W Ppppp Essay Example

W Ppppp Essay Final Exam Review Note: This hand-out is designed to provide additional review materials for your exam. The practice problems included are not all inclusive and this should be reviewed in conjunction with your practice exam, coursepacket materials and homework problems. Chapter 14 1. On January 1, 2007, Ann Rosen loaned $45,078 to Joe Grant. A zero-interest-bearing note (face amount, $60,000) was exchanged solely for cash; no other rights or privileges were exchanged. The note is to be repaid on December 31, 2009. The prevailing rate of interest for a loan of this type is 10%. The present value of $60,000 at 10% for three years is $45,078. What amount of interest income should Ms. Rosen recognize in 2007? a. $4,508. b. $6,000. c. $18,000. d. $13,524. 2. A company issues $20,000,000, 7. 8%, 20-year bonds to yield 8% on January 1, 2007. Interest is paid on June 30 and December 31. The proceeds from the bonds are $19,604,145. Using effective-interest amortization, how much interest expense will be recognized in 2007? a. $780,000 b. $1,560,000 c. $1,568,498 d. $1,568,332 3. Carr Corporation retires its $100,000 face value bonds at 105 on January 1, following the payment of interest. The carrying value of the bonds at the redemption date is $103,745. The entry to record the redemption will include a a. credit of $3,745 to Loss on Bond Redemption. b. debit of $3,745 to Premium on Bonds Payable. c. credit of $1,255 to Gain on Bond Redemption. d. debit of $5,000 to Premium on Bonds Payable. DR Bonds Payable 100,000 DR Premium 3,745 DR Loss 1,255 CR Cash 105,000 4. The printing costs and legal fees associated with the issuance of bonds should a. e expensed when incurred. b. be reported as a deduction from the face amount of bonds payable. c. be accumulated in a deferred charge account and amortized over the life of the bonds. d. not be reported as an expense until the period the bonds mature or are retired. Page 1 of 10 5. The generally accepted method of accounting for gains or losses from the early extinguishment of debt treats any gain or loss as a. an ad justment to the cost basis of the asset obtained by the debt issue. b. an amount that should be considered a cash adjustment to the cost of any other debt issued ver the remaining life of the old debt instrument. c. an amount received or paid to obtain a new debt instrument and, as such, should be amortized over the life of the new debt. d. a difference between the reacquisition price and the net carrying amount of the debt which should be recognized in the period of redemption as an other expense on the income statement. 6. A corporation called an outstanding bond obligation four years before maturity. At that time there was an unamortized discount of $300,000. To extinguish this debt, the company had to pay a call premium of $100,000. We will write a custom essay sample on W Ppppp specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on W Ppppp specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on W Ppppp specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Ignoring income tax considerations, how should these amounts be treated for accounting purposes? a. Amortize $400,000 over four years. b. Charge $400,000 to a loss in the year of extinguishment. c. Charge $100,000 to a loss in the year of extinguishment and amortize $300,000 over four years. d. Either amortize $400,000 over four years or charge $400,000 to a loss immediately, whichever management selects. 7. On June 1, 2006, Janson Bottle Company sold $400,000 in long-term bonds for $351,040. The bonds will mature in 10 years and have a stated interest rate of 8% and a yield rate of 10%. The bonds pay interest annually on May 31 of each year. The bonds are to be accounted for under the effective-interest method. Instructions (a) Construct a bond amortization table for this problem to indicate the amount of interest expense and discount amortization at each May 31. Include only the first four years. Make sure all columns and rows are properly labeled. (Round to the nearest dollar. ) (b) The sales price of $351,040 was determined from present value tables. Specifically explain how one would determine the price using present value tables. c) Assuming that interest and discount amortization are recorded each May 31, prepare the adjusting entry to be made on December 31, 2008. (Round to the nearest dollar. ) (a) Date 6/1/06 5/31/07 5/31/08 5/31/09 5/31/10 (b) (1) (2) Credit Cash $32,000 32,000 32,000 32,000 Debit Interest Expense $35,104 35,414 35,756 36,131 Credit Carrying Amount Bond Discount of Bonds $351,040 $3,104 354,144 3,414 357,558 3,756 361,314 4,131 365,445 Fin d the present value of $400,000 due in 10 years at 10%. Find the present value of 10 annual payments of $32,000 at 10%. Add (1) and (2) to obtain the present value of the principal and the interest 20,858* 18,667** 2,191 payments. (c) Interest Expense Interest Payable .. Discount on Bonds Payable *7/12 ? $35,756 (from Table) = $20,858 **7/12 ? 8% ? $400,000 = $18,667 Page 2 of 10 Chapter 15: 1. E15-1:Porter Corp. purchased its own par value stock on January 1, 2010 for $20,000 and debited the treasury stock account for the purchase price. The stock was subsequently sold for $12,000. The $8,000 difference between the cost and sales price should be recorded as a deduction from a. additional paid-in capital to the extent that previous net gains from sales of the same class of stock are included therein; otherwise, from retained earnings. b. additional paid-in capital without regard as to whether or not there have been previous net gains from sales of the same class of stock included therein. c. retained earnings. d. net income. 2. Which of the following best describes a possible result of treasury stock transactions by a corporation? . May increase but not decrease retained earnings. b. May increase net income if the cost method is used. c. May decrease but not increase retained earnings. d. May decrease but not increase net income. 3. When a corporation issues its capital stock in payment for services, the least appropriate basis for recording the transaction is the a. market value of the services received. b. par value of the shares issued. c. market value of the shares issued. d. Any of these provides an appropriate basis for recording the transaction. . Direct costs incurred to sell stock such as underwriting costs should be accounted for as 1. a reduction of additional paid-in capital. 2. an expense of the period in which the stock is issued. 3. an intangible asset. a. b. c. d. 1 2 3 1 or 3 5. A feature common to both stock splits and stock dividends is a. a transfer to earned capital of a corporation. b. that there is no effect on total stockholders equity. c. an increase in total liabilities of a corporation. d. a reduction in the contributed capital of a corporation. Stock splits – change in par value and change in number of shares Stock dividend – DR Retained Earnings and CR CS dividend distributable (and APIC if small stock dividend) 6. On September 1, 2010, Valdez Company reacquired 12,000 shares of its $10 par value common stock for $15 per share. Valdez uses the cost method to account for treasury stock. The journal entry to record the reacquisition of the stock should debit a. Treasury Stock for $120,000. b. Common Stock for $120,000. c. Common Stock for $120,000 and Paid-in Capital in Excess of Par for $60,000. . Treasury Stock for $180,000. 12,000 ? $15 = $180,000. (Credit is to cash. ) Page 3 of 10 7. Long Co. issued 100,000 shares of $10 par common stock for $1,200,000. Long acquired 8,000 shares of its own common stock at $15 per share. Three months later Long sold 4,000 of these shares at $19 per share. If the cost method is used to record treasury stock transactions, to record the sale of the 4,000 treasury shares, Long should credit a. Treasury Stock for $76,000. b. Treasury Stock for $40,000 and Paid-in Capital from Treasury Stock for $36,000. c. Treasury Stock for $60,000 and Paid-in Capital from Treasury Stock for $16,000. d. Treasury Stock for $60,000 and Paid-in Capital in Excess of Par for $16,000. 4,000 ? $15 = $60,000; 4,000 ? $4 = $16,000. Stock Issue: DR Cash 1,200,000, CR Common Stock $1,000,000, CR APIC $200,000 Repurchase: DR Treasury Stock 120,000, CR Cash 120,000 Sale: DR Cash 76,000, CR Treasury Stock 60,000, CR APIC-TS 16,000 8. Colson Inc. declared a $160,000 cash dividend. It currently has 6,000 shares of 7%, $100 par value cumulative preferred stock outstanding. It is one year in arrears on its preferred stock. How much cash will Colson distribute to the common stockholders? a. $76,000. b. $84,000. c. $118,000. d. None. Note: Assumes that the preferred tock is not participating since it does not say that it is. 6,000 ? $100 ? .07 = $42,000 PS Dividend Total Dividend of $160,000 – ($42,000 ? 2 years since one in arrears and it is cumulative) = $76,000 payable to common stockholders. If it was participating preferred stock, then each would equal dividends and you would need to know the amount of the common stock par to know how to divide it. Refer to example from Ch 15 lecture. . Hernandez Company has 350,000 shares of $10 par value common stock outstanding. During the year, Hernandez declared a 10% stock dividend when the market price of the stock was $30 per share. Four months later Hernandez declared a $. 50 per share cash dividend. As a result of the dividends declared during the year, retained earnings decreased by a. $1,242,500. b. $525,000. c. $192,500. d. $175,000. 350,000 ? .1 0 ? $30 = $1,050,000 Stock dividend: DR RE 1,050,000 and CR CS Dividend Distributable (for par) $50,000 and CR APIC 700,000 $1,050,000 + (350,000 ? 1. 0 (increase for stock dividend) ? $. 50) = $1,242,500. 10. On June 30, 2010, when Ermler Co. s stock was selling at $65 per share, its capital accounts were as follows: Capital stock (par value $50; 60,000 shares issued) Premium on capital stock Retained earnings $3,000,000 600,000 4,200,000 If a 100% stock dividend were declared and distributed, capital stock would be a. $3,000,000. b. $3,600,000. c. $6,000,000. d. $7,800,000. Declaration Date: DR RE 3,000,000 and CR CS Dividend Distributable 3,000,000 Payment Date: DR CS Dividend Distributable 3,000,000 and CR CS 3,000,000 Page 4 of 10 The following data are provided for 11 and 12: 10% Cumulative preferred stock, $50 par Common stock, $10 par Additional paid-in capital Retained earnings (includes current year net income) Net income December 31, 2011 2010 $100,000 $100,000 120,000 90,000 80,000 65,000 240,000 215,000 90,000 Additional information: On May 1, 2011, 3,000 shares of common stock were issued. The preferred dividends were not declared during 2011. The market price of the common stock was $50 at December 31, 2011. 11. The rate a. 90 ? b. 90 ? c. 80 ? d. 80 ? c = $80 ? 400. 12. The book value per share of common stock at 12/31/11 is a. 30 ? 12. b. 200 ? 12. c. 330 ? 12. d. 440 ? 11. $120,000 + $80,000 + (240,000 – $10,000) a ——————————————————— = $430 ? 12. 12,000 Chapter 18: Solve P18-5 b – 1, 2 and 3 using the Completed Contract Method for Practice ER18-1: POC and Completed Contract Methods Toaster Co. entered into the following contract with Oven Inc. to construct a new facility. At the time the contract was negotiated, Toaster was confident that they would be able to complete the contract to Oven’s specifications. Further, Oven had good credit standing and was expected to pay the contract in full in accordance with the billing terms. The contract started on March 1, 2009 and ended on December 15, 2011 when construction was complete. Toaster Co. Contract price: $10,000,000 Costs incurred Estimated costs to complete Progress billings Cash collections 2009 $3,600,000 4,400,000 3,000,000 2,500,000 2010 $3,800,000 1,000,000 3,500,000 3,000,000 2011 $800,000 0 3,500,000 4,500,000 of return on common stock equity for 2011 is 400. 440. 400. 440. 1) What should Toaster Co. consider in deciding between the Completed Contract and the POC methods? Based on these facts, which method is preferable? Toaster must use the POC method for long-term contracts when all three of the following exist: 1) terms are fixed per the contract 2) buyer is expected to pay and 3) contractor is expected to perform. If Toaster does not meet these three requirements, the completed contract method may be used. The completed contract method may also be used if the contract is short-term or Page 5 of 10 there are inherent hazards. Typically inherent hazards mean they cannot estimate the costs reliably for some reason. In this example, the terms are fixed and known as per above and both parties were expected to perform when the contract was negotiated. Since the contract is longterm and there are no inherent hazards mentioned, the POC method is not only preferred but it would be required. 2) What factors might cause Toaster Co. to use the Installment Sales or Cost Recovery methods? Toaster would have to not qualify for the POC method as discussed above. Further, the collectability of the contract price from Oven would have to be uncertain. The choice between installment sales and cost recovery depends on the level of uncertainty that Oven will pay. The more uncertain Toaster is, the more likely they would use the cost recovery method. ) Prepare the entries for all three years using the POC method. See template for ER18-1. Page 6 of 10 ER 18. 1 % Complete Calculations: 1 2 Costs to Year Date Given Given 2009 2010 2011 3,600,000 7,400,000 8,200,000 3 Estimated Total Costs Given 8,000,000 8,400,000 8,200,000 4 % Complete =2/3 45. 0% 88. 1% 100. 0% 5 Conrtract Price Given 10,000,000 10,000,000 10,000,000 6 Revenue Recognizable =4*5 4,5 00,000 8,809,524 10,000,000 7 Less Pys See PY line 4,500,000 8,809,524 8 Current Year =6-7 4,500,000 4,309,524 1,190,476 1 Year Given 2009 2010 2011 Journal Entries: Estimated Profit =5-3 2,000,000 1,600,000 1,800,000 10 % Complete* =4 above 45. 0% 88. 1% 11 Profit Recognizable =9*10 900,000 1,409,524 12 Less Pys See PY Line 900,000 13 Current Year =11-12 900,000 509,524 390,476 COMPLETED CONTRACT: 2009 2010 3,600,000 3,800,000 (3,600,000) (3,800,000) 3,000,000 (3,000,000) 2,500,000 (2,500,000) 3,500,000 (3,500,000) 3,000,000 (3,000,000) 2011 800,000 (800,000) 3,500,000 (3,500,000) 4,500,000 (4,500,000) CIP AP AR Billings Cash AR CIP Const Expense Revenue Billings CIP 100. 0% 1,800,000 1,409,524 *Note assume 100% of the loss if a loss contract!! 009 2010 2011 3,600,000 3,800,000 800,000 CIP (3,600,000) (3,800,000) (800,000) AP 3,000,000 (3,000,000) 2,500,000 (2,500,000) 900,000 3,600,000 (4,500,000) 3,500,000 (3,500,000) 3,000,000 (3,000,000) 509,524 3,800,000 (4,309,524) 3,500,000 (3,500,000) 4,500,000 (4,500,000) 390,476 800,000 (1,190,476) 10,000,000 (10,000,000) 2011 AR Billings Cash AR Const Expense Revenue Billings CIP (3,000,000) 3,600,000 600,000 (6,500,000) 7,400,000 900,000 8,200,000 (10,000,000) 10,000,000 (8,200,000) 2009 2010 Balance Sheet Presentation: Billings Total (3,000,000) (6,500,000) CIP Total 4,500,000 8,809,524 BS Amount: 1,500,000 2,100,000 Unbilled Unbilled Contract Costs Contract Costs Unbilled Unbilled Contract Costs Contract Costs Inventory Inventory Title: Section: Inventory Inventory 4) Prepare the entries for all three years using the Completed Contract method. See template for ER18-1. Page 7 of 10 5) Now assume the same as above except that in 2010, Toaster ran into some construction delays and actual costs incurred were $2,000,000 higher than stated above. The delays were Toaster’s fault and they were not able to bill Ovens Inc. for these extra costs incurred. Prepare the journal entries for all three years under both the POC and completed contract methods. See template for ER18-1 Part 5). Page 8 of 10 ER 18. 1 Part 5 % Complete Calculations: 1 2 Costs to Year Date Given Given 2009 2010 2011 3,600,000 9,400,000 10,200,000 3 Estimated Total Costs Given 8,000,000 10,400,000 10,200,000 4 % Complete =2/3 45. 0% 90. 4% 100. 0% 5 Conrtract Price Given 10,000,000 10,000,000 10,000,000 6 Revenue Recognizable =4*5 4,500,000 9,038,462 10,000,000 7 Less Pys See PY line 4,500,000 9,038,462 8 Current Year =6-7 4,500,000 4,538,462 961,538 Year Given 2009 2010 2011 Journal Entries: 9 Estimated Profit =5-3 2,000,000 (400,000) (200,000) 10 % Complete* =4 above 45. 0% 100. 0% 11 Profit Recognizable =9*10 900,000 (400,000) 12 Less Pys See PY Line 900,000 13 Current Year 2010 Contrstruction Expense: =11-12 5,838,462 900,000 (1,300,000) 200,000 COMPLETED CONTRACT: 2009 2010 3,600,000 5,800,000 (3,600,000) (5,800,000) 3,000,000 (3,000,000) 2,500,000 (2,500,000) 3,500,000 (3,500,000) 3,000,000 (3,000,000) 2011 800,000 (800,000) 3,500,000 3,500,000) 4,500,000 (4,500,000) 2011 Contruction Expense: 761,538 CIP AP AR Billings Cash AR CIP Const Expense Revenue Billings CIP 100. 0% (200,000) (400,000) *Note assume 100% of the loss if a loss contract!! 2009 2010 2011 3,600,000 5,800,000 800,000 CIP (3,600,000) (5,800,000) (800,000) AP 3,000,000 (3,000,000) 2,500,000 (2,500,000) 900,000 3,600,000 (4,500,000) 3,500,000 (3,500,000) 3,000,000 (3,000,000) (1,300,000) 5,838,462 (4,538,462) 3,500,000 (3,500,000) 4,500,000 (4,500,000) 200,000 761,538 (961,538) 10,000,000 (10,000,000) 2011 AR Billings Cash AR Const Expense Revenue Loss on Contract Billings CIP (3,000,000) 3,600,000 600,000 400,000 (400,000) (6,500,000) 9,000,000 2,500,000 10,000,000 (10,000,000) (200,000) 10,000,000 (9,800,000) 2009 2010 Balance Sheet Presentation: Billings Total (3,000,000) (6,500,000) CIP Total 4,500,000 9,000,000 BS Amount: 1,500,000 2,100,000 Unbilled Unbilled Contract Costs Contract Costs Unbilled Unbilled Contract Costs Contract Costs Inventory Inventory Title: Section: Inventory Inventory ER 18–2: Installment Sales Method Cornick, Inc. appropriately used the installment method of accounting to recognize income in its financial statement. Some pertinent data relating to this method of accounting include: 2010 2011 Installment sales $750,000 $900,000 Cost of sales 450,000 630,000 Gross profit $300,000 $270,000 Collections during year: On 2010 sales 250,000 250,000 On 2011 sales 300,000 Prepare the journal entries for 2010 and 2011 required under the installment sales metho d. Gross Profit Rates: 2010 = 40% (300,000/750,000)/ 2011 = 30% (270,000/900,000) 2010 2011 DR CR DR CR AR – 2010 750,000 0 AR – 2011 0 900,000 Revenue 750,000 900,000 COGS Inventory Revenue COGS Deferred GP–2010 Deferred GP-2011 Cash AR – 2010 AR – 2011 450,000 450,000 750,000 450,000 300,000 0 250,000 250,000 0 100,000* 90,000** 100,000 190,000 550,000 250,000 300,000 900,000 630,000 0 270,000 630,000 630,000 Deferred GP–2010 100,000* Deferred GP-2011 0 Realized GP * 250,000 cash * 40% GP Rate ** 300,000 cash * 30% GP Rate Page 9 of 10 ER 18-3: Completed Contract and Percentage of Completion with Interim Loss Russell Custom Builders manufactures commercial building complexes. The following data is available for an airport construction contract: Amount in thousands Contract price: $10,000 2010 2011 2012 Costs incurred each year $1,900 $1,500 $5,000 Estimated costs to complete 3,100 6,000 0 Progress billings 4,000 4,000 2,000 Cash collections 3,000 4,000 3,000 1. Prepare the required entries for all three years under the percentage of completion method and the completed contract methods. See template for ER18-3. 2. Assume now that the project manager miscalculated the building’s window widths and all of the windows had to be reordered. This resulted in significant cost overruns. The costs were as follows: 2010 2011 2012 Costs incurred each year $1,900 $6,200 $2,900 Estimated costs to complete 3,100 2,800 0 Prepare the required entries for 2011 and 2012 under the percentage of completion method and the completed contract methods. See template for ER18-3 Part 2). Page 10 of 10 % Complete Calculations: 1 2 Costs to Year Date Given Given 2010 2011 2012 1,900,000 3,400,000 8,400,000 ER 18. 3 3 Estimated Total Costs Given 5,000,000 9,400,000 8,400,000 4 % Complete =2/3 38. 0% 36. 2% 100. 0% 5 Conrtract Price Given 10,000,000 10,000,000 10,000,000 6 Revenue Recognizable =4*5 3,800,000 3,617,021 10,000,000 7 Less Pys See PY line 3,800,000 3,617,021 8 Current Year =6-7 3,800,000 (182,979) 6,382,979 1 Year Given 2010 2011 2012 Journal Entries: 9 Estimated Profit =5-3 5,000,000 600,000 1,600,000 10 % Complete* =4 above 38. 0% 36. 2% 11 Profit Recognizable =9*10 1,900,000 217,021 12 Less Pys See PY Line 1,900,000 13 Current Year =11-12 1,900,000 (1,682,979) COMPLETED CONTRACT: 2010 2011 1,900,000 1,500,000 (1,900,000) (1,500,000) 4,000,000 (4,000,000) 3,000,000 (3,000,000) 4,000,000 (4,000,000) 4,000,000 (4,000,000) CIP AP AR Billings Cash AR CIP Const Expense Revenue Billings CIP 100. % 1,600,000 217,021 1,382,979 *Note assume 100% of the loss if a loss contract!! 2010 2011 2012 1,900,000 1,500,000 5,000,000 CIP (1,900,000) (1,500,000) (5,000,000) AP 4,000,000 (4,000,000) 3,000,000 (3,000,000) 1,900,000 1,900,000 (3,800,000) 4,000,000 (4,000,000) 4,000,000 (4,000,000) (1,682,979) 1,500,000 182,979 2,000,000 (2,000,000) 3,000,000 (3,000,000) 1,382,979 5,000,000 (6,382,979) 10,000,000 (10,000,000) 2012 AR Billings Cash AR 2012 5,000,000 (5,000,000) 2,000,000 (2,000,000) 3,000,000 (3,000,000) Const Expense Revenue Billings CIP (4,000,000) 1,900,000 (2,100,000) (8,000,000) 3,400,000 (4,600,000) 8,400,000 (10,000,000) 10,000,000 (8,400,000) 2010 2011 Balance Sheet Presentation: Billings Total (4,000,000) (8,000,000) CIP Total 3,800,000 3,617,021 BS Amount: (200,000) (4,382,979) Billings in excess of Unbilled contract costs Contract Costs Billings in Billings in excess of excess of contract costs contract costs Current Liabilities Current Liabilities Current Liabilities Current Liabilities Title: Section: ER 18. 3 Part 2 % Complete Calculations: 1 2 Costs to Year Date Given Given 2010 2011 2012 1,900,000 8,100,000 11,000,000 3 Estimated Total Costs Given 5,000,000 10,900,000 11,000,000 4 % Complete =2/3 38. 0% 74. 3% 100. 0% 5 Conrtract Price Given 10,000,000 10,000,000 10,000,000 6 Revenue Recognizable =4*5 3,800,000 7,431,193 10,000,000 7 Less Pys See PY line 3,800,000 7,431,193 8 Current Year =6-7 3,800,000 3,631,193 2,568,807 1 Year Given 2010 2011 2012 Journal Entries: Estimated Profit =5-3 5,000,000 (900,000) (1,000,000) 10 % Complete* =4 above 38. 0% 100. 0% 11 Profit Recognizable =9*10 1,900,000 (900,000) 12 Less Pys See PY Line 1,900,000 13 Current Year 2010 Contrstruction Expense: =11-12 6,431,193 1,900,000 (2,800,000) (100,000) COMPLETED CONTRACT: 2010 2011 1,900,000 6,200,000 (1,900,000) (6,200,000) 4,000,000 (4,000,000) 3,000,000 (3,000,000) 4,000,000 (4,000,000) 4,000,000 (4,000,000) 2012 2,900,000 (2,900,000) 2,000,000 (2,000,000) 3,000,000 (3,000,000) 2011 Contruction Expense: 2,668,807 CIP AP AR Billings Cash AR CIP Const Expense Revenue Billings CIP 100. 0% (1,000,000) (900,000) *Note assume 100% of the loss if a loss contract!! 2010 2011 2012 1,900,000 6,200,000 2,900,000 CIP (1,900,000) (6,200,000) (2,900,000) AP 4,000,000 (4,000,000) 3,000,000 (3,000,000) 1,900,000 1,900,000 (3,800,000) 4,000,000 (4,000,000) 4,000,000 (4,000,000) (2,800,000) 6,431,193 (3,631,193) 2,000,000 (2,000,000) 3,000,000 (3,000,000) (100,000) 2,668,807 (2,568,807) 10,000,000 (10,000,000) 2012 AR Billings Cash AR Const Expense Revenue Loss from contract Billings CIP (4,000,000) 1,900,000 (2,100,000) Billings in excess of contract costs Current Liabilities 900,000 (900,000) (8,000,000) 7,200,000 (800,000) Billings in excess of contract costs Current Liabilities 10,000,000 (10,000,000) 100,000 10,000,000 (10,100,000) 2010 Balance Sheet Presentation: Billings Total (4,000,000) CIP Total 3,800,000 BS Amount: (200,000) 2011 (8,000,000) 7,200,000 (800,000) Title: Billings in Billings in excess of excess of contract costs contract costs Current Liabilities Current Liabilities Section:

WWI Draft Registration Records

WWI Draft Registration Records All males in the United States  between the ages of 18  and 45  were required by law to register for the draft throughout 1917 and 1918, making WWI draft records a rich source of  information on millions of American males born between about 1872 and 1900. The WWI draft registration records are by far the biggest group of such draft records in the U.S., containing names, ages, dates, and place of birth for more than 24 million men.   Notable registrants of the World War One draft include, among many others,  Louis Armstrong, Fred Astaire, Charlie Chaplin, Al Capone, George Gershwin, Norman Rockwell, and  Babe Ruth.   Record Type: Draft registration cards, original records (microfilm and digital copies also available) Location:  U.S., although some individuals of foreign birth are also included. Time Period:  1917–1918 Best For: Learning the exact date of birth for all registrants (especially useful for men born prior to the onset of state birth registration), and exact place of birth for men born between 6 June 1886 and 28 August 1897 who registered in the first or second draft (possibly the only source of this information for foreign-born men who never became naturalized U.S. citizens). What Are WWI Draft Registration Records? On May 18, 1917, the Selective Service Act authorized the President to temporarily increase the U.S. military. Under the office of the Provost Marshal General, the Selective Service System was established to draft men into military service. Local boards were created for each county or similar state subdivision, and for each 30,000 people in cities and counties with a population greater than 30,000. During World War I there were three draft registrations: 5 June 1917 - all men between the ages of 21 and 31 residing in the U.S. - whether native born, naturalized, or alien5 June 1918 - men who reached age 21 after 5 June 1917. (A supplemental registration, included in the second registration, was held on 24 August 1918, for men who turned 21 years old after 5 June 1918.)12 September 1918 - all men between age 18 and 45. What You Can Learn From WWI Draft Records: At each of the three draft registrations a different form was used, with slight variations in the information requested. In general, however, youll find the registrants full name, address, phone number, date and place of birth, age, occupation and employer, the name and address of the nearest contact or relative, and the signature of the registrant. Other boxes on the draft cards asked for descriptive details such as race, height, weight, eye and hair color and other physical characteristics. Keep in mind that WWI Draft Registration Records are not military service records and they dont document anything past the individuals arrival at training camp and contain no information about an individuals military service. It is also important to note that not all of the men who registered for the draft actually served in the military, and not all men who served in the military registered for the draft. Where Can I Access WWI Draft Records? The original WWI draft registration cards are in the custody of the National Archives - Southeast Region near Atlanta, Georgia. They are also available on microfilm (National Archives publication M1509) at the Family History Library in Salt Lake City, local Family History Centers, the National Archives and its Regional Archive centers. On the Web, subscription-based Ancestry.com offers a searchable index of the WWI Draft Registration Records, as well as digital copies of the actual cards. The complete collection of digitized WWI draft records, plus a searchable index, is also available online for free from FamilySearch - United States World War I Draft Registration Cards, 1917–1918. How to Search the WWI Draft Registration Records To effectively search for an individual among the WWI draft registration records, youll need to know at least the name and the county in which he registered. In large cities and in some large counties, youll also need to know the street address to determine the correct draft board. There were 189 local boards in New York City, for example. Searching by name only is not always enough as is fairly common to have numerous registrants with the same name. If you dont know the individuals street address, there are several sources where you may be able to find this information. City directories are the best source, and can be found at most large public libraries in that city and through Family History Centers. Other sources include the 1920 Federal Census (assuming that the family didnt move after the draft registration), and any contemporary records of events that occurred about that time (vital records, naturalization records, wills, etc.). If youre searching online and dont know where your individual was living, you can sometimes find him through other identifying factors. Many individuals, especially in the southeast U.S., registered by their full name, including middle name, which can make them easier to identify. You could also narrow the search by month, day and/or year of birth.

Database Applications Research Paper Example | Topics and Well Written Essays - 500 words - 1

Database Applications - Research Paper Example It mainly focuses on the safe management and maintenance of data, and providing access to multiple applications and users simultaneously. Despite its complexity as compared to flat text files and spreadsheets, it actually makes things easier considering the weaknesses of the latter (i.e. redundant information, outdated data, file size, complex protection of data from unauthorized use and from becoming corrupt), particularly when working with large-scale applications. These issues aforementioned are taken cared of Relational Database Management System (RDBMS), such that the flexibility and security of data outweighs the complexity of the system. Codd's idea was to break down a long row of data fields into smaller tables describing specific subsets of the data collected, ultimately reducing the data footprint and cost. Furthermore, it enforces data integrity by ensuring data type correctness (by using strong data types), eliminating redundant data (by saving data entities in just one p lace), disallowing harmful deletes (by using key constraints), and guarantees efficient retrieval and manipulation of data (by splitting up data into chunks). With SQL Server 2005 Express Edition, you get the advantages of RDBMS.

Pain Managment In Palliative Care Assignment Example | Topics and Well Written Essays - 1500 words - 1

Pain Managment In Palliative Care - Assignment Example This is because pain is very severe and distressing in cancer patients and can lead to physical disability, emotional maladjustment, social detachment, psychological depression and distress, sleep disturbances, loss of appetite, and feeling of unwell and above all make their journey to death miserable (National Health Service, 2006). In fact, pain is the only aspect of terminal illness that can be relieved. Nurses taking care of terminally ill cancer patients must be aware of this and take necessary measures to relieve pain in them (Kearney et al, 2000). This essay discusses pain relief management in a terminally ill cancer patient an exercise to gain further understanding into palliative care of advanced malignancy. The aim of palliative care is to enhance the quality of life of the patient and influence the course of the disease in the most positive sense. The care must be initiated as early as possible in the course of the disease in conjunction with other supportive therapies like chemotherapeutic, medical and surgical interventions. Palliative care adapts the philosophy of hospice care and the interdisciplinary practice. It applies to all terminally ill patients irrespective of their diagnosis, race, religion, age, gender and culture (National Cancer Control Programme, 2005). Pain relief is the corner stone of palliative care and enhances the spiritual value of care. Along with pain relief, other symptoms like nausea and vomiting, regional swelling, sleeplessness, gastritis and constipation must be addressed (Johnson et al, 2006). Quality of life of the patient may be enhanced by encouraging the patient and allowing the patient to indulge in activities which are a source of enjoyment and relaxation for him or her like watching movies and listening to music, by making the patient feel that the patient is yet a much wanted member in the family and by providing the patient time and space to spend

Porters Five Forces Model of Competitive Advantage

Porters Five Forces Model of Competitive Advantage The aim of this paper is to critically analyse Porters 5-Forces framework and the concept of the Resource-Based view (RBV) which originated from Wernerfelt (1984) to develop strategy as a source of competitive advantage. A comparative analysis between the two approaches is undertaken. This paper further attempt to contrast the two frameworks taking into consideration what researchers have identified throughout the development of both theories. The methodology applied to approach this paper commences by briefly defining both concepts and their focus of attention. The analysis then identifies common elements found in both theories supported by diverse researchers opinions and views. This section undertakes a critical approach which serves a primary need to reach the objectives of the paper. The paper then proceeds with an essential critique of fundamental differences between the two approaches under investigation. Specific uncomplimentary elements are identified within both framework and which are critically expounded. The paper concludes with a discussion on what could be the future of both theories and their contribution towards strategy formulation for organisations to gain competitive advantage. The Key Elements of Porters and RBV Theories It is pertinent to define briefly the key elements of both theoretical frameworks on which this paper will based to carry out a critical and contrast analysis. Porters 5-Forces The theory originating from industrial economics forms part of the classical perspectives of strategies developed throughout the last fourty years of the twentieth century (Whittington 2001). Porter (1980), specialising on competitive strategy, designed a model of five competitive forces, to assess the attractiveness of the industry via which the corporate strategy can effectively capitalise on both present and emerging market opportunities. This model serves as an indispensible tool in critically analysing both the structure and dynamics of the industry in which the organisation pertains (Fortenberry 2009). These five forces incorporate the threat of new entrants and substitute products or services to the industry on a horizontal dimension and the vertical dimensions of suppliers and customers bargaining powers. Both dimensions intersect on the fifth force consisting of the rivalry amongst current competitors in the industry (Porter 1980:4). The theory claims that profitability is h ighest when competition is lower and that competition erodes profits (ibid). It further sustains that some competition should be avoided and the theorist gives advice on how firms can maximize profits through maintaining or changing fundamental industry structures. However, empirical investigation has failed to support the link between industry structure and profitability (Grant 1991:117). Furthermore, Grove (1996) claims that government strategic forces are ignored in Porters theory. The Resource -Based View The RBV framework designed by Wernerfelt (1984), is essential to assess strength and weaknesses within a business concern so as to engineer a strategic competitive advantage. Wernerfelt (cited in UoL 2009:65) advocated, that Sustainable competitive advantages are conferred by resources which are hard to imitate and scarce relative to their economic value. The RBV strategic theory links resources, capabilities, competitive advantage and profitability and their synergistic combination, ensures a sustainable competitive advantage to the firm (Grant 1991). Theorists such as Fahy and Smithee (1999) remarked that the development of this framework took a step forward when diverse strategists became bored with Porters 5-forces theory, and found possible alternatives in the RBV theory. Grant (1991) claims that this theory can be appropriately applied in the development of robust long tern strategies. Primarily the RBV is focused on the maximisation of resources to economically perform efficie ntly and fulfill customer requirements. It is not surprising that this theory has its critics. Hooley et al. (1998) disagrees with this theoretical approach by arguing that due to its internal focal point it jeopardises the importance of external market requirements. Furthermore, Grant (1991) implies that little effort has been done to provide practical applications of the RBV which brought him to develop his 5-stages approach to strategy analysis. Common elements in both Porters and RBV frameworks Diverse researchers such as Spanos and Lioukas (2001) claimed that both Porters and RBVs perspectives on strategic formulation are similar. Firstly, they both assume that regular higher profits are possible to achieve and secondly both approaches attempt to define the term competitive advantage (ibid). Conversely, one can notice that both theories have contradicting and differing definitions of competitive advantage Grant (1991). This is further supported by claims made by Fahy and Smithee (1999) that both theoretical frameworks could have elements of vagueness and uncertainty in their methodology and both are obscure in their pragmatic approach. Both theorists have been criticised for their stagnant approach towards the strategy development which in its originality is definitely ever-changing (Dickson cited in Fahy and Smithee (1999). Porters and Wernefelts approaches to strategy development for competitive advantage were critised by various researches for their lack of practical applications when strategic managers formulated their strategies to combat competition (Conner 1991; Grant 1991; Foss 1996). Besides, there is little evidence on to what extent both theories assist managers to take strategic decisions (Bridoux n.d.). Fundamental Differences between Porters 5-Forces and RBV The RBV and Porters framework, endorse a number of differences. Porters 5-forces (1980) model adopts a macroeconomic perspective of the industry whilst the RBV approach focuses on the micro perspective of the firms resources. Foss (1996) claims that Porter failed to assess the businesses potential of exploiting their resources so as to effectively implement their strategic plan. Furthermore, researchers such as Bridoux (n.d.:7) claims that In Porters framework, the accumulation of resources is part of the implementation of the strategy dictated by conditions and constraints in the external environment. This is in contrast with RBVs framework where managers apply their resources and capabilities to lead organisations to competitive advantage over their rivals. Therefore, one can argue that Porters theory ignored the potential of the use of internal resources to determine strategies. Although the RBV can be applied tactfully so as to assess both resources and capabilities, however, it focuses simply on the internal infrastructure of the organisation. Conversely, Porters model adopts a wider macroeconomic perspective, capitalising on an outside approach. The nature of performance that an organisation can attain marks also a fundamental distinction when contrasting Wernerfelt and Porters theories. On reviewing the RBV, it transpires that it represents efficiency in terms of how the business resources perform to maximise their over-capacity and in the meantime satisfy customer demand. In contrast, Porters approach focuses on the ability of the firm to exploit the monopolistic benefits of the market that differentiate between industries performance (Conner 1991). Besides the contrasting disagreements between both theoretical frameworks mentioned above, Foss (1996) claimed that the RBV approach is focused on long term strategy and can be applied to identify potential hazards by assessing opponents resources and capabilities. Conversely, Porters framework is oriented towards the external environment in terms of the short run with concepts such as commitment, signaling, the role played by exit barriers (Foss cited in Bridoux n.d:6). Uncomplimentary Elements within Porters 5 -Forces and RBV Frameworks The author of this paper identified various elements within both frameworks and which are uncomplimentary to each other. These are critically anaylsed. This paper approach will contribute to the comparative analysis undertaken and furthermore enhance the contrasting discussion of the two models under investigation. One of the characteristics that is claimed to be found in the RBV by Barney et al. (2001) is that an entrepreneurs can be illuminated through this theory as they can value their resources as a competitive advantage over their rivals. One can argue that the term entrepreneurial knowledge can be by far easily associated with the RBV approach rather than Porters framework. With respect to emerging markets, RBV research has been important in suggesting that local firms are interested in using foreign alliances to acquire advantages over their domestic rivals, in emphasising the importance of network ties as an intangible resource for entrepreneurial start-up and in understanding the changing benefits of unrelated diversification as economic institution develop. (Barney et al. 2001:630). Other diverse researchers advocate that the RBV can assist firms to evaluate competitive advantage through an ethical approach by applying Corporate Social Responsibility in theory strategy formulation (Russo and Fouts cited in Barney et al. 2001). Besides, one cannot ignore what Powell and Dent-Micallef (cited in Barney et al.2001) remarked that the human resource skills combined with the use of Information and Communication Technology (ICT) can play an important role within organisations to enable them to compete. A prominent and complimentary element of the ethics and ICT approaches found in the RBVs framework and which is not found in Porters theory is the contribution towards the appreciation of strategic Human Resources Management (HRM) (Wright et al. cited in Barney et al. 200l). Supporters of RBVs theory claim that the approach towards the perceived benefits of using human resources practices can be used by firms as a competitive weapon. However, Barney remarked that: As yet research has failed to test empirically whether HRM practices are path dependent, casually ambiguous, or imitable. Similarly, there is a lack of evidence that HRM practices impact the skills and behaviour of the workforce, or that these factors are linked to performance. (Barney et al. 2001:628) Moreover, Grant (1991:119) when referring to the association of HRM with the RBV framework remarks that probably the most strategically important resources of the firm can be highly vulnerable because they are mobile and can be attracted by competitors. There are even some conflicting views by different authors whether Porters framework appreciates the role of industry co-operation when determining strategies. For example, Bridoux (n.d.:5) claimed that Porter 1980s work is that it over emphasises competition to the detriment of co-operation. Conversely, Aubert and Morel Guimaraes (n.d.) states that Porters embraces a strategic approach towards co-operation between industries. In fact, quoting Aubert and Morel Guimaraes (n.d.:5) Porter argues that by strategy of cooperation, the companies achieve a stronger positioning together than they would in individual, in isolation. Conclusion Throughout this critical assessment of both theories, it emerged with a degree of certainty that Porters theory greatly differs from the RBV approach as it is focused on industry rather than on the organisations resources. Also, it can be concluded that both strategic frameworks are focused towards achieving profitable maximisation through competitive advantage. However the RBV recommends the use of resources to achieve this goal whilst Porter approach uses the ability of the industry to position itself appropriately within its competitive forces. Surprisingly, this paper found out that theories have been critised for their severe practicality limitations. Imai (n.d.) advocated that Each organisation is a collection of unique resources and capabilities that provides the basis of its strategy and the primary source of its returns. However, from a critical perspective, the author of this paper concludes that although the performance of an organisation is determined by its unique resources and capabilities, the industrys structural characteristics cannot be granted secondary consideration.

The Secret to Raising Smart Kids

Everyone wants a child that does well in school. Teaching your child to have the right mind-set for success is crucial to helping your child succeed. The two mind-sets (according to Carol Dweck who wrote an article on â€Å"The Secret To Raising Smart Kids†) can change the way your child learns. These two mind-sets can be applied to any student which would be carried out to the child’s athletics and working career.To have a fixed mind-set, Carol says that students who believe that they only have a certain amount of intelligence and that’s it. They want to look smart without being smart. Dweck insists that, â€Å"They had a negative view of effort, believing that having to work hard at something was a sign of low ability. They thought that a person with talent or intelligence did not need to work hard to do well.†This thought can prevent bosses from getting along with workers. Scientists have discovered that managers tend not to take advice from their emplo yees with a growth mind-set because they already feel as if they are smarter than the employees and know better than them, causing the workplace to decline. Athletes who think they know better become unteachable later on. They, â€Å"value talent more than hard work† causing them to not get any further than what they are praised for.The kids with a growth mind-set are taught that intelligence can be developed through education and hard work. These students are, â€Å"†¦destined for greater academic success and were quite likely to outperform their counterparts,† even with no greater skills. They use challenges as opportunities. This can register to workers as well. When dealt with a problem, workers that, â€Å"believe people can change and grow, however, are more confident that confronting concerns in their relationships will lead to resolutions.†The workers see that there is a problem and work to take care of it in the idea that they will grow and get mor e knowledge while resolving the problem. After doing so, they have stronger relationships and more confidence to conquer the next difficulties that lay ahead. Athletes with a growth mind-set take this into consideration. Athletes who want to learn and  perfect the technique will have more confidence in playing a tournament; â€Å"Believing that the more you labored at something, the better you would become at it.† Working and being athletic are very similar in the state of resolving the problem.As Dweck said, â€Å"Our society worships talent†. What people don't understand is that talent can be a very negative thing when people are praised and encouraged too much for motivation. In doing that, they get little work done. Praising your children for their hard work creates a growth mind-set and goes a farther distance than praising them for their smartness which in contrast does the opposite by teaching them the fixed mind-set. Which shows in their progress in athletics , grades in school, and success in work.

Vital Pieces of Language B Extended Essay Topics

Vital Pieces of Language B Extended Essay Topics What You Don't Know About Language B Extended Essay Topics Writing will stay an essential part of academia. Some teachers might just take on students since they have to and might not be passionate about reading drafts and might not offer you a good deal of feedback. Is one particular question that a number of students ask themselves. You're a student free of access or liberty to do experiments and neither have the vital resources to achieve that. You may also find different discounts on our site which will help you to save some more money for future orders or anything you want to spend them on. Extended college articles vary from numerous pages to numerous pages based on the total amount of information an individual will have gathered. If you've already decided on the most suitable topic of interest, be certain to include that while placing the purchase. Make certain you ask your IB coordinator if there's any necessary paper work. What Does Language B Extended Essay Topics Mean? At exactly the same time, make certain each new point logically contributes to the subsequent one. One of the very first things you have to understand in earning your topic choice is that there's a difference between history and current affairs. Of course, you can't just produce an appropriate issue to develop on the go. One of the most usual reasons people search for assistance with essay writing is they realize they're running out of time. Therefore, if there's any reason why you cannot have your extended essay written on time yourself, all you have to do is place your order on our site, and leave the rest to us! In the event, you still face the difficulty by means of your paper, you can get in touch with the professionals from Primewritings and find the immediate help with any kind of essay on any topic. It's up to 4000 words in length and will want to get discussed in detail by means of your teacher or supervisor. D escribe your problem in terrific detail. Whether there are only two books that have any connection to your topic, it might be too narrow. If you're really stuck trying to discover a not too broad or narrow topic, I suggest attempting to brainstorm a topic that employs a comparison. Be sure to select an intriguing subject. To begin with, try to pick out a very specific topic question and adhere to it in your paper. New Ideas Into Language B Extended Essay Topics Never Before Revealed A protracted essay is one which you won't finish overnight. The essay introduction should clearly recognize the value of the essay topic. Writing a long essay may be an issue, particularly once you do not understand how to compose a lengthy essay professionally. What should and ought not to be in your essay. There is an extensive array of definition essay ideas a student could utilize to compose an essay about. If you like it is possible to look online and find one which you like. The selection of topic is all-important in regards to writing an elongated essay and certainly in the topic of history. The next issue to discuss is a lengthy essay format. The ideal method is to check through some terrific extended essay examples. Using Language B Extended Essay Topics If your school isn't one already, learn to develop into an IB World School to be able to implement the DP. It makes an IB extended essay stick out from the remainder of the academic assignments. So far as the students are involved, writing a research paper is among the toughest and frustrating endeavor in their opinion. Say, by way of example, you're a high school student, and you should compose a 3-page essay. The Advantages of Language B Extended Essay Topics Remember that events of the previous 10 years are thought to be current affairs, so focusing on them is going to be a waste of time. It's practical because the focus is on exactly what you should do. Psychology is a significant util ity in regards to helping people jump over hurdles in virtually any life situation. As such it's a fantastic opportunity to generate a mature academic study on something which you might never again have the opportunity to research. Culture and Society The essay ought to be a cultural analysis describing the effect of a specific issue on the shape or usage of the language. Extended definition essay outline recommendations can help you improve the caliber of your work. Usually, an elongated essay is going to be 4,000 words long. It is a type of academic writing assignment, which success depends on the structure.