1. On December 10, 2020, Astor, a US based corporation purchased inventory on credit from a vendor located in Qatar for 300,000 Qatar rial. Astor paid the Qatar vendor the 300,000 rial on February 10, 2021. The exchange rate between Qatar rial and US dollar on each of the following dates were:
                                                               Spot   

            December 10, 2020                 $.275  

            December 31, 2020                 $.268  

            February 10, 2021                   $.273

Prepare all necessary journal entries.

The Coronavirus (COVID19) pandemic defined as global health crisis that consider being a great challenge since World War Two. In December 2019, the COVID19 phenomena appeared in a seafood market, Wuhan – China, while registered as a new disease officially on 7th of January 2020 (WHO, 2020)1 . Countries all over the world are battling with the spread of COVID19 through enormous amount of testing kits, mandate/by-choice quarantine of citizen and cancelling large events all over the world (WHO, 2020). Constantly, the battle against the COVID19 stressing all the resources of the countries. In other words, its pandemic goes beyond more than a global health crisis, it influence the social, educational, economic and political dimensions in the world, and creates related crisis in the future that require years to recover (UN, 2020)2 . Many of our great cities and communities are deserted as people stay indoors either by choice or government order, social life changed dramatically, shops theatres and restaurants closed during the pandemic. Assume you are a managerial accountant in a small and medium-sized perfume production company in Doha, which was established five years ago. In the current economic situation, the company is facing some financial challenges. The company's CEO held a meeting with you to discuss ways out of that crisis so that the company could survive and even compete under the current circumstances.

1. Discuss the various activities that the managerial accountant may be assigned to in the company in order to help the CEO make rational decisions under the current circumstances.

3.Following 2 decades of relatively low fertility, the US had a baby boom (sharp increase in fertility) from about 1950 to 1970, then declining fertility since then. [15 points] a.Draw and explain age pyramids for the US in 1990 and 2020. b.What is the NAIRU? What do the letters stand for, and what does it mean in plain English? c.Explain how changes in US fertility over time and the shape of the age pyramids affected the NAIRU in 1990 and 2020.

Suppose a study determines that the amount of time that college students on a given campus work out each week changes from university to university. You are intrigued by this and randomly interview 60 BU students. You find that the average weekly gym time is 3 hours, and the standard deviation is 1 hour.

i. Is the sample mean normally distributed? Why or why not?  

ii. Your friend thinks the average gym time for Boston University students is equal to 2.5 hours. Test their hypothesis at a 5 percent significance level. Be sure to clearly state the null hypothesis, the rejection region, and your conclusion.

iii. Calculate the p-value. Offer a range if you can't obtain the exact value.

Suppose now you do know that the population standard deviation is 1.

iv. Find the 90 percent confidence interval for the population mean. State the general formula, fill in the appropriate values, and determine the exact boundaries of the interval. [20 points]

Ingenuous Company acquired a building on January 1, 2020 for P9,000,000. At that date, the building had a useful life of 30 years.

On December 31, 2020, the fair value of the building was P9,600,000 and on December 31, 2021, the fair value is P9,800,000.

The building was classified as an investment property and accounted for under the cost model.

What amounts should be carried in the statement of financial position and recognized in profit or loss for 2021?

Grant Company acquired 40% of the voting stock of Jake Corporation on January 1, 2016, for $50,000,000. Basis differences were attributed entirely to goodwill. During the 5-year period from January 1, 2016 through December 31, 2020, Jake reported total net income of $23,000,000 and paid $8,000,000 in dividends. During 2021, Jake reported net income of $3,000,000 and paid $800,000 in dividends.
Required:
a. Calculate the balance in Investment in Jake, reported on Grant’s December 31, 2020 balance sheet.

b. Calculate the balance in Investment in Jake, reported on Grant’s December 31, 2021 balance sheet.

The IQ scores of MBA students follow a normal distribution with a population mean of 120 points and a population standard deviation of 12. A random sample of 36 MBA students is chosen.

1. What is the probability that a randomly chosen sample of 36 MBA students has an average IQ less than 115?

2. What is the 91st percentile of sample average IQ’s of size 36 taken from the population of MBA students?

3. Calculate the bounds that determine the middle 72% of sample average IQ’s of size 36 taken from the population of MBA students?

1. 120 + 0.5284
2. 120 + 0.72
3. 120 + 1.28
4. 120 + 2.16
5. 120 + 12.96

The Case of Florida State University   (April 2020)

Florida State University (Member of the Florida State University System) has had to convert the entire academic curriculum online.

Has the University become a virtual organization? What characteristics does Florida State University exhibit?

Finally, can a virtual organization adopt a culture?

Lucky Traders is a subsidiary of United Traders, a US based trading company with a 31
December year end, and it is involved in the buying and selling of electronic accessories. Most of
the inventories that Lucky Traders sells are imported from the parent company that is based in
America.
Given the nature of the business, Mr. Luckiness expresses his concern on the fact that the
company is trading with companies that are not local companies. The company has been
experiencing losses, because of this; Mr. Luckiness is concerned that the company’s functional
currency is US Dollars as the invoices that they receive are quoted in US Dollars.
The consultant company for Lucky Traders have recommended that the company should enter a
Foreword Exchange contract to hedge for the risk of the exchange rate.
On 1 December 2019 Lucky Traders entered into the contract with Take A Little an American
based company to supply to them 15 000 boxes of accessories when the exchange rate was $ 1:
NAD14.00 and each of the box worth US$ 1 589. The stock was shipped FOB on the 10th
December 2019 when the exchange rate was $1: NAD13.00.
Due to the delay in the customs and clearance of the orders stock only arrived at the premises of
Lucky Traders on 15 December 2019 when the exchange rate was $1:NAD16.00 the debt was
not settled as at 31 December 2019 and the final payment was only made on the 31 January
2020. When the exchange rate was $1: NAD 17.50 at 31 December 2019
The company entered the FEC contract with Capelex Bank to fix the rate on the 31 January 2020
at $1:NAD15.50. Due to the outbreak of Covid-19 US Dollar has strengthen and Namibian dollar
has declined and the rate moved to $1: NAD 18.00.

The Forward Exchange Contract had the rates below:
Date $:NAD
01/12/19 -
31/12/19 1:17.00
31/01/2020 1:21.00

Required:


2.3 Calculate total loss/gain made foreign exchange on the transaction above for the
year ended 31 December 2019

2.4 Prepare the journal entry on 31 January when the transaction was fully settled.

Case in Point: Tim Cook Leads Apple

Tim Cook took the helm of Apple as CEO in 2011 after serving as the company’s Chief Operating Officer. At the time, there were questions regarding how much of Apple’s success was due to its founder, Steve Jobs, and whether anyone could live up to his legacy in terms of financial and innovation success. Since he took over, Cook has had some big successes such as the iPhone 6 which led to record profits in 2014, the Apple Watch, and Apple Pay. In 2018, the company had a market cap of over $920 billion—roughly double that of Exxon Mobile or Microsoft which are both considered major organizations.

It has been written that unlike his predecessor, Steve Jobs, Tim Cook doesn’t crave the spotlight. In fact, he has been described as “one of the nicest and most charitable CEOs out there.” He advises individuals to stay positive and “tune out” the cynics. He argues that if you don’t, “they become a cancer in your mind.” That is not where the differences end, however, between the approaches taken by Tim Cook and Steve Jobs.

Under Cook’s leadership, Apple has taken on more social issues. For example, since Cook took over, Apple began using renewable energy for its operations, stood up to the FBI in defense of user privacy, supported access to education, and advocated for LGBT rights. High school student Rebecca Kahn asked Cook for an interview, and he granted her one. She writes that his “objective in life is to work for some higher purpose.” When asked why she wanted to interview him, Kahn stated, “He is not just in charge of the world's largest tech company, but he personally advocates and stands up for things he believes are right. He travels the world and meets with political and innovative leaders.”

Cook believes in diversity of leadership and leadership approaches. He values transparency, reads customer e-mails (he says they serve to humble you), admits when he’s wrong, and argues that you can only do a few things that rise to the level of “great.” In a speech at the University of Glasgow, Cook had some advice for those in the audience, recommending “You have to find the intersection of doing something you’re passionate about and, at the same time, … is in the service of other people. I would argue that, if you don’t find that intersection, you’re not going to be very happy in life.

Multimedia Extension—Tim Cook Defends Apple’s Encryption Policy

Transcript

Case Discussion Questions

1. What did you know about Tim Cook prior to reading this case? Are you surprised to learn some of these things about his leadership style?

2. Which leadership approaches discussed in this chapter do the best job in explaining his leadership style?

3. Given what you’ve learned about Cook’s leadership style, would you want to work for Apple? Why or why not?

4. Do you think there is a relationship between Cook’s leadership approach and Apple’s success? Explain.

5. What personal characteristics do you think makes Cook an effective leader?

Please help. Thanks