Question 2

The following are the financial statements for the year ended 30^th June 2020.

Notes:

1.      A piece of existing land has been revalued upwards. Two pieces of land were acquired during the year. There was no disposal of land during the year.

2.      Plant and equipment costing $33,000 was sold.

3.      No buildings were sold during the year.

Required:

Prepare a cash flow statement for the year ended 30 June 2020 as per AASB107 (show all workings).

Consolidation worksheet, consolidated financial statements

On 1 July 2018, Ghostbusters Ltd acquired all the shares of Bat Ltd for $305 000 on an ex-div. basis. On this date, the equity and liabilities of Bat Ltd included the following balances:

At acquisition date, all the identifiable assets and liabilities of Bat Ltd were recorded at

amounts equal to fair value except for:

Goodwill was not impaired in any period. The plant and equipment had a further 5-year life at acquisition date and was expected to be used evenly over that time. The trademark was considered to have an indefinite life. The machinery, which was estimated to have a further 4-year life at acquisition date, was sold on 1 January 2020. Any adjustments for differences between carrying amounts at acquisition date and fair values are made on consolidation.

During the year ended 30 June 2019, all inventories on hand at acquisition date were sold, and the land was sold on 1 June 2020. Any valuation reserves created are transferred on consolidation to retained earnings when assets are sold or fully consumed.

Additional information

Of the interim dividend paid by Bat Ltd in the current year, $5000 was from profits before acquisition date. All other dividends were from current year profits. Shareholder approval is not required in relation to dividends.

On 1 July 2019, Bat Ltd has on hand inventory worth $12 000, being transferred from Ghostbusters Ltd in June 2019. The inventory had previously cost Ghostbusters Ltd $8000. On 31 March 2020, Bat Ltd transferred an item of plant with a carrying amount of $10 000 to Ghost Ltd for $15 000. Ghostbusters Ltd treated this item as inventory. The item was still on hand at the end of the year. Bat Ltd applied a 20% depreciation rate to this plant.

On 1 January 2020, Bat Ltd acquired $8000 inventory from Ghostbusters Ltd. This inventory originally cost Ghostbusters Ltd $5000. The profit in inventory on hand at 30 June 2020 was $1000.

During the year ending 30 June 2020, Bat Ltd sold inventory costing $12 000 to Ghostbusters Ltd for $18 000. Two-thirds of this was sold to external parties for $9000.

On 1 January 2019, Ghostbusters Ltd sold furniture to Bat Ltd for $8000. This had originally cost Ghostbusters Ltd $12 000 and had a carrying amount at the time of sale of $7000. Both entities charge depreciation at a rate of 10% p.a.

Ghostbusters Ltd sold some land to Bat Ltd in December 2019. The land had originally cost Ghostbusters Ltd $25 000, but was sold to Bat Ltd for only $20 000. To help Bat Ltd pay for the land, Ghostbusters Ltd gave Bat Ltd an interest-free loan of $12 000. Bat Ltd has as yet made no repayments on the loan.

The tax rate is 30%.

On 30 June 2020 the trial balances of Ghostbusters Ltd (Ghost) and Bat Ltd were as follows:

Required

Prepare the consolidation journal / worksheet entries for Ghostbusters Ltd for 30/6/2020.

Update and complete the consolidation worksheet for 30/6/2020. Use the worksheet provided below

Several commentators believe that Apple Inc. (Apple) exemplifies how multinational technology companies have exploited tax codes that were written for an industrial age and are unsuitable for the modern world’s digital economy (Duhigg and Kocieniewski 2012). Some earnings at corporations like Apple are not created from tangible products, but rather from intellectual property, such as the patents on the software that makes electronic equipment operate. In other cases, the merchandise items themselves are digital, such as downloadable music. It takes far less effort for companies with revenue earned primarily from royalties and digital merchandise to transfer earnings to tax haven nations than for companies in other industries, such as retail or automotive. Downloadable software or apps can be sold from any location in the world (Duhigg and Kocieniewski 2013). The increase in digital business creates a problem for legislators worldwide in the regulation of the taxation of multinational corporations; despite the fact that technology is now one of the most important industries, numerous technology corporations are among the least taxed. Even in comparison to other technology firms, Apple’s tax rates are relatively low. And even though Apple has helped to recreate industrial sectors, sparked business expansion, and has satisfied consumers, it has also designed corporate policies that exploit weaknesses in the tax regulations. Many major companies try to lower taxes. For Apple, the potential tax savings are particularly attractive, as its earnings are so high. Apple has set up corporations in lower tax countries, such as Ireland and the British Virgin Islands, which has helped to reduce its worldwide taxes. These practices are drawing increasing scrutiny from members of the U.S. Senate, foreign governments, and supranational organizations, such as the Organisation for Economic Co-operation and Development Although Apple is headquartered in the United States, the majority of its profits are reported to be from overseas operations. While Apple uses foreign manufacturing companies to make many of its products, most of the company’s officers, product engineers, marketing, R&D, and stores are located in the United States. A New York Times article reported that ‘‘even though 54 percent of Apple’s long-term assets, 69 percent of its retail stores, and 39 percent of its sales are in the United States, Apple’s accountants have found legal ways to allocate about 70 percent of its profits overseas, where tax rates are often much lower’’ (Duhigg and Kocieniewski 2012). The basic infrastructure of U.S. international tax policy was established in 1962. The transfer-pricing rules, which allow Apple to earn royalties in low-tax jurisdictions, were reviewed and revised in 1986 (Sapirie 2012). By exploiting weak U.S. transfer-pricing rules, Apple decreases its federal taxes by billions of dollars. The following two sections examine several of the 1. Summarize the global situation and the ethical dilemma of Apple in term of tax? 2. As a consultant to Apple Inc. what alternatives does the company have going forward regarding their tax strategies? 3. What would you recommend to the executive team. 4. What do you recommend the company do about their tax strategies going forward?

Question 1- The two primary pathways through which media coverage shapes what people think are:

A-Group of answer choices

B-priming and framing

C-advertising and position taking

D-authoritativeness and opinion leadership

E-yellow journalism and issue leadership

F-subliminal messages and ad hominim coverage

Question 2

Which of the following is NOT a reason that print newspapers remain an important source of news in the United States today?

A-The broadcast media primarily cover stories already "broken" by the print media.

B-The print media provide more detailed coverage than the broadcast media.

C-The print media arrive at most homes in the mornings, while most people do not watch the news until the evening.

D-The print media are the prime source of news for educated and influential individuals.

E-Print news is more profitable than broadcast news.

Question 3 - In international affairs, conservatism has come to mean support for:

A -arms control

B -aid to poor nations

C-maximizing international cooperation

D-maintaining American military power

E-Canada

Question 4- The incumbent president loses the chance for a second term in office because voters are unsatisfied with the current state of the economy. In this case, the voters employed:

speculative voting

prospective voting

retrospective voting

contemporaneous voting

reckless voting

Question 5- A type of electoral process in which a candidate must receive more than 50 percent of all votes cast in the relevant district to win a seat in a legislative body is:

a majority system

a plurality system

a minority system

proportional representation

a Borda count system

Question 6;

The U.S. House of Representatives is an example of a legislative body with representatives selected from:

Group of answer choices

single-member districts

multimember districts

state legislatures

one-representative districts

unirepresentational districts

Question 7-

In 1965, the Mississippi state legislature redrew House district lines so that blacks living along the Mississippi River Delta would no longer constitute a majority across any single district. This strategy to dilute the strength of racial minorities is also known as:

bridging

reapportionment

gerrymandering

party mongering

partisan warfare

Question 8 -

The critical years during which voter turnout declined across the United States were between:

1840 and 1864

1890 and 1910

1930 and 1950

1980 and 2004

1800 and 1820

Question 9-

A multiple-member district system that allows each political party to participate in governance according to its percentage of the vote is a(n) __________ system.

majority

plurality

minority

proportional representation

Arrow's

Question 10-

Which of the following is NOT a reason that the secret ballot has enjoyed widespread use in the United States since the late nineteenth century?

The secret ballot helps prevent vote buying.

The secret ballot helps prevent voter intimidation.

The secret ballot improves voter turnout.

The secret ballot reduces political corrupution.

The secret ballot minimizes voter fraud.

Please read and review the text below and rewrite them using different words and concept..

All cultures are different in various ways. A behavior or aspect of one’s culture that may seem appropriate in one culture may be seen as a cultural implication in another. Cultural implication can be seen in a wide range of different ways including semantics, word connotations, tone differences, and differences in perception. I will find differences when comparing the national cultures of Japan and the United States. Globalization has produced more interactions among individuals from various background and culture than previously. Individuals are nowadays more open-minded in the marketplace globally with stiff competition emerging from almost all places in the world. Diversity can cause problems to organizations and also be a solution to some problems. The challenge is to remove the very core of diversity and strategically manage it for the enhancement of the organization and people. This paper will address the impacts of cultural diversity in an organization and the tools needed for effectively managing cultural diversity.

The Differences in the United States and Japan’s Corporate world stems from each nations culture, principles and beliefs. Japanese perceive their existence as a brief instant in a long chronicle of mankind. Cultural beliefs influence an individual’s behavior. Americans are comfortable networking with unfamiliar people and are confident making contact with their potential colleagues to acquire data. In the united states the belief is that people should look after self and family and should not put faith in authorities for support.

            The Japanese culture believe in having a tightly knitted network in which people strongly distinguish things between their own groups, such as relatives, clans, organizations. Within culture of Japan it is easily shown that the people categorize themselves into clans it is seen even the entertainment industry in Japan the value of a last name in the culture is high. “Individualism exists when people define themselves primarily as separate individuals and make their main commitment to themselves” (Adler, Gunderson). Meaning when basically how a person views themselves as priority to others. Individualism implies weakly implemented social networks in which everyone is solely concerned with themselves. It is a trait most commonly subjugated towards Americans. Japanese on the other hand are considered to be on the exact opposite end, as they believe more so into collectivism. “Collectivist hold common goals and object, not individual goals that focus primarily on self-interest” (Adler, Gunderson). Collectivism characterizes such cultures as the Japanese, the people there truly believe that the will of the group should determine members specific behaviors and beliefs.

The career stability made due to the level of uncertainty avoidance contributes to the career success and quality of life. The idea of the group always being more important everyone strives together to better an organization, so they tend to grow as a whole within their company. Most organizations in Japan compare themselves to other groups creating a competitive market against one another that in total creates the level of success, everyone has the same goal in the organization to do better, so they sacrifice their personal needs for their career in ordinance to build up their organization. The Japanese quality of life is represented by the level of success made so they prioritize everything in life towards making a successful career wherever they go.

Read "Activity 3.2. In many instances, members of the dominant group have invisible privileges. After completing the inventory, what are your overall thoughts about the situations listed? Did you find anything surprising? Do you feel as if anything is missing from the list? If yes, what?

Activity 3.2 Sample Privilege Inventory (adapted from McIntosh, 1998)

Following are some of the invisible privileges that members of various dominant groups carry. Compare your situation with those listed here. Place a check mark next to those that are accurate for you.— I can go into any home or building because I can be sure that it will be physically accessible to me. (I do not need ramps or lifts or wide doors.)— When I am told about our national heritage or about “civilization,” I am shown that people of my color (or gender) made it what it is. Almost all of our presidents have been my race and gender.— I can do well in a challenging situation without being called a credit to my race (or gender). — I can walk on a public path alone and not be afraid that I might be sexually assaulted.— I can easily buy posters, postcards, picture books, greeting cards, dolls, toys, and children’s magazines featuring mostly people of my own race or sexual orientation.— I can go home from most meetings of organizations to which I belong feeling somewhat connected rather than isolated, out of place, outnumbered, unheard, held at a distance, or feared.— Most of the time, I can arrange to protect my children from people who might not like them. I did not need to teach my children about racism or heterosexism for their own daily protection.— If I need medical care, I have a range of facilities and physicians who will accept my insurance.

— If I want to marry someone I love, I can be sure that we are legally entitled to do so anywhere in the United States and that we will have all of the rights and protections afforded to married couples.— I can worship as I wish and help my faith community build a worship center anywhere we would like without fear or opposition from neighbors.— Those who have been able to afford the high costs of legal and/or medical training, those who are the CEOs of the largest companies and the presidents of universities, are usually people of my race.— When it comes to my native language, I can be almost positive people will understand me when I speak, forms and signs will use my language, and people won’t question whether I am in the United States legally.— If I am laughing with friends on a street at night, or talking loudly in a parking lot, it is not assumed that I am dangerous or a member of a gang.— I live in a home or apartment in a relatively safe neighborhood.— Poor race relations in the United States are not attributed to my race’s criminal behavior, despite a history of race-related breaking of laws by whites over the entire span of Anglo-European life on this continent.Now comment on what you thought, felt, and noticed as a result of this inventory.

Your task is to create a Java application that converts a specified amount of one currency into another currency for a user. The application must meet the following requirements:

1. Upon execution, the application shall display a brief welcome message announcing that the user is running the currency converter application.
   
2. The application shall allow a user to convert amounts between any two of the following currencies: United States Dollars (USD), British Pounds (GBP), Swiss Francs (CHF), and Indian Rupees (INR).
   
3. The application shall prompt the user for the following input: the currency she wishes to convert from (“source currency”); the amount of currency to be converted (“requested amount”) as either a decimal or a whole number (e.g., 21.45, 1.748484, or 34); and the currency she wishes to convert to (“result currency”).
   
4. The application shall limit the amount of the currency to be converted to no more than 1,000,000 (one million) units of that currency; if the user attempts to enter an amount larger than this number, the application should return a message stating that the user has exceeded the maximum amount, and prompt the user to enter another amount.
   
5. The application shall handle incorrect user input (e.g., if the user inputs a character or string for the “requested amount” value) and prompt the user for correct input.
   
6. The application shall prevent the user from attempting to convert to a “result currency” that is the same as the “source currency” (e.g., the user should be prevented from converting United States Dollars to United States Dollars).
   
7. The application shall output the following information: the amount of the “result currency” that is equivalent to the “requested amount” in the “source currency”; this amount shall be returned as a decimal figure rounded to two decimal places (e.g., 67.49).
   
8. The application shall allow the user to exit the program at any time by accepting input of an exit character (for example “Q” for quit) to terminate the program.
   
9. After the user has successfully converted a currency, the application shall prompt the user to either perform another conversion or terminate the program.
   
10. Upon program termination, the application shall display an exit message to the user.

Program Data

Your program should use the following data for currency conversions.

Here is some sample data you can use to verify your calculations:

20.00 USD = 15.45 GBP

20.00 USD = 18.21 CHF

20.00 USD = 1469.54 INR

20.00 CHF = 21.96 USD

20.00 CHF = 16.97 GBP

20.00 CHF = 1614.14 INR

50.00 INR = 0.68 USD

50.00 INR = 0.53 GBP

50.00 INR = 0.62 CHF


Please note that currency rates fluctuate continuously in the real world. The table outlined above sets baseline rates that I will be using to verify your calculations. If you use online currency converters to verify your results, they may be using real-time data that will result in calculations that are different from those made using the conversion rate table above.

You may store this data in any fashion you like for this assignment. I would recommend using arrays (single-dimensional or multi-dimensional) for this purpose.

XYZ Pharmaceutical, Inc. just got FDA approval for their new drug, Viagrina. The company has never paid a dividend, but they expect to pay one for the first time by the end of the year. The expected dividend is $3.00 per share and the company expects that dividend to increase at a rate of 20% for five years. After that, XYZ expects to see its dividend growth limited by the growth rate the US economy, which on average is 4.5% per year. If the required rate of return for other startup pharmaceutical companies like XYZ is 11%, what should be the fair price of XYZ’s stock today?