Durhan Company closes its books on October 31. On September 30, the Notes Receivable account balance is $22,800. Notes Receivable include the following.

Interest is computed using a 360-day year. During October, the following transactions were completed.

Instructions

(a) Journalize the October transactions and the October 31 adjusting entry for accrued interest receivable. (Interest is computed using 360 days; omit cost of goods sold entries.)

(b) Enter the balances at October 1 in the receivable accounts and post the entries to all of the receivable accounts. (Use T accounts.)

(c) Show the balance sheet presentation of the receivable accounts at October 31, 2018.

Write a java program to let the user enter the path to any directory on their computers. Then list all the files in that directory.

Tesco Exits South Korea

Tesco was founded in 1919 by Jack Cohen (Cohen), who invested his serviceman’s gratuity of £30 in a grocery stall. The first private label product introduced by Cohen was Tesco Tea. The name Tesco was a combination of the initials of the tea supplier TE Stockwell, and the first two letters of Cohen’s name. Tesco opened its first store in 1929 in Edgware, London. In 1947, Tesco Stores (Holdings) Limited was floated on the Stock Exchange with a share price of 25 pence and the first supermarket was opened in 1956 in Maldon, Essex, England. The first superstore was opened in 1968 in Crawley, West Sussex. In the 1960s, Tesco went on an expansion spree and acquired several store chains. The Retail Price Maintenance (RPM) Act in Britain prohibited large retailers from pricing goods below a price agreed upon by the suppliers. To overcome this obstacle to price reduction, Tesco introduced trading stamps. These were given to customers when they purchased products and could be traded for cash or other gifts. RPM was abolished in 1964, and from then on, Tesco was able to offer competitively priced products to its customers in a more direct manner. The first Tesco superstore, with an area of 90,000 square feet, was opened in 1967.

TESCO’S GLOBAL EXPANSION
Tesco’s global expansion began in 1979, when it entered Ireland by acquiring a 51% equity stake in ‘3 Guys stores’. In 1986, Tesco divested itself of the stores after it found that it could not sustain its operations in the country as customers were rejecting the British products that it sold. During the late 1980s and the early 1990s, Tesco examined the options available in the US and European countries after the British government introduced new regulations on ‘out-of-town’ stores. In December 1992, Tesco entered France by acquiring an 85% equity holding in Catteau supermarkets, which operated under the Cedico brand with 72 superstores, 7 hypermarkets, and 24 small stores. However, Tesco failed to sustain itself in the market due to competition from French retailers like Carrefour and Promodès. In 1995, a law was passed in France which prohibited the opening of new large retail stores. Moreover, the company failed to adapt its products to suit local tastes and lost market share. In 1996, in spite of investing an additional £ 300 million in France, sales in the country grew by a mere 1%. In the year 1997, Tesco sold its operations in France to Prom odes.

TESCO IN SOUTH KOREA
In the early 1990s, there was a growing demand from consumers in South Korea for a modern shopping experience owing to rapid economic growth and increasing disposable incomes. The government had adopted protectionist policies and the retail sector was not open for foreign direct investment (FDI). Tesco

entered South Korea in 1999 through a joint venture with Homeplus, a unit of the country’s biggest business group Samsung Corporation (Samsung). In the next few years, Tesco became the most successful international retailer in the country. Its success was attributed to its ability to localize its products and stores to appeal to the South Korean consumers; its operating through local management; and its strong presence through different store formats. South Korea went on to become Tesco’s most successful international business in terms of revenue. As of 2014, it operated d 140 hypermarkets, 609 supermarkets, and 326 convenience stores.

TESCO’S STRATEGIES IN SOUTH KOREA
Immediately after entering into the joint venture, Tesco went about upgrading the store layouts. The stores were modified to resemble department stores, which were spacious and clean. Tesco’s stores in Korea did not resemble its stores in the UK or in other European locations like Hungary, Poland, the Czech Republic, and Ireland.

CHANGES IN THE OPERATING ENVIRONMENT
In October 2012, when Tesco posted its first fall in profits in 20 years, the company also announced that its profits in South Korea would take a £ 100 million hit due to the "retail market development bill” that had been passed by the government in November 2010. However, changes in the operating environment in South Korea due to new laws that were enforced beginning 2010 to protect small retailers and merchants started to impact Tesco and other large retailers. These laws placed restrictions on the locations where supermarkets could be opened. The Distribution Industry Development Act passed in 2012 imposed restrictions on the time for which the stores could remain open and also specified that on two weekends every month the large retail stores should be closed. As most Koreans shopped during the weekends, these restrictions started to impact Tesco, which made losses in 2015. Under the impact of the global recession, the private spending in South Korea fell. Another factor that impacted Tesco in South Korea was its UK business, which was not doing well.

TESCO’S EXIT FROM SOUTH KOREA
After several months of speculation, Tesco sold its South Korean stores to Asian private equity firm MBK Partners for £4.2 billion on September 07, 2015. On September 07, 2015, Tesco PLC (Tesco), a British multinational grocery and general merchandise retailer, announced that it had sold its South Korean business, operated under the name Homeplus, for £4.2 billion to a consortium of companies led by MBK Partners, a South Korean buyout firm. The consortium included Canada Pension Plan Investment Board, Public Sector Pension Investment Board, and Temasek Holdings (Private) Limited.

Case study question
The extract above mentions changes in operating environment in which Tesco functions.

Discuss in this context, the nuances of a Task environment.

Which of the following would be recorded in the U.S. goods export account?

a.

A machine shop in Ohio purchases a grinder made in New Jersey.

b.

Martha receives a $50 dividend check on stock she owns in a business in Germany.

c.

Harry, an American citizen, spends 1,000 francs on vacation in the south of France.

d.

France purchases a new jet fighter aircraft from the Boeing Company in the United States.

1. What was the process whereby the economic policy of Mercantilism worked between England and her American colonies?

a. Raw goods were produced in the colonies and shipped to England. Then England turned the raw goods into manufactured products and sold them back to the colonies for a tidy profit.

b. England produced raw goods with Native American slave-labor, shipped the raw goods to America and the colonists turned the raw goods into manufactured products.

c. Raw goods were produced in America, England and Africa. The people of all three continents then sold their raw goods to New France, where the factory culture of the Louisiana Territory produced cheap manufactured products for consumption.

d. Raw goods were produced in Africa, shipped to the American colonies in exchange for rum, and then England sold manufactured goods to the colonies in exchange for the African rum.

2. What was the result of the French & Indian war on the American Colonies?

a. The colonists rapidly expanded into abandoned French territory west of the Appalachian Mountians and generally lived in happiness.

b. The colonists considered Britain's new policy of direct rule (which limited the power of elected colonial legislatures) and new taxes (without a vote in Parliament) to be an attack on their natural rights.

c. Nothing changed at all for the colonists; things simply went back to normal after the soldiers left.

d. After being paid back by Britain for colonial involvement in the war, the colonists began to build a new infrastructure, including dams, railroads and steam-ships. This new infrastructure would quickly lead to American dominance in manufacturing, which would also lead to a desire for Independence from Great Britain.

3. How could one argue that the Crusades led to the eventual settlement of America by Europeans?

a. The Crusaders, in attempting to gain the "upper hand" over their eastern foe, discovered the Carribean Islands by pure coincidence during a strategic raid on the Muslim stronghold of Veracruz.

b. The Crusades were a series of wars that eventually ended with the Revolutionary War. Therefore the Crusades were directly involved.

c. The Crusades led to a holy war between Puritans and all other faiths. This war became so wide-spread, that eventually, one Puritan crusader ended up trying to carry it over to India by sailing West. The accidental discovery of America by this Puritan expedition led to the colony of Plymouth.

d. The Crusades resulted in lucrative land-based trade between China, India and Europe. When this trade was disrupted by plague and warfare, it was only natural for explorers to try and re-connect this trade by sea. The Americas were found by these European ocean-going explorers and were eventually settled.

4. Some ways in which the colonists rebelled against England between 1765-1775, leading to the War of Independence, included:

a. Instigating violence in Massachusetts by assaulting English soldiers or destroying the property of the East India Company.

b. Calling tax collectors "witches" and burning them at the stake.

c. Wealthy planters such as John Dickenson, calling the Stamp Taxes to be like death or slavery.

d. Colonial legistlatures called for the boycotting of English goods (thereby hurting the system of mercantilist trade).

Purchases and Cash Payments Journals; Accounts Payable subsidiary and General Ledgers

West Texas Exploration Co. was established on October 15 to provide oil-drilling services. West Texas uses field equipment (rigs and pipe) and field supplies (drill bits and lubricants) in its operations. Transactions related to purchases and cash payments during the remainder of October are as follows:

Required:

1. Journalize the transactions (in chronological order as presented in the data) for October. Use a purchases journal and a cash payments journal, and a two-column general journal. Use debit columns for Field Supplies, Office Supplies, and Other Accounts in the purchases journal. Refer to the following partial chart of accounts:

At the points indicated in the narrative of transactions, post to the following subsidiary accounts in the accounts payable ledger:

2. Post the individual entries in chronological order (Other Accounts columns of the purchases journal and the cash payments journal; both columns of the general journal) to the appropriate general ledger accounts.

3. Total each of the columns of the purchases journal and the cash payments journal, and post the appropriate totals to the general ledge in chronological order. However, if there is more than one entry on the same date, post from the purchases journal before posting from the cash payments journal.r.

If no other account is needed in the "Other Accounts Dr." column select "No Entry Required". For those boxes in which no entry is required, leave the box blank.

(Because the problem does not include transactions related to cash receipts, the cash account in the ledger will have a credit balance.)

4. Sum the balances of the accounts payable creditor balances.

5. All are reasons why West Texas might consider using a subsidiary ledger for the field equipment EXCEPT:

Purchases and Cash Payments Journals; Accounts Payable subsidiary and General Ledgers

West Texas Exploration Co. was established on October 15 to provide oil-drilling services. West Texas uses field equipment (rigs and pipe) and field supplies (drill bits and lubricants) in its operations. Transactions related to purchases and cash payments during the remainder of October are as follows:

Required:

1. Journalize the transactions (in chronological order as presented in the data) for October. Use a purchases journal and a cash payments journal, and a two-column general journal. Use debit columns for Field Supplies, Office Supplies, and Other Accounts in the purchases journal. Refer to the following partial chart of accounts:

At the points indicated in the narrative of transactions, post to the following subsidiary accounts in the accounts payable ledger:

2. Post the individual entries in chronological order (Other Accounts columns of the purchases journal and the cash payments journal; both columns of the general journal) to the appropriate general ledger accounts.

3. Total each of the columns of the purchases journal and the cash payments journal, and post the appropriate totals to the general ledge in chronological order. However, if there is more than one entry on the same date, post from the purchases journal before posting from the cash payments journal.r.

If no other account is needed in the "Other Accounts Dr." column select "No Entry Required". For those boxes in which no entry is required, leave the box blank.

(Because the problem does not include transactions related to cash receipts, the cash account in the ledger will have a credit balance.)

4. Sum the balances of the accounts payable creditor balances.

5. All are reasons why West Texas might consider using a subsidiary ledger for the field equipment EXCEPT:

Under the terms of a currency swap, a company has agreed to receive a fixed interest rate of
10% per annum on an American dollar loan with a notional principal of $5 million. In exchange,
the company will pay a fixed interest rate of 8% per annum on a Dutch Euro Loan with a notional
principal of €2.5 million. Net interest payments are exchanged every six months. The swap has a
remaining life of thirteen months. The current interest rates are 7% per annum in America and 6%
per annum in Holland. Assume both rates are with continuous compounding for all maturities
(Assuming a flat terms structure). The current exchange rate is €1 = $2. Calculate the current value
of the currency swap for the company in American dollars.

You work for an MNE that makes and markets cellular telephones. Senior managers want to begin selling the phones in Latin America. To pursue a transnational strategy, management wants to minimize adaptation of the phones. They have asked you for a briefing.

Your Task: Focusing on three Latin American countries, prepare a brief report that identifies the common features of Latin American markets that management should consider when developing the cell phones the firm will sell there. For example, what language should be used in the cell phones? What pricing should management use? You may wish to consult the country commercial guides, Country Insights, and market research reports available through globalEDGE™. In addition, the U.S. Department of Commerce (www.export.gov) is a useful resource.

Marin Company’s general ledger indicates a cash balance of $22,840 as of September 30, 2021. Early in October Marin received a bank statement indicating that during September Marin had an NSF check of $2,000 returned to a customer and incurred service charges of $70. Marin also learned it had incorrectly recorded a check received from a customer on September 15 as $900 when in fact the check was for $990.

Calculate Marin’s correct September 30, 2021, cash balance.Marin Company’s general ledger indicates a cash balance of $22,840 as of September 30, 2021. Early in October Marin received a bank statement indicating that during September Marin had an NSF check of $2,000 returned to a customer and incurred service charges of $70. Marin also learned it had incorrectly recorded a check received from a customer on September 15 as $900 when in fact the check was for $990.

Calculate Marin’s correct September 30, 2021, cash balance.