Chapman Company obtains 100 percent of Abernethy Company’s stock on January 1, 2020. As of that date, Abernethy has the following trial balance:

During 2020, Abernethy reported net income of $80,000 while declaring and paying dividends of $10,000. During 2021, Abernethy reported net income of $110,000 while declaring and paying dividends of $30,000.

Assume that Chapman Company acquired Abernethy’s common stock for $500,000 in cash. Assume that the equipment and long-term liabilities had fair values of $220,000 and $120,000, respectively, on the acquisition date. Chapman uses the initial value method to account for its investment.

Prepare consolidation worksheet entries for December 31, 2020, and December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

write a report recommending one course of action/approach/selection

-Small business strategy.

Discuss the specific challenges of managing a small

enterprise. Identify the features that all successful small

companies share and suggest a course of action for a small

business founder that can increase the likelihood of succes

1. The _____ Clause in the U.S. constitution affirms that national laws and treaties are the supreme law of the land.

1. Necessary and proper
2. Establishment
3. Supremacy
4. Full faith and credit

2. Federalism is best defined as a system of government

1. In which authority is divided into separate branches and each individual branch is given some power over the other branches.
2. In which the national government is funded through direct taxation of local governments.
3. In which power is divided between a national government and lower-level governments.
4. Where member nations meet in a multinational conference

3. The United States, Canada, and Switzerland are all _____ systems of government, while France is a _____ system of government.

1. Oligarchic; federal
2. Federal; unity
3. Totalitarian; federal
4. Unitary; federal

4. Which amendment preserves a strong role for the states in the America federal republic?

1. Ninth
2. Tenth
3. Fifth
4. First

5. The supreme court’s decision in Obergefell v. Hodges (2015) was significant because it

1. Required that all states offer marriage licenses to two people of the same sex.
2. Struck down state laws that made sodomy a crime.
3. Declared the full faith and credit clause unconstitutional.
4. Allowed state governments to limit marriage to one man and one woman.

1. Highlight the pertinent facts; 2. Identify the issue of law posed by the case problem; 3. What should be the decision in the case? 4. The reasoning for such decision.

Plaintiff, a Delaware corporation with its principal place of business in Oak Brook, Illinois owns and operates one of the Nation’s oldest commercial hazardous waste land disposal facilities, located in Emelle, Alabama, 1 of only 16 states that have commercial hazardous waste landfills. The Emelle facility is the largest of the 21 landfills of this kind located in these 16 states. Against this backdrop, Alabama enacted Act No. 90-326 (the Act), which includes a “cap” that generally limits the amount of hazardous wastes or substances that may be disposed of in any 1-year period, and the amount of hazardous waste disposed of during the first year under the Act’s new fees becomes the permanent ceiling in subsequent years. The Act imposes a fee of $97.60 per ton for hazardous wastes generated outside of Alabama and a fee of $25.60 per ton on hazardous wastes generated within Alabama. Plaintiff filed suit claiming that the Alabama law violated the United States Constitution.

Suburban Homes realized that its ambitious plan of expanding its business to several Southern States in the United States is possible if it is known for its high-quality homes that meet local, state, and federal standards as well as exceed industrial standards for quality. Even though Suburban Homes did not place a strong emphasis on quality but focused on meeting industrial standards, the company has realized that it must exceed all the qualitystandardstoexpanditsbusinesssuccessfully.Although AdamSmithworkedforseveralyearsintheconstructionindustry, he is not specifically trained in quality management and he is not well versed with quality management tools and techniques. He is actively seeking help internally and externally. In the previous chapters, you have developed a scope plan (WBS), schedule network, cost estimation along RBS, and risk assessments for the project described. Now, the quality management plan needs to be added to make the project plan comprehensive project. Adam s primary task is to develop a quality management plan. Further, he realized that employee turnover and the expansion of the business in the southern states has led to Suburban Homes developing a centralized quality management team. You are hired as a consultant to develop a comprehensive quality management

develop a quality management plan.

1. Why is it acceptable for financial accounting to be imprecise?

2. What is materiality?

3. How is materiality determined?

4. What is a misstatement?

5. When is a misstatement considered fraud?

6. Give three examples of uncertainties faced by businesses.

7. Define “U.S. GAAP.”

8. Why is GAAP so important to the capital market system in the United States?

9. Who creates U.S. GAAP?

10. Define “asset” and give an example of one.

11. Define “liability” and give an example of one.

12. Define “revenue.”

13. Define “expense.”

An engineer borrowed $3000 from the bank, payable in six equal end-of-year payments at 8%. The bank agreed to reduce the interest on the loan if interest rates declined in the United States before the loan was fully repaid. At the end of 3 years, at the time of the third payment, the bank agreed to reduce the interest rate from 8% to 7% on the remaining debt. What was the amount of the equal annual end-of-year
payments for each of the first 3 years? What was the amount of the equal annual end-of-year payments for each of the last 3 years?

Who do you think is primarily responsible for the Mattel toy recalls and the problems resulting from it - is Mattel primarily at fault? Are the companies Mattel outsourced work to primarily at fault? Or is the primary blame that of the United States government including the product safety groups, the Chinese government the retail stores or is the consumers to blame (since we demand products to be made quickly and not be expensive)? Or do you think someone else is primarily to blame? Explain your answer by giving details and/or specifics to support your opinion of who is primarily to blame - who is primarily at fault.

Information from the American Institute of Insurance indicates that the mean amount of life insurance per household in the United States is $115,000 and standard deviation is $41,250.

a) If a random sample of 32 households are selected, what is the shape of the sampling distribution of the sample means?

b) Specify the mean and standard deviation of the sampling distribution of the sample means, for samples of size 32.

c) What is the probability that in a random sample of 32 households the mean cost of life insurance is at least $111,000?

d) What is the probability that in a random sample of 32 households the mean cost of life insurance is at most $108,000?

Information from the American Institute of Insurance indicates that the mean amount of life insurance per household in the United States is $115,000 and standard deviation is $41,250.

a) If a random sample of 32 households are selected, what is the shape of the sampling distribution of the sample means?

b) Specify the mean and standard deviation of the sampling distribution of the sample means, for samples of size 32.

c) What is the probability that in a random sample of 32 households the mean cost of life insurance is at least $111,000?

d) What is the probability that in a random sample of 32 households the mean cost of life insurance is at most $108,000?