The following are several figures reported for Allister and Barone as of December 31, 2021:

Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $80,000 that was unrecorded on its accounting records and had a four-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $142,000 to Allister for $204,000. Of this amount, 10 percent remains unsold in Allister's warehouse at year-end.

Determine balances for the following items that would appear on Allister's consolidated financial statements for 2021:

Inventory

Sales

Cost of Goods Sold

Operating Expenses

Net Income Attributable to Noncontrolling Interest

On February 1, 2018, Cromley Motor Products issued 6% bonds, dated February 1, with a face amount of $95 million. The bonds mature on January 31, 2022 (4 years). The market yield for bonds of similar risk and maturity was 8%. Interest is paid semiannually on July 31 and January 31. Barnwell Industries acquired $95,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Required:
1. Determine the price of the bonds issued on February 1, 2018.
2-a. Prepare amortization schedules that indicate Cromley’s effective interest expense for each interest period during the term to maturity.
2-b. Prepare amortization schedules that indicate Barnwell’s effective interest revenue for each interest period during the term to maturity.
3. Prepare the journal entries to record the issuance of the bonds by Cromley and Barnwell’s investment on February 1, 2018.
4. Prepare the journal entries by both firms to record all subsequent events related to the bonds through January 31, 2020.

(Req-3 JE's: FEB 1, 2018: Record the issuance of the bonds by Cromley. FEB 1 2018: Record the Bond investment by Barnwell.)

(Req-4(Cromley): 1 Record the payment of interest for Cromley Company. 2 Record the accrued interest for Cromley Company. 3 Record the payment of interest for Cromley Company. 4 Record the payment of interest for Cromley Company. 5 Record the accrued interest for Cromley Company. 6 Record the payment of interest for Cromley Company.)

(Req-4(Barnwell): 1 Record the receipt of interest for Barnwell Company. 2 Record the accrued interest for Barnwell Company. 3 Record the receipt of interest for Barnwell Company. 4 Record the receipt of interest for Barnwell Company. 5 Record the accrued interest for Barnwell Company. 6 Record the receipt of interest for Barnwell Company.)

What additional persons should you now interview as a result of what you just learned from the interviews completed Who do you want to interview and what would you like to ask (two or three questions for each new interviewee)? What physical evidence do you want to collect now as a result of the interviews already completed? Why do you want this evidence – what do you hope it will do for your case? Do you need a search warrant for any of it? Explain your justification for this answer.

Interviews were conducted on this case by you as the investigator. A synopsis of what was said by each interviewee is as follows:

Hospital SW Mary Adams: Mom told the Social Worker that the child fell down the stairs while at home. She initially said it was just her and the child home, but later admitted that dad was home. Dad initially came to the hospital with them and every time mom was asked a question, dad would interrupt and answer for her. When the doctor told dad she had questions about some of the injuries, dad stormed out of the hospital. SW met briefly with the child who told her that she fell down the stairs and that she made her dad mad.

Dr. Meredith Grey: Dr. Grey said that the child has a break to the collar bone that could be consistent with a fall if the child’s arm was outstretched when falling. The linear marks on the lower back and upper arms appear to be more consistent with a strike from a belt or similar object. Those marks/injuries are inconsistent with a fall and likely happened before the break in the collar bone. When she asked the child about the fall, the child would only say it was an accident. When asked about the other marks on her body, she would only say “I don’t know” and “Please don’t tell my step-daddy I said anything”.  

Jane Smith (mom): Mom is very reluctant to talk to law enforcement or CPS. She initially indicates to you that her daughter is clumsy and falls when she runs – which she was doing in the house when she fell down the stairs to the basement. When pressed, mom will admit there have been some problems with dad (Jim Smith). She said he is not Susie’s biological father but has been in her life for the last year and a half. Susie’s biological father (Mark Johnson) lives in the area and sees Susie every other weekend.Susie likes to talk about her “real dad” and this upsets Jim. Jim does drink daily but mom doesn’t think he is an alcoholic.  

Mom said that dad and Susie were arguing about cleaning her room – Susie didn’t do a very good job of cleaning. Dad was mad and they argued when Susie fell. Mom didn’t see this happen – she was in the living room and heard the yelling and then sounds of Susie falling and crying. Dad told her that Susie tried to run and tripped and fell when he told her to go to her room.  

When pressed, mom admits that dad does most of the discipline in the home and is frequently angry with Susie for not listening and has hit her in the past with a belt and a wooden kitchen spoon. Mom maintains that dad is a good man and is only frustrated with Susie’s attitude in the home. When pressed to talk more about the use of the belt, she said that the last time Susie was spanked with a belt was two days ago. She said that Susie was arguing with her dad about cleaning her room and then told him that she didn’t like him and wanted to be with her “real daddy”.  Jim got mad over this and hit her with his belt. Mom said she told him to stop and he did and then told Susie he was sorry.  

Asked about domestic violence between her and Jim, mom will admit that he has hit her but not “in a long time” and only because he is under a lot of stress from his work (he’s in financial management). She wasn’t able to (or wouldn’t) give an estimation of what a “long time ago” meant.

Mom said Susie attends Tacoma Elementary School as a 1st grader and mom thinks her daughter’s best friend is named Lisa who is in the same class.

Susie Smith: Susie was interviewed by a forensic interviewer. You were present and helped provide the questions asked and took notes of the interview. She was reluctant to talk but eventually said that she wants to live with her mom and her “real dad”. She said she likes being around him (her biological father) because he is fun and easy to talk to about things. Asked about her step-dad (Jim), she said that he gets mad at her a lot when she doesn’t do exactly what he tells her to do.  

Susie said that he yelled at her yesterday about how dirty her room was and she started to cry and left her room to find her mom. Her dad was angry and grabbed her by the arm. He took off his belt and hit her on her back and butt with it. She said she told him to “stop” and leave her alone and he grabbed her by her arms and pulled them behind her back. He pushed her and she fell down the stairs outside of her room. The stairs lead to the basement. She said he was wearing his blue “Seahawks” belt – it has a Seahawk logo and football on it by the buckle. She also said he has hit her before with this belt.

Susie said her arm hurt “real bad” after she fell and her mom came running down to help her. Her mom started yelling at her dad who told her to “Shut up”. Her mom wanted to call the doctor about her arm and dad got made and grabbed mom’s cell phone and threw it against the basement wall. Her mom screamed at him to “get away from us”. The man and lady who live next door in the blue house came over and knocked on the door and asked if everything was okay because they heard some screaming and crying. Dad went to the door and told them that she fell down the stairs and they were going to take her to the hospital.   

Susie was asked if she ever told anyone else about what happens with her step-dad. She said she has told her best friend at school – Lisa Simpson but she begged Lisa not to tell anyone.

Results from the National Health Interview Survey show that among the U.S. adult population, 45.9% do not meet physical activity guidelines, 3.5% meet only strength activity, 29.0% meet only aerobic activity, and 21.6% meet both strength and aerobic activity. We sampled 4475 adults from Ohio and the results were as follows: 50.0% do not meet physical activity guidelines, 5.0% meet only strength activity, 35.0% meet only aerobic activity, and 10.0% meet both strength and aerobic activity. Conduct an appropriate hypothesis test to determine if the distribution in physical activity among Ohioans is similar to the U.S. population. Interpret your results.

Results from the National Health Interview Survey show that among the U.S. adult population, 45.9% do not meet physical activity guidelines, 3.5% meet only strength activity, 29.0% meet only aerobic activity, and 21.6% meet both strength and aerobic activity. We sampled 4475 adults from Ohio and the results were as follows: 50.0% do not meet physical activity guidelines, 5.0% meet only strength activity, 35.0% meet only aerobic activity, and 10.0% meet both strength and aerobic activity. Conduct an appropriate hypothesis test to determine if the distribution in physical activity among Ohioans is similar to the U.S. population. Interpret your results.

Jade MacIntire is a famous singer. Jade Aquarium, Inc. isa 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: 1) 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. 2) 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 willever personally perform. 3) 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 willbolster the artist’s popularity, increasing the demand for her albums. 4) 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. 5) Jade Aquarium produced a guitar music app that individuals can download for $2.99, with20,000 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. 6) 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.

Benito Company reported the following information for the financial year ended 30/06/2020:

Required:

l. What is the net cash inflow (outflow) from operating activities?   

ll. What is the net cash inflow (outflow) from investing activities?

lll. What is the net cash inflow (outflow) from financing activities?

IV. Determine the cash & cash equivalents as of 30/06/2020.

V. Determine the total cash flow from operations as of the end of the year. Opening Balance of Cash at the start of the year is $100,000.

19. Benito Company reported the following information for the financial year ended 30/06/2020:

Required:

l. What is the net cash inflow (outflow) from operating activities?   

ll. What is the net cash inflow (outflow) from investing activities?

lll. What is the net cash inflow (outflow) from financing activities?

IV. Determine the cash & cash equivalents as of 30/06/2020.

V. Determine the total cash flow from operations as of the end of the year. Opening Balance of Cash at the start of the year is $100,000.

When it comes to the CEO or CFO doing the embezzlement, do you think the company as a whole should be held responsible for those funds and punished as well. If so, how? If not please explain why not, list all the parties affected and how you think it should be handled.

Assume that you are deciding whether or not to acquire a four-year university degree in economics. Your only consideration at this moment is the degree as an investment for yourself. The direct costs per year are the tuition fees of $1,500 and purchases of books and other course material of $400. The government pays the university an amount equal to four times the amount of tuition fees to cover the cost per student. If you do not go to university, you will earn $20,000 per year as an acrobat during the first four years with a salary increase of 5% from the fifth year on. With a university degree, however, you know that you can earn $30,000 per year as a circus manager for the first four years after graduation with an annual increase of 6% thereafter. Because of the nature of the chosen occupation, your time horizon for the investment decision is exactly 10 years after graduating from university : that is, if the investment decision is to be worthwhile it must be so within a 10 year period. The market rate of interest rate is 5%. Would you make the investment in the degree?

Use either the present value or internal rate of return approach for your calculation

(Please provide detail step by step explanation to get to the right answer in the form of word)