On the sale date of 1 December, Jordan Inc also enters into a forward contract with its bank to sell €20m in exchange for US Dollars on 1 March 2020.
The relevant spot and forward exchange rates for the Euro/US$ on the various dates are as follows:
1-Dec-19: Spot €1=US$1 & Forward Rate to 1-Mar-20 €1=US$1.04
31-Dec-19: Spot €1=US$1.05 & Forward Rate to 1-Mar-20 €1=US$1.10
1-Mar-20: Spot €1=US$1.12
Jordan Inc’s incremental borrowing rate is 12 percent. The present value factor for two months at an annual interest rate of 12 percent (1 percent per month) is 0.9803.
Assume that the forward contract discount or premium is allocated on a straight-line basis.
In: Accounting
Please read case and answer the question thank you.
Mark Zuckerberg, the founder of Facebook, once proclaimed in an interview that the “age of privacy” had to come to an end. According to Zuckerberg, social norms had changed and people were no longer worried about sharing their personal information with friends, friends of friends, or even the entire Web. This view is in accordance with Facebook’s broader goal, which is, according to Zuckerberg, to make the world a more open and connected place. Many Facebook features are premised on this position. Supporters of Zuckerberg’s viewpoint believe the 21st century is an age of “information exhibitionism,” a new era of openness and transparency.Facebook has a long history of invading the personal privacy of its users. In fact, the very foundation of Facebook’s business model is to sell the personal information of its users to advertisers. In essence, Facebook is like any broadcast or cable television service that uses entertainment to attract large audiences, and then once those audiences are in place, to sell air time to advertisers in 30- to 60-second blocks. Of course, television broadcasters do not have much if any personal information on their users, and in that sense are much less of a privacy threat. Facebook, currently with almost 1.8 billion users worldwide, clearly attracts a huge audience.Although Facebook started out at Harvard and other campuses with a simple privacy policy of not giving anyone except friends access to your profile, this quickly changed as its founder Mark Zuckerberg realized the revenue-generating potential of a social networking site open to the public.
1.Do people who use Facebook have a legitimate claim to privacy when they themselves are posting information about themselves?
2. How will changing your settings on Facebook help protect your privacy?
3. How can you prevent your Timeline from being indexed by Google or other search engines?
In: Operations Management
The following selected transactions relate to investment
activities of Ornamental Insulation Corporation during 2021. The
company buys debt securities, not intending to profit from
short-term differences in price and not necessarily to hold debt
securities to maturity, but to have them available for sale in
years when circumstances warrant. Ornamental’s fiscal year ends on
December 31. No investments were held by Ornamental on December 31,
2020.
| Mar. | 31 | Acquired 6% Distribution Transformers Corporation bonds costing $500,000 at face value. | ||
| Sep. | 1 | Acquired $1,050,000 of American Instruments’ 8% bonds at face value. | ||
| Sep. | 30 | Received semiannual interest payment on the Distribution Transformers bonds. | ||
| Oct. | 2 | Sold the Distribution Transformers bonds for $535,000. | ||
| Nov. | 1 | Purchased $1,500,000 of M&D Corporation 4% bonds at face value. | ||
| Dec. | 31 | Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are: |
| American Instruments bonds | $ | 990,000 | |
| M&D Corporation bonds | $ | 1,570,000 | |
(Hint: Interest must be accrued.)
In: Accounting
On January 1, 2018, Pomegranate Company acquired 90% of the voting stock of Starfruit Company for $91,700,000 in cash. The fair value of the noncontrolling interest in Starfruit at the date of acquisition was $6,300,000. Starfruit’s book value was $13,000,000 at the date of acquisition. Starfruit’s assets and liabilities were reported on its books at values approximating fair value, except its plant and equipment (10-year life, straight-line) was overvalued by $25,000,000. Starfruit Company had previously unreported intangible assets, with a market value of $40,000,000 and 5-year life, straight-line, which were capitalized following GAAP.
Additional information: Pomegranate uses the complete equity method to account for its investment in Starfruit on its own books. Goodwill recognized in this acquisition was impaired by a total of $2,000,000 in 2018 and 2019, and by $500,000 in 2020. It is now December 31, 2020, the accounting year-end.
Here is Starfruit Company’s trial balance at December 31, 2020:
Dr (Cr)
Current assets $28,200,000
Plant & equipment, net 188,000,000
Intangibles 2,000,000
Liabilities (180,000,000)
Capital stock (1,000,000)
Retained earnings, January 1 (29,500,000)
Acumulated other comprehensive income, January 1 (500,000)
Dividends 400,000
Sales revenue (24,000,000)
Cost of goods sold 10,000,000
Operating expenses 6,500,000
Other comprehensive income (100,000)
Question:
On the 2020 consolidated income statement, the noncontrolling interest in net income of Starfruit is
$150,000
$175,000
$200,000
$750,000
In: Accounting
On January 1, 2018, Pomegranate Company acquired 90% of the voting stock of Starfruit Company for $91,700,000 in cash. The fair value of the noncontrolling interest in Starfruit at the date of acquisition was $6,300,000. Starfruit’s book value was $13,000,000 at the date of acquisition. Starfruit’s assets and liabilities were reported on its books at values approximating fair value, except its plant and equipment (10-year life, straight-line) was overvalued by $25,000,000. Starfruit Company had previously unreported intangible assets, with a market value of $40,000,000 and 5-year life, straight-line, which were capitalized following GAAP.
Additional information:
Pomegranate uses the complete equity method to account for its investment in Starfruit on its own books. Goodwill recognized in this acquisition was impaired by a total of $2,000,000 in 2018 and 2019, and by $500,000 in 2020. It is now December 31, 2020, the accounting year-end. Here is Starfruit Company’s trial balance at December 31, 2020:
| Dr (Cr) | |
|---|---|
| Current assets | $28,200,000 |
| Plant & equipment, net | 188,000,000 |
| Intangibles | 2,000,000 |
| Liabilities | (180,000,000) |
| Capital stock | (1,000,000) |
| Retained earnings, January 1 | (29,500,000) |
| Acumulated other comprehensive income, January 1 | (500,000) |
| Dividends | 400,000 |
| Sales revenue | (24,000,000) |
| Cost of goods sold | 10,000,000 |
| Operating expenses | 6,500,000 |
| Other comprehensive income | (100,000) |
| $ 0 |
On the 2020 consolidation working paper, eliminating entry (R) reduces the Investment in Starfruit by
$ 3,600,000
$64,800,000
$68,200,000
$81,000,000
In: Accounting
On January 1, 2017, Nobel Corporation acquired machinery at a cost of $1,200,000. Nobel adopted the straight-line method of depreciation for this machine and had been recording depreciation over an estimated life of ten years, with no residual value. At the beginning of 2020, a decision was made to change the residual value to $100,000. The amount that Nobel should record as depreciation expense for 2020 is
In: Accounting
NGD recently acquired a new piece of land in Suffolk County on April 1, 2012. The land cost $5,000,000. NGD reports under IFRS and revalues its land. On December 31, 2017, the fair value of the land is $4,500,000. On December 31, 2020, the fair value of the land is $5,300,000.
Provide all necessary journal entries for 2012 through 2020.
In: Accounting
Develop 5 interview questions you feel you will be asked during an interview for a professional role or a role within a hospital.
Write what your response would be to each of the 5 questions you identified.
Post your questions and responses to discuss with the class. Answer the following questions in your response:
In: Nursing
The following three games are scheduled to be played at the
World Curling Championship one morning. The values in parentheses
are the probabilities of each team winning their respective
game.
Game 1: Finland (0.2) vs. Canada (0.8)
Game 2: USA (0.3) vs. Switzerland (0.7)
Game 3: Germany (0.4) vs. Japan (0.6)
(a) The outcome of interest is the set of winners for each of the
three games. List the complete sample space of outcomes and
calculate the probability of each outcome.
(b) Let X be the number of European teams that win their respective games. Find the probability distribution of X.
(c) Find the expected value and variance of X.
(d) If two European teams win their games, what is the probability that Finland is one of them?
In: Statistics and Probability
In: Accounting