QUESTION 1

1. The first commercial bank in America was the Bank of North America, chartered by the American Continental Congress.

True

False

1 points   

QUESTION 2

1. Not only did the federal government keep its funds in the First BUS but it also had a 50% ownership stake in the bank.

True

False

1 points   

QUESTION 3

1. The First Bank of the United States lost the vote in Congress to get another charter by one vote in both the House of Representative and the Senate.

True

False

1 points   

QUESTION 4

1. Fearing that it was overextended, the Second BUS redeemed its holdings of state bank notes and the money supply contracted by nearly 50% in one year, leading to America’s first depression.

True

False

1 points   

QUESTION 5

1. While the Second BUS was able to get the Congress to approve an extension of its charter, President Jackson vetoed the legislation.

True

False

1 points   

Marta, a lover of early twentieth-century American history and architecture, discovers a 1920s house in a downtown district of Atlanta during a recent visit. She decides not only to purchase and renovate this particular home, but also to move the structure to her hometown of Manhattan, Kansas, so her community can enjoy its architectural features. She moves the entire house to Manhattan, renovates it, and reduces her tax liability by the rehabilitation expenditures credit. It takes her approximately a year to complete the project. Her rehabilitation expenditures include the costs associated with renovation ($30,000) and the moving expenses ($10,000) incurred to relocate the house. The IRS disallows the credit because she moved the building. Furthermore, the IRS contends the moving expenses are not qualified rehabilitation expenditures. Who will prevail in court?

Identifiable Intangibles and Goodwill, U.S. GAAP

International Foods, a U.S. company, acquired two companies in 2019. As a result, its consolidated financial statements include the following acquired intangibles:

Goodwill was assigned to the following reporting units:

It is now December 31, 2020, the end of International Foods’ accounting year. No impairment losses were reported on any intangibles in 2019. Assume that International Foods bypasses the qualitative option for impairment testing of goodwill and indefinite-life intangibles. Additional information at December 31, 2020 is as follows:

Required

Compute 2020 amortization expense and impairment losses on the above intangibles, following U.S. GAAP.

Enter answers in millions, using decimal places when applicable.

Identifiable Intangibles and Goodwill, U.S. GAAP

International Foods, a U.S. company, acquired two companies in 2013. As a result, its consolidated financial statements include the following acquired intangibles:

Goodwill was assigned to the following reporting units:

It is now December 31, 2014, the end of International Foods' accounting year. No impairment losses were reported on any intangibles in 2013. Assume that International Foods bypasses step 0 of the goodwill impairment test. The following information is available on December 31, 2014:

Compute 2014 amortization expense and impairment losses on the above intangibles, following U.S. GAAP.

Enter answers in millions, using decimal places when applicable.

Identifiable Intangibles and Goodwill, U.S. GAAP

International Foods, a U.S. company, acquired two companies in 2016. As a result, its consolidated financial statements include the following acquired intangibles:

Goodwill was assigned to the following reporting units:

It is now December 31, 2017, the end of International Foods' accounting year. No impairment losses were reported on any intangibles in 2016. Assume that International Foods bypasses the qualitative option for impairment testing of goodwill and indefiite life intangibles.

Required

Compute 2017 amortization expense and impairment losses on the above intangibles, following U.S. GAAP.

An advertising agency, Round Ltd, incurred the following expenses during an advertising campaign for Nando’s:

Primary research costs (outsourced to Mean Research) – $10 000

Secondary research costs – 5 hours (strategist)

Flyers:

Design – 4 hours (artist)

Printing/production (outsourced to Align Printers) – 8 000 @ R2 each

Distribution (outsourced to Fast Couriers) – 8 000 @ $0.50 each

In-store display:

Design – 7 hours (artist)

Printing/production (outsourced to Align Printers) – $7 000

Delivery and set-up (outsourced to Fast Couriers) – $2 000

In-store promotion:

Promoters – (outsourced to Talent Ltd) – 2 @ $500 each per day for 5 Saturdays

Uniforms – 2 @ $500 each

Promotional items (fruit juice) – 120 boxes at $25 each

Prizes (provided by Nando’s) – $15 000

Magazine:

Design – 10 hours (artist)

Copy – 5 hours (copywriter)

Production (outsourced to Align Printers) – $7 500

1 DPS colour @ $50 000 in Dough magazine (a weekly publication) for 5 weeks

Administration costs – $8 000

All prices exclude VAT (14%), the agency is VAT registered and the standard commission is applicable to media. Round off to the nearest Dollar where applicable and show all calculations.

1.1       Calculate the complete budget if the agency uses the fee-commission combination and charges a fee of $75 000.   

1.2 Round Ltd places a 20% mark-up on research, 15% on printing/production costs and 10% on other outsourced expenses. Nando’s asked for a 6% kickback from the media. The media gave a 5% cash discount for early payment, but the agency kept the cash discount.

1.2.1 Calculate the budget for Nando’s if Round Ltd uses the negotiated commission system.  

1.2.2 Which system is preferable to the Nando’s, the fee-commission combination or the negotiated commission system? Prove your answer by calculating the difference between the two remuneration systems.

1.3 Round Ltd places a 20% mark-up on all costs and staff time is charged at a flat rate of $350 per hour. Nando’s asked for a 10% kickback from the media.

Calculate the complete budget for Nando’s if Round Ltd uses the cost-plus system.   

This introspective assignment is based on the various concepts that you have studied from your textbook The Ethics of Leadership. Write a 350- to 500-word report sharing what you learned about ethical leadership from Chapters 1 and 2 of the textbook. You will be assessed on the American Psychological Association (APA) citation style, grammar, and content organization. Cite specific ideas from the textbook in your report.

Ciulla Reading Concepts

Trumbull Co. plans to produce 100,000 toy cars during September. Planned production for October is 125,000 cars. Sales are forecasted at 90,000 toy cars for September and 120,000 toy cars for October. Each toy car requires four wheels. Trumbull’s policy is to maintain 10 percent of the next month’s production in inventory at the end of a month. How many wheels should Trumbull purchase during September?

a.102,500

b.410,000

c.195,000

d.112,500

Locate the results of a recent survey that shows at least two variables in a newspaper, magazine, or Internet article. Outline the survey data so that your peers can understand the variables and results, and then identify at least one key formula from this module that you could use to evaluate the data. Provide a brief explanation of why you selected the formula you did and why it matters. Also, explain what the formula is, where it is in the textbook, and clearly define your parameters. Be sure to support your statements with logic and argument, citing any sources referenced. Post your initial response early, and check back often to continue the discussion. Be sure to respond to your peers and instructors posts, as well.