Hi, my name is Peter Metcalf. I'm the CEO and lead founder of Black Diamond. Very early on in the beginning of the company, the sports of climbing, mountaineering [inaudible] skiing were relatively small at that time. They've grown dramatically. However, if you aggregated the global demand for that product, then you could have a fairly meaningful business. I recognize that to be competitive, to do what we really wanted to do, we had to think globally. It was going to be about finding these global markets through finding other people who shared our passion, who were young, embryonic businesspeople in many cases who wanted to get into the business because they shared that passion, they knew the markets, they knew the space, and could develop a business as a distributer for us. And as time went on, we did begin to recognize that nobody really cares about Black Diamond as much as Black Diamond people do. And for that reason, we would have to take charge ultimately of the businesses that we were, the business we were conducting overseas through independent distributers. And there was also a recognition that, to be the same brand in Europe or in Asia as we were in North America, we would have to be something slightly different because of cultural values, cultural interpretations.

>> My name is Thomas Hodel. I'm from Switzerland. Born in Lausen. Doing outdoor sports were, was always a big part of my life, so a big passion of me, and that's why I'm here working at Black Diamond sharing that passion. And I have two roles at the moment. On a global view, I'm responsible for all the ski categories, so together with team here, we define strategies and directions for all the categories which belong to the ski side. And then, in Europe, I'm the European category director, so the role there is to make sure whatever we do here works also in Europe and the European needs are covered. It takes a long time to really figure out the differences in Europe, and it's, every country has a different culture, mentality. Having that European perspective, I think that that's definitely asset I can bring into this company and help this company to become more global, to address those needs better.

>> My name is Wim de Jager. Actually pronounced as Wim de Jager, but that's difficult. So Wim de Jager. I go with Wim de Jager. I'm the VP of manufacturing here at Black Diamond. Our business is really global. Our customers are global. And our manufacturing is definitely global as well. So, yeah, we own our own factory in Zhuhai. Products that we assemble and produce in the factory in Zhuhai are also part of this protective products that we use that are being used in climbing and in mountaineering, so the quality needs to be good. But also, we want to ensure that's being done in a good way. So we control it from start to finish, which means how we treat the people, how we manufacture, and how we run the organization, that we ensure that everything is done in the right way.

>> But more importantly, we have a certification and compliance process. We have auditors that go into these factories. We have a very strict guideline of ethical sourcing requirements. So we check these factories. We're not at some sweatshop. Factories that we're in, like, I think an apparel factory we're in in Bangladesh, the people get three meals a day. There's health care. There's English language. There's money for additional education. It's well ventilated, well lit. It's clean. It's safe. Because that's very important to us and 
what our values are.

1. When CEO says their manufacturing operations aren’t sweatshops, Black Diamond is exhibiting

A. Uncertainty avoidance

B. Global perspective

C. Social responsibility

D. Globalization

2. Peter Metcalf founded Black Diamond which creates, produces, and sells outdoor equipment. This is an example of

A. Manufacturing Organization

B. Service Organization

C. A tiered workforce

D. Outsourcing

3. Assume you are the CEO of Black Diamond, a global organization. You realize that some of the people in your organization are more comfortable working in a strong hierarchy while others prefer to work more like colleagues with their managers than as leaders. You have a project that requires highly structured reporting relationships with a clear hierarchy because it is a joint venture project. You believe people from some cultures may not feel comfortable with such a strong hierarchical relationship. In this case, you might seek to put people on the project who are from a (BLANK) country.

A. High Assertiveness

B. High Collectivism

C. High Power Distance

D. High uncertainty avoidance

Downstream Intercompany Land Transactions

Saucony Company, a wholly-owned subsidiary of Puma Company, purchased a tract of land from Puma in 2019 for $5,000,000. Puma originally acquired the land for $2,000,000 and accounts for its investment in Saucony using the complete equity method.

Required

a. Assuming that Saucony still owns the land, give the working paper eliminations needed for the intercompany land sale when consolidated statements are prepared at the end of 2019 and 2020.

Enter numerical answers using all zeros (do not abbreviate to millions or thousands).

b. If Saucony sells the land to a third party for $4,500,000 in 2021, prepare the eliminations needed for the intercompany land sale when consolidated statements are prepared at the end of 2021.

Customer Corp. entered into a five-year lease agreement with Supplier Ltd, on 1 July 2019. The lease is for a number of spa baths. Supplier Ltd acquired the spa baths on 1 July 2019, at the fair value of $1,009,850. Customer Corp. uses the spa baths at a club. The baths are expected to have an economic life of seven years, after which time they will have no residual value. There is a bargain purchase option that Customer Corps will be able to, and is expected to, exercise at the end of the fifth year, for $100,000.

There are to be five annual payments of $250,000, due at the end of each fiscal year (i.e., on 30 June each year). Customer Corp. is responsible for the insurance and maintenance of the equipment. The equipment is to be depreciated on a straight-line basis. The interest rate implicit in the lease is 10% per year. The lease can be cancelled by Customer Corp. upon payment of a penalty of $700,000.

REQUIRED:                                       

(1)    What type of lease is this for Supplier Ltd? Provide justifications for your classification considering the criteria in AASB 16 – ‘Leases’.

(2)    Prepare the journal entries, including narrations, for Supplier Ltd from 1 July 2019 to 30 June 2020 to record the lease arrangement consistent with AASB 16 – ‘Leases’.

(3) For Customer Corp. the contract contains a lease. Prepare the journal entries, including narrations, for Customer Corp. from 1 July 2019 to 30 June 2020 to record the lease arrangement consistent with AASB 16 – ‘Leases’.

Customer Corp. entered into a five-year lease agreement with Supplier Ltd, on 1 July 2019. The lease is for a number of spa baths. Supplier Ltd acquired the spa baths on 1 July 2019, at the fair value of $1,009,850. Customer Corp. uses the spa baths at a club. The baths are expected to have an economic life of seven years, after which time they will have no residual value. There is a bargain purchase option that Customer Corps will be able to, and is expected to, exercise at the end of the fifth year, for $100,000.

There are to be five annual payments of $250,000, due at the end of each fiscal year (i.e., on 30 June each year). Customer Corp. is responsible for the insurance and maintenance of the equipment. The equipment is to be depreciated on a straight-line basis. The interest rate implicit in the lease is 10% per year. The lease can be cancelled by Customer Corp. upon payment of a penalty of $700,000.

REQUIRED:                                       

(1)    What type of lease is this for Supplier Ltd? Provide justifications for your classification considering the criteria in AASB 16 – ‘Leases’.

(2)    Prepare the journal entries, including narrations, for Supplier Ltd from 1 July 2019 to 30 June 2020 to record the lease arrangement consistent with AASB 16 – ‘Leases’.

(3) For Customer Corp. the contract contains a lease. Prepare the journal entries, including narrations, for Customer Corp. from 1 July 2019 to 30 June 2020 to record the lease arrangement consistent with AASB 16 – ‘Leases’

SkyView, Inc., a small startup company, has hired you as a consultant to assess its financial systems and related processes. During your review, you learn that the company's accountant is responsible for providing general ledger access to others in the company, processing all financial transactions in the general ledger, and printing checks. The president of the company must authorize write-offs in the system, but the accountant has access to the president's username and password.

Prepare a memo to SkyView's president assessing these responsibilities in the context of segregation of duties. Also address the possibility of the accountant committing fraud.

a. Mention any four sources of business startup ideas. (1 Mark)
b. State and briefly explain any four habits you would cultivate in developing entrepreneurial mindset.
c. State and briefly explain the four types of innovation.
d. State and briefly explain any two benefits and three drawbacks of owning your own business.
e. State and briefly explain any two criteria you would consider in establishing your own business.
f. Differentiate between a business opportunity and a business environment. (1 Mark)

1. Please briefly describe in one short paragraph a valuable business problem that you are interested in solving and how designing a database can help in solving this problem. You should treat this database design project as something you can put on your CV and explain to potential employers (or potential investors if you are pursuing a startup).

2. Create three tables that you will use in your database. Write the SQL code (can be done in PgAdmin or in MS Word etc.). Then write a short paragraph explaining the purpose of each table.

Use the Article to answer the questions please: Social Distancing to Test If Technology Can Solve the Loneliness Epidemic By NICOLE VAN GRONINGEN

Article link: https://www.statnews.com/2020/04/07/using-social-distancing-to-test-if-technology-can-solve-the-loneliness-epidemic/

1) Who do you think is the intended audience (reader) of this article? That is, who is the author, Nicole Groningen, writing the article for? Explain your answer in 1-2 sentences.

2) What is the purpose of this article? What verb (argue, explain, suggest, or another verb) best describes what she is doing, and how can you tell? Explain your answer in 1-2 sentences.

3) According to paragraphs 11 and 12, how might technology companies benefit from this period of social distancing during COVID-19? Explain your answer in 1-2 sentences.

4) Based on the article, which of the following does NOT appear to be an interest of the author’s:

1. the wellbeing of the elderly

2. the finances of technology companies

3. the loneliness epidemic in the United States

4. Americans’ physical health

Explain your answer in several sentences by discussing how she addresses the other three topics in her article. You are not required to use paragraph # citations, but you may if you want to.

5) In one sentence and using your own words, explain the overall main idea of the article

6) Explain your reaction to this article. What stuck out to you? What connections did you make (text-to-text, text-to-self, text-to-world)? What questions did you have while reading? What was interesting? Did anything surprise you? Does it match your experience with technology? Share your reactions to the article in a paragraph of at least four sentences.

On December 31 last year, China alerted the WHO to several cases of unusual pneumonia in Wuhan, a city of 11 million people. The virus was unknown. Several of those infected worked at the city's Huanan Seafood Wholesale Market, which was shut down on January 1. As health experts worked to identify the virus amid growing alarm, today, more than 8.5 million coronavirus cases confirmed worldwide, with at least 450,000 deaths and 4 million recoveries. The disease was confirmed to have reached Turkey on 11 March 2020, after a man who had returned to Turkey from Europe, tested positive.

As many countries and world capitals have been put under strict lockdown, major industrial production chains have been brought to a halt. Governments around the world have urged employees to work from home where possible. The travel industry has been badly damaged, with airlines cutting flights and customers cancelling business trips and holidays. In the United States, the price of a barrel of petrol turned negative for the first time in history.Together, we observed that the health crisis gradually turned into an economic crisis.

After this short reminder at the top; write an essay discussing the economic impacts of the shock on Turkey’s economy. In your article, discuss the effects of this economic shock on Turkish economy using the concepts of GDP, growth, inflation, unemployment, money markets, interest rates, aggregate supply and aggregate demand. Use a narrative based on the economic theories we saw in the course. Connect your ideas to each other with a scientific background. Give policy suggestions to shorten the effect of this shock on Turkish economy. While giving the policies keep in mind and state the constraints that the Turkish economy currently facing. Articles that are not scientifically written or written on internet slogans may not bring you the points you want