Topic: Challenges and solutions for addressing critical shortage of supply chain for personal and protective equipment (PPE) arising from Coronavirus disease (COVID19) pandemic – Case study from the Republic of Ireland
INSTRUCTION
The article of Rowan & Laffey (2020) was published in Science of Total Environment (Elsevier) in 2020. Please read the article thoroughly.
Attachment of the article on this link:
https://drive.google.com/file/d/1nYKBhgUKx0AF_J5cRQMfMFdy4EiCqWVc/view?usp=sharing
In: Economics
1.Unearned Revenues are classified as a(n) *
Revenue
Expense
Current liability
Current asset
2.Beng Company has 30,000 shares of $1 par common stock issued and outstanding. The company also has 5,000 shares of $100 par 5% noncumulative preferred stock outstanding. The company did not pay the preferred dividends in 2017, 2018 and 2019. On December 1, 2020, the company’s board of directors declared that $150,000 will be paid as dividend on January 17, 2021. What amount of dividends must the company pay the preferred shareholders? *
$100,000
$75,000
$50,000
$25,000
3.Beng Company has 30,000 shares of $1 par common stock issued and outstanding. The company also has 5,000 shares of $100 par 5% noncumulative preferred stock outstanding. The company did not pay the preferred dividends in 2017, 2018 and 2019. On December 1, 2020, the company’s board of directors declared that $150,000 will be paid as dividend on January 17, 2021. What amount of dividends would common stockholders earn? *
$200,000
$150,000
$125,000
$100,000
4.A large stock dividend is defined as *
more than 20–25% of the corporation's issued stock
less than 30% but greater than 25% of the corporation's issued stock
between 50% and 100% of the corporation's issued stock
more than 30% of the corporation's issued stock
In: Accounting
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Using the general principles of ordinary income, is income proceeds from selling the copyright to a book where the recipient was an employee accountant who wrote a novel in her spare time over a number of years, considered "ordinary" income in the hands of the receipient? |
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The Big Bang Company was set up by Ed, an Australian resident. It is incorporated in Singapore and has two directors who are resident in Singapore and who hold board meetings in Singapore. Each director has two shares in the Big Bang Company, which they hold on trust for Ed. The Big Bang Company owns real property, all of which is outside Australia, and makes its profits from commercial property leases on a large scale. Ed does not attend the board meetings in Singapore; however, the constitution of the Big Bang Company provides that the decisions of the directors are only effective if Ed concurs with them. The directors carry on all operational activities, such as collecting rent, paying commission, finding tenants, making minor repairs and maintaining the buildings. Is there any possible scenario in which the Big Bang Company could be considered a resident of Australia for tax purposes? |
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Ajay is a student from India who comes to Australia to study for a four-year bachelor degree in business. Ajay lives in rental accommodation near the university with fellow students and works part-time at the university social club as a barman. After six months, he has to withdraw from his studies and return to India because his father is ill. Is Ajay considered a resident of Australia? |
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Fred, an executive of a British corporation specialising in management consultancy, comes to Australia to set up a branch of his company. Although the length of his stay is not certain, he leases a residence in Melbourne for 12 months. His wife accompanies him on the trip but his teenage sons, having just commenced college, stay in London. Fred rents out the family home. Apart from the absence of his children, Fred’s daily behaviour is relatively similar to his behaviour before entering Australia. As well as the rent on the UK property, Fred earns interest from investments he has in France. Because of ill health Fred returns to the UK 11 months after arriving in Australia. Would Fred be an Australian resident for tax purposes? |
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In: Accounting
Case study 6.1
Accounting for brands
West Ltd is a leading company in the sale of frozen and canned fish produce. These products are sold under two brand names. Fish caught in southern Australian waters are sold under the brand ‘Artic Fresh’, which is the brand the company developed when it commenced operations and which is still used today. Fish caught in the northern oceans are sold under the brand name ‘Tropical Taste’, the brand developed by Fishy Tales Ltd. West Ltd acquired all the assets and liabilities of Fishy Tales Ltd a number of years ago when it took over that company’s operations.
West Ltd has always marketed itself as operating in an environmentally responsible manner, and is an advocate of sustainable fishing. The public regards it as a dolphin-friendly company as a result of its previous campaigns to ensure dolphins are not affected by tuna fishing. The marketing manager of West Ltd has noted the efforts of the ship, the Steve Irwin, to disrupt and hopefully stop the efforts of whalers in the southern oceans and the publicity that this has received. He has recommended to the board of directors that West Ltd strengthen its environmentally responsible image by guaranteeing to repair any damage caused to the Steve Irwin as a result of attempts to disrupt the whalers. He believes that this action will increase West Ltd’s environmental reputation, adding to the company’s goodwill. He has told the board that such a guarantee will have no effect on West Ltd’s reported profitability. He has explained that, if any damage to the Steve Irwin occurs, West Ltd can capitalise the resulting repair costs to the carrying amounts of its brands, as such costs will have been incurred basically for marketing purposes. Accordingly, as the company’s net asset position will increase, and there will be no effect on the statement of profit or loss and other comprehensive income, this will be a win–win situation for everyone.
Required
The chairman of the board knows that the marketing manager is very effective at selling ideas but knows very little about accounting. The chairman has, therefore, asked you to provide him with a report advising the board on how the proposal should be accounted for under accounting standards and how such a proposal would affect West Ltd’s financial statements.
1. Accounting for the guarantee:
• Is there a liability? Legal or constructive? What is the past event? What obligation exists?
• Should it be recognised?
• How is it to be measured?
• Contingent liability?
Expect that a provision/contingent liability would need to be raised in relation to the guarantee. Measurement issues may lead to the need for a contingent liability.
2. Can costs be capitalised into brands?
• Note one brand is internally generated and one is acquired. The internally generated brand “Antartic Fresh” will not be recognised while “Tropical Taste” was acquired in a business combination. Accounting for internally generated brands differs from that for brands acquired in a business combination – explain.
• Extra outlays on the brand cannot be capitalised into an already existing brand as the outlays are generally to maintain the existing asset rather than increase the asset. Also, hard to distinguish the expenditure from that spent to develop the business as a whole.
• AASB 138 says that brands cannot be revalued as no active market exists.
• Can the outlay be related to the brand or is it internally generated goodwill: does it relate to the entity as a whole rather than a single asset? Cannot recognise internally generated goodwill.
• Expected result is that any outlays would need to be expensed.
3. Effects on financial statements:
• Liability? Provision?
• Contingent liability – notes only.
• Asset? No.
• Profit: expense relating to the guarantee provision?
Please help me analyze
In: Accounting
OJ Small Company needs a cash budget for the month of April 2020. The company's controller has provided you with the following information and assumptions:
A. The April 1, 2020 cash balance is expected to be $14,000.
B. All sales are on account. Credit sales are collected over a 3 month period -- 50 percent in the month of sale, 35 percent in the month following sale, and 15 percent in the second month following sale. Actual sales for Feb. and March were $100,000 and $90,000, respectively. April's sales are budgeted at $110,000
C. Investments in marketable securties are expected to be sold for $25,000 during the month of April.
D. The controller estimates that cash will be paid for direct materials totaling $35,400 during the month of April.
E. During April, direct labor costs are estimated to be $19,000
F. Manufacturing overhead is estimated to be $7,600. Further, the controller estimates aprox. 10 percent of the manufacturing overhead is depreciation on the factory building and equipment.
G. Selling and administrative expenses are budgeted at $22,000 for April. Of this amount, $7,000 is for deprecation
H. During April, OJ Small Company plans to buy a new delivery van costing $25,000. The company will pay cash for the van.
I. OJ Small Company owes $35,000 in income tax, which must be paid in April.
J. OJ Small Company must maintain a minimum cash balance of $10,000. To bolster the cash position as needed, an open line of credit is available from the bank. There is no current balance on the credit line. The amount of the credit line is limited to$100,000. (Ignore an interest to be paid on open balances.)
Instructions Prepare the following:
1. Create a schedule showing the calculations of cash collections for April( Show work)
2. Create a cash budget for the month of April. Indicate in the financing section any borrowing that will be necessary during the month.
In: Accounting
In: Accounting
A currency speculator expects the spot rate of Euros to change from $1.20 to $.80 in one year. Assume the speculator has access to credit lines of USD 12,000,000 in the US and EUR 10,000,000 in Europe. The annual borrowing and lending rates are 6 percent in US and 8 percent in Europe. If his forecast turns out to be true, at the end of the one-year period, the speculator's expected profit will be?
In: Finance
In what way is health care a business? In what ways is it not? In what way is the business case in health care different from organizations in other sectors of the US economy? Do you believe the business case for diversity and cultural competence in health care is strong enough that leadership in US health care provider organizations should make strategic diversity management and cultural competence a high priority? .
In: Operations Management
In: Accounting
Astronomers have argued for long time, what it means that the universe is expanding. The observations of redshift and supernova brightness all agree:galaxies that are further away from the Milky Way are moving away faster than than galaxies that are nearby us. But does this affect our lives on Earth? How does our knowledge of an expanding universe help us understand our place in the universe as people?
In: Physics