The intangible assets section of Salmiento Corporation’s balance sheet at Decem-
ber 31, 2010, is presented here.
Patents ($60,000 cost less $6,000 amortization) $54,000
Copyrights ($36,000 cost less $25,200 amortization) 10,800
Total $64,800
The patent was acquired in January 2010 and has a useful life of 10 years. The copyright
was acquired in January 2004 and also has a useful life of 10 years. The following cash
transactions may have affected intangible assets during 2011.
Jan. 2 Paid $45,000 legal costs to successfully defend the patent against in-
fringement by another company.
Jan.–June Developed a new product, incurring $210,000 in research and development
costs. A patent was granted for the product on July 1, and its useful life is
equal to its legal life. Legal and other costs for the patent were $20,000.
Sept. 1 Paid $40,000 to a quarterback to appear in commercials advertising
the company’s products. The commercials will air in September and
October.
Oct. 1 Acquired a copyright for $200,000. The copyright has a useful life and
legal life of 50 years.
Instructions
(a) Prepare journal entries to record the transactions.
(b) Prepare journal entries to record the 2011 amortization expense for intangible assets.
(c) Prepare the intangible assets section of the balance sheet at December 31, 2011.
(d) Prepare the note to the financial statements on Salmiento Corporation’s intangible
assets as of December 31, 2011.

Case Study 2: Since the debt crisis began in 2010, the various European authorities and private investors have loaned Greece nearly 320 billion euros. In the same year, the Greek government had to inform the European Commission on how it would control its budget deficit and improve the performance of its economy. The government’s debt is so high that agencies assessing the creditworthiness of the government downgraded it (which would mean more interest has to be paid to raise finance). Proposals were likely to include a 10% cut in government spending. European Commission give the biggest financial rescue of a bankrupt country in history. As of January 2019, Greece has only repaid 41.6 billion euros. It has scheduled debt payments beyond 2060.The question arises here, how did Greece and the EU get into this mess in the first place? The seeds were sown back in 2001 when Greece adopted the euro as its currency. Greece had been an EU member since 1981 but could not enter the eurozone. Its budget deficit had been too high for the eurozone's Maastricht Criteria. All went well for the first several years. Like other eurozone countries, Greece benefited from the power of the euro. It lowered interest rates and brought in investment capital and loans. In 2004, Greece announced it had lied to get around the Maastricht Criteria. The EU imposed no sanctions. Why not? There were three reasons. France and Germany were also spending above the limit at the time. They would be hypocritical to sanction Greece until they imposed their own austerity measures first. There was uncertainty on exactly what sanctions to apply. They could expel Greece, but that would be disruptive and weaken the euro. The EU wanted to strengthen the power of the euro in international currency markets. A strong euro would convince other EU countries, like the United Kingdom, Denmark, and Sweden, to adopt the euro.As a result, Greek debt continued to rise until the crisis erupted in 2008.

Questions1. Outline two possible economic objectives of the Greek government.2. Explain why the government’s budget deficit might be in a large deficit.3. What would the effect on aggregate demand be if the government cut public spending by 10%?4. What actions can the government take to increase national income growth in Greece?5. If the Greek economy is in recession what would you expect to be the effect on:a) Inflation?b) Unemployment?c) Imports?Explain your

1. The Patient Protection and Affordable Care Act (ACA) became law in 2010. If you could design a public policy incentive within the ACA to encourage patients to remain healthy what might that be? This should be a full paragraph the describes your policy, how it would encourage healthy behavior, and why you as a health administrator feel it would be beneficial to the public. Please make sure to cite and reference any resources used to answer this question.
2. There are still those who are uninsured. What else should governments do to meet the needs of Americans without health care insurance beyond what the Affordable Care Act does?

BIG TWO CORPORATION

Statement of Cash Flows

For the year Ended December 31, 2010

(In Millions)

Cash Flows from Operating Activities:

               Net Income                                                                                                                  117.5

               Sources of Cash

                              Depreciation                                                                                                 100.0

                              Accounts Payable                                                                                        40.0

               Uses of Cash

                              Accounts Receivable                                                                                   (60.0)

                              Inventories                                                                                                 (200.0)

               Net cash provided by operating activities                                              (2.5)

Cash Flows from Investing Activities:

               Cash Used for Fixed Assets                                                                                    (230.0)

Cash Flow from Financing Activities:         

                              Notes Payable                                                                                              50.0

                              Bonds Payable                                                                                            174.0

                              Common and Preferred Dividends                                                          (61.5)

               Net Cash Provided by Financing Activities                                              162.5

               Net decrease in cash and marketable securities                                                 (70.0)

               Cash and securities at beginning of the year                                                        80.0

               Cash and securities at end of the year                                                                   10.0

Required:

a. What were the two (2) main sources of cash inflow in the operating (water distribution) activities of Big Two Corporation and how was it utilized?

b. Does the sizeable increase in inventories indicate that the company is gearing up for a market share expansion or is it simply having a hard time selling its goods?

c. What were the likely cash source of Big Two Corporation’s fixed asset acquisition? Is there an indication that there was a proper matching of borrowing maturities and asset life?

d. Based on your assessment of the company’s cash flow statement, was the firm aggressive in financing its working capital requirements?

Based on the limited data in the cash flow statement, is Big Two Corporation highly leveraged? Please explain briefly

Affordable Care Act, AKA Obamacare/ACA was passed in 2010 as a way to control federal health care expenditures and to provide wider access to health care in the USA. The ACA has a myriad of provisions that will likely stay a part of US law, for example Family Health Insurance Coverage will include children up to age 26. The ACA also has a myriad of provisions that the current federal administration apparently believes should be repealed or at least modified. We discussed sixteen (16) changes to the ACA that have occurred since President Trump was inaugurated. Tell me five (5) of these changes to the provisions of the ACA and how you believe the ACA will be affected as a result of the changes, i.e. will it be stronger, weaker or unaffected and why.

Super Quarterbacks

On February 7, 2010, Drew Brees and Peyton Manning quarterbacked their respective teams in the Super Bowl. Manning was the Most Valuable Player of the regular season, with Brees coming in second place, but Brees was named MVP of the Super Bowl as his New Orleans Saints beat Manning's Indianapolis Colts. The following data are the number of passing yards for each player during the 2009 regular season that led up to that Super Bowl:

a. Determine the five-number summary of passing yards for each quarterback.

c. For each quarterback, determine how many (or how few) yards they would need in a game for the game to qualify as an outlier for that quarterback.

For Drew Brees, outliers would be outside the range .

For Peyton Manning, outliers would be outside the range .

Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible April 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier July 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible August 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible October 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible December 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000 The accounts receivable account had a balance of $114,630 and the beginning balance in the allowance for uncollectible accounts was $6,200. Required: 1. Prepare journal entries for each transaction. 2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account. 3. Prepare the balance sheet extract as at Dec 31 to show the net realizable value for the Accounts Receivable. 4. Assume that the aging of accounts receivable method was used by the company and that $7,050 of the accounts receivable as of December 31 were estimated to be uncollectible. You are now required to: a. Determine the amount to be charged to uncollectible expense (show your workings for the computation of this figure). b. Prepare the balance sheet extract to show the net realizable value of the Accounts Receivable as at December 31

A historically devastating environmental event occurred in 2010. System failures in a British Petroleum (BP) oil platform in the Gulf of Mexico led to the release of significant amounts of oil into the Gulf of Mexico. The explosion of the Deepwater Horizon platform seems to be caused by faulty engineering. The spill was one of the worst environmental disasters in North American history. Eleven people were killed and it took almost three months to stop the oil flow.

Discuss how each of the human-centered and nature-centered ethical theories would interpret the moral issues involved in this case, and apply your own environmental ethic to the case.

5. Eyeglassomatic manufactures eyeglasses for different retailers. In March 2010, they tested to see how many defective lenses they made, and there were 18.7% defective lenses due to scratches. Suppose Eyeglassomatic examined fifteen eyeglasses. For each part Round to 4 decimal places

a) < 2 points > State: n = p =

b) Find the prob the none are scratched.

c) Find the exactly 6 are scratched.

d) Find the probability that at least 4 are scratched.

e) Find the probability that fewer than 9 are scratched

f) Find the probability that greater than 7 are scratched.

g) Find P(x ≤ 3 or x ≥ 10) =     [Hint need to find p(x ≤ 3) and p(x ≥ 10) then add them]

The price of crude oil during the period 2000-2010 can be approximated by P(t) = 6t + 18 dollars per barrel (0 <= t <= 10) in year t, where t = 0 represents 2000. Russia's crude oil production over the same period can be approximated by Q(t) = ?0.08t2 + 1.2t + 5.5 million barrels per day (0 <= t <= 10). † Use these models to estimate Russia's daily oil revenue and also its rate of change in 2008. (Round your answers to the nearest $1 million.) daily oil revenue _________million rate of change in 2008 _______million per year