Prepare a determination and distribution of excess schedule for the January 1, 2011, acquisition and analysis of the 20% acquisition on January 1, 2013. Prepare the consolidated balance sheet of Barker Corporation and subsidiary Hardwood Company on December 31, 2015.
On January 1, 2011, Campton purchases 90% of the outstanding stock of Dorn Corporation for $630,000. The acquisition is a tax-free exchange for the seller. At the purchase date, Dorn’s equipment is undervalued by $100,000 and has a remaining life of 10 years. All other assets have book values that approximate their fair values. Dorn Corporation has a tax loss carryover of $200,000, of which $50,000 is utilizable in 2011 and the balance in future periods.
The tax loss carryover is expected to be fully utilized. Any remaining excess is considered to be goodwill. A tax rate of 30% applies to both companies.
Required
1. Prepare a value analysis and a determination and distribution of excess schedule for the investment.
2. Prepare the 2011 consolidated worksheet. Include columns for the eliminations and adjustments, the consolidated income statement, the NCI, the controlling retained earnings, and the consolidated balance sheet. Prepare supporting income distribution schedules as well.
3. Prepare the 2011 consolidated statements, including the income statement, retained earnings statement, and balance sheet.
Required
For each of these three situations,
(a) Determine the issue price of the bonds, and
(b) Show the journal entry that would record the issuance, assuming the market interest rate at the date of issuance was:
1. 8%
2. 10%
3. 12%
HRM 510 “Business Employment Law”
Written Assignment- “R. Williams Construction Co. v. OSHRC”
Read the R. Williams Construction Co v. OSHRC case. You are to 3-4 page report that answers the following questions:
1.) What was the legal issue in this case?
2.) Explain what the employer did or failed to do that violated the OSH Act.
3.) Explain why it was “unavailing” for Williams to argue that employees must take greater care to avoid placing themselves in harm’s way.”
4.) Explain what role, if any, employees’ actions should have in determining liability under the OSH Act.
Please note: I need the first to be an abstract page describing the topic and I need a conclusion page regarding the final remarks..
EXHIBIT 4-18B EXCERPT FROM MAPLE LEAF FOODS INC. 2013 ANNUAL REPORT
(r) Revenue Recognition
The majority of the Company revenue is derived from the sale of product to retail and foodservice customers, as well as the sale of rendering products and by-products to industrial and agricultural customers. The Company recognizes revenue from product sales at the fair value of the consideration received or receivable, net of estimated returns, and an estimate of sales incentives provided to customers. Revenue is recognized when the customer takes ownership of the product, title has transferred, all the risks and rewards of ownership have transferred to the customer, recovery of the consideration is probable, the Company has satisfied its performance obligations under the arrangement, and has no ongoing involvement with the sold product. The value of sales incentives provided to customers are estimated using historical trends and are recognized at the time of sale as a reduction of revenue. Sales incentives include rebate and promotional programs provided to the Company customers. These rebates are based on achievement of specified volume or growth in volume levels and other agreed promotional activities. In subsequent periods, the Company monitors the performance of customers against agreed upon obligations related to sales incentive programs and makes any adjustments to both revenue and sales incentive accruals as required.
Except for fresh bread, the Company generally does not accept returns of spoiled products from customers. For product that may not be returned, the Company, in certain cases, provides customers with allowances to cover any damage or spoilage, and such allowances are deducted from sales at the time of revenue recognition. In the case of fresh bread, customer returns are deducted from revenue.
Required:
a. Calculate Maple Leaf gross profit percentage for 2013 and 2012. Has it improved?
b. Does Maple Leaf present its expenses by function or by nature? Does this approach require a higher level of management judgement when preparing the statement?
c. Explain Maple Leaf revenue recognition policies in your own words.
Reitman depreciation policies for its property and equipment state that:
Depreciation is recognized in net earnings on a straight-line basis over the estimated useful lives of each component on an item of property and equipment. Land is not depreciated. Leasehold improvements are depreciated over the lesser of the estimated useful life of the asset and the lease term. Assets not in service include expenditures incurred to-date for equipment not yet available for use. Depreciation of assets not in service begins when they are ready for their intended use
The estimated useful lives for the current and comparative periods are as follows:
Buildings………. 10 to 50 years
Fixtures and equipment….. 3 to 20 years
Leasehold improvements…. 6.7 to 10 years
Intangible assets are comprised of software and acquired trademarks and their useful lives are assessed to be either finite or indefinite.
Purchased software that is integral to the functionality of the related equipment is capitalized as part of that equipment. Reitmans trademarks were considered to have indefinite useful lives. During the year ended February 1, 2014, the full cost of $499 thousand of trademarks was subject to an impairment loss of $499 thousand.
Required:
a. Determine the average age percentage of Reitmans property and equipment. Compare this with the ratio determined for Danier in the chapter and identify which company would be able to go longer without replacing its assets based on this ratio.
b. Determine the average age (in years) of Reitmans leasehold improvements. Compare this with the ratio determined for Danier in the chapter and identify which company leased stores are newer.
c. Given that Reitmans estimates that its fixtures and equipment will have useful lives between 3 and 20 years, determine the annual straight-line depreciation rate that Reitmans is using for its fixtures and equipment.
d. Explain, in your own words, why Reitmans does not begin depreciating assets until they are ready for their intended use.
e. Explain, in your own words, what Reitmans management is saying with respect to purchased software being capitalized as part of equipment costs. What would be the alternative treatment?
f. Explain, in your own words, what Reitmans management is saying about the company trademarks.
g. If Reitmans net carrying amount for property and equipment was $178,341 thousand for its year ended February 1, 2014, and $205,131 thousand for its year ended February 1, 2013, and its sales revenue was $960,397 thousand for fiscal year ended February 1, 2014, determine the company fixed asset turnover ratio. Compare this with the ratio determined for Danier in the chapter and comment on which company did a better job of using its long-term assets to generate revenues.
State the major components of a safety and health plan, describe each component, and discuss how you would structure each component of the plan on a construction site that you are in control. Use the Safety and Health Program Evaluation Checklist as a guide to aid in structuring your plan.
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