Tara’s Treasures Inc. is a publicly traded company that develops, manufactures, and distributes professional quality exercise equipment. The firm was established in 1965 in Burlington, Vermont and went public in 1975. Sales were initially from only the Northeast region of the United States, but since going public the company has grown significantly and now supplies exercise equipment in all fifty states. In 2015 the company reported a market capitalization of $950 million. Recently, the company has decided to enter the INTERNATIONAL Market in order to enhance their growth potential. Tara’s Treasures, Inc.’s CFO, has been with Tara’s Treasures, Inc. for 20 years and has held the position of CFO for the past 5 years. Your Role: Assume that you are the Financial Accounting Controller for Tara’s Treasures, Inc. You report directly to the CFO. Recently, the CFO came to you with an article that he found on CFO.com that deals with adoption of International Financial Reporting Standards (IFRS). The CFO wants to know more about the implications of IFRS adoption. Specifically, he has asked you do some research and find answers to the following questions: 1. What are the primary benefits of IFRS adoption for US firms in general? Describe at least three benefits. 2. What are the primary costs of IFRS adoption for US firms in general? Describe at least three costs. 3. The CFO does not understand how IFRS differs from current US GAAP. Briefly describe the differences between GAAP and IFRS and in support of your analysis include two areas of Tara’s Treasures financial statements that could be reported differently under IFRS. 4. Based on your research, do you think that Tara’s Treasures should be in favor of or opposed to IFRS adoption and is there any plans they should be making to prepare for the consequences.
In: Accounting
Company had the following account balances, in random order, on December 31, 2020.
| Equipment | 50000 | Land | 150000 | |
| Drawings | 2000 | Accumulated depreciation - building | 300000 | |
| Salaries expense | 20000 | Cash | 24500 | |
| Service revenue | 140200 | Capital | 464200 | |
| Rent expense | 3000 | Prepaid expense | 5000 | |
| Unearned service revenue | 2500 | Accounts receivable | 26000 | |
| Insurance expense | 1500 | Depreciation expense - equipment | 2000 | |
| Interest revenue | 5000 | Utilities expense | 4000 | |
| Notes payable | 55000 | Salaries payable | 4500 | |
| Accounts payable | 4600 | Accumulated depreciation - equipment | 20000 | |
| Building | 700000 | Depreciation expense - building | 8000 |
Additional Information:
Required:
1. Prepare income statement
2. Prepare statement of owner’s equity
3. Prepare balance sheet
In: Accounting
Ben Apple is employed at Bakers Biscuits CC which has a financial year end of 30th June every year. The following information relates to Ben’s 2022 year of assessment: Taxable income from employment N$355 000 Income from sales of the woodwork – April 2016 N$50 000 Retirement annuity fund contributions, N$55 0000 Bakers Biscuits CC had a taxable income of N$560 000 in 2020 and N$590 000 in 2021. The entity foresees that taxable income will grow by 20% during the 2022 year of assessment. The entity acquired new manufacturing equipment worth N$900 000 in December 2021. This acquisition was not accounted for in the taxable income prediction. No other significant transactions took place during the year of assessment. Required: Carefully consider the options below and choose the correct option.
1. The amount to be deducted as PAYE from Ben Apple’s salary for the 2022 year of assessment is:
a. N$63 200 once per annum
b. N$53 200 once per annum
c. N$49 170 once per annum
d. None of the above
2. The 1st provisional tax payment if he wants to pay the minimum amount and avoid any penalties and interest, will be:
a. Payable on 31 August 2021 and will be N$29 200
b. Payable on 30 September 2021 and will be N$36 500
c. Payable on 31 August 2021 and will be zero
d. None of the above
3. The 3rd final top-up payment, if he paid N$1 000 as a 1st and N$2 000 as a 2nd provisional tax payment, will be:
a. N$6 800
b. N$14 000
c. N$11 000
d. None of the above
4. Mr. Ben’s tax return with the final top-up payment is due on:
a. 31 August 2022
b. 30 September 2022
c. 28 February 2022
d. None of the above
5. The taxable income for Bakers Biscuits CC for the 2022 year of assessment will be:
a. N$408 000
b. N$708 000
c. N$558 000
d. None of the above
6. The payment dates for provisional tax for Bakers Biscuits CC for the 2022 year of assessment will be:
a. 31 December 2020, 30 June 2021, and 31 January 2022
b. 30 August 2020, 28 February 2021, and 30 September 2022
c. 31 December 2020, 30 June 2021, and 30 January 2022
d. None of the above
In: Finance
In: Accounting
Scenario 1
A) Manager A says she will only hire people with the experience and competencies she is looking for because she doesn’t have the time to carry out a lot of on-the-job training. Manager B says she would rather hire a person with the ‘right approach’, or attitude, and then train them herself so the job will be done the ways she wants it. Who do you agree with? Why? Which approach will be more effective in the long run?
B) Identify three characteristics that you would be looking for
in each of the following selection processes:
Applicant Resume
Telephone interview
Face-to-face interview
In: Operations Management
SCENARIO 4
You are interested to find the learners’ perspective “whether online learning is better than contact learning”. You decide to undertake a qualitative research to find an answer.
QUESTION 4 [25 marks]
Develop 10 structured interview questions to collect the learners’ perspective. Conduct at least 5 interviews( you may do to telephonic interviews). Transcript of the interview conducted should be included as part of the answer. Analyse the data collected using content analysis. You are expected to include all the steps in the analysis process. Conclude the research with a statement based on analysis of the data.
In: Operations Management
Which probability rule would be used to determine the probability of getting into both your first choice graduate program AND getting an interview at your first choice post-graduation?
Solve for the probability of BOTH events occuring if the probability of getting into your first choice graduate program is estimated to be 25% and getting an interview at your first choice job post-graduation is estimated to be 50%.
If the robt = 0.20 and the df = 70 and the test was two-tailed, what is the rcv ?
Given the values provided in #17, should you reject or fail to reject the null hypothesis?
Significance level is 0.05
In: Math
In 2015, a delivery company purchased a fleet of local delivery trucks for $175,000. These are 5 year assets. This company pays federal tax at a rate of 23% per year. (a) Develop a MACRS depreciation table for this asset, and compute the post-tax income of this company using their gross sales income given below. (b) Is this a good investment if MARR = 25% per year? (c) The company sold the trucks in September 2020 for $18,000. What are the tax implications? Year Gross Annual Income di Di Taxable Income Tax paid Post-Tax income 2015 $250,000 2016 $350,000 2017 $30,000 2018 $150,000 2019 $165,000 2020 $65,000
In: Economics
As a sociologist, you are interested in investigating the stress levels of people who live in urban versus rural areas. You randomly select 80 urban residents and 70 rural residents to interview. Respondents from urban areas experience an average of 13.2 stressful experiences per week with a standard deviation of 3.2 times. Respondents from rural areas experience an average of 11.5 stressful experiences per week with a standard deviation of 2.1 times. We set the alpha level at 0.01. Please perform the appropriate hypothesis test using five steps.
In: Statistics and Probability
A 500 word essay on McLuhan
-Determine if McLuhan used the critical perspective in his thinking
in the medium is the message.
Specifically, does McLuhan:
1. Question commonly held assumptions?
2. Expand the bounds of debate?
3. Aim for the betterment of society?
Is McLuhan using the critical perspective? If so, explain how his thinking utilizes the above characteristics. If not, explain how his approach differs from the above.
To successfully complete this assignment, carefully re-read the McLuhan Playboy interview, the chapter from Understanding Media, and review the lectures on McLuhan and the critical perspective.
In: Psychology