Many people living in the United States experience food insecurity. A person who is food insecure does not have access to enough nourishing food at all times to lead a healthy, active life. Conversely, when a person experiences food security, he or she is able to include a variety of nutritious foods in his or her diet and obtains these foods without depending on the assistance of others or the government. The four categories of food security/insecurity are: high food security, marginal food security, low food security, and very low food security.

Currently, 13% of Americans are food insecure, with approximately 8% living in low food security and 5% living in very low food security. Individuals who experience very low food security frequently report that they do not always eat when they are hungry; they eat less than they feel they should; they skip meals more than three times a month or even go an entire day without eating; and they have lost weight because of not eating. Americans who are unemployed, work in low-paying jobs, or have excessive medical and housing expenses often experience food insecurity.

According to the USDA, the following Americans are more likely to be food insecure:

• Households with children, especially if a single woman is the head of the household;
• Households that live at 185% of the poverty threshold;
• Hispanic families and black, non-Hispanic families;
• Households living in metropolitan areas; and
• Households in southern and western regions of the United States.

1. _______ refers to a person who experiences reduced nutritional quality of their diet due to a limited ability to purchase enough nutrient-dense food.

• High food security

• Low food security

• Marginal food security

• Very low food security

2. In the United States, approximately _______ of Americans are food insecure.

• 20%

• 10%

• 5%

• 13%

3. A person who experiences very low food security _______.

• All of the choices are correct.

• has likely lost weight because of not eating

• skips meals more than three times a month, and often more often than that

• does not always eat when they are hungry

4. Which of the following does not describe a characteristic of someone more likely to be food insecure in the United States?

• Hispanic families

• Households living in rural areas

• Households with a single mother and her children

• Households that live at 185% of the poverty threshold

7) During the last two decades, there has been an increase in income inequality in the United States.

Which of the following is a reason income inequality in the United States has increased?

A) There are sharply lower marginal tax rates now than in the 1970s.

B) Marginal tax rates have increased significantly since the 1970s.

C) There has been a great increase in efficiency of government antipoverty programs.

D) There has been a significant drop in the number of single-parent families.

8) Which of the following is correct regarding these income transfers?

A) Means-tested income transfers have more than doubled per-capita income during the period 1970–2014.

B) Means-tested government programs lead to lower implicit marginal tax rates.

C) Means-tested income transfers have not been very effective in reducing poverty.

D) Means-tested government programs are not linked to income levels.

9) As income transfer programs accompanying the War on Poverty increased beginning in the latter half of the 1960s, what happened to poverty in the United States? Check all that apply.

A) In 2014, the adjusted poverty rate was only 2 percentage points lower than the official rate in 1970.

B) The poverty rate declined substantially in the period before the War on Poverty, but not in the period after the start of the War on Poverty.

C) The adjusted poverty rate has declined rapidly and is now less than half of the official poverty rate.

D) The poverty rate in the United States declined substantially after the start of the War on Poverty.

10) Consider the following scenario in the state of Taxopia.

One family has an annual income of $100,000, while another family has an annual income of only $20,000. Under what circumstances would this outcome be considered unfair in terms of the process view of fairness?

A) The family with the high income has three income earners, whereas the family with the lower income has only one income earner.

B) In the family with the high income, both spouses work, whereas the family with the lower income relies on Social Security payments.

C) The family with the higher income is headed by a person who completed a college degree, whereas the other family is headed by someone with low educational achievement.

D) The family with the higher income derives most of its income from the farm subsidy program.

15) What does being a manager offer to an employee? 15)

1. many rewards apart from money and status
2. few rewards due to the large amount of stress
3. not having to stretch his or her abilities
4. being exempt from some current laws
5. little apart from money and status

increasing its market share over the next few years. The management then set up a 12- month plan that defines how the organization will conduct its business based on the action plan, including clear sales targets for each week. The second plan is an example of a(n) ________ plan.

1. strategic
2. typical
3. dependent
4. facilities
5. operating

You must label each answer with the number of question. Each question must have at least three sentence answers. There is no maximum sentence, use as many as you wish to thoroughly answer the question. All answers must be complete sentences using proper grammar and spelling.

Sarah paid $50,000 for a franchise that covers the entire United States. She intended to sell individual franchises for the each state. Naturally, investors considering buying a franchise from her asked to see the financial statements of the business.

Believing the true value of the franchise to be $500,000. She gives the franchise to Cindy. She borrow $500,000 from the bank. She pays $500,000 to the corporation for all of the stock. The corporation then uses the $500,000 to buy the franchise from Cindy. Cindy then pays the bank loan off with the $500,000.

In the final analysis, Cindy is debt-free and out of the picture. Sarah owns all the corporation’s stock, and the corporation owns the franchise. The corporation’s balance sheet lists a franchise acquired at a cost of $500,000. This balance sheet is the most valuable marketing tool.

Requirements

1. Was this an ethical or unethical situation? Explain your reason.

2. Who can be harmed? Explain your reason.

3. How can they be harmed? Explain your reason.

4. What role does accounting play?

At 30 June 2019, the financial statements of McMaster Ltd showed a building with a cost of $300 000 and accumulated depreciation of $152 000. The business uses the straight-line method to depreciate the building. When acquired, the building’s useful life was estimated at 30 years and its residual value at $60 000. On 1 January 2020, McMaster Ltd made structural improvements to the building costing $94 000. Although the capacity of the building was unchanged, it is estimated that the improvements will extend the useful life of the building to 40 years, rather than the 30 years originally estimated. No change is expected in the residual value.

Required

1. Calculate the number of years the building had been depreciated to 30 June 2019.
2. Give the general journal entry to record the cost of the structural improvements on 1 January 2020.   

c.Give the general journal entry to record the building’s depreciation expense for the year ended 30 June 2020.

Equity in Net Income and Noncontrolling Interest in Net Income

Palm Resorts acquired its 70 percent interest in Sun City on January 1, 2017, for $41,750,000. The fair value of the 30 percent non‑

controlling interest at the date of acquisition was $14,750,000. Sun City’s date‑of‑acquisition reported net

assets of $5,000,000 were carried at amounts approximating fair value, but it had unrecorded identifiable

intangibles, capitalizable per ASC Topic 805, valued at $7,500,000. These intangibles are determined to

have limited lives, amortized on a straight-line basis over five years. It is now December 31, 2020, and

Sun City reports net income of $10,000,000.

Required

a. Calculate the amount of goodwill originally reported for this acquisition, and its allocation to the

controlling and noncontrolling interests.

b. Calculate equity in net income and the noncontrolling interest in net income for 2020, assuming

goodwill from this acquisition is impaired by $2,000,000 in 2020

Prepare and record a 8-10 minute Kaltura presentation with a Power Point that summarizes your reflection on the learning experience within the MBA degree program. This is not reflection of this course, but rather an reflection of the comprehensive MBA program and your assessment of your achievement.

It should reflect your candid assessment of the level of achievement of degree’s overall Learning Outcomes listed below:

1. Construct a situational analysis in order to develop business strategies and tactics.
2. Integrate legal, ethical, and socially responsible constructs to make sound business decisions.
3. Apply interpersonal oral communication with diverse audiences.
4. Appraise collaborative leadership strategies to manage, influence, and lead in a global environment.
5. Apply appropriate quantitative and qualitative inquiry methods to solve business problems.

For each of the five learning outcomes, use your graduate-level critical/evaluative thinking skills and the four questions below to guide your reflection about your personal level of achievement

a) In which of these MBA degree program outcomes have achieved significant proficiency? Provide (cite) examples from the work you have done throughout the course of your degree to support your response.

b) Which Learning Outcome(s) did you not achieve proficiency? Where or in what courses or experiences within the course of the MBA degree program did these challenges manifest the most? Explain fully and provide examples.

c) Reflecting on your MBA degree experience, what would you have done differently to overcome the challenges reflected in the learning outcomes in which you judge yourself to have less proficiency?

Lastly, as you conclude the paper, state your overall assessment of the program; its content, delivery and relevance to your professional/career goals.   Based on this encompassing assessment, would you recommend the program to an individual considering it?

Prepare and record a 8-10 minute Kaltura presentation with a Power Point that summarizes your reflection on the learning experience within the MBA degree program. This is not reflection of this course, but rather an reflection of the comprehensive MBA program and your assessment of your achievement.

It should reflect your candid assessment of the level of achievement of degree’s overall Learning Outcomes listed below:

1. Construct a situational analysis in order to develop business strategies and tactics.
2. Integrate legal, ethical, and socially responsible constructs to make sound business decisions.
3. Apply interpersonal oral communication with diverse audiences.
4. Appraise collaborative leadership strategies to manage, influence, and lead in a global environment.
5. Apply appropriate quantitative and qualitative inquiry methods to solve business problems.

For each of the five learning outcomes, use your graduate-level critical/evaluative thinking skills and the four questions below to guide your reflection about your personal level of achievement

a) In which of these MBA degree program outcomes have achieved significant proficiency? Provide (cite) examples from the work you have done throughout the course of your degree to support your response.

b) Which Learning Outcome(s) did you not achieve proficiency? Where or in what courses or experiences within the course of the MBA degree program did these challenges manifest the most? Explain fully and provide examples.

c) Reflecting on your MBA degree experience, what would you have done differently to overcome the challenges reflected in the learning outcomes in which you judge yourself to have less proficiency?

Lastly, as you conclude the paper, state your overall assessment of the program; its content, delivery and relevance to your professional/career goals.   Based on this encompassing assessment, would you recommend the program to an individual considering it?

Ben Bates graduated from college six years ago with a finance undergraduate degree. Although he is satisfied with his current job, his goal is to become an investment banker. He feels that an MBA degree would allow him to achieve this goal. After examining schools, he has narrowed his choice to Wilton University. Although internships are encouraged by the school, to get class credit for the internship, no salary can be paid. Other than internships, the school will not allow its students to work while enrolled in its MBA program.

Ben currently works at the money management firm of Dewey and Louis. His annual salary at the firm is $65,000 per year, and his salary is expected to increase at 3 percent per year until retirement. He is currently 28 years old and expects to work for 40 more years. His current job includes a fully paid health insurance plan, and his current average tax rate is 26 percent. Ben has a savings account with enough money to cover the entire cost of his MBA program.

The Ritter College of Business at Wilton University is one of the top MBA programs in the country. The MBA degree requires two years of full-time enrollment at the university. The annual tuition is $70,000, payable at the beginning of each school year. In addition, books and other supplies are estimated to cost $3,000 per year, payable at the beginning of each year. Ben expects that after graduation from Wilton, he will receive a job offer for about $110,000 per year, with a $20,000 signing bonus. The salary at this job will increase at 4 percent per year. Because of the higher salary, his average income tax rate will increase to 31 percent.

The school offers a health insurance plan that will cost $3,000 per year, payable at the beginning of the year. Ben also estimates that room and board expenses will cost $2,000 more per year than his current expenses, payable at the beginning of each year. The appropriate discount rate is 4.7 percent.

Question: Assuming all salaries are paid at the end of each year, what is the best option for Ben — remaining at his current job or pursuing an MBA —from a strictly financial standpoint?

Barry Potter and Winnie Weasley are considering making an S election on March 1, 2019, for their C corporation, Omniocular. However, first they want to consider the implications of the following information:

• Winnie is a U.S. citizen and resident.
• Barry is a citizen of the United Kingdom, but a resident of the United States.
• Barry and Winnie each own 50 percent of the voting power in Omniocular. However, Barry's stock provides him with a claim on 60 percent of the Omniocular assets in liquidation.
• Omniocular was formed under Arizona state law, but it plans on eventually conducting some business in Mexico.

For the remainder of the problem, assume Omniocular made a valid S election effective January 1, 2019. Barry and Winnie each own 50 percent of the voting power and have equal claim on Omniocular's assets in liquidation. In addition, consider the following information:

• Omniocular reports on a calendar tax year.
• Omniocular's earnings and profits as of December 31, 2018, were $55,000.
• Omniocular's 2018 taxable income was $15,000.
• Omniocular's assets at the end of 2018 are as follows:

*$110,000 under FIFO accounting.

• On March 31, 2019, Omniocular sold the land for $42,000.
• In 2019, Omniocular sold all the inventory it had on hand at the beginning of the year. This was the only inventory it sold during the year.

• Assume that if Omniocular were a C corporation for 2019, its taxable income would have been $88,500.

For the following questions, assume that after electing S corporation status Barry and Winnie had a change of heart and filed an election to terminate Omniocular's S election, effective August 1, 2020.

In 2020, Omniocular reported the following income/expense items: F. For tax purposes, how would you recommend Barry and Winnie allocate income between the short S corporation year and the short C corporation year if they would like to minimize double taxation of Omniocular's income?

F. For tax purposes, how would you recommend Barry and Winnie allocate income between the short S corporation year and the short C corporation year if they would like to minimize double taxation of Omniocular's income?