The Inn at Prescott Ranch is a small, boutique hotel located in Prescott, Arizona. It opened in 1998. The Inn has identified the main competition as the Prescott Resort, owned and operated by the Yavapai Nation, and the Hassayampa Inn, a historic hotel in downtown Prescott, adjacent to Whiskey Row.

The Inn has 65 rooms on two floors—each with a private balcony. The nightly room rates are the highest in Prescott. The Inn offers a full array of amenities—both in the public areas and in the rooms. The Inn offers complimentary van service to the Gateway Mall, Bucky’s Casino, and Whiskey Row; and valet parking services with covered parking. There is nightly entertainment in the lobby. In-room amenities include high-thread-count linens; terry robes; organic soaps and toiletries; flat-screen TVs with DVD players; and Bose® stereo systems.

The Inn maintains a full bar and has an agreement with Wildflower Bakery to provide daily continental breakfast for an additional charge to nightly rates or included in the Bed & Breakfast Special. Boxed lunches may also be pre-ordered from Wildflower Bakery. The Inn is not “flagged” or branded. The management is highly involved in local organizations. There is an existing contract with Yavapai College for sponsorship of its performing arts series with Paramount Studies for a project being filmed in the Prescott area. In addition, the Inn at Prescott Ranch has been featured on Arizona Highways TV, Arizona Highways magazine, and in the Arizona Republic travel section. The Inn also participates in the local chamber of commerce and tourism promotional efforts for the Prescott area.

Management is looking for a marketing plan for 2021.

Questions:

1. If you were preparing a marketing plan for this hotel, how would you describe the company, its positioning strategy, and its value proposition?

2. What do you want to know about the market—demographics and psychographics?

3. Describe each of the 4Ps.

4. Without doing further research, who is the perceived target market?

5. Does the hotel have a brand image? If so, define.

Weston v. Cornell University New York Supreme Court, Appellate Division, Third Department, 136 A.D.3d 1094, 24 N.Y.S.3d 448 (2016). Weston v. Cornell University In the Language of the Court ROSE, J. [Judge] * * * * Defendant [Cornell University in Ithaca, New York] appointed plaintiff [Leslie Weston] to an associate professorship in 1998 for an initial term of five years. The 1998 offer letter described the position as being “with tenure,” but it stated that, although no problems were anticipated, the offer of tenure would have to be confirmed by defendant’s review process shortly after plaintiff’s arrival on campus. For a variety of reasons, plaintiff delayed her tenure submission for five years and, when she finally submitted it, she was not awarded tenure. In 2003, defendant gave plaintiff a two-year extension of her appointment, this time as an “associate professor without tenure,” to allow her an opportunity to improve and resubmit her tenure package. Plaintiff resubmitted her request for tenure in 2005, but it was again denied, resulting in her eventual termination. Plaintiff then commenced this action [in a New York state court] seeking * * * to recover for breach of contract. * * * Following the completion of discovery, defendant moved for summary judgment dismissing the complaint * * *. The Supreme Court [a New York state trial court] denied that portion of the motion seeking dismissal of the breach of contract claim. Defendant now appeals. Contrary to defendant’s argument, Supreme Court properly found that issues of fact exist as to whether defendant’s 1998 offer letter reflects an intent to assure plaintiff that she would be granted tenure. * * * The terms of the letter are ambiguous. Accordingly, Supreme Court properly relied upon extrinsic evidence to determine the parties’ intent.Footnote Based upon the affidavit of the then-chair of defendant’s department who hired plaintiff and wrote the 1998 offer letter, as well as correspondence from the dean and associate dean of the college in which plaintiff’s department was located, Supreme Court appropriately declined to award summary judgment to defendant with respect to the 1998 offer of tenure. However, we must agree with defendant’s alternative argument that the terms of its original offer were materially modified by plaintiff’s acceptance of its 2003 offer to extend her appointment. Defendant’s 2003 letter offering to extend her appointment unambiguously replaced the “with tenure” language contained in the 1998 offer letter by restating her job title as “associate professor without tenure.” Defendant also points to plaintiff’s deposition testimony, in which she explicitly acknowledged that she understood the 2003 letter to be a modification of the original terms of her employment agreement and agreed—albeit reluctantly—to the new terms. Significantly, plaintiff further admitted that defendant was “not guaranteeing her tenure in any case after this letter.” [Emphasis added.] In response to this prima facie showing by defendant, plaintiff contends that, regardless of what she agreed to in 2003, her oft-repeated assertions of her belief that defendant still owed her tenure based upon the original letter suffice to preclude summary judgment. Aside from plaintiff’s own opinions on the matter, however, there is nothing in the record to indicate that any alleged guarantee of tenure remained beyond the date of the 2003 letter. Accordingly, we find that plaintiff’s subjective beliefs and unsupported arguments regarding the 2003 modification of her employment agreement are insufficient to raise triable issues of fact to defeat defendant’s motion for summary judgment dismissing the breach of contract cause of action. ORDERED that the order is modified * * * by reversing so much thereof as partially denied defendant’s motion for summary judgment; said motion granted in its entirety and breach of contract cause of action dismissed.

Legal Reasoning Questions

What did the plaintiff seek in this action? What was the legal ground for her claim?

What was her principal contention regarding the offers and acceptances at the center of this case?

Why did the trial court deny the defendant’s motion for summary judgment to dismiss the plaintiff’s claim?

Why did the appellate court modify the trial court’s denial of the defendant’s motion?

How has/will the covid-19 situation impact Disney's 4 business segments (1. studio entertainment, 2. media networks, 3. direct-to-consumer and international, and 4. parks, experience and products). Explain the impact on revenues, expenses and asset values for the four segments.

How has/will the covid-19 situation impact Disney's 4 business segments (1. studio entertainment, 2. media networks, 3. direct-to-consumer and international, and 4. parks, experience and products). Explain the impact on revenues, expenses and asset values for the four segments.

Should TRU have considered the bid offered by Issac Larian of MGA Entertainment? If TRU's CEO, Dave Brandon, is able to save TRU, where should his turnaround efforts be focused? What financial ratio(s) should he have improved and why?

On September 1, Jenkins Company establishes a petty cash fund by issuing a check for $225 to Janice Bailey, the custodian of the petty cash fund. On September 30, Janice submitted the following paid petty cash vouchers for replenishment of the petty cash fund when there is $10 cash in the fund:

            Freight-in 60

            Office Supplies Expense 45

            Entertainment of Clients 42

            Postage Expense 52

Instructions

Use the information above to answer the following questions.

1) Which of the following account(s) would be debited to establish the petty cash fund?  (Choose all appropriate answers)

Cash

Cash Over and Short

Entertainment Expense

Freight in

Office Supplies Expense

Petty Cash

Postage Expense

2) How much cash should the petty cash custodian ask for to replenish the fund?  Amount can be entered with or without commas. DO NOT include dollar signs or decimals.

Determine taxable income in each of the following instances. Assume that the corporation is a C corporation and that book income is before any income tax expense.

Book income of $100,000 including capital gains of $4,000, a charitable contribution of $2,000, and travel and entertainment expenses of $6,000.

Book income of $184,000 including capital losses of $6,000, a charitable contribution of $24,000, and travel and entertainment expenses of $6,000.

Book income of $152,000 including municipal bond interest of $4,000, a charitable contribution of $10,000, and dividends of $6,000 from a 10% owned domestic corporation. The corporation also has a $16,000 charitable contribution carryover.

Book income of $258,000 including municipal bond interest of $4,000, a charitable contribution of $10,000, and dividends of $14,000 from a 70% owned domestic corporation. The corporation has a capital loss carryover of $12,000 and a capital gain of $5,000 in the current year.

The accounting profit before tax of Subang Ltd for the year ended 30 June 2020 was $320,000.

It included the following revenue and expense items:

Legal expenses 62 500

Interest expense 10 000

Bad debt expense 15 000

Depreciation expense – Plant & equipment 26 250

Entertainment Expense 2 500 Audit fee 40 000 Interest revenue 15 000 Rent revenue 10 000 Exempt income 37 500 Additional information: 1. Interest receivable at 30 June 2020 is $12,500 (2019: $15,000). Interest payable at 30 June 2020 is $500 (2019: $3,000). Interest is assessable on receipt and deductible when paid. 2. The company raised an accrual liability of $17 500 for audit work performed and not paid by 30 June 2020 (2019: $15,000). Fees for audit work are not deductible unless the audit work has been performed and paid. 3. Rent revenue relates to a contract where the annual rent is received in advance. The unearned revenue liability at 30 June 2020 is $10,000 (2019: $7,500). Rent is assessable when received. 4. Legal expenses include $25,000 related to capital transactions that are not deductible. 5. The bad debts expense relates to an account that has been written off. 6. Plant and equipment is as follows: 30 June 2020 30 June 2019 Plant & Equipment $175 000 $75 000 Accumulated depreciation 48 750 22 500 126 250 52 500 Question 1 is continued on the next page ACCY200 (MT) / Page 4 of 6 Question 1 continued 7. Tax depreciation for 30 June 2020 is $35,000. The tax written down value of plant and equipment at 30 June 2020 is $110,000 (2019: $45,000). 8. The deferred tax balances at 30 June 2019 are; deferred tax liability $6,750 and deferred tax asset $12,300. 9. The company tax rate is 30%. Required: a) Prepare the current tax worksheet and the journal entry to recognise the current tax as at 30 June 2020. b) Prepare the deferred tax worksheet and any necessary journal entries to adjust deferred tax accounts for 30 June 2020.

1. Problem #1 Professor Quark opens his own company, Electronic Tutorial Services, and completes the following transactions in June:

• 6/1 Quark invests $12,000 into the business.
• 6/3 Purchased $1,800 of equipment on account.
• 6/4 Paid $360 for a two-year insurance policy.
• 6/6 Purchased office supplies for cash, $300.
• 6/9 Purchased a new computer for $7,500. Paid $1,500 cash agreed to pay the remainder in 30 days.
• 6/10 Billed student Fiona Smith $40 for tutorial services that were performed.
• 6/14 Paid for the equipment purchased on June 3rd.
• 6/25 Received $35 cash from student Bert Bantrum for tutorial services performed.
• 6/30 Student billed on June 10 pays the amount due to Quark.
• 6/30 Quark withdraws $500 for personal use.

Required: Prepare the journal entries to record these transactions. How much cash did Professor Quark have at the end of June?

2. Problem #2 Maria Sanchez started the Merry Mowers lawncare business. She began operations on May 1st and completed the following transactions, which included her initial investment of $8,000 cash. After these transactions, the ledger included the following accounts with normal balances.

• Cash $ 9,440     
• Office Supplies 500        
• Equipment 3,000     
• Accounts Payable 500        
• Notes Payable 2,000     
• Maria Sanchez, Capital 8,000     
• Lawncare Revenue 3,200     
• Gas and Oil Expense 210        

Required: Prepare a balance sheet and income statement for this business at the end of May.

3. Problem #3 Below are accounts listed for September for PC Partners, a company that installs/repairs home computers for customers. The business is owned by Ed Connor. The accounts are listed in alphabetical order. For the month of September, prepare an income statement and a balance sheet.

ACCOUNT BALANCE

Accounts Payable 4,200

Accounts Receivable 8,480

Advertising expense 420

Capital (Ed Connor) at 08/31/04 56,000

Cash 35,460

Entertainment Expense 600

Equipment 15,700

Installation Revenue 15,600

Miscellaneous Revenue 800

Photocopying Expense 150

Rent Expense 1,300

Repair Revenue 8,650

Supplies 8,400

Truck 8,500

Unearned Revenue 760

AMC Entertainment Holdings, Inc. (NYSE: AMC (Links to an external site.)Links to an external site.), also known as AMC Theatres, recently announced a $19.95 per month subscription service, AMC Stubs A-List (Links to an external site.)Links to an external site., to compete with MoviePass. With the A-List program, subscribers can see up to three movies per week with few restrictions. The minimum commitment is three months, after which time the subscriber can cancel at any time.

Just as a point of comparison, the cost of MoviePass is between $7.95 – $9.95 per month. Depending on the plan, MoviePass subscribers can see up to one movie per day, subject to restrictions. Subscribers can cancel at any time. MoviePass stock has fallen greatly in recent weeks because investors do not see its business model as sustainable. MoviePass has significantly more expenses than revenues and its cash is dwindling rapidly.

1. Assume that a new subscriber signs up for the AMC Stubs A-List program and pays $19.95 for the first month on August 1. On what day will AMC be able to recognize that first $19.95 as revenue?

2. If AMC charges a new subscriber for the first three months (the minimum commitment) when the subscriber signs up for the A-List program, when will AMC recognize the revenue from the first three months for that new subscription? How would the three-month prepayment be recorded initially by AMC?

3. Currently, AMC does not have an annual A-List payment option. Assume, however, that AMC rolls out an annual plan that allows subscribers to pay in one lump sum at the beginning of the subscription year for the A-List plan. When would AMC recognize revenue from this annual plan?