In: Finance
• How does this article give you a better understanding of the changing perception of Irish immigrants in America? •
What forces allowed the Irish to be assimilated into U.S. culture despite initial resistance?
Much of the anti-Catholic bias that confronted Irish-American immigrants focused on the figure of the Pope. To many nativist Americans, the idea that Catholic immigrants professed allegiance to a foreign-born religious leader raised serious doubts about whether they could ever be "truly" American. The advent of the War Between the States created an opportunity for the Irish immigrant community to "prove" its Americanism—to demonstrate loyalty to its adopted country, and by so doing, put the lie to the assertions of Know-Nothings and other nativists, who saw the Irish as unfit to be called American.
In: Economics
The cash account for American Medical Co. at April 30 indicated a balance of $13,140. The bank statement indicated a balance of $15,360 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items:
A. Checks outstanding totaled $5,530.
B. A deposit of $5,760, representing receipts of April 30, had been made too late to appear on the bank statement.
C. The bank collected $3,000 on a $2,840 note, including interest of $160.
D. A check for $550 returned with the statement had been incorrectly recorded by American Medical Co. as $500. The check was for the payment of an obligation to Targhee Supply Co. for a purchase on account.
E. A check drawn for $50 had been erroneously charged by the bank as $500.
F. Bank service charges for April amounted to $50.
1)Prepare a Bank Reconciliation
2) Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. For a compound transaction, if an amount box does not require an entry, leave it blank.
3) If a balance sheet is prepared for American Medical Co. on April 30, what amount should be reported as cash?
In: Accounting
Revenue and Cash Receipts Journals
Lasting Summer Inc. has $2,360 in the October 1 balance of the accounts receivable account consisting of $1,090 from Champion Co. and $1,270 from Wayfarer Co. Transactions related to revenue and cash receipts completed by Lasting Summer Inc. during the month of October 20Y5 are as follows:
Oct. 3. | Issued Invoice No. 622 for services provided to Palace Corp., $2,480. | |
5. | Received cash from Champion Co., on account, for $1,090. | |
8. | Issued Invoice No. 623 for services provided to Sunny Style Inc., $4,270. | |
12. | Received cash from Wayfarer Co., on account, for $1,270. | |
18. | Issued Invoice No. 624 for services provided to Amex Services Inc., $3,000. | |
23. | Received cash from Palace Corp. for Invoice No. 622 of October 3. | |
28. | Issued Invoice No. 625 to Wayfarer Co., on account, for $2,530. | |
30. | Received cash from Rogers Co. for services provided, $90. |
a. Prepare a single-column revenue journal to record these transactions. Enter transactions in chronological order.
REVENUE JOURNAL | PAGE 19 | |||
DATE |
Invoice No. |
Account Debited |
Post. Ref. |
Accounts Rec. Dr. Fees Earned Cr. |
20Y5 | ||||
✔ | ||||
✔ | ||||
✔ | ||||
✔ | ||||
Total |
Prepare a cash receipts journal to record these transactions.
If an amount box does not require an entry, leave it blank.
CASH RECEIPTS JOURNAL | PAGE 25 | ||||
DATE | Account Credited | Post. Ref. | Fees Earned Cr. | Accounts Rec. Cr. | Cash Dr. |
20Y5 | |||||
✔ | |||||
✔ | |||||
✔ | |||||
Oct. 31 | Total |
b. Prepare a listing of the accounts receivable customer balances and verify that the total of the accounts receivable customer balances equals the balance of the accounts receivable controlling account on October 31, 20Y5.
Lasting Summer Inc. | |
Accounts Receivable Customer Balances | |
October 31, 20Y5 | |
Amex Services Inc. | $ |
Sunny Style Inc. | |
Wayfarer Co. | |
Total accounts receivable | $ |
c. Lasting Summer Inc. uses a subsidiary ledger for accounts receivable for all of the following reasons EXCEPT:
In: Accounting
Under the leadership of President Bill Clinton, in 2000 the U.S. government normalized trade relations with China. This paved the way for China’s becoming a member of the World Trade Organization in 2001. Clinton maintained that this was good for America since China would become a major customer for American-made products and political relations would improve for the governments of China and the United states. However, American labor unions worried about additional competition coming from poorly paid Chinese workers. Do you feel that China’s entry into the WTO was a mistake? Form an argument that supports your view on this matter.
In: Economics
Windows administration answer this question for computer network
Active Directory is dependent on DNS as a domain controller location mechanism and uses DNS domain naming conventions in the architecture of Active Directory domains. There are three components in the dependency of Active Directory on DNS:
Internal DNS |
|
External DNS |
1) What is the advantage of the global catalogs?
2) Recommendation of quantity to be implemented?
3) Recommendation of location to be implemented?
In: Computer Science
Smooth Sailing is a private company that operates one cruise ship. Smooth Sailing’spurchase of the cruise ship was financed with nonrecourse debt. (Nonrecourse debt is a loan that is secured by a pledge of collateral, in this case the cruise ship, but for which the borrower is not personally liable. If the borrower defaults, the lender can seize the collateral, but the lender’s recovery is limited to the collateral.) The cruise ship has its own identifiable cash flows that are largely independent of the cash flows of other asset groups.
Because of an increased presence of pirates in the area in which Smooth Sailing cruises, the cruise ship’s operating performance has significantly declined, which has directly contributed to a decline in the ship’s overall fair value. In the current year (2010), Smooth Sailing’s annual operating cash flows have declined by 30 percent to $1.0 million, and its annual operating cash flows are expected to continue to decline in the near term. Because of this decline in the cruise ship’s fair value and operating performance, Smooth Sailings’ management is evaluating the following possible options for proceeding into 2011 and beyond:
Estimated Future Cash Inflows — Undiscounted |
||||||||
Option |
Probability of Occurring |
2011 |
2012 |
2013 |
2014 |
2015 |
Total |
|
A |
Continue operating the cruise ship in the current area. |
10% |
$1.0M |
$0.9M |
$0.7M |
$0.7M |
$0.7M |
$4.0M |
B |
Operate the cruise ship in a new area where there are no pirates. |
20% |
$0.8M |
$1.0M |
$1.3M |
$1.5M |
$1.9M |
$6.5M |
C |
For 2011, operate the cruise ship in the current area despite the increased presence of pirates. On December 31, 2011, turn the cruise ship back to the lender (e.g., foreclosure). |
70% |
$1.0M |
$4.0M |
$0 |
$0 |
$0 |
$5.0M |
These events indicate that the carrying amount of the asset group may not be recoverable and, therefore, Smooth Sailing will test the asset group for recoverability and potential impairment in accordance with ASC 360-10 as of the end of the current fiscal year, December 31, 2010.
As of December 31, 2010, the cruise ship’s estimated fair value is $4.0 million, net book value is $5.4 million, and estimated remaining useful life is five years. In addition, there is $0.2 million of net working capital (carried at fair value) directly attributable to the cruise ship.
HowshouldSmoothSailings’managementperformtherecoverabilitytestfor the cruise ship as of December 31, 2010? In addressing this question, consider:
a) What assets and liabilities should be included in the “asset group” as defined by FASC 360-10 for purposes of performing the recoverability test?
b) Howshouldthemultipleoperatingscenariosimpacttherecoverabilitytest?
2) What impairment loss, if any, should be recorded as of December 31, 2010?
3) Would the outcome of the recoverability and impairment tests change if the probability assessment was revised such that there was a 20 percent, 70 percent, and 10 percent probability of scenarios A, B, and C occurring, respectively? If so, how?
In: Accounting
Ski Quarterly typically sells subscriptions on an annual basis,
and publishes four times a year in January, April, July and October. The magazine sells 90,000
subscriptions in January at CHF20 each.
If Ski Quarterly publishes a quarterly financial statement at March
31, the adjusting journal entry to recognize revenue will include
a. a debit to Cash for CHF600,000.
b. a debit to Subscription Revenue for CHF600,000
c. a debit to Unearned Subscription Revenue for CHF450,000.
d. a credit to Prepaid Subscriptions for CHF450,000.
In: Accounting
1.Suppose the combined weight of Santa and your large gift so big and heavy that it increased the earth’s wobble and tilted the planet on its axis to 24 degrees. Would the winter be longer or shorter? your location: North America ( Detroit)
2. Suppose a golden plover, who are renowned for their migrations, left the North Pole for the South Pole. What longitudinal line should the bird follow for the shortest distance to travel? Why is it shortest? Hint: This would also be the shortest route for a whale.
In: Physics
The world greatest polluters are the US, China, India and Europe but the global South ( countries in the Central and Latin America, the Caribbean, Africa and Asia) are suffering from from adverse effects of climate change like recurrent and high grade hurricanes, drought, rising water levels, and the gradual disappearance of biodiversity. People now write about the "Ecological Debt" that the West owes the Rest of the world.
QUESTION 1) Is it possible for the developed world to remedy the damages it incurred to the rest of the developing world? If no, why not? If yes, how?
In: Operations Management