Blooms Enterprise is a retail company that sells household electronics. The budget for the forthcoming period January to March 2021 is to be prepared. Expectations for the forthcoming period include the following:

a.      Expected Statement of Financial Position as at 31 December 2020

b.     Sales data – the company’s sales for December 2020 are expected to be $900,000 and it is expected that it will increase by 10% each month over the previous month for the quarter ending March 31, 2021. Sales are expected to remain constant at March 31, 2021 level for the next three months.

c.      Collections – credit sales are typically 70% of total sales. Outstanding amounts from sales are normally collected as follows:

                 i.          80% during the month of sale

               ii.          20% during the month after sale

d.     Cost of goods sold – this is normally 70% of total sales. To have adequate stocks of inventory on hand, the company attempts to have inventory at the end of each month equal to half (50%) of the next month’s projected cost of goods sold. Inventory is purchased on account and usually settled as follows:

                  i.          40% during the month of purchase

                ii.          60% during the month after purchase

e.      Other monthly expenses:

f.      Equipment is to be purchased on January 1, 2021 for cash in the amount of $700,000.

g.     The directors have indicated an intention to declare and pay dividends of $120,000 on the last day of each quarter.

h.      The executives believe that the company should maintain a minimum cash balance of $60,000. If the cash balance in any month is less than $60,000, then the company can borrow to cover the shortfall. Amounts borrowed must be in multiples of $1,000 (for example, $50,000 or $51,000 but not $51,500 or 51,566). The interest rate is 10% per annum. Repayment of principal and interest must be made on the last day of each quarter.

i.       Tax payable represents 20% of Profit before Tax and will be paid April 30, 2021 (after the end of the first quarter).

Required:

Prepare the following budgets for Blooms Enterprise by month and the quarter in total for the period ending March 31, 2021:

(a)    Schedule showing breakdown of sales between cash and credit (Hint: show December 2020 and April 2021 as well).                                                                             

(b)    Schedule of cash collected from customers.                                                              

(c)    Purchases budget (Hint: show April 2021 as well).                                             

(d)    Schedule of cash disbursement to suppliers of products for resale.                         

(e)    Cash budget for the period.                                                                                

ABC drug company has hired you as a consultant to hire the following positions:

1. Production Supervisor (Factory)
2. Health and Safety Specialist
3. Financial Analyst
4. HRIS (Human Resource Information System) Specialist
5. Corporate Communication Director
6. Recruiter

ABC wants you to independently develop the job specification (KSAOs) of the jobs, and submit a proposal as how you would like to recruit, screen and then conduct employment testing prior to the final employment interview.

Instruction: for any four job of your choice from the above list and prepare the following:

1. Develop a job specification (KSAOs) of your picked job.

(if you are not sure about the job description and specification of your picked job, you can do some research in the internet using NOC, O*Net or other available resources. These specifications may vary from student to student. Its ok)

Based on your developed job specification (KSAOs) and course learning (lecture, text, class activities) answer the following:

2. Propose suitable recruitment sources (not more than 4) explaining the reasons behind your choices.

3. Propose a screening strategy, outlining each stage of screening and the resources and tools to be used. (Here you need to assume a reasonable volume of applications that you expect to receive)

4. Propose suitable employment tests for the screened candidates (not more than 4) with justifications and legal implications for using them.

5. Timing of recruitment plan indicating each stage of your initiatives up-to the completion of employment testing (Here, again, you need to have your estimates of candidates in each stage)

Pop Corporation acquired 70 percent of Soda Company's voting common shares on January 1, 20X2, for $119,000. At that date, the noncontrolling interest had a fair value of $51,000 and Soda reported $70,000 of common stock outstanding and retained earnings of $33,000. The differential is assigned to buildings and equipment, which had a fair value $29,000 higher than book value and a remaining 10-year life, and to patents, which had a fair value $38,000 higher than book value and a remaining life of five years at the date of the business combination. Trial balances for the companies as of December 31, 20X3, are as follows:

On December 31, 20X2, Soda purchased inventory for $32,000 and sold it to Pop for $48,000. Pop resold $27,000 of the inventory (i.e., $27,000 of the $48,000 acquired from Soda) during 20X3 and had the remaining balance in inventory at December 31, 20X3.

During 20X3, Soda sold inventory purchased for $60,000 to Pop for $90,000, and Pop resold all but $24,000 of its purchase. On March 10, 20X3, Pop sold inventory purchased for $15,000 to Soda for $30,000. Soda sold all but $7,600 of the inventory prior to December 31, 20X3. Assume Pop uses the fully adjusted equity method, that both companies use straight-line depreciation, and that no property, plant, and equipment has been purchased since the acquisition.

Required:
a. Prepare all consolidation entries needed to prepare a full set of consolidated financial statements at December 31, 20X3, for Pop and Soda. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

b. Prepare a three-part consolidation worksheet for 20X3

Pop Corporation acquired 70 percent of Soda Company's voting common shares on January 1, 20X2, for $118,300. At that date, the noncontrolling interest had a fair value of $50,700 and Soda reported $70,000 of common stock outstanding and retained earnings of $31,000. The differential is assigned to buildings and equipment, which had a fair value $24,000 higher than book value and a remaining 10-year life, and to patents, which had a fair value $44,000 higher than book value and a remaining life of five years at the date of the business combination. Trial balances for the companies as of December 31, 20X3, are as follows:

In 2018, CBS Corporation submitted a below market bid to acquire Viacom. The rationale for the below market price bid stems from CBS’s due diligence of Viacom and numerous assumptions made by the Viacom management team about Viacom’s business prospects. In short, the CBS due diligence team discounted those statements made about Viacom’s business prospects by discounting the price offered. In addition to the perceived discounted price offered by CBS, there is a growing discord over who would run the combined CBS/Viacom entity. Shari Redstone of National Amusements is a majority shareholder in both CBS and Viacom. She has asked for CBS to acquire Viacom, but she believes that it is in the best interest of the new entity to be run by the current CBS CEO (Leslie Moonevs) and the number two position (COO and President) should be given to current Viacom CEO (Robert Bakish). However, CBS’s special advisory board believes that the current COO and President of CBS (Joe Ianniello) should have the number two position to ensure a smooth transition and continuity of operations. In response to the offer, Viacom’s advisory board has asked that CBS raise its bid by $2.8 billion. Company Backgrounds Viacom Inc . offers global media brands that create television programs, motion pictures, short-form content, applications, games, consumer products, social media experiences and other entertainment content. As of September 30, 2016, the Company offered its services for audiences in more than 180 countries. The Company operates through two segments: Media Networks and Filmed Entertainment. The Media Networks segment creates, acquires and distributes programming and other content for audiences The Media Networks segment provides entertainment content and related branded products for advertisers, content distributors and retailers. The Filmed Entertainment segment produces, finances, acquires and distributes motion pictures, television programming and other entertainment content under the Paramount Pictures, Paramount Vantage, Paramount Classics, Paramount Animation, Insurge Pictures, Nickelodeon Movies, MTV Films and Paramount Television brands. CBS Corporation is a mass media company. The Company operates through four segments: Entertainment, Cable Networks, Publishing, Local Media. The Entertainment segment comprises the CBS TV Network; CBS TV Studios; CBS Studios International and CBS TV Distribution; CBS Interactive; CBS Films; and the Company's digital streaming services, CBS All Access and CBSN. The Cable Networks segment comprises Showtime Networks, which operates its subscription program services, Showtime, The Movie Channel, and Flix. The Publishing segment comprises Simon & Schuster, which publishes and distributes consumer books under imprints such as Simon & Schuster, Pocket Books, Scribner and Gallery Books. The Local Media segment comprises CBS TV Stations, it owns 30 broadcast TV stations; and CBS Local Digital Media. Its businesses span the media and entertainment industries, including the CBS TV Network, cable networks and content production and distribution.

Given the information from contained in the question and your limited understanding of CBS and Viacom, discuss four problems that may occur as a result of this acquisition based on the information contained in the question

On January 1, 2016, Aronsen Company acquired 80 percent of Siedel Company’s outstanding shares. Siedel had a net book value on that date of $410,000: common stock ($10 par value) of $200,000 and retained earnings of $210,000.

Aronsen paid $656,000 for this investment. The acquisition-date fair value of the 20 percent noncontrolling interest was $164,000. The excess fair value over book value associated with the acquisition was used to increase land by $350,000 and to recognize copyrights (12-year remaining life) at $60,000. Subsequent to the acquisition, Aronsen applied the initial value method to its investment account.

In the 2016–2017 period, the subsidiary’s retained earnings increased by $100,000. During 2018, Siedel earned income of $104,000 while declaring $44,000 in dividends. Also, at the beginning of 2018, Siedel issued 5,000 new shares of common stock for $50 per share to finance the expansion of its corporate facilities. Aronsen purchased none of these additional shares and therefore recorded no entry.

Prepare the appropriate 2018 consolidation entries for these two companies.

On January 1, 2016, Aronsen Company acquired 80 percent of Siedel Company’s outstanding shares. Siedel had a net book value on that date of $630,000: common stock ($14 par value) of $280,000 and retained earnings of $350,000.

Aronsen paid $640,000 for this investment. The acquisition-date fair value of the 20 percent noncontrolling interest was $160,000. The excess fair value over book value associated with the acquisition was used to increase land by $110,000 and to recognize copyrights (12-year remaining life) at $60,000. Subsequent to the acquisition, Aronsen applied the initial value method to its investment account.

In the 2016–2017 period, the subsidiary’s retained earnings increased by $180,000. During 2018, Siedel earned income of $88,000 while declaring $28,000 in dividends. Also, at the beginning of 2018, Siedel issued 5,000 new shares of common stock for $55 per share to finance the expansion of its corporate facilities. Aronsen purchased none of these additional shares and therefore recorded no entry.

Prepare the appropriate 2018 consolidation entries for these two companies.

PLEASE SHOW ALL WORKS AND STEPS HOW TO GET THE JOURNAL ENTRY NUMBERS. THANK YOU

Background Information: 1 The company started when it acquired $55,000 cash issuing common stock 2 Purchased a new industrial oven that cost $35,000 cash 3 Earned $75,000 in cash revenue 4 Paid $30,000 cash for salaries Expense 5 Adjustment for use of industrial oven. Purchased on January 2 ,2018 with a useful life of 4 years and salvage value of $4,000 Straight-line Depreciation was used of the entry on December 31,2018 a) Compete the accounting equation Goofy Company Accounting Equation Balance Sheet Income Statement Event Assets Accumulated Stockholders Equity Cash + Equipment - Depreciation = Common Stock + Retained Earnings Revenue - Expense = Net Income 1 $55,000 2 (35,000) 3 75,000 4 (30,000) 5 Total $65,000 + $- - $- = $- + $- $- - $- = $- b) What amount of depreciation expense should be reported on the 2018 income statement? c) What amount of accumulated depreciation would be reported on the 2019 Year-End Balance Sheet? Helpful Resources What Are the Main Types of Depreciation Methods? Capital Asset Depreciation - Straight-Line

Pratt Company acquired all of Spider, Inc.’s outstanding shares on December 31, 2018, for $484,900 cash. Pratt will operate Spider as a wholly owned subsidiary with a separate legal and accounting identity. Although many of Spider’s book values approximate fair values, several of its accounts have fair values that differ from book values. In addition, Spider has internally developed assets that remain unrecorded on its books. In deriving the acquisition price, Pratt assessed Spider’s fair and book value differences as follows:

At December 31, 2018, the following financial information is available for consolidation: