Springer Company had three intangible assets at the end of 2017 (end of the accounting year):

a. A copyright purchased on January 1, 2017, for a cash cost of $14,600. The copyright is expected to have a 10-year useful life to Springer.

b. Goodwill of $66,000 from the purchase of the Hartford Company on July 1, 2016.

c. A patent purchased on January 1, 2016, for $34,000. The inventor had registered the patent with the U.S. Patent Office on January 1, 2012.

Required:

1. Compute the acquisition cost of each intangible asset.

2. Compute the amortization expense of each intangible for the year ended December 31, 2017. The company does not use contra-accounts. (Assume the company uses straight-line method) (Do not round your intermediate calculations.)

3. Show how these assets and any related expenses should be reported on the balance sheet and income statement for 2017. (Assume there has been no impairment of goodwill.)

Blossom Industries Corp. purchased the following assets and also constructed a building. All this was done during the current year.

Assets 1 and 2

These assets were purchased together for $124,000 cash. The following information was gathered:

Asset 3

This machine was acquired by making a $10,200 down payment and issuing a $39,000, two-year, zero-interest-bearing note. The note is to be paid off in two $19,500 instalments made at the end of the first and second years. It was determined that the asset could have been purchased outright for $34,200.

Asset 4

A truck was acquired by trading in an older truck that has the same value in use. The newer truck has options that will make it more comfortable for the driver; however, the company remains in the same economic position after the exchange as before. Facts concerning the trade-in are as follows:

Asset 5

Office equipment was acquired by issuing 160 common shares. The shares are actively traded and had a closing market price a few days before the office equipment was acquired of $10 per share. Alternatively, the office equipment could have been purchased for a cash price of $1,575.

Construction of Building

A building was constructed on land that was purchased on January 1 at a cost of $146,000. Construction began on February 1 and was completed November 1. The payments to the contractor were as follows:

To finance construction of the building, a $617,000, 13% construction loan was taken out on February 1. At the beginning of the project, Blossom invested the portion of the construction loan that was not yet expended and earned investment income of $4,600. The loan was repaid on November 1 when the construction was completed. The firm had $204,000 of other outstanding debt during the year at a borrowing rate of 10% and a $202,000 loan payable outstanding at a borrowing rate of 6%.

(a)

Blossom uses a variety of alternatives to finance its acquisitions. Record the acquisition of each of these assets, assuming that Blossom prepares financial statements in accordance with IFRS. Use the net amount to record the note. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round capitalization rate to 2 decimal places, e.g. 52.75% and final answers to 0 decimal places, e.g. 5,275.)

1. The Graduate Management Admission Test (GMAT) is a test required for admission into many masters of business administration (MBA) programs. Total scores on the GMAT are normally distributed and historically had a population standard deviation of 113. The Graduate Management Admission Council (GMAC), who administers the test, claims that the mean total score is 529. Suppose a random sample of 8 students took the test and their scores are given below: 699, 560, 414, 570, 521, 663, 727, 413

a. Find a point estimate of the population mean.

b. Construct a 95% confidence interval for the true mean score for the population.

c. Does this interval contain the value reported by GMAC?

d. How many students should be surveyed to estimate the mean score within 25 points with 99% confidence?

4. Suppose the market demand and supply functions are QD = 180 – 1.5P and QS = 3.5P + 40. You have just graduated and moved to this city; as a new MBA and an entrepreneur, you are considering entering the market for this product.

a. Determine the equilibrium price and quantity in this market.

b. You’ve researched and found that most firms in the market currently experience costs such that TC = 15 + 45Q – 10Q2 + 1.5Q3. Determine whether or not you should enter this market. Use graphs to support your answer.

c. Due to unforeseen delays, you don’t enter the market. However, a year later the market supply has changed to QS = 3.5P + 10. Are you surprised at this shift in supply?

d. Given the new supply conditions, determine whether or not you should enter the market.

Topic: Productivity cost and contingent market valuation.

Suppose the faith-based organization has three leaders: - a 52 year old, African American male physician in private practice who also holds a PhD; - a 29 year old Native American female lawyer also holds and MBA and who works for a large firm that specializes in medical malpractice claims; and - a 38 year old, Caucasian male with an MA in art history who works as cook at a local restaurant.

Suppose that each of them uses their free time to be a group leader at the faith- based organization. Each person spends three hours a week as a group leader.

Question: How might a researcher following a more traditional human capital approach put a value on each person’s time?

This assignment is an individual-specific assessment of the industry in which you currently work or of the industry in which you intend to work after completing your MBA. You should discussion the sources of the value created within your particular industry.  Your brief document should address the following issues:

1. Brief description of your current or intended industry
2. Evaluation of the unique value created by your firm (for its customers) relative to all of its competition.  In other words, what makes your firm special for its customers.  The value may be derived from the quality of the product (relative to others on the market), customer service, overall purchase experience, or a combination of these and other factors.
3. Concluding discussion that addresses how the factors that influence value created in this industry may change over the next five years.

Do you know, without looking at the syllabus, what is Strategic Management Accounting?

Please do surface research on the web, just enough so you can start making up a map in your head about what we will be looking into during the term. Then start a discussion answering the following questions.

1. Did you know what SMA is about before this class?

2. If Yes, Please share your experience

3. If No, based on the name alone what did you imagine it would be

4. After Your research, (even if you already knew what it was) did your view change? As a thought what are the implications of this subject and why is it relevant to your Specialization.

5. Does the topic interest you beyond the scope of your MBA? If so, expand on your answer.

32. Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO.

90. Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $148,500, allowance for doubtful accounts of $1,105 (credit) and sales of $1,145,000. If uncollectible accounts are estimated to be 6% of accounts receivable, what is the amount of the bad debts expense adjusting entry?

96. A company had the following purchases and sales during its first year of operations:

On December 31, there were 42 units remaining in ending inventory. Using the Perpetual LIFO inventory valuation method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)

99. During the first week of January, an employee works 48 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $10 per hour, and her wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. The tax rate for Social Security is 6.2% of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee’s pay. The employee has $87 in federal income taxes withheld. What is the amount of this employee’s gross pay for the first week of January?

Using the expenditure approach, state whether each of the following transactions would be directly counted in the U.S. Gross Domestic Product in the current year. (So we’re not counting the value of intermediate products that are indirectly counted when they become part of the value of the final products sold this year.) For those directly counted, indicate whether they count as C, I, G or NX, and indicate both the dollar amount of the contribution, and the sign (positive or negative). For those not included, explain why not in a few words.

Unless otherwise stated, assume that:

• All goods and services use only U.S.-produced inputs

• All households and firms are located in the U.S.,

• All activity occurs during the current year (i.e. the year during which GDP is being measured),

• None of these transactions are hidden from the Bureau of Economic Analysis.

1. Samsonite Corporation produces a suitcase which is purchased by a U.S. household for $300.

2. Steelcase Corporation produces a file cabinet which is purchased by a used car dealer to keep track of documents. The purchase price is $700.

3. NYC Tours, Inc. – a private firm that gives tours – earns $45,000 in revenue during the year taking foreign tourists on guided bus tours around Manhattan.

4. An NYU student buys a used car from another NYU student for $3,000.

5. An NYU student pays $20,000 during the year to rent a closet-sized studio apartment in the village from the apartment’s owner.

6. A new home is built and sold to a household for $400,000.

7. The Mayor of New York City earns a salary of $135,000.

8. A household purchases 100 shares of General Motors stock for $9,000, plus $25 in commissions paid to the stock brokerage company.

9. General Motors produces an automobile valued at $40,000, but doesn’t sell it during the year.

10. An unemployed auto worker receives $10,000 in unemployment insurance benefits. (Ignore any contribution to GDP from government workers in the unemployment insurance office.)

11. General Motors buys 1,000 reams of paper for $3,000. One-third of the paper is used by the company’s office workers during the year, the rest is not used until future years.

12. An NYU professor deposits $1,000 into her personal checking account at Citibank.

13. A household donates $500 worth of used clothing to a charity.

14. A U.S. clothing manufacturer buys $6,000 worth of cotton from a firm in Egypt, then uses it to manufacture shirts which are sold to U.S. households for $18,000. (Hint: two components of GDP are affected here)

German luxury car maker Bayerische Motoren Werke AG BMW -1.22% has agreed to pay $18 million to the Securities and Exchange Commission to settle claims that BMW and two of its U.S. units had disclosed misleading sales figures.

The regulator found that the Munich-based auto maker had provided inaccurate information regarding its U.S. retail sales while raising roughly $18 billion from bond investors. Between 2015 and 2019, BMW had boosted sales figures by having dealers register cars as sold when the vehicles were still on the lots, the SEC said. The practice is known in the U.S. as sales punching.

“Through its repeated disclosure failures, BMW misled investors about its U.S. retail sales performance and customer demand for BMW vehicles in the U.S. market while raising capital in the U.S.,” said SEC Enforcement Division Director Stephanie Avakian.

The auto maker resolved the charges without admitting or denying the claims.

“The BMW Group attaches great importance to the correctness of its sales figures and will continue to focus on thorough and consistent sales reporting,” a BMW spokesman said in an emailed statement.

BMW and its subsidiaries will pay the joint penalty and “cease and desist from future violations,” the SEC said. BMW’s significant cooperation in the investigation resulted in a lower fine, the agency said.

Fiat Chrysler Automobiles FCAU 0.16% NV in September 2019 agreed to pay $40 million to settle claims by the SEC that the company had for years paid dealers to report exaggerated sales figures. Fiat Chrysler said at the time it had reviewed and refined its sales reporting procedures and was committed to maintaining stronger controls.

Create an outline using the following template

1. Main Idea - A succinct statement about the article’s content and purpose (1-3 sentences).

2. Facts / Background - What do we know to be true or factual from the article? What is relevant as well as what provides the audience with sufficient background knowledge?

1. Fact/Background 1
   1. Specific/example/evidence of “1”
   2. Specific/example/evidence of “1”
   3. Specific/example/evidence of “1”

2. Fact/Background 2
   1. Specific/example/evidence of“2”
   2. Specific/example/evidence of “2”
   3. Specific/example/evidence of “2”

3. Fact/Background 3
   1. Specific/example/evidence of“3”
   2. Specific/example/evidence of “3”
   3. Specific/example/evidence of “3”

3. Reaction & Results –
   1. What is the outcome, potential change or warning?
   2. What do experts/analysts/executives say?

4. Conclusion – What fact, lesson, or new knowledge do you want the audience to take away from your outline summary of the article? No opinions.