Belden, Inc. acquires 30 percent of the outstanding voting shares of Sheffield, Inc. on January 1, 2017, for $316,000, which gives Belden the ability to significantly influence Sheffield. Sheffield has a net book value of $828,000 at January 1, 2017. Sheffield's asset and liability accounts showed carrying amounts considered equal to fair values except for a copyright whose value accounted for Belden's excess cost over book value in its 30 percent purchase. The copyright had a remaining life of 16 years at January 1, 2017. No goodwill resulted from Belden's share purchase.

Sheffield reported net income of $162,000 in 2017 and $224,000 of net income during 2018. Dividends of $86,000 and $94,000 are declared and paid in 2017 and 2018, respectively. Belden uses the equity method.

1. On its 2018 comparative income statements, how much income would Belden report for 2017 and 2018 in connection with the company's investment in Sheffield?

2. If Belden sells its entire investment in Sheffield on January 1, 2019, for $422,000 cash, what is the impact on Belden's income?

3. Assume that Belden sells inventory to Sheffield during 2017 and 2018 as follows. What amount of equity income should Belden recognize for the year 2018?

   Year	Cost to Belden	Price to Sheffield	Year-End Balance (at Transfer Price)
   2017	$31,860	$54,000	$18,000 (sold in following year)
   2018	31,860	59,000	40,000 (sold in following year)

A. Equity income 2017 _________

Equity income 2018 ____________

B. Gain or Loss on sale of investment ___________

C. Equity income

She Shed. Corp has these business events occurred during the past two years, affecting intangible assets.

1. Purchased a concession license for $20,000 on July 1, 2017. The license gives She Shed exclusive rights to sell its sheds in the tri-state region and will expire on July 1, 2025.

2. Purchased a patent on January 2, 2018, for $40,000 with an estimated five-year useful life.

3. Costs incurred to develop an exclusive Internet connection process as of June 1, 2018, were $45,000. The process has an indefinite life.

4. On April 1, 2018, She Shed purchased a small circuit board manufacturer for $350,000. Goodwill recorded in the transaction was $90,000.

5. On July 1, 2018, legal fees for successful defense of the patent purchased on January 2, 2018, were $11,400.This did not extend the original life of the patent.

6. Research and development costs for employee wages were $75,000 as of December 1, 2018.

7. Due to pending lawsuits, the patent’s useful life declines to three years.

8. At December 31, 2018, an impairment test on the license purchased in 2017 reveals (a) the estimated net cash flows from the license will be $13,000, and (b) the fair value of the license is $7,000.

9. The small circuit board manufacturer is expecting free cash flows in excess of $500,000 over the next three years

(a) Prepare the journal entries to record all these events.

(b) Show the proper presentation of intangible assets on the balance sheet at December 31, 2017 and December 31, 2018.

HVAC Corporation with Sub Contractor 1099 MISC non-employee compensation, does the business owner have to verify the Sub Contractor has General Liability Insurance and Worker's Compensation, or can the non-employee be handled some other way?

1. Explain the management of financial risk faced by companies!
2. Explain the management of non-financial risk faced by companies!
3. Provide examples of financial and non-financial risks faced at your workplace and how does it manage the risks?

Give a case where you have seen a non-profit firm in action. What reason do you think the firm has for being non-profit? Keep your answer grounded in economic principles of profit maximization and Hansemann.

5. All of the following are reasons for purifying protoplasts before culture except

• All of the above are valid reasons
• Remove non-totipotent cells
• Remove cellular debris
• Remove non-protoplasted cells
• Remove all traces of protoplasting enzymes

What are the benefits and disadvantages of each of the following? Consider both the system level and programmer level.

1. Blocking send and non-blocking send in IPC
2. Blocking receive and non-blocking receive in IPC
3. zero-capacity and bounded capacity in IPC buffers

Assignment Description: In this assignment, a script file should be created to contain a set a SQL statements for the Pretty Prints Company to better manage their business. Use the database created for Pretty Prints in Assignment 2. Include the SQL statements to satisfy the following queries.

The following queries should be included in the script:

1. Create a view named Under_100. It consists of the item_id, title, artist, unit_price and order_qty for every print with a unit_price under 100 dollars.
2. Create a view named Allen. It consists of the customer_id, customer_name, customer_phone, title, and artist of each print ordered.
3. Create a view named orders. It consists of the item_id, title, artist, unit_price and order_qty for every print ordered in the range of 2014-01-01 and 2014-02-28.
4. Create a view named zip_27. It consists of the customer_name, customer_phone, title, artist and date_shipped of each print ordered by a customer whose zip code begins with 27.
5. Create the following indexes. Use the indicated index name.
   1. Create an index named customer_id on the customer_id field in the customers table.
   2. Create an index named name on the customer_name field in the customers table.
   3. Create an index named shipped on the customer_id and ship_date in the orders table.
6. Drop the name index.
7. Specify the integrity constraint that the unit_price of any print must be more than $35.
8. Create the following foreign keys within the prints database.

    a. customer_id is a foreign key in the orders table.

b. Item_id is a foreign key in the orderline table.

9. Add to the items table a new character field named type that is one character in length.

10. Change the type field in the items table to M for the print titled Skies Above.
11. Change the length of the artist field in the items table to 30.
12. What command would you use to delete the orders table from the prints database? (Do not delete the orders table.)

HERE IS DATABASE CREATED IN ASSIGNMENT 2:

USE PrettyPrints;

SELECT customer_name, customer_add, customer_city, customer_state, customer_zip FROM customers;
SELECT customer_name, customer_phone FROM customers WHERE customer_state = 'GA';
SELECT customer_name, customer_zip FROM customers WHERE customer_state = 'NC' OR customer_state = 'SC';
SELECT title, artist, order_date, ship_date FROM items,orders,orderline WHERE orders.order_id = orderline.order_id AND items.item_id = orderline.item_id;
SELECT * FROM items ORDER BY unit_price ASC;
SELECT * FROM items WHERE unit_price > 100.00;
SELECT * FROM items WHERE on_hand > 300;
SELECT title, unit_price, unit_price * 2 AS retail_price FROM items;
SELECT title, order_qty FROM items,orderline WHERE items.item_id = orderline.item_id;
SELECT title FROM items WHERE unit_price BETWEEN 40 AND 100;
Select customer_name, title, artist, sum (order_qty) from customers left outer join orders on customers.customer_id = orders.customer_id join orderline on orders.order_id = orderline.order_id join items on orderline.item_id = items.item_id group by items.artist order by items.artist;

SELECT c.customer_name, c.customer_phone FROM customers c LEFT OUTER JOIN orders o ON c.customer_id = o.order_id WHERE YEAR(o.ORDER_DATE) = '2014';

SELECT customer_name, sum(unit_price * 2) AS total_revenue FROM customers join orders on customers.customer_id = orders.customer_id join orderline on orders.order_id = orderline.order_id join items on orderline.item_id = items.item_id group by customer_name;
SELECT customer_state, COUNT(DISTINCT customer_name) AS number_of_customers FROM customers GROUP BY customer_state;

Mayday is a trading company with financial year ending every 31 December. The company is preparing their financial statements for the year ending 31 December 2018 and the following is Mayday’s Trial Balance as at that date.

Mayday Trial Balance as at 31 December 2018 ('000)

Property, plant and equipment 65,520 (DEBIT)

Accumulated depreciation 7,520 (CREDIT)

Intangible asset 3,780 (DEBIT)

Inventories – 1 January 2018 81,970 (DEBIT)

Other Short-term Investments 2,760 (DEBIT)

Trade Receivables 66,320 (DEBIT)

Cash and cash equivalents 34,650 (DEBIT)

Share capital 40,050 (CREDIT)

Retained earnings – 1 January 2018 82,332 (CREDIT)

Long-term loans 33,090 (CREDIT)

Short-term borrowings 46,090 (CREDIT)

Trade payables 51,310 (CREDIT)

Revenue 331,080 (CREDIT)

Allowance for doubtful debt 50 (CREDIT)

Purchase 229,472 (DEBIT)

Administrative expenses 34,360 (DEBIT)

Distribution expenses 64,350 (DEBIT)

Finance cost 3,630 (DEBIT)

Taxation expense 1,540 (DEBIT)

Rental income 3,170 (DEBIT)

TOTAL DEBIT: 591,522

TOTAL CREDIT: 591,522

Additional information:

a. Depreciation for the financial year ending 31 December 2018 for property, plant and equipment have been charged and included in the accumulated depreciation account in the trial balance.

b. The company received a grant worth RM6,000 on 15 December 2018. It was an incentive by the government for retraining a group of its employees. The three-month training started in December 2018 has a cost of RM10,000 a month. None of the transactions related to the above has been recorded.

c. Included in the long-term loans is a loan worth RM4,000,000 at 5% annual interest, granted by a local bank on 1 August 2018, for five-year period. Installment for the month of December 2018 has not been paid yet and the related interest for the installment was RM15,200. None of the transactions related to the above has been recorded.

d. The intangible asset was capitalized from the cost of research and development made by the company between 2016 and 2017, recognized in December 2017. The asset that resulted from the research and development process will last for 60 years and it is the company’s policy to amortize the intangible assets over 10 years. No record has been made in relation to the amortization for the financial year 2018.

e. The company is in the middle of a court case with Kinoyu Berhad. The company refused to accept a batch of goods delivered to it in January 2018 due to its misspecification. Consequently, Kinoyu Berhad is suing the company in August 2018 and asking for a compensation of RM3,000,000 for breaking their trade contract. At the end of December 2018, the lawyers that represent Mayday gives a 50-50 percent chance to win.

f. Stocktake as at 31 December 2018 revealed inventory cost amount of RM80,600,000. However, one batch of the inventory was damaged and need to be repackaged. The cost of repackaging was RM5,000 to enable it to be sold at RM110,000. The cost for the batch was RM100,000.

Question:

Prepare Statement of Profit or Loss and Other Comprehensive Income for financial year ended 31 December 2018 for Mayday.