You work for a large accounting firm KMPG as a Senior Accountant. Your client Bear plc acquired shares in Wolf plc several years back and you are responsible for the preparation of the year end work.

The following are the Statements of financial position for Bear plc and Wolf plc as at 31 March 2020, together with the additional information provided below.

Notes to the above financial statements:

1. Wolf Plc acquired 84,000 ordinary shares in Wolf on 31 March 2017. They also acquired 15% of the preference shares.

2. At the date of acquisition, the retained earnings of Wolf plc were £205,000.

3. During the year, Bear sold goods to Wolf for £10,400 which included a mark-up on cost of 30%. At the end of the year, 50% of this stock was still held by Wolf plc.

4. At the date of acquisition, the land and buildings of Wolf plc had a fair value of £50,000 more than their book value. This fair value increase has not been incorporated into the statement of financial position for Wolf plc. Land accounts for 20% of this amount. Wolf acquired the building on 1 April 2012. The group policy is to depreciate buildings over a period of 50 years.

4. Wolf spent £42,000 on developing a new and innovative product. Wolf’s policy is to expense development costs, however, it is Bear’s policy to capitalise development costs (i.e. treat it as an asset). The following provides a breakdown of expenditure by Wolf:

Development costs up to 31 March 2017     £32,000

Development costs after 31 March 2017     £10,000

6. On the 31March 2020, an impairment test was carried out on the goodwill arising from the acquisition of Wolf plc. The report indicated that the goodwill needs to be written down by £10,000.

7. Wolf declared a dividend to its ordinary shareholders on 15 March 2020 which remained unpaid by 31 March 2020. Bear has not accounted for this income in their financial statements.

1. Prepare the consolidation schedule for Wolf plc at 31 March 2020.

2. Calculate the equity and non-controlling interest that will appear in the consolidated statement of financial position for the Bear Group plc at 31 March 2020.

c. Prepare a memorandum for the attention of the financial director of Bear Plc explaining why consolidated accounts are necessary and what are the criteria regarding exemption and exclusion from preparing consolidated accounts.

d. Prepare a memorandum for the financial director of Bear plc explaining the limitations of group accounts.

Assume you are the manager of a company who is looking for just the right person to fill a unique new position. You need to write a very targeted and effective ad that will grab attention and create interest in potential candidates. You can decide what the company does and what position is needed. Using principles of motivation from the article on Southwest Airlines, the interview with Greg McEvilly, and the theories discussed in Chapter 8 of Introduction to Industrial and Organizational Psychology, write an advertisement for a job that would spark interest in people who are creative, dependable, and innovative.

Accounting Cycle Review 11-01 a,b, c1-c3

Morgan Company’s balance sheet at December 31, 2019, is presented below.

During January 2020, the following transactions occurred. (Morgan Company uses the perpetual inventory system.)

Adjustment data:

A)Prepare journal entries for the transactions listed above and the adjusting entries.

B)Prepare an adjusted trial balance at January 31, 2020.

C)Prepare an income statement.

D)Prepare an owner’s equity statement for the month ending January 31, 2020.

E)Prepare a classified balance sheet as of January 31, 2020

The amounts are listed in the above problem; "Some Company has asked you to prepare a cash budget for the year 2020 using the following information"

Prepare and record a 8-10 minute Kaltura presentation with a Power Point that summarizes your reflection on the learning experience within the MBA degree program. This is not reflection of this course, but rather an reflection of the comprehensive MBA program and your assessment of your achievement.

It should reflect your candid assessment of the level of achievement of degree’s overall Learning Outcomes listed below:

1. Construct a situational analysis in order to develop business strategies and tactics.
2. Integrate legal, ethical, and socially responsible constructs to make sound business decisions.
3. Apply interpersonal oral communication with diverse audiences.
4. Appraise collaborative leadership strategies to manage, influence, and lead in a global environment.
5. Apply appropriate quantitative and qualitative inquiry methods to solve business problems.

For each of the five learning outcomes, use your graduate-level critical/evaluative thinking skills and the four questions below to guide your reflection about your personal level of achievement

a) In which of these MBA degree program outcomes have achieved significant proficiency? Provide (cite) examples from the work you have done throughout the course of your degree to support your response.

b) Which Learning Outcome(s) did you not achieve proficiency? Where or in what courses or experiences within the course of the MBA degree program did these challenges manifest the most? Explain fully and provide examples.

c) Reflecting on your MBA degree experience, what would you have done differently to overcome the challenges reflected in the learning outcomes in which you judge yourself to have less proficiency?

Lastly, as you conclude the paper, state your overall assessment of the program; its content, delivery and relevance to your professional/career goals.   Based on this encompassing assessment, would you recommend the program to an individual considering it?

Prepare and record a 8-10 minute Kaltura presentation with a Power Point that summarizes your reflection on the learning experience within the MBA degree program. This is not reflection of this course, but rather an reflection of the comprehensive MBA program and your assessment of your achievement.

It should reflect your candid assessment of the level of achievement of degree’s overall Learning Outcomes listed below:

1. Construct a situational analysis in order to develop business strategies and tactics.
2. Integrate legal, ethical, and socially responsible constructs to make sound business decisions.
3. Apply interpersonal oral communication with diverse audiences.
4. Appraise collaborative leadership strategies to manage, influence, and lead in a global environment.
5. Apply appropriate quantitative and qualitative inquiry methods to solve business problems.

For each of the five learning outcomes, use your graduate-level critical/evaluative thinking skills and the four questions below to guide your reflection about your personal level of achievement

a) In which of these MBA degree program outcomes have achieved significant proficiency? Provide (cite) examples from the work you have done throughout the course of your degree to support your response.

b) Which Learning Outcome(s) did you not achieve proficiency? Where or in what courses or experiences within the course of the MBA degree program did these challenges manifest the most? Explain fully and provide examples.

c) Reflecting on your MBA degree experience, what would you have done differently to overcome the challenges reflected in the learning outcomes in which you judge yourself to have less proficiency?

Lastly, as you conclude the paper, state your overall assessment of the program; its content, delivery and relevance to your professional/career goals.   Based on this encompassing assessment, would you recommend the program to an individual considering it?

Company X's total outstanding shares are 1000 shares, with 400 shareholders A, 300 B, 150 C, 100 D and 50 E, respectively.
C held a shareholders' meeting to appoint directors, and the agenda was presented as candidates for directors by F,G,H and B, professional managers recommended by A.

1. Is it possible for B to exercise its voting rights on the agenda of the shareholders'meeting for the appointment of this director?

At the shareholders' meeting, B,F,G and H were all appointed directors, while B and F were registered as co-chairmen of the company.

2. Explain how this sales contract works if B signed a contract with a customer and sold the product alone because F went on a family trip and could not be reached.

Since then, B has resigned as CEO and F has become the sole CEO. X Corp. recently decided to sell its holdings for 500 million won due to financial pressure, which CEO F wants to buy.

3. If A,B,C and D agree in writing to a land purchase transaction of F in connection with this transaction, will F acquire land from X in effect?

Prior to the transaction of this land, X held a board meeting, and the minutes indicated that B and G agreed, but no indication of H's intention was made.

4. If the market price of the land is found to be well over 1 billion won, explain later whether the company can get the difference back and from whom.

President Trump has criticized Amazon on many instances for causing the United States Postal Service to lose billions of dollars every year. Below is a recent quote from the president,

“Amazon and other companies like it, they come and they drop all of their mail into a post office,” Trump said in an interview with ‘Fox & Friends.’ “They drop packages into the post office by the thousands and then they say, ‘Here, you deliver them.’ We lose $3 and $4 a package on average. We lose massive amounts of money.”(CNBC, 2020)

From other sites I have gathered the following information. The USPS states

Total operating revenue for USPS in 2019 was roughly $71 billion, $3.9 billion came was received from Amazon alone. The total costs in 2019 were roughly 80 billion .The net reported loss was $8.8 billion (USPS, 2020)¹. Fixed costs for USPS have been over 40 percent of total costs in the past, and possibly increasing significantly due to increasing payments to retirees. Whether or not you agree with the statement by Trump, based on what we have learned about costs in class answer the following questions in your video:

1. Are the USPS’s losses increased or decreased by delivering packages for Amazon?
2. Amazon has discussed building its own airport and internalizing the delivery of its packaging. Explain whether or not this would benefit the USPS and why.

Analyzing Accounts and Notes Receivable; Computing Interest, Estimating Value, and Recording Bad Debts

Analyze each of the four separate scenarios and answer the requirements.

Note: Round each of your answers to the nearest whole dollar.

1. On December 31, 2020, Helena Company, a California real estate firm, received two $28,000 notes from customers in exchange for services rendered. The 8% note from El Dorado Company is due in nine months, and the 3% note from Newcastle Company is due in five years. The market interest rate for similar notes on December 31, 2020, was 8%. At what amounts should the two notes be reported in Helena’s December 31, 2020, balance sheet?

2. EPPA, an environmental management firm, issued to Dara, a $14,000, 8%, five-year installment note that required five equal annual year-end payments. This note was discounted to yield a 9% rate to Dara. What is the total amount of interest revenue to be recognized by Dara on this note?

3. On July 1, 2020, Lezix Company, a maker of denim clothing, sold goods in exchange for a $140,000, one-year, noninterest-bearing note. At the time of the sale, the market rate of interest was 12% on similar notes. At what amount should Lezix record the note receivable on July 1, 2020?

4. The records of Quest Company included the following accounts (with normal balances).

The company estimates bad debts as 2% of receivables at year-end to be uncollectible.

Prepare the adjusting entry at December 31, 2020, to adjust the allowance for doubtful accounts.

Strategy Exercise: Read the following vignette and develop some suggestions for the company based on the material you read in this chapter.

Twisted is a small company with big dreams. The shopping mall-oriented hot pretzel company has successfully grown its revenues by a rate of 10 percent annually over the last 10 years. Twisted wants to sustain its growth rate in the years ahead. The company has traditionally hired new store managers from outside of the company. However, in the last few years, it has had a difficult time recruiting enough of these people. The CEO feels that there are probably a large number of employees who might make good managers. However, the company has no good internal assessment systems in place to identify them. The CEO asks your group to help the firm identify internal managerial talent so it can continue to pursue its growth strategy. What methods would you suggest for doing so?