Shroff Company has a defined benefit pension plan. The following data relate to the operation of the plan for 2019.

A. Prepare a pension worksheet and the journal entry to record the pension expense for 2019.

Plan assets (fair value), 1/1 $29,000

Projected benefit obligation, 1/1 35,000

Prior service cost, 1/1 2,600

unrecognized net gain/loss (debit), 1/1 4,800

Service cost 2,500

Actual gain on plan assets 1,500

Amortization of prior service cost 300

Annual contributions 3,400

Benefits paid 2,700

Settlement rate 5%

Expected rate of return 6%

Average service life of employees 10 yrs

B. Suppose plan assets of Shroff Company make about $5,000 more than expected in both 2020 and 2021. How would this affect Shroff’s net income in 2020 and 2021 and why? From this example, what do you think is the main role of the AOCI in the current US pension accounting?

Topic accounting

(If you dont know the answer please quit)

Question 1

a) Differentiate between the 'definition of assets' and the criteria for recognition of assets' provided in the conceptual framework.

b) If an asset is expensed in one financial year because future economic benefits were not deemed to be 'probable', can the same asset be reinstated in future periods if the benefits are subsequently assessed as probable? In this respect, does the ability to reinstate assets apply to all assets? Briefly explain.

c) AASB 101 stipulates a number of disclosures that many reporting entities are required to make. What specific disclosures are required by AASB 101 in relation to assets?

d) Is depreciation an allocation process or a valuation process? Provide reasons for your answer

e) In an article that appeared in The Australian Financial Review on 26 August 2011 ('Apple could easily flounder without its founder' by Mark Ritson), it was reported: The news that Steve Jobs has resigned from Apple and will be replaced as CEO by Tim Cook made global headlines yesterday What has followed since has been a frenzied discussion of what the loss of Jobs will mean for new product development timelines, share price issues and corporate culture. Apple's share price fell 5 per cent on the news of the resignation as questions were raised about Apple's prospects without its creative guru at the helm. But the real question for Apple as it enters its post-Jobs period is how well the brand will survive without the founder. Required The fact that the share prices fell following the departure of Steve Jobs is consistent with the view that Jobs was an 'asset' to the company. How do you think this 'asset' would have been disclosed in the financial statements of Apple?

f) What is a contingent asset? When should a contingent asset be disclosed within the notes to the financial statements? If something is initially disclosed as a contingent asset, when can it subsequently be recognised as an asset within the financial statements? Briefly explain.

Question 1 a) Differentiate between the 'definition of assets' and the criteria for recognition of assets' provided in the conceptual framework. b) If an asset is expensed in one financial year because future economic benefits were not deemed to be 'probable', can the same asset be reinstated in future periods if the benefits are subsequently assessed as probable? In this respect, does the ability to reinstate assets apply to all assets? Briefly explain. c) AASB 101 stipulates a number of disclosures that many reporting entities are required to make. What specific disclosures are required by AASB 101 in relation to assets? d) Is depreciation an allocation process or a valuation process? Provide reasons for your answer e) In an article that appeared in The Australian Financial Review on 26 August 2011 ('Apple could easily flounder without its founder' by Mark Ritson), it was reported: The news that Steve Jobs has resigned from Apple and will be replaced as CEO by Tim Cook made global headlines yesterday What has followed since has been a frenzied discussion of what the loss of Jobs will mean for new product development timelines, share price issues and corporate culture. Apple's share price fell 5 percent on the news of the resignation as questions were raised about Apple's prospects without its creative guru at the helm. But the real question for Apple as it enters its post-Jobs period is how well the brand will survive without the founder. Required The fact that the share prices fell following the departure of Steve Jobs is consistent with the view that Jobs was an 'asset' to the company. How do you think this 'asset' would have been disclosed in the financial statements of Apple? f) What is a contingent asset? When should a contingent asset be disclosed within the notes to the financial statements? If something is initially disclosed as a contingent asset, when can it subsequently be recognized as an asset within the financial statements? Briefly explain.

Dr. Micheal Osterholm, director of the Center for Infectious Disease Research and Policy at the University of Minnesota, in an interview with Chuck Todd on Sunday May 10, claimed that some COVID-19 tests have 50% false positives. Assuming that the same test has 2% false negatives, calculate

(a) Probability that a person who tested positive is really infected with COVID-19 virus.

(b) Probability that a person who tested negative is not sick.

As of today, there are 1.37 million confirmed COVID-19 cases. Population of the United States is about 330 million.

Compare and contrast the information that may be obtained from a resume and the information from an interview. Which do you think is most important? Why?

   Give examples of questions that are appropriate and not appropriate for a manager to ask an applicant during a job interview. Why are some questions inappropriate?

You are applying for a Customer Service Representative position at Ford motor company. You have already submitted your resume and a cover letter, and now you have been called back for a job interview. For this assignment, you will answer seven (7) interview questions listed below. Your responses need to be targeted for the job you are interviewing for, and they need to show the employer why you are a qualified candidate, and why you are a good fit for the job and the organization. To ensure readability, please number your responses. Pay attention to the proper content and format of your responses. See below for details:

Target Position:   Customer Service Representative
Company: Ford Motor Company
Interviewer:   Your instructor will assume the role of a hiring manager.


Content: Interview Questions:

1. Tell me about yourself.
2. Why do you want to work here?
3. Where do you see yourself in five years?
4. What is your biggest weakness?
5. How would you deal with an angry or irate customer?
6. Describe a stressful situation at work and how you handled it. Use the STAR technique to answer this question. (The STAR interview technique offers a straightforward format to answer any behavioral interview question. STAR stands for situation, task, action, and result. )
7. Do you have any questions for me?

1. From the 'Rolling with the Changes-HFMA' article (Summer 2020):
   • How did COVID-19 pandemic...'accelerate telehealth?'
2. What two things appeared to be true for all U.S. healthcare organizations?
3. Provide four examples of how staff and medical practitioners were redeployed:
4. Why did Virginia Commonwealth University Health System 'project a positive financial outlook?'
5. Why would patient volume declining affect revenue?

1. Speedy Taxi Service purchased a new cab for $33,500. It is expected to have a salvage value of $1000 and a life of 3 years. The cab is expected to be driven 150,000 miles over those three years. It has been driven 30,000 miles in year 1 and 20,000 miles in year 2.
   1. Compute the annual depreciation for the first two years under each of the following methods:
      1. Straight Line
      2. Units-of-Activity
      3. Double-Declining

If you were the owner of the Taxi Service, which method and why would you deem most appropriate?Summit Company sells equipment on June 30, 2020. The equipment originally cost $45,000 and as of December 31, 2019 had accumulated depreciation of $24,000. Depreciation expense for the first six months of 2020 is $4,000.

Prepare the journal entries to record the depreciation expenses up to the date of sale and to record the sale of the equipment in these two independent situations. (Sales price – Book value = gain or loss)

1. Sold for $25,000 on June 30, 2020
2. Sold for $10,000 on June 30, 2020

EXTRA CREDIT: Match the statement with the term most directly associated with it.

Goodwill

Intangible Assets

Research and development costs

Amortization

Franchises

1. Rights, privileges, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance.___________________________________
2. The excess of cost of a company over the fair value of the net assets acquired.___________________________________
3. A right to sell certain products or services, or use certain trademarks or trade names within a designated geographic area._______________________________________
4. Costs incurred by a company that often lead to patents or new products. These costs must be expensed as incurred.________________________________________________
5. The allocation of the cost of an intangible asset to expense in a rational and systematic manner._________________________________________________

1) In 120 to 150 words (at least 120 but not more than 150), describe how the responsibilities and expectations from Financial Analysts have evolved from 2000 to 2020.

2) In 120 to 150 words (at least 120 but not more than 150), contrast the two occupations (a) Securities, Commodities, and Financial Services Sales Agents and (b) Financial Analysts

3) Tell us which of the (a) Securities, Commodities, and Financial Services Sales Agents, (b) Financial Analysts, and (c) Personal Financial Advisors (as defined by U.S. BLS in 2020) may appeal to you; and why?

1. In 120 to 150 words (at least 120 but not more than 150), describe how the responsibilities and expectations from Financial Analysts have evolved from 2000 to 2020
2. In 120 to 150 words (at least 120 but not more than 150), contrast the two occupations (a) Securities, Commodities, and Financial Services Sales Agents and (b) Financial Analysts
3. Tell us which of the (a) Securities, Commodities, and Financial Services Sales Agents, (b) Financial Analysts, and (c) Personal Financial Advisors (as defined by U.S. BLS in 2020) may appeal to you; and why