You are currently employed as partner in United & Party LLC, an accounting firm. The following three different audits were performed by your team for the year ended December 31, 2018:

Peoples Shelter, a non-profit organization. Except for salaries and allowances, the company has not kept vouchers or receipts for more than 60 per cent of its expenses.

Jack Holdings, Inc. Jack Holdings is a major construction company. Jack Holdings also purchases large vacant blocks of land that it later subdivides for the construction of houses and units to compensate for the irregularity of its contracted building projects. These are then sold on its own account. Your evidence strongly shows that the apportionment of costs to houses and units sold has been kept low in order to boost profits. In your opinion, this has resulted in the overvaluation of the unsold properties. The directors of the company do not agree and maintain that the stock of properties is correctly valued.

Vacation Dreamland Ltd. Vacation Dreamland booked a major German group to perform in selected cities in the U.S.A. The contract required that Vacation Dreamland should pay the group in US dollars but, to reduce costs, it did not hedge the amounts. Subsequent to year end, the German Mark fell against the US dollar and a substantial loss relating to the group’s tour was expected. The management of Vacation Dreamland tried unsuccessfully to renegotiate the band’s contract and was not able to obtain finance to cover the expected shortfall. Vacation Dreamland cancelled the tour and expects a substantial claim from the German group. Your analysis indicate that Vacation Dreamland does not have the income, cash or other assets to sustain such a loss.

Required:

Assuming that all amounts involved are material, identify:

The most likely auditor’s opinion that you would issue on each financial report for the year ending December 31, 2018 and

Discuss the justifications for each of the opinions.

On 1st July 2009 C Ltd acquires a 30% shares in J Ltd for an exchange of cash of $270 000. On acquisition date, the assets of J Ltd are reported at fair value and the total equity is:

Contributing equity $660 000 Retained earnings $240 000

A dividend of $5 000 is paid by J Ltd on 31st October 2009 from profits earned in 2008-09 period (pre-acquisition). For the year ended 30th June 2010, J Ltd records an after tax profit of $50 000 for the year. A further dividend of $20 000 is declared by J Ltd on 30th June 2010 from profits earned in 2009-10 period. On 31st October 2010, J Ltd pays the $20 000 dividend declared on 30th June 2010.

For the year end 30th June 2011, J Ltd records an after-tax loss of $25 000. On 30th June 2011, J Ltd declares dividends of $10 000 to be paid out of the profits earned in the 2010 financial year. On 30th June 2011 J Ltd re-values its land upwards by an amount of $200 000. Tax rate is 33%.

Required:

Prepare the journal entries under the equity method of accounting for C Ltd for the years ending 30th June 2010 and 30th June 2011 to account for its investment in J Ltd assuming that C Ltd is a parent entity which prepares consolidated financial statements.

1. Draw an exposure diagram to illustrate a firm’s exposure to interest rate risk if the firm is going to borrow $10m six months from today. Assume the loan will be a one-year loan with all interest paid at the end of the year. Graph the relation between the firms interest costs and interest rates. Also graph the relation between the firm’s profit and interest rates (assuming that higher interest costs cannot be passed on the consumers).

2.Draw an exposure diagram to illustrate the relationship between a firm’s costs and the exchange rate between US dollar and Euro dollar if the fir plans to purchase goods from an European firm one year from today. Assume that the transaction is denominated in Euro dollar, but that the firm is concerned about its costs in US dollars. Also draw an exposure diagram to illustrate the relationship between a firm’s profit and the exchange rate between US dollar and Euro dollar.

3. Draw an exposure diagram to illustrate the relationship between a gold mining firm’s profit and the price of gold in three months.

4. Would a call option or a put option hedge the exposure of the firms described in problem 1,2 and 3?

5. Would a long (buy) or a short (sell) forward position hedge the exposure of the firms described in problem 1,2 and 3?

Write 3 paragraphs for reflection and should be do the following:

1. In first paragraph, Summarize the article (attached below).
2. In second paragraph, Connect the article with one of those "The Fossil Record of Human Biological Evolution", "Habitual Bipedalism" or "Fossil Skeleton". Be specific about the connections you make.
3. In third paragraph, Include your own reflection on what you’ve read/learned. What do you think about it?

Article Here: "Evidence Indicates Humans' Early Tree-dwelling Ancestors Were Also Bipedal"

Experiments by a UA anthropologist and his colleagues show that fossil footprints made 3.6 million years ago are the earliest direct evidence of early hominins using the kind of efficient, upright posture and gait now seen in modern humans. More than three million years ago, the ancestors of modern humans were still spending a considerable amount of their lives in trees, but something new was happening. David Raichlen, an assistant professor in the University of Arizona School of Anthropology, and his colleagues at the University at Albany and City University of New York's Lehman College have developed new experimental evidence indicating that these early hominins were walking with a human-like striding gait as long as 3.6 million years ago. The results of their research appears in Monday's edition of PLoS ONE, a journal from the Public Library of Science. A trackway of fossil footprints preserved in volcanic ash deposited 3.6 million years ago was uncovered in Laetoli, Tanzania, more than 30 years ago. The significance of those prints for human evolution has been debated ever since. The most likely individuals to have produced these footprints, which show clear evidence of bipedalism, or walking on two legs, would have been members of the only bipedal species alive in the area at that time, Australopithecus afarensis. That species includes "Lucy," whose skeletal remains are the most complete of any individual A. afarensis found to date. A number of features in the hips, legs and back of this group indicate that they would have walked on two legs while on the ground. But the curved fingers and toes as well as an upward-oriented shoulder blade provide solid evidence that Lucy and other members of her species also would have spent significant time climbing in trees. This morphology differs distinctly from our own genus, Homo, who abandoned arboreal life around 2 million years ago and irrevocably committed to human-like bipedalism. Since the Laetoli tracks were discovered, scientists have debated whether they indicate a modern human-like mode of striding bipedalism, or a less-efficient type of crouched bipedalism more characteristic of chimpanzees whose knees and hips are bent when walking on two legs. To resolve this, Raichlen and his colleagues devised the first biomechanical experiment explicitly designed to address this question. The team built a sand trackway in Raichlen's motion capture lab at the UA and filmed human subjects walking across the sand. The subjects walked both with normal, erect human gaits and then with crouched, chimpanzee-like gaits. Three-dimensional models of the footprints were collected by biological anthropologist Adam Gordon using equipment brought from his Primate Evolutionary Morphology Laboratory at the University at Albany. The researchers examined the relative depth of footprints at the heel and toe, and found that depths are about equal when made by a person walking with an erect gait. In contrast, the toe print is much deeper than the heel print when produced by a crouched gait, a product of the timing of weight transfer over the length of the foot. "Based on previous analyses of the skeletons of Australopithecus afarensis, we expected that the Laetoli footprints would resemble those of someone walking with a bent knee, bent hip gait typical of chimpanzees, and not the striding gait normally used by modern humans," Raichlen said. "But to our surprise, the Laetoli footprints fall completely within the range of normal human footprints." The fossil footprints at Laetoli preserve a remarkably even depth at the toe and heel, just like those of modern humans. "This more human-like form of walking is incredibly energetically efficient, suggesting that reduced energy costs were very important in the evolution of bipedalism prior to the origins of our own genus, Homo," Raichlen said. If the Laetoli footprints were made by Lucy's species, as most scientists agree to be the case, these experimental results have interesting implications for the timing of evolutionary events. "What is fascinating about this study is that it suggests that, at a time when our ancestors had an anatomy well-suited to spending a significant amount of time in the trees, they had already developed a highly efficient, modern human-like mode of bipedalism," said Gordon. "The fossil record indicates that our ancestors did not make a full-time commitment to leaving the trees and walking on the ground until well over a million years after these (Laetoli) prints were made. The fact that partially tree-dwelling animals, like Lucy, had such a remarkably modern gait is a testament to the importance of energetic efficiency in moving around on two legs," Gordon said. "Laetoli Footprints Preserve Earliest Direct Evidence of Human-like Bipedal Biomechanics" will be published in PLoS ONE on Monday, March 22 and can be accessed online.

All of the following statements are true, except:

a.

Canadian residents must report their worldwide income for tax purposes.

b.

If an individual is a resident of Canada for part of the calendar year, that individual only has to report his worldwide income during the period of residency for Canadian tax purposes.

c.

An individual who immigrates to Canada during the year is a resident of Canada for tax purposes for the full calendar year.

d.

An individual can be a resident of Canada for tax purposes, even if she is not a Canadian citizen.

Ms. Floot has been out of Canada for several years. She is presumed to be a non-resident as long as certain tests are met. Indicate the condition that does NOT have to be met.

a.

She did not leave personal property or social ties in Canada.

b.

She does not return to Canada on a regular or frequent basis.

c.

She did not leave a spouse or other dependants in Canada.

d.

She did not leave taxable Canadian property in Canada.

Anthony, his wife and two kids are all Canadian citizens. For the last three years he and his family have been living in Italy while he works for the Italian subsidiary of a Canadian company. Anthony still owns his house in Canada. His wife and kids stay there for three months in the summer and he spends two month a year there. The rest of the time the house is empty as his wife visits family in Canada regularly. Anthony has no plans to return to Canada and loves living in Italy. However, since his father is old, it is possible that his wife will have to return to Canada for at least five months to nurse his father. Which of the following statements is correct?

a.

If Anthony’s wife returns alone to Canada to care for his father, Anthony is considered a part-time resident of Canada for the five months she is in Canada.

b.

Anthony is considered a non-resident of Canada.

c.

Since Anthony owns a house in Canada that is not rented out under a long-term lease, he is considered a Canadian resident for income tax purposes.

d.

Anthony is considered a part-time resident of Canada for the two months he spends in Canada.

Clear my choice

In which one of the following lists are ALL items relevant when computing net employment income?

a.

Free meals in employer’s facilities; life insurance paid by the employer; legal fees incurred to collect unpaid salary.

b.

Monthly travel allowance; dental plan paid for by the employer; promotional cost incurred in selling the employer’s products.

c.

Employee contributions to a registered pension plan; bonus received; use of an employer-owned automobile.

d.

Medical insurance paid by the employer; exercise of options to purchase shares of the publicly traded employer and tips

Red Carpet LLC is a national hospitality and entertainment company with headquarters in Philadelphia, PA with national operations in the US. Historically, the company has had 3 divisions: hotels, food service, and cruise lines. However, it recently completed the acquisition of Sparkstar theaters, a movie theater company, that it is slated to become its 4th division. Red Carpet now owns 200 hotels in 48 states, 4 brands of restaurants with 1776 locations, 4 Buoy Bay branded cruise ships, and 300 Sparkstar theaters.

Its matrix organizational structure consists of a central HR, accounting, business development, sales, marketing, and research and development departments located at the headquarters in Philadelphia that serve each division. Each division is located in a different part of the US and lead by a VP that reports to the President and CEO. The company is privately owned by a consortium of investors and investor groups.

Red Carpet has 16,000 employees, 1000 of which work at its corporate headquarters. The organizational culture of the headquarters is informal and organic and there are few policies and processes that guide employee behavior. The company, as a whole, does not value HR so employees struggle with many employee relations and employment law concerns. The company outsources all of its training to one of the investor group companies, however this training is commonly not customized to the needs of Red Carpet.

As a whole, Red Carpet struggles with its business to business partners and suppliers because of its reputation for being nonnegotiable. Red Carpet would rather disrupt the quality and availability of its only products and services rather than partner for the supply chain resources that it needs. Likewise, Red Carpet does not hold many of the General Managers in its hotels, restaurants, and its cruise ships accountable for performance, opting instead for a weaker political strategy of blaming and gotcha games.

Being aware of these challenges, Red Carpet acquired Sparkstar for their strong industry reputation and financial performance in the hopes that merging the structure and culture of Sparkstar into Red Carpet would change the organization for the better. Historically, Red Carpet has been a highly successful company, however in recent years, its mismanagement has created noticeable effectives in product and service quality and its bottom line.

Divisions

Hotels: Red Carpet branded hotels are mid-price semi-luxury hotels known for high quality. Each customer is given a red velvet cupcake upon checking in. Red Carpet relies on its General Managers to micromanage the hotel. Despite its corporate parent owning a restaurant division, no Red Carpet hotels have restaurants. The Red Carpet division headquarters are in Sedona AZ. Many of the hotels are in need of refurbishment.

Food Service: Chicken Heaven is a fast-food chain with a long tradition of quality, large customer base, and 1000 locations. It is a solid overall performer for Red Carpet with high employee satisfaction. Burger Blast is another fast-food chain recently launched to cater to upscale customers who seek customized, gourmet-style burgers. It has 200 locations, however General Managers are struggling with budget and supplies causing a poor customer experience and high employee turnover. Food Park is a buffet-style restaurant with 500 locations that has been recently struggling because of high competition and poor marketing. Delicacy is a high-end restaurant with an urban theme. It has 76 locations, is the oldest of Red Carpet's food service operations, and provides a unique dining experience for customers. However, General Managers have a high turnover at Delicacy because of the grueling schedule. The food service division is located in Burke, ID.

Cruise Ships: Buoy Bay cruise ships offer low-cost, short-term cruises from Port Canaveral, FL only to the US Virgin Islands. Buoy Bay offers customers average quality staterooms and food from Chicken Heaven, Burger Blast, and Food Park. However, it does not offer a non-buffet formal dining option such as Delicacy. Although they are known for their over-the-top entertainment, employee turnover is very high relying primary on seasonal employees who are poorly trained. Buoy Bay has had much controversy. Just 5 years ago, the Buoy Bay cruise ship, Garland of the Sails, hit a reef, partially sank, and had to be salvaged in a 1.5 billion dollar operation. This resulted in a Federal investigation that is still pending. The Buoy Bay division is located in Lapsowanne, OR.

Movie Theaters: Sparkstar theaters were recently purchased from the Vegamega group for 2.3 billion dollars. Sparkstar is the highest rated movie theater chain the US. It has high customer and employee satisfaction, an efficient organizational structure, and solid financial results. Sparkstar's culture is one of high HR involvement including a strong training and development department, Sparkstar Institute. Sparkstar has a customer rewards program that provides a free movie rental of the film that the customer saw in the theater which has been very popular and has increased its strong customer base. Sparkstar has its divisional headquarters in Pasadena, CA.

The Issues

With the purchase of Sparkstar theaters, Red Carpet is hoping to redefine its operations in the next 5 years. It sees opportunities to integrate its divisions, products, and services to better serve its customers and employees. Here is a summary of some of the issues that Red Carpet must address in its strategic plan:

Internal politics and communication
Improved HR and training
Employee relations issues
Federal investigations
Product and service quality
Marketing support
Performance issues
Redefining the organizational structure
Improving its organizational culture
Integrating products and services
Resource and supply chain issues

Your Role

Leroy Banks, the Director of Change management at Red Carpet is seeking an Organization Development Consultant to address Red Carpet's need for change. You've just received a consulting contract from him to help prepare a plan to assist Red Carpet. You're excited about the opportunity and are motivated to work on this project. You know that your insight will assist Red Carpet with managing organizational change.

Leroy Banks is the Director of Change Management for Red Carpet, a national hospitality and entertainment company. He has contracted you to be an OD Consultant because Red Carpet has recently acquired a movie theater company and needs to create a new division. Leroy realized that this acquisition has provided an opportunity to restructure some other parts of the Red Carpet as well so it can streamline its operations. Leroy has asked you to begin by assessing Red Carpet’s organizational environment.

Review the Red Carpet scenario for this course and with your classmates; discuss the following questions that will help you become familiar with Red Carpet:

Identify and describe 3 examples of external forces affecting Red Carpet.
Identify and describe 3 examples of internal forces affecting Red Carpet
What challenges have these forces created at Red Carpet?

Holden Graham started The Graham Co., a new business that began operations on May 1. The Graham Co. completed the following transactions during its first month of operations. May 1 H. Graham invested $42,500 cash in the company. 1 The company rented a furnished office and paid $2,200 cash for May’s rent.. 3 The company purchased $1,900 of office equipment on credit. 5 The company paid $780 cash for this month’s cleaning services. 8 The company provided consulting services for a client and immediately collected $5,700 cash. 12 The company provided $2,600 of consulting services for a client on credit. 15 The company paid $780 cash for an assistant’s salary for the first half of this month. 20 The company received $2,600 cash payment for the services provided on May 12. 22 The company provided $3,100 of consulting services on credit. 25 The company received $3,100 cash payment for the services provided on May 22. 26 The company paid $1,900 cash for the office equipment purchased on May 3. 27 The company purchased $75 of advertising in this month’s (May) local paper on credit; cash payment is due June 1. 28 The company paid $780 cash for an assistant’s salary for the second half of this month. 30 The company paid $350 cash for this month’s telephone bill. 30 The company paid $290 cash for this month’s utilities. 31 H. Graham withdrew $1,800 cash from the company for personal use Enter the amount of each transaction on individual items of the accounting equation. Do not determine new account balances after each transaction. (Enter the transactions in the given order. Enter reductions to account balances with a minus sign.) thank you :) what is their cash flows statement?

Required information

[The following information applies to the questions displayed below.]

Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations.

Required:

1. Enter the amount of each transaction on individual items of the accounting equation. Do not determine new account balances after each transaction. (Enter the transactions in the given order. Enter reductions to account balances with a minus sign.)

http://prntscr.com/mjbvrr

Suppose a marketing company wants to determine the current proportion of customers who click on ads on their smartphones. It was estimated that the current proportion of customers who click on ads on their smartphones is 0.39 based on a random sample of 100 customers. Compute a 95% confidence interval for the true proportion of customers who click on ads on their smartphones and fill in the blanks appropriately.

Answer:

___<P<____ (3 decimal Places)

Andrew and Jeff are attempting to determine if their GRE scores are high enough to get into the graduate schools they are interested in. DeCicco College has an average GRE score of 1550 with a standard deviation of 45. Jeff achieves a score of 1450 and Andrew a score of 1300.

a. What is the probability of the score Jeff achieved occurring within those that are accepted to the university? (e.g. what is his percentile rank?)

B. What is the probability of the score Andrew achieved occurring within those that are accepted to the university? (e.g. what is his percentile rank?)

c. Is it probable that Jeff will be accepted based on his score? d. Is it probable that Andrew will be accepted based on his score?

Christine’s son is 2 months old and makes a visit to the pediatrician for a well-visit. The average height for a 2 month old in the US is 20 inches with a standard deviation of 2. Christine’s son is 22 inches.

Determine his percentile rank.

What percentage of children fall between one standard deviation above and below the mean.

Adrian has a beagle named Sadie. Sadie has a healthy appetite and Adrian is concerned that she might be eating too much. Adrian weighs Sadie and finds she is 30 pounds. The national average is 25 pounds with a standard deviation of 3 pounds.

a. Determine Sadie’s percentile rank.

b. Should Adrian be very concerned about Sadie’s weight?

For a population with a mean of μ = 80 and a standard deviation of σ = 12, find the z- score corresponding to each of the following samples.

a. M = 83 for a sample of n = 4 scores

b. M = 83 for a sample of n = 16 scores

c. M = 83 for a sample of n = 36 scores.

The population of IQ scores form a normal distribution with a μ = 100 and a standard deviation of σ = 10.

What is the probability of obtaining a sample mean greater than M = 97, For a random sample of n = 9 For a random sample of n = 25 people