting,the CTC with full oxidation rolled to the drying unit done through desiccation and finally drying at optimum temperature,the black tea can be obtained. While for green teaTthe green coloured flow chart) after steaming and panning it is rolled to get the desirable form and finally dried to get green tea.The whole system of operation can be divided into following important parts- 1.Picking A terminal bud and two leaves are plucked from Camelia Sinensis. 2.Wilting With an oxidation done in the presence of enzyme ,the tea leaves are wilted to remove the excess water from leaves. 3.Brushing To expediate oxidation ,the tea leaves are let to fall in buckets and rolled over by wheels. 4.Oxidation/Fermentation The major operation of oxidation was to break down the the chlorophil and relax the tannin,as the leaves are kept in a climate control room. 5.Kill green/Firing To stop the oxidation at desired level and restore the flavor this step is done. 6.Yellowing It is done in a close container after firing to obtain beverage of yellow tea. 7.Shaping After yellowing it is rolled into stripe wrinkles 8.Drying This is done to get the ultimate product or tea for sale. PROBLEMS RELATED WITH INVENTORY CONTROL IN TEA PROCESSING UNIT In the tea business it is the monsoon which has a direct effect on the production of the green tea leaves which is the main raw material for the processing .In case ,there is good rainfall the yield of the leaves goes up and supply becomes steady.In that season the production unit of the tea garden is at greater stress with low lead time which means shorter time gap in the production system to wait,move,que and set-up and run time for each component produced.On the contrary,if there is low rainfall,the production of green leaves drops and lead time is more as the supply flow is less. However ,risk factor is present during the time of high production ,the tea leaves needs extra care so that it should not expose to moisture and in that case extra manpower is needed on shift duty basis to expedite the process.In the Assam Tea Corporation processing unit ,the production and sales takes place within a day.In this situation production order quabtity model is relevant as the firm is receiving its raw material over a period of time within a day which directly comes from the plucking unit.An optimum level of Q* is calculated to control the inventory. Recommendations In the view of the above discussion an optimum level of inventory can be obtained by reducing the waste in the following steps. 1.Inventory Planning An ideal inventory planning can take place with the arrival of new one immediately after the last unit sold/dispatched. 2.Establish order cycles In case of business with seasonal cycles it is important to establish a relationship of demand between sellers and suppliers. 3.Balance Inventory level Inventory level should be balanced looking into the matters related to market and budget. 4.Review Stocks The stocks should be reviewed as the obsolete one is equivalent to a dead capital. 5.Follow up of stocks The management should take the key decision about disposal,replacement and discontinuance of different inventory base. INVENTORY PLANNING DECISION IN TABULAR FORMAT COST AND OTHER IMPORTANT FACTORS SERVICE REQUIREMENT CUSTOMER ORDERING CHARACTERISTICS In this category ,the most important part is customer expectations and competitive practices,time management and influence on customer. Order characteristics include order timing and size,information about large orders on the basis of standing orders. In the tea processing unit ,the customer always is in prompt mode as the order has to reach the market and meet the price fluctuation in the auction market. DEMAND PATTERNS SUPPLY SITUATION Demand pattern is always governed by variability and seasonality.Another important part is presence of substitutes and ability to forecast. The green tea leaves as an inventory effected by variability of the weather condition and effected by rainfall which determines yield of the tea leaves and it is the three quarter of the month the supply is streamlined and one quarter is without any production.The presence of substitute is low and as there is high fluctuation in the market forecasting is not an easy task. This a challenging part as to narrow down the lead time , the processing unit has to avoid any waste .At the same time reliability depends upon the flow of the inventory and at the same flexibility can be ensured with additional work force on call which can also expidiate the process. COST FACTOR NATURE OF THE PRODUCT Again the cost factor is governed by stock out cost which is also a probabilistic measure,there is also cost of carrying and space The nature of the product is perishable and moisture will make it obsolete OTHER ISSUES In the tea processing unit the crucial point is power supply and mechanical efficiency.