Jade MacIntire is a famous singer. Jade Aquarium, Inc. is a multimedia company with business interests in music, videos, and video games. Both Jade MacIntire and Jade Aquarium need help booking the licensing agreements they have entered into during the past year. They entered into the following licensing agreements:

In January, Jade Aquarium, Inc. purchased the intellectual property rights to the music created by Jade MacIntire to date of the contract, for $20,000. Under the terms of the contract has additionally acquired the right to purchase future compositions created and sung by the artist, for $500 per composition, within five-years from the date of the contract. The corporation can legally sell to another party the compositions it has purchased from the artist.

This year, Jade MacIntire has entered into an agreement with the producers of a Broadway musical, giving them the exclusive right to use a song that she wrote, for a $10,000 consideration. It is not a song Jade MacIntire will ever personally perform.

Jade Aquarium, Inc. has also entered into a licensing agreement with a movie company allowing it to use two of the artist’s most popular compositions in future movies over the next two years. The movie company paid $2,000 for the option to use the songs and will pay an additional $1,500 each time the songs are used in a movie. It is expected that the use of the songs in the movies will bolster the artist’s popularity, increasing the demand for her albums.  

Jade Aquarium, Inc. also collects royalties for songs written by Jade MacIntire and played on air. On average the company collects for 3500 song plays each month. Each play earns the company 9.1 cents in royalties.

Jade Aquarium produced a guitar music app that individuals can download for $2.99, with 20,000 apps downloaded this year. The app is fully functional, but the company anticipates needing to provide software updates twice a year for the next five year; these costs are expected to equal $3,000 and are considered immaterial to the total app developmental cost of $60,000.

At the end of June, Jade MacIntire sold the rights to the use of her album cover images for t-shirts and mugs to Music Outfitters-R-Us for two years. Music Outfitters-R-Us paid Jade MacIntire $20,000 for the rights. Music Outfitters-R-Us has offered Jade a bonus of $10,000 if Jade MacIntire averages at least 50 shows per year over the next two years and $5,000 if Jade MacIntire averages at least 40 shows per year over the next two years. By the end of the year, Jade MacIntire had performed 50 shows.

The probability of Jade MacIntire playing 20-29 shows next year is 15%, 30-39 shows next year is 25%, 40-49 shows next year is 30%, 50+ shows next year is 30%.

Case Questions

1. Summarize the issues specifically related to accounting that are in this case.

2. Providing relevant support from the FASB Codification, discuss the proper accounting treatment for the revenue generating activities. More specifically, at what point(s) in time should revenue be recognized, and for what amount(s)?

3. Find, cite, and summarize the relevant international accounting standard applicable to this case. Compare and contrast relevant U.S. GAAP and IFRS standards.

Students in a representative sample of 65 first-year students selected from a large university in England participated in a study of academic procrastination. Each student in the sample completed the Tuckman Procrastination Scale, which measures procrastination tendencies. Scores on this scale can range from 16 to 64, with scores over 40 indicating higher levels of procrastination. For the 65 first-year students in this study, the mean score on the procrastination scale was 36.9 and the standard deviation was 6.46. (a) Construct a 95% confidence interval estimate of μ, the mean procrastination scale for first-year students at this college. (Round your answers to three decimal places.) , (b) Based on your interval, is 40 a plausible value for the population mean score? Yes No What does this imply about the population of first-year students? This implies that students at this university never have high levels of procrastination. This implies that on average, students at this university do not have high levels of procrastination. This implies that students at this university sometimes have high levels of procrastination. This implies that on average, students at this university do have high levels of procrastination. This implies that students at this university always have high levels of procrastination.

Facts: On April 1, 2020, Foster Company purchased used equipment. The company recorded the cost of the equipment as $66,000. The company expected the equipment to last four years or 8,000 hours, with an estimated salvage value of $6,000 at the end of the useful life. The equipment was used 500 hours during 2020.

1. What amount of depreciation expense will Foster Company record in 2020 using the straight-line method of depreciation? Show your calculations.

2. What amount of depreciation expense will Foster Company record in 2020 using the units-of-activity method of depreciation? Show your calculations.

3. After reviewing Foster Company's records, regulators discover that the company improperly capitalized $10,000 of revenue expenditures in determining the cost of its equipment. Explain how Foster's error affects the company's financial statements if Foster uses straight-line depreciation

1. Read the following article excerpt: Sweetened-beverage sales in Seattle dropped 30% after soda tax, new study says The Columbian https://www.columbian.com/news/2020/feb/23/sweetened-beverage-sales-in-seattle-dropped-30- after-soda-tax-new-study-says/

By Daniel Beekman, The Seattle Times Published: February 23, 2020, 1:45pm

Sales of sugar-sweetened beverages at stores in Seattle dropped about 30.5% in the months after the city adopted a tax on such beverages, says a new study that also looked at sales at stores in Portland, which has no such tax. Sales in Portland declined only 10.5%, suggesting sales in Seattle dropped much more than they would have without a tax, according to the peer-reviewed study by University of Illinois at Chicago researchers.

The study’s results are the first to measure the impact of Seattle’s tax on beverage sales in the city, and they may bolster claims by supporters that the controversial policy is working as intended.

“From a public health perspective, this is good,” said Jay Krieger, a University of Washington professor who heads the nonprofit Healthy Food America. “People are purchasing less sugary drinks, and we know that sugary drinks are associated with heart disease, diabetes, high blood pressure and strokes.” Seattle’s tax of 1.75 cents per fluid ounce, which took effect on Jan. 1, 2018, is charged to distributors of sugar-sweetened beverages.

Distributors can pass the tax on to stores, and stores to consumers. Proponents said the tax would reduce soda sales and raise money for health and education programs.

Your task 1: Explain, with the aid of a diagram, how a soda tax such as the one described above would impact consumers, producers and society more generally.

Your task 2: Comment on whether or not you support such a tax and why.

Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $67,400. Meg works part time at the same university. She earns $34,900 a year. The couple does not itemize deductions. Other than salary, the Comers’ only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules,Dividends and Capital Gains Tax Rates.) (Round your final answers to the nearest whole dollar amount.)

Tax Rates for Net Capital Gains and Qualified Dividends

*This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table (net capital gains and qualified dividends are included in taxable income last for this purpose).

a. What is the Comers’ tax liability for 2020 if they report the following capital gains and losses for the year?

b. What is the Comers’ tax liability for 2020 if they report the following capital gains and losses for the year?

Q3.Discuss the role of marketing planning in an organization.

(Please the Expert needs to submit a detailed answer which must be a standout in a very competitive MBA Marketing Class).

Coyote Company sold a merchandise costing $30,000 for $50,000 on credit to Beer Company on 4/1/2020. To expedite the cash payment, Coyote offered a cash discount of 3/15, n/30.

Instructions: prepare any necessary journal entries for the following transactions for the seller and the buyer using the net method.

1. The credit sale on 4/1/2020.
2. A receipt of the full payment if it is paid on 4/10/2020.
3. A receipt of the full payment if it is paid on 4/24/2020.

At January 1, 2020, Headland Company had plan assets of $286,300 and a projected benefit obligation of the same amount. During 2020, service cost was $28,400, the settlement rate was 10%, actual and expected return on plan assets were $25,500, contributions were $20,600, and benefits paid were $17,900.

Prepare a pension worksheet for Headland Company for 2020.

P. 4-2

For each of the following indicate the amount of revenue that Beanville should recognize in its 2020 (1) government‐wide statements and (2) governmental fund statements. Provide a brief justification or explanation for your responses.

1. The state in which Beanville is located collects sales taxes for its cities and other local governments. The state permits small merchants to remit sales taxes quarterly. The state sales tax rate is 6 percent. In December 2019, city merchants collected $50 million in sales taxes that they remitted to the state on January 15, 2020. The state, in turn, transferred the taxes to the city on February 15, 2020.
2. In December 2019, the federal government awarded Beanville a reimbursement grant of $500,000 to train law‐enforcement agents. The city had applied for the grant in January of that year. The city may incur allowable costs any time after receiving notification of the award. In 2020, the city incurred $400,000 in allowable costs and was reimbursed for $350,000. It was reimbursed for the $50,000 balance in February 2021. In January and February 2021, it incurred the remaining $100,000 in allowable costs and was reimbursed for them in April 2021.
3. In December 2019, the city levied property taxes of $1 billion for the calendar year 2020. The taxes are due on June 30, 2020. The city collected these taxes as follows:

December 2019                                                                                                                                 $56 million

January 1, 2019, to December 31, 2019    $858 million

January 1, 2020, through March 31, 2020 ($18 million per month) $54 million

Total                                                                                                                                                    $968 million

It estimates the balance of $32 million would be uncollectible. In addition, in the period from January 1 through February 28, 2020, the city collected $16 million in taxes that were delinquent as of December 31, 2019. In the period March 1 through June 30 2020, the city collected $8 million of taxes that were also delinquent as of December 31, 2019.

4. In December 2020 Beanville sold a city‐owned warehouse to a private developer. Sales price was $4.2 million. The warehouse had cost $4 million when it was acquired 10 years earlier. It had an estimated useful life of 40 years (with no salvage value).
5. In December 2020, Beanville's city‐owned radio station held its annual fund drive. A local business offered to match all pledges made on December 2, 2020, up to $50,000, assuming that the amount pledged was actually collected. Based on past experience the city estimates that 90 percent of the pledges will actually be collected. By year‐end 2020, the city had collected $25,000 of the pledges, and in January and February it collected an additional $15,000. It received $25,000 of the matching funds on February 15, 2021. Respond with respect only to the $50,000 in matching funds.