The information below relates to a leasing arrangement between Summer Leasing Company and Talon Company, a lessee.
Inception date January 1, 2020
Lease term 6 years
Annual lease payment due at the beginning of
each year, beginning with January 1, 2020 $150,000
Fair value of asset at January 1, 2020 $760,000
Economic life of leased equipment 7 years
Residual value of equipment at end of lease term,
guaranteed by the lessee $65,500
Lessor’s implicit rate 10%
Lessee’s incremental borrowing rate 12%
January 1, 2020
The asset will revert to the lessor at the end of the lease term. The lessee has guaranteed the lessor a residual value of $65,500. The lessee uses the straight-line depreciation method for all equipment.
Instructions
(i) What is the lease liability for Talon Company?
(ii) Record the lease on Talon Company’s books at the date of inception.
(iii)Record the first year’s depreciation on Talon Company’s books.

The following information is related to Skysong Company for 2020.

Skysong Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Skysong sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year.

Prepare a multi step income statement:

Given the Abdulla Company’s Trial Balance of April 30, 2020, a) record the following transactions. b) What is the effect of the following transactions to the merchandise inventory account and the sales?

May 14 The Company sold merchandise to Majid Company AED 90,000 terms 2/10 net 60.

The merchandise had a cost of AED 40,000.

May 15   The Company purchased merchandise from Saif Company 80,000 with terms 2/10 net 30.

Made a down payment of 20,000.

May 20 Collected 90% of the account receivable from Majid Company.

May 21 Collected 10% of the account receivable from Majid Company.

May 24   The Company paid the balance owed to Saif Company entry May 15.

Answer:

a) record the transactions.

b) What is the effect of the following transactions to the merchandise inventory account and the sales?

Quest for Wisdom

Please write a one page double spaced response to Oscar Wilde’s insight that it is “through art and through art only, that we can shield ourselves from the sordid perils of actual existence.” Art according to Wilde protects us from the Real, from the actual, by transporting us into the virtual. Art provides us with a world of antiseptic safety. Art for Wilde is preferable to life because, “We weep but are not wounded. We grieve but our grief is not bitter.” Art for Wilde transforms the real into the virtual. Is it not the other way around, namely that art must force us to confront the real. Can Art can heal us when it forces us to confront our fictions?

Q) The age for COVID-19 patients in a country is normally distributed with mean 57.6 years and standard deviation 28 years. A COVID-19 patient was randomly selected from that country. Find the probability that this patient
(i) is below 50 years.
(ii) is between 30 and 75 years.
(iii) 5% of the patients are above k years old. Find k.
(b) The number of COVID-19 patients in 5 different countries are shown in the table below.

Country A B C D E

Number of patients 1006 112 1104 926 1852 Test at 10% significance level, if the number of COVID-19 patients is evenly distributed among the five countries.

(c) In 2019, 20% of the students at University X are from China. In a random sample of 500 university students selected recently, it is found that that 130 of them are from China. Test if there is an increase in the percentage of China students in University X at 3% significance level

The age for COVID-19 patients in a country is normally distributed with mean 57.6 years and standard deviation 28 years. A COVID-19 patient was randomly selected from that country. Find the probability that this patient
(i) is below 50 years.
(ii) is between 30 and 75 years.
(iii) 5% of the patients are above k years old. Find k.
(b) The number of COVID-19 patients in 5 different countries are shown in the table below.
Country A B C D E Number of patients 1006 112 1104 926 1852 Test at 10% significance level, if the number of COVID-19 patients is evenly distributed among the five countries.

(c) In 2019, 20% of the students at University X are from China. In a random sample of 500 university students selected recently, it is found that that 130 of them are from China. Test if there is an increase in the percentage of China students in University X at 3% significance level.

Throughout this course, you will review scenarios involving Company A, which has been acquired by Company B. Company A was founded in 1956 in Mobile, Alabama. The average age of its workforce is 57 and it is comprised of 40% Caucasian and 85% male. Company B was founded in 1997 in San Francisco, California. The average age of its workforce is 35 and it is comprised of 45% Caucasian and 50% male.

These two companies have been staunch competitors in the marketplace for several years and the employees of Company A are resentful of integrating with their former rival. There are many strategic and ethical challenges involved in this acquisition. A few of the goals of the acquisition project are listed below:

Managing the Communication and Information Sharing:

The company wants to keep employees informed of how the acquisition will impact them.

The company wants to be sure that they provide enough information to satisfy the employees, but not provide so much that the employees feel overwhelmed.

The company wants to be sure that the timing of the communication matches their execution of the changes within the two organizations.

Managing the Consolidation and Changes:

There is no doubt that there will be layoffs as a result of the acquisition. The company wants to do what is best for the acquisition in a way that inflicts the least amount of harm to the existing employees.

The company wants to make the decisions about who to layoff in the fairest way possible.

The company wants to try and limit exposure to potential discrimination (age and gender) stemming from the layoffs.

Managing the Relocations of Some the Employees:

Another impact of acquisitions is that employees may be asked to relocate in order to maintain employment in the newly formed organization.

The company wants to manage the expenses and potential disruption with the relocations.

The company wants to assess relocations verses hiring new employees locally.

Let us look at the role and responsibilities of HR managers regarding managing the company’s goals related to the recent acquisition.

Instructions:

You have a wide variety of employees encompassing different ages, genders, and ethnic backgrounds represented in these two companies. As a Strategic HR Director, your goal is to create a workforce that will effectively move the newly formed company forward.

Now, address the following issues:

Identify all of the information you would need to effectively manage the three goals above.

Identify the challenges and potential issues related to implementing the three goals above.

Develop recommendations for strategies to address these challenges and help the newly formed company meet its goals.

Imagine the CEO of a software house asks you to make a system that automates the SDLC
process. Based on the initial requirements, you were successfully able to make a prototype that
captures almost 40$-50% functionalities. You presented the demo to the CEO and now CEO is very
impressed with the work. The CEO has ordered you to add some new features in the prototype and
release the product as soon as possible. Being the lead developer of the project, do you think this is a
good idea? If yes, provide your reason? If no, write a reasoning report for the CEO to explain why it is
not a good idea to add more features in the prototype and put it in the release.

Wiley Coyote Company placed an order to purchase 10,000 rocket packs from Acme Company on December 28, 2019. Acme shipped the rocket packs on December 29, 2019 and they arrived at Wiley Coyote’s plant on January 3, 2020. Discuss which company would include these materials in its ending inventory at December 31, 2019, based on whether the shipping terms were FOB Shipping Point or FOB Destination.   Be sure to explain why your answer might differ based on the shipping terms.