Williams-Santana, Inc., is a manufacturer of high-tech industrial parts that was started in 2009 by two talented engineers with little business training. In 2021, the company was acquired by one of its major customers. As part of an internal audit, the following facts were discovered. The audit occurred during 2021 before any adjusting entries or closing entries were prepared. The income tax rate is 25% for all years.

1. A five-year casualty insurance policy was purchased at the beginning of 2019 for $34,000. The full amount was debited to insurance expense at the time.
2. Effective January 1, 2021, the company changed the salvage value used in calculating depreciation for its office building. The building cost $592,000 on December 29, 2010, and has been depreciated on a straight-line basis assuming a useful life of 40 years and a salvage value of $100,000. Declining real estate values in the area indicate that the salvage value will be no more than $25,000.
3. On December 31, 2020, merchandise inventory was overstated by $24,000 due to a mistake in the physical inventory count using the periodic inventory system.
4. The company changed inventory cost methods to FIFO from LIFO at the end of 2021 for both financial statement and income tax purposes. The change will cause a $950,000 increase in the beginning inventory at January 1, 2022.
5. At the end of 2020, the company failed to accrue $16,200 of sales commissions earned by employees during 2020. The expense was recorded when the commissions were paid in early 2021.
6. At the beginning of 2019, the company purchased a machine at a cost of $700,000. Its useful life was estimated to be ten years with no salvage value. The machine has been depreciated by the double-declining balance method. Its book value on December 31, 2020, was $448,000. On January 1, 2021, the company changed to the straight-line method.
7. Warranty expense is determined each year as 1% of sales. Actual payment experience of recent years indicates that 0.75% is a better indication of the actual cost. Management effects the change in 2021. Credit sales for 2021 are $3,800,000; in 2020 they were $3,500,000.

ange, identify the type of change. For accounting errors, choose "Not applicable".
2. Prepare any journal entry necessary as a direct result of the change or error correction, as well as any adjusting entry for 2021 related to the situation described. Any tax effects should be adjusted for through Income tax payable or Refund—income tax. (should be 14 entries)

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 $103,500 while declaring and paying dividends of $13,000. During 2021, Abernethy reported net income of $145,250 while declaring and paying dividends of $47,000. Assume that Chapman Company acquired Abernethy’s common stock for $793,300 in cash. As of January 1, 2020, Abernethy’s land had a fair value of $134,000, its buildings were valued at $267,800, and its equipment was appraised at $336,250. Chapman uses the equity method for this investment.

Prepare consolidation worksheet entries for December 31, 2020, and December 31, 2021

1-Prepare entry *C to convert parent's beginning retained earnings to full accrual basis.

2-Prepare entry S to eliminate stockholders' equity accounts of subsidiary.

3-Prepare entry A to recognize allocations attributed to fair value of specific accounts at acquisition date with residual fair value recognized as goodwill.

4-Prepare entry I to eliminate the income accrual for 2020 less the amortization recorded by the parent using the equity method.

5-Prepare entry D to eliminate intra-entity dividend transfers.

6-Prepare entry E to recognize current year amortization expense.

7-Prepare entry *C to convert parent's beginning retained earnings to full accrual basis.

8-Prepare entry S to eliminate stockholders' equity accounts of subsidiary for 2021.

9-Prepare entry A to recognize allocations attributed to specific accounts at acquisition date for 2021.

10-Prepare entry I to eliminate the income accrual for 2021 less the amortization recorded by the parent using the equity method.

11-Prepare entry D to eliminate intra-entity dividend transfers.

12- Prepare entry E to recognize current year amortization expense.

Whiskey Industries Ltd., a Nanaimo, British Columbia–based company, has a December 31 year end. The company’s comparative statement of financial position and its statement of income for the most recent fiscal year are presented here, along with some additional information:

(a)

Using the information above, prepare the statement of cash flows for Whiskey Industries Ltd. for the year ended December 31, 2020, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Non-cash investing and financing activities:

During the year, land with a value of $  was acquired by signing a mortgage payable for the full amount.

1. ShopSmart’s International Growth Strategy

ShopSmart, founded by in 1919 by Nick Smart, is a British multinational grocery and merchandise retailer. It is the largest grocery retailer in the United Kingdom, with a 28% share of the local market and the second largest after Walmart measured in revenue. In 2017, ShopSmart had sales of more than £62 billion ($70 billion US dollars), more than 480,000 employees and 6,553 stores in 13 countries.

In its home market of the United Kingdom, the company’s strengths are reputed to come from strong competencies in marketing and store site selection, logistics and inventory management and its own label product offerings. By the early 1990s, these competencies had already given the company a leading position in the United Kingdom. ShopSmart was generating strong cash flows and senior managers had to decide how to use that cash. One strategy they settled n was international expansion.

As managers looked at international markets, they soon concluded that the best opportunities were not in established markets in North America and Western Europe where strong competitors already existed but in emerging markets of Eastern Europe and Asia, where there were strong underlying growth trends. ShopSmart’s first international foray was into Hungary in 1995 where it acquired Globals Stores, a state-owned grocery chain. By 2017, ShopSmart was the market leader in Hungary accounting for 1% of the whole economy of Hungary.

Next, ShopSmart acquired 31 stores in Poland from Stavia Limited. The following year, in 1996, ShopSmart added 13 stores that it purchased from Kmart in the Czech Republic and Slovakia. The next year, ShopSmart moved to purchase stores in the Republic of Ireland.

ShopSmart’s Asian expansion begun in 1998 when it moved into Thailand. In 1999, the company entered South Korea when it partnered with Samsung to develop a chain of hypermarkets. This was followed by entry into Taiwan in 2000, Malaysia in 2002, Japan in 2003 and China in 2004.

The move into China came after three years of careful research and discussions with potential partners. Like many other western companies, ShopSmart was attracted to the Chinese market by its large size and rapid growth. In the end, ShopSmart settled on a 50-50 joint venture with Hymall, a hypermarket chain that is controlled by Ting Hsin, which has been operating in China for six years. In 2014, ShopSmaart combined its 131 stores in China in a joint venture with the state-run China Resources Enterprise and its nearly 3,000 stores. ShopSmart owned 20% of the joint venture. As a result of these moves, by 2017, ShopSmart generated sales of about $21 billion outside the United Kingdom. The addition of international stores has helped make ShopSmart the second largest company in the global grocery market behind only Walmart. By 2017, all its foreign ventures were making money.  

(Source: Adapted from Hill, C.W.L. & Hult, G.T.M., (2019), International Business: Competing in the Global Marketplace, 12th Edition, McGraw Hill Education)

1. Examine two reasons why ShopSmart’s initial international expansion focused on emerging markets rather than competing with established companies in the more advanced markets of North America and Western Europe.

2. Discuss two disadvantages that ShopSmart encountered as a first mover into these emerging markets.

3. ShopSmart’s entry strategy into the Eastern European countries was through acquisition. Discuss three disadvantages that the company is likely to encounter as a result of this entry strategy

4. Identify ShopSmart’s strategic entry into the Asian market and discuss two benefits that the company sought to achieve with this strategy

On 1 July 2017, Ukulele Ltd acquired 40% of the shares of Bongo Ltd for $99,600. At this date, all the identifiable assets and liabilities of Bongo Ltd were recorded at amounts equal to fair value except for inventory which had a fair value $9,900 greater than the carrying amount. All inventory was sold by 30 June 2018. The tax rate is 30%. Bongo Ltd was classified as an associate of Ukulele Ltd.

The profits and losses recorded by Bongo Ltd from the next 6 years were as follows:

Required
Prepare the journal entries for the consolidation worksheet of Ukulele Ltd for the equity accounting of Bongo Ltd in each of the years from 2017–23.

answer needed please

can someone reply me please

On January 1, 2019, Vaughn Company, a small machine-tool manufacturer, acquired for $2,100,000 a piece of new industrial equipment. The new equipment had a useful life of 5 years, and the salvage value was estimated to be $83,700. Vaughn estimates that the new equipment can produce 16,000 machine tools in its first year. It estimates that production will decline by 2,830 units per year over the remaining useful life of the equipment.

The following depreciation methods may be used: (1) straight-line, (2) double-declining-balance, (3) sum-of-the-years’-digits, and (4) units-of-output. For tax purposes, the class life is 7 years. Use the MACRS tables for computing depreciation.

Compute accumulated depreciation by using MACRS and optional straight-line method for the 3-year period ending December 31, 2021. Ignore present value considerations.

American Food Services, Inc., acquired a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2018. In payment for the $5.0 million machine, American Food Services issued a four-year installment note to be paid in four equal payments at the end of each year. The payments include interest at the rate of 8%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Required:
1. Prepare the journal entry for American Food Services’ purchase of the machine on January 1, 2018.
2. Prepare an amortization schedule for the four-year term of the installment note.
3. Prepare the journal entry for the first installment payment on December 31, 2018.
4. Prepare the journal entry for the third installment payment on December 31, 2020.

The use of opioid medications and drugs have had a long and storied past in the United States. These drugs are all linked together by the common threat of the opioid poppy. For this assignment, you will put together a creation timeline of the each of the associated opioid drugs commonly used in the United States. In step one of this assignment, you must chronologically order following drugs in a true timeline with the specific year or decade included:

1. Codeine
2. Heroin
3. Methadone
4. Morphine
5. Oxycodone
6. Vicodin

As you order the drugs, please include the following information with each drug:

• Where is each drugs scheduled?
• List the different ways in which the drug can be administered. If there is more than one way to use the drug, list them all.
• What are three of the short term pharmacological symptoms of using each of these drugs?
• What are three symptoms of withdrawal?

Like previous assignments, this timeline should be created using formal language and no slang. As much of this information is not common knowledge you should be citing and providing references in proper APA format. All of the content for this assignment should be contained to one page, with the references being the only information listed on a second page (if need be).

I am still looking for creativity in this assignment like the others – this means color, pictures, and anything else you want to use that makes your assignment stand out. A good idea would be to include pictures of each of the individual drugs. You can create your slide in either portrait or landscape form and then submit it as a PDF document.

Grading Rubric (10 total points)

Victor Von Doom would like to expand his influence outside his home country of Latveria and for this reason plans to launch operations in the United States. He is considering two different plans:

• Plan 1 Sign a contract with the United States military to provide humanoid robotic weapons (Doombots) over the course of the next fifteen years. This would require the creation of a manufacturing plant in the US, which would cost $400,000,000 in initial investment. This plant would require highly-skilled personnel, so labors costs would amount to $5,000,000 every year, adjusted for inflation. In order to keep his creations up to date, an overhaul of the plant will be required every five years, costing a fixed $10,000,000 each time. At the end of the contract, all machinery would be scrapped and sold for $4,000,000. The contract stipulates the US military will pay Dr Doom $80,000,000 each year adjusted yearly for inflation.
• Plan 2 Establish himself as a freelancer offering his services to wealthy individuals such as William Fisk or Justin Hammer. Doing so would not require any initial investment, but every year Dr. Doom would have to organize a big conference (Doomsday) to bring together all of his potential customers. This conference would cost $5,000,000 to run each time, adjusted for inflation. Every three years Dr Doom expects to have to launch a new PR campaign to keep his image fresh in the eyes of the US audience. Each campaign would cost a fixed $1,000,000. This plan would go on for fifteen years, after which Dr Doom will reconsider his next steps. The projected annual revenue from these private contracts is $30,000,000 adjusted for inflation.

The projected inflation over the next fifteen years is 3% and Dr Doom's cost of funds is 12 %. Which option should he choose?

TOPIC: MILTON FRIEDMAN

1. Which of the following statements about the history of conscription before World War II is most accurate? "The United States _________."
a. always had a draft in place, although during a few quite periods it didn't draft anyone.

b. always relied on volunteers, although the threat that Congress might create a draft meant that many volunteers were in fact "reluctant volunteers" trying to get in before the "good" jobs were taken.

c. used the draft in major wars, but relied on volunteers in peacetime and for "smaller wars," such as the Spanish-American war.

d. perversely, relied on draftees for smaller colonial wars such as the Philippine-American war, but relied on volunteers in the major wars, such as the Civil War, which were popular.

2. In the years leading up to the establishment of the all-volunteer army, opponents of an all-volunteer army argued that conscription (drafting soldiers) saved the United States billions of dollars. Economists such as Milton Friedman and Walter Oi countered by claiming that ___.
a. the savings from conscription were merely a transfer from soldiers to taxpayers
b. in fact taxpayers would pay less for an all volunteer army because it would be more efficient
c. although an all-volunteer army was costly it forced the soviets to cough up even more money and so kept us on a par with our enemies
d. although an all-volunteer army was costly, it was a worthwhile investment because it would buy off student radicals.

3. In the early 1970s advocates of the all-volunteer army argued that a draft by lottery would have a higher opportunity cost (economic costs) than an all-volunteer army because _____.
a. taxes would be higher with an all-volunteer army

b. taxes would be lower with an all-volunteer army

c. wages of soldiers would be higher with an all-volunteer army

d. highly skilled workers might be drafted