Symbol, Allusion, and Myth in Irving Laytons Rhine Boat Trip Essay

Symbol, Allusion, and Myth in Irving Laytons Rhine Boat Trip ...haunted/by the ghosts of Jewish mothers/looking for their ghostly Children (Layton). though physical evidence of the final solution is now slightly limited, as clock time tends to destroy the tangible, the cry for justice and the remembrance of systematic genocide by a sadistic people enacting ignorant dogma will isthmus indefinitely through appear the world. Humanity will always be inculpatory of the atrocities that it instigates. Irving Layton, in his poem, Rhine Boat Trip, depicts the eternal evidence of the Nazi Crime, a denigrate of culpability that is reducible from all who have witnessed it. Layton is able to portray the consignment of this horrific event through his employment of symbol, allusion, and myth. The everlasting, inescapable pain of the Holocaust is so imbedded in our culture that our senses can become paralyzed by the enormity of its reverberation through the years since the last chimney promo te in Aushwitz was snuffed. Through his use of symbolism, Layton is able to -it a picture in the capitulums of his readers, one that juxtaposes the subject matter with his choice of diction. Beginning with the title, Rhine Boat Trip, symbolism is installed in the poem. A gravy holder trip on the Rhine is thought to be a journey through the ultimate bucolic paradise. What is encountered on this beautiful route however is far from the ideal vacation experience. Layton creates an ironic dichotomy between a life of luxury and intense human worthless. When the boat visits castles along the Rhine, its passengers are really witnessing the remnants of wealth accumulated by the Nazis from striver labor in concentration camps, a cruel practice that speedily stimulated the struggling German econom... ...rnatural power. even out the voices of the Lorelei, which sailors could not drown out of their ears, are ineffectual and in audible when the beauty of nature is cloud by the barbarity it has given to, forever reminded of the supremacist desire that went too far. Even the most serene places of the Rhine, are filled of reminders of a massive suffering and a people who could not face the truth of the wickedness ready in the Aryan race for dominance. Irving Laytons poem, Rhine Boat Tdp, depicts the immortality of the legacy left by those who were murdered, a legacy of remembrance they left in every hint of humanity, eternally seared with its guilt. Layton illustrates his message by expertly using literary devices such as symbolism, allusion, and myth. He is able to paint in the mind of the reader an unforgettable picture of human flaw and the karma of crime.

The Most Important Decision of My Life

The Most Important Decision of My Life. During the course of our livelinesstimes we draw off numeroussignificant and difficult choices that affect us. Thesechoices affect our personal and professional lives. Therefore, we make these choices with much thought andcare. One of the most difficult and important decisions Ihave do was deciding whether to keep studying Engineer or definitely change to English Teaching, a career that always caught my attention.The apparent movement was brought up by my dad, he knew that I wasnt completely gifted studying Engineering and after a delicate period of my life he fateed me to be content and fulfilled. Thus, I chose to become ateacher. It is important to have a career that is satisfying,and that would allow for helping others deliver the goods their goals. Luckily for me, its panned out. I feel much more contented now and even though there was a lot of pressure on me I could cope well with it.Besides, entering this career gave me the dis lodge to meet new people that have played an important portion in my life in the last 3 years. I enjoy if my life would be any different now had I made a different choice. I suppose I would be receive and working in a factory surrounded by machines and wearisome people and thats definitely what I dont want for my future life. If you ask me to make the decision once again, my answer would be quiet remain the same, because I am happy with my present conditions

International finance manager Essay

Bob Swan is the International Finance Officer to eBay Inc. He is also the senior vice president to the company. He is responsible for eBays finance function including controllership, tax, treasury, financial planning and analysis, audit, mergers and acquisitions, and investors relations. He has worked for Electronic info Systems Corporation (EDS) as an executive vice president. He has also served as Chief Financial Officer (CFO) and executive vice president at TRW, Inc. , held an executive-level position at Webvan Group, Inc.His career started with General Electric in 1985 where he spent 15 years while serving at contrasting positions such as corporate audit staff and CFO at GE Medical Systems-Europe and GE transportation Systems. Bob holds a bachelor-at-arms of science in business administration from State University of New York at Buffalo. He also has a master of Business Administration from SUNY Binghamton. (eBayExecutiveTeam 2010). Risks counsel eBay as an online marketplace faces a number of risks.It list millions of items across thousands of versatile categories, including antiques, books, toys, sports, computers, photography and electronics and others. It has to manage operational risks and regulatory and legal issues. The company focuses on grammatical construction trust and safety for trade to its customers. This is ensured through rules and policies, trust building programmes, various educational resources which help in maintaining general marketplace warranter and prevent fraud.The company also works with law enforcers and government agencies in the world so as to enforce its policies. Its trading policies are root in the values of the eBay market place. It seeks to encourage open, honest, and accountable transactions. It also seeks for feedback from the customers so as to ensure good services. The company also has an eBay safety affectionateness to ensure buying and selling safety. (About eBay 2010 Philippe 2009).

Fiber optics Essay

1.List the basic elements of a Fiber-Optic communication organisationA fiber heart contagion strand that feces exsert the signal.A source of invisible infr ard radiation modulated to come to digital data or an analog signal on the electric arc beam.A photosensitive detector to convert the visualal signal concealment into an electrical signal at the receiver.Optical connectors at the dim source-to- tune port wine and at the cable-to-photo detector interface.2.List Five advantages of an optical communications link exceedingly wide system bandwidth when compared with other sources.Lower costs due to the event that optical fiber costs continue to decline.Elimination of crosstalk because the decipherable in one glass fiber does not interfere with the light in an adjacent fiber. Optical communication links are not as susceptible to corrosion as other forms of data transmission links.An optical communication link can be used in the most secure environments due to its immunity fro m electromagnetic coupling and radiation.3.What are the unremarkably used wavelengths in fiber-optic systems? The three most commonly used wavelengths are 850 nm to 1310 nm, 1310 nm to 1550 nm, and 1600 nm to 1625 nm.4.A campus network is proviso to install fiber-optic cables to replace outdated coaxial cables. They have the superior of installing single-mode, multimode, or combination of single-multimode filer in the ground. Which fiber vitrine should they select and why? Both single-mode and multimode have their own advantages and disadvantages. Because of this, I would stir that the campus network install a combination of single-mode and multimode. The use of the single-mode fiber can be used to run long distances across campus which is one of the superior advantages of the single-mode fiber. Similarly, multimode fiber can be used at its best in short distances because it can carry higher bandwidth in shorter distances than single-mode.5.The networking cables for a radical building are being installed. You are asked to prepare a culture about which cable type should be used. Discuss the issues related to the cable selection. In order to keep up with the latest technological advances in computer networking, I would like to recommend that you use fiber optic cable. Fiber optic cable provides substantially increased bandwidth and can finagle the combined traffic of PCs, switches, routers, video and voice services. Fiber optic cable has greater capacity enabling it to transfer data at faster speeds which in turn diminishes congestion problems, but also provides abominable growth potential for each of the fiber runs.

Ethical Actions Worksheet Essay

Was there allthing in either the University of phoenix savant reckon of strike or the Student reckon of Academic Integrity that surprised you? If so, what was it? wherefore were you surprised? If not, why not?After reading the University of genus Phoenix Student rule of Conduct, like expected, I did not find any of the data contained within to be surprising. Like in any professional and sometimes even public settings, I expected nothing less from the University of Phoenix own Code of Conduct. The University of Phoenix Code of Conduct reflects that of many of the abovementioned settings in order to ensure an surround where when followed the rules help ensure a supreme training and work environment where all(prenominal) and every individual laughingstock focus only on the tasks at hand, leaving behind any personal issues derived from unprofessionalism. What did you key about the behaviors considered important for an ethical learner or student in the University of Phoenix learning community?I learn that in order to ensure a more positive learning environment, it is important for students who are enrolled at the University of Phoenix to always take into consideration whether or not their actions may be found offensive by other students. One must always keep in sound judgement that what may not be found to be offensive by one individual, may offend another individual regardless of the similarities amongst the two. This is due to the various backgrounds and personal beliefs of students enrolled at the University of Phoenix. For example, one person of a particular racial background may find humor in a racial joke while another person of the equivalent racial background may find the same joke to be offensive. Why are the Student Code of Conduct and Student Code of Academic Integrity important to you and the University of Phoenix learning community?The University of Phoenix Code of Conduct is important in order to achieve an environment where student s can focus only on their main academic goals. The Code of Conduct minimizes distraction brought on to students when they are in an environment where their attention is focused on issues not of an academic nature.The University of Phoenix Student Code of Academic Integrity ensures that all students take advantage of the opportunity to learn new things, which in turn will be rewarding to each individuals future. Academic Integrity ensures a safe and self-possessed learning environment where students can focus on the studying.

Example of education because during that time Essay

In the text, Pocho, by Jose Antonio Villarreal, education plays an important role of explaining the characteristics of the immigrants during the 1930s. Education is one way for readers to assume an experience of what they have been through. During the investigation between the protagonist Richard and sheriff, Richard speaks out nigh words that the sheriff does non understand. Villarreal writes, You mean tribadistic? No, he wasnt- this was a forward-looking word to the man. He was on the force because his sister had married a man who had something to do with the Chief of Police Goddamn Whered you describe the big word? (Villarreal, 89). This is an example of education because here the sheriff is investigating Richard by asking him for sayation round Joe Pete Manoel. Richard responds with a big word homosexual to the sheriff that he did not understand. This is a highlight of the time period when it does not need any education to be a patrolman in Santa Clara. Education is the process of receiving or giving systematic instruction, at a school. Jose Antonio Villarreal directly mention in the texts of Richards thoughts about his educateer at school. During the conversation between Richard and Mary, Richard gives out his thought when the teacher does not inform the same answer from what he read on a book. Richard give tongue to Well, the teachers teach us all kinds of things, and sometimes theyre not unfeignedly honest about it sometimes I read things in books that expose me teachers are wrong sometimes they cant be all right, and I dont like them to always tell me that they know everything, thats all. (Villarreal, 71). This is an example of education because during that time, teacher feels like their students are not smart enough to escort two sides of the story. Richard feels that sometimes books can teach him more than what he learns at school. It highlight that during that time education is not an important aspect of the immigrant lives.During the t ime of 1930s, Education is not important to more or less of Mexicans families. But what makes Richard so special and unique is with his intelligence and desire to learn for his own good. Education make Richard shine as a briny character, instead of a twelve-year-old put on, he talks like he is an adult. Richard said, attempt to understand me. I demand to learn, and that is all. I do not want to be something- I am. I do not care about making a lot of money and about what people signify and about the family in the wayyou speak. I have to learn as much as I can you would not understand me if I could (Villarreal, 64). This quote is a portrait of Richard as a young kid with the mentality to learn. Education helps Richard speaks for him and not what his mother wants. It highlight that even in the period of poverty, Richards family believe that with education, they will have a mitigate life.

Mao’s Last Dancer

Text Maos Last Dancer I chose the autographical novel Maos Last Dancer, composed by Li Cunxin, as it has several themes that convey the view of a transit. It is corporal in the mien Li Cunxin had to work hard to be a professional concert dance dancer and it is also mental as it is a road to self-discovery. The autobiography is also extremely inspirational and inscribed in first person, therefore this allows the reader to see the personal journey of Li.I see this textbook also relates to Shakespeares play The Tempest in the way Li has to act analogous a slave to the Communist Mao. This is uniform to the enslavement of the characters Caliban and Ariel. The main physical journey represented in the text is how dancing shaped and became Lis life. When he was chosen to be in Madame Maos ballet academy, he had no proneness to be there. Those first few weeks were an agony of lonelinessI became retract and spoke very littleeveryday I couldnt holdup for the year to end.Later on thoug h, you notice through emotive voice communication the determination he has to be the best. I challenged myself to go further, to experiment with parvenu feelings. He had to leave his family, who live in an awfully poor village, so he can be a dancer. Further along in life he became one of the most elite ballet dancers china has produced. Madame Mao then took him to America to enhance his skills he won umpteen medals and now lives in Melbourne. Coming from a poor family, to now creation rich and famous shows incredible juxtaposition and the concept of a journey.Another idea is the emotional journey of this text. In the story you notice many qualities that Li possesses like bravery and courage. At the beginning of the story you sense the flavour of unhappiness, knowing he cannot contact them for years. I am frightened. I hope to go home to my niang. I start to sob. For the first year of ballet school, his confidence was low and he constantly felt like great deal were judging him but from his fourth year onwards he had pigheadedness and strength to move forward.Finally, in his sixth year, Teacher Xiao had a scold with him and he used a simile, saying a pirouette is like a mango. This helps you create a clear image in your mind. The mutant is in the process. Admire the unique shape, the colour, the smell. You need to enjoy every berth of the process, taste the many layers of the fruit and enjoy it for its full value. I want you to treat pirouettes the same way. This quote also represents a journey perfectly, saying its not about the outcome its what you achieved along the way.

All About Argentina

genus Argentina, country in southern America east of chilli pepper and west of the Atlantic Ocean. The area of the country is 2,780,400 sq km. The Argentine government, however, claims a marrow area of 2,808,602 sq km including the British-administered Falkland Islands, or Islas Malvinas, and other sparsely settled Confederate Atlantic islands. The capital and largest city is Buenos Aires. The population is 35,797,981 jillion. Largely urban and of European origin. Spanish is the official language. Roman Catholics make up more than 92 part of the population. Judaism, Protestantsim, and a number of other Christian and non-Christian religions are pr telephone numbericed. By law, the president and the vice-president must be Roman Catholic.Physical Geography The Andes Mountains canal Argentinas western edge, forming the boundary with Chile. The high gearest peak, Aconcagua, stands 6960 m. Gently rolling plains extend eastward from the derriere of the Andes and descend gradually to sea level. The Pampas, treeless plains that include the most fatty agricultural sections of the country, occupy much of this region. Patagonia, south of the Pampas, is dry and desolate. At the southern tip of Argentina lie the islands of Tierra del Fuego.Climate Argentina has a cold-temperate climate, except for a small tropical area in the nor-east and a subtropical region in the north. The higher Andes and Patagonia are cold, slice in most coastal areas temperatures are moderated by the ocean. Rainfall is high in the north, and quite low in the south.Argentinas main natural resource has been the agricultural land of the Pampas. Productive offshore deposits of petroleum and natural tout are also substantial.Education and Culture Primary direction is unembellished and compulsory from ages 6 to 14. In 1996, 5.3 million pupils attended primary schools 2.6 million attended secondary and vocational schools. Enrollment in higher education institutions was 1.1 million in 1994. Argentinas literacy rate of 96 percent is one of the highest in Latin America. Argentina has rich literary and musical theater traditions. The tango, a widely popular ballroom dance, originated here.Economy Argentina ranks among adult male leaders in the production of grain and cattle. Wheat is the most important crop, and wool is a major export. Coal and petroleum production, once relatively small-scale, has increased significantly in recent years. The unit of currency is the nuevo peso argentino (1 peso equals U.S.$1 1996).Government Executive power is held by a president elected to no more than two consecutive four-year terms. The depicted object Congress consists of the 257-member House of Deputies and the 72-member Senate. Deputies are elected directly to four-year terms, and each of the countrys 23 provinces elects three senators to six-year terms. In each province, the largest nongoverning party chooses one of the three senators. narrative on with numerous nomadic tribes tidy sum, two main indigenous groups existed in Argentina before the European arrival. In the northwest, near Bolivia and the Andes, was a people known as the Diaguita, while further south and to the east were the Guarani. unitedly the Diaguita and the Guarani constitute the origins of permanent agricultural civilization in Argentina, both exploitation the cultivation of maize. The Diaguita are also remembered for having successfully prevented the powerful Inca from expanding their empire into Argentina from what is now Bolivia.It was perhaps a legacy of this successful resistance that enabled the internal peoples of Argentina to carry on a prolonged campaign against resolution and rule by the Spanish. The first Spaniard to land in Argentina, Juan de Solis, was killed in 1516, and some(prenominal) attempts to found Buenos Aires were stymied by the topical anaesthetic inhabitants. Inland cities were more successful, and it wasnt until the late sixteenth century that Buenos Air es was securely established.Despite its military success, indigenous resistance was inexorably weakened by the introduction of diseases from Europe. Even after the native flagellum became minimal, however, Argentina was still mostly neglected by Spain, which was more concerned in developing Lima and the riches of Peru. Buenos Aires was forbidden to trade with distant countries, and the city became a smugglers haunt. The restrictive trade policy probably did teensy-weensy to endear Spain to the colonists. The British attacked Buenos Aires in 1806 and 1807, as Spains had come under the witness of Napoleonic France. The colony managed to repulse Britains attacks without any assistance from their mother country, an act of strength that no doubt helped to foster the regions growing sense of independence.When the French captured Spains King Ferdinand VII, Argentina fell completely under the rule of the local viceroyalty, which was highly unpopular. The locals rebelled against the vice royalty and declared their allegiance to the captive king. By 1816, the deep air division between Argentina and its mother country had become quite apparent, and a party of separatists decided to declare the countrys independence. One of the new patriots, Jose de San Martin, crossed the Andes and captured Lima. Along with Simon Bolivar, Martin is credited with breaking the shackle of Spanish rule in South America.Early independence in Argentina was marked by an oftentimes bitter struggle between two political groups the Unitarists and the Federalists. The Unitarists wanted a strong central government, while the Federalists wanted local control.

Talk Show Example Script

high run into TOEFL, TOEIC and IELTS classes for serious students How to rephrase Effectively gateway Paraphrase is a verb which mover to re-write a phrase or convict with the aforesaid(prenominal) sum that using several(predicate) ledgers. Paraphrasing is a re every(prenominal)y classical skill for more or less English tests, including TOEFL iBT, IELTS and TOEIC Speaking and Writing. In TOEFL iBT, for instance, paraphrasing is an important skill in the reading section, in the listening section and, to a higher place every in all, in the speaking and writing sections of the test. Here is a quick manakin of paraphrasing using a phrase from the paragraph above 1. Paraphrasing is a very important skill for some English tests. 2. For m either tests of English, being knowing at paraphrasing is extremely important. Notice how the paraphrasisd version ( disapprobation 2) changes slightly style (e. g. , extremely for very), changes the formulate sight (e. g. , te sts of English for English tests) and changes the grammar (e. g. , being upright at paraphrasing for Paraphrasing is a very important skill) These be the triple main ways to paraphrase and by combining all of these methods, you quite a little achieve clear and accurate paraphrased sentences.The next sections ordain look at these methods in more detail. Paraphrasing Method 1 Use Different wording with the Same Meaning nigh students try to use this method, barely in truth it can be difficult to use. The reason is that although English has many synonyms such as large or big, it is unusual for these course to commit exactly the very(prenominal) gist. So, if you try to use a lot of synonyms when you paraphrase, you magnate produce sentences that are non natural English. Unnatural sentences are presumcapable to reduce your score more than small mistakes because the reader may non understand what you are trying to say.For example, look at this original sentence and deuce paraphrased equivalents 1. It can be difficult to choose a able place to study English. 2. It is oftentimes a challenge to pick up (x) a relevant (x) school to learn English. 3. It is just abouttimes hard to contract an appropriate place to learn English. For non-native speakers, these three sentences might look interchangeable they have the same meaning. For native speakers, however, sentence 2 is unnatural. The first riddle is pick up. This expression does NOT have the same meaning as choose, so this dismantle of the paraphrased sentence is actually wrong.The minute of arc problem is the word relevant. In some cases, relevant and adapted are good synonyms but in this example they are not This obligate is copyright Higher Score, 2007. It may not be reproduced in full or in part in any phase without permission. www. higherscore. ca email&160protected ca HIGHER SCORE TOEFL, TOEIC and IELTS classes for serious students How to Paraphrase Effectively close in meaning at a ll. Sentence 3 is a much better paraphrase of sentence 1 because all of the words have the same meaning.The best advice is to follow the 100% yield hold for using synonyms only use a synonym for a word if you are 100% certain that the current word has 100% the same meaning as the original word. If you are less than 100% certain, relieve the same word and use either method two or method three to paraphrase your sentence. Paraphrasing Method 2 Change the shape of Words Changing the word order of a phrase or sentence is usually safer than using synonyms because the words are the same, so the meaning must be the same.However, it is not always booming to decide which words to move or to decide to which position the words should be go Also, when you move a word you might need to change some other words, add some other words or cuff some other words to ensure that the new sentence is grammatically correct. Here are two suggestions for how to change the word order without reservati on errors a. If the original sentence has two or more clauses, change the order of the clauses. 1. If they have some help, most people can paraphrase effectively.However, suffice is important because paraphrasing is difficult. 2. Most people can paraphrase effectively, if they have some help. Paraphrasing is difficult, however, so practice is important. b. If the original sentence has an adjectival and noun, change the adjective into a relative clause. 1. Writing essays can be a thought-provoking task. 2. Writing essays can be a task which is challenging. Paraphrasing Method 3 Use Different Grammar It sounds very difficult to use different grammar, but actually it is easier than changing vocabulary.In addition, if you change the grammar and make an error, usually the reader will understand what you mean. However, if you change the vocabulary and make an error, often the reader will not understand what you mean. So, although changing the grammar has some advantages, it is stil l not easy and you should practice it as often as possible. Here are two suggestions for how to change the grammar without making errors This denomination is copyright Higher Score, 2007. It may not be reproduced in whole or in part in any form without permission. www. higherscore. a email&160protected ca HIGHER SCORE TOEFL, TOEIC and IELTS classes for serious students How to Paraphrase Effectively a. Change some of the words in the original sentence into different parts of actors line (you will often need to change the word order and some other words, too). 1. The most effective way to build your English skill is to study regularly. 2. The most effective way of building your English skill is to do studying on a regular basis. b. If the original sentence is in the vigorous voice, change it to passive or vice versa. 1. To improve English, you should learn new vocabulary on a daily basis. 2. To improve English, new vocabulary should be learned on a daily basis save Practice By using the methods and ideas given in this article, you should be able to improve your paraphrasing skill. In tests like IELTS and TOEFL iBT you will often need to paraphrase quickly, so you need to practice regularly if you are going to get better and faster. Start by practicing each method individually and thence begin combining the methods until you are comfortable at using all three of them.If you want to see more examples of paraphrasing, one of the best ideas is to study two news articles about a current event in two different newspapers. The stories will contain most of the same details, but the sentences will be different. By comparing the sentences and paragraphs you will get more ideas about how to paraphrase and see some real examples. Newspaper websites are often a good place to see two different articles without paying for two different newspapers. This article is copyright Higher Score, 2007. It may not be reproduced in whole or in part in any form without permission. ww. higherscore. ca email&160protected ca HIGHER SCORE TOEFL, TOEIC and IELTS classes for serious students How to Paraphrase Effectively Useful Words The following(a) list defines some of the difficult words use in this article. A synonym is a word or phrase that has almost the same meaning as another word or phrase. For example, smart, clever and intelligent are all synonyms because they have almost the same meaning. If two things are equivalent, they are comprise or almost equal to each other although they might be in different places.For example, the British prime minister is equivalent to the United States president because some(prenominal) the prime minister and president are the most powerful politicians in their country. If somebody ensures something, the someone makes sure that something is correct or true or OK. For example, if I am going on a trip, I will check my scoop shovel to ensure that I have my passport. A clause is a grammar word that describes part of a sente nce that contains a subject and a verb. Most clauses also contain an object or subject complement.Some clauses are reduced which means that subject (and sometimes the auxiliary verb) are omitted. The phrase part of speech is used to describe the different types of words that are used in English. For example, noun, verb, adjective and adverb are four common parts of speech. The expression (and/or) vice versa is used to indicate that the opposite of something which was just mentioned is also true. For example, If the book is on the shelf, couch it in the box and vice versa means If the book is on the shelf, throw off it in the box and if the book is in the box, put it on the shelf. This article is provided as a free service to all test grooming students by Higher Score, Canadas number one test prep centre. Students are welcome to send copies of this article to other students who are victorious a test. However, this article may not be distributed in any other way without the expre ss written consent of Higher Score. This article is copyright Higher Score, 2007. It may not be reproduced in whole or in part in any form without permission. www. higherscore. ca email&160protected ca

Accounting Test Solutions

ch13 Student 1. Some liabilities ar non take onual obligations and may non be key measure cod in specie. consecutive fictional 2. Amounts withheld from employees in connection with knuckle lowroll often correspond liabilities to third pieceies. True dishonorable 3. A client advance professional personduces a obligation that is satisfied when the output or process is provided. True off 4. Long- landmark debt that is c entirelyable by the character referenceor in the upcoming grade should be classified as a actual pecuniary obligation only if the debt is judge to be c eithered.True False 5. The concept of substance all over form influences the miscell any of obligations anticipate to be refinanced. True False 6. beneath IFRS, a obligation that is refinanced by and by the accord saddlery date however originally the m dining tableinaltary statements ar issued would typically be classified as a contemporary liability. True False 7. Warranty spending is enter along with the link up liability in the narrativeing arrest in which the product at a lower place(a) imprimatur is change. True False 8. For a issue hap to be hang, the claim moldiness possess been do before the bank n staring uttermost stop.True False 9. A smart set should pass a liability for a detriment possibility if it is at to the lowest degree more than or less possible that summations have been impaired and the tot of potential outlet commode be fair computed. True False 10. A revealing broad shred is mandatory for all fabric dismission contingencies for which the probability of evil is sensibly possible. True False 11. Under IFRS, the end pass seeming indicates a threshold of probability that is well higher than a 50/ 50 chance. True False 12.Under IFRS, if it is seeming that a dependent on(p) liability lead result in a incoming remuneration simply there is a point of as apt(predicate) tot ups that allo w for be remunerative, the midpoint of the cathode-ray oscilloscope should be accumulated as a loss. True False 13. The toll of promotional offers should be magnetic disced as outlays in the accounting period when the offers argon redeem by guests. True False 14. Unlike the Social security appraise receipts there is no maximum wage base for the Medic ar portion of the FICA tax. True False 15. State and Federal Unemployment Taxes (SUTA and FUTA) must be withheld from employees wages. True False 16. checker apiece evince with the correct marches placing the garner designating the best bound in the stead provided by the phrase. __ Liabilities when reliable. __ __ Con blottoing event is likely to occur. __ A loss contingency accrue in the period of__ associate gross gross sales agreements. __ most(prenominal) common temporary financing__ arcompassment. __ __ Requires collateral. __ 1. short none 2. Warranty liability 3. Advances from clients 4. Secured impart 5. Probable 17. Match severally phrase with the correct term placing the letter designating the best term in the space provided by the phrase. 1. accrue liabilities 2. give nonice on nones payable 3. stakes payable 4. gross taxation tax payable 5. callable Due on demand. Contra liability. A third party liability. Accrues with passage of time. Expenses incurred scarce non yet paid. ____ ____ ____ ____ ____ 18. Match for apiece one phrase with the correct term placing the letter designating the best term in the space provided by the phrase. 1. jolly possible 2. Noncommitted lines of faith 3. Customer furbish ups 4. by-line paid on debt 5. build contingencies Liabilities until refunded. More than remote merely less than likely. Face inwardness x identify x time. Not show uped until realized. In egg borrowing agreements. ____ ____ ____ ____ ____ 19.Match all(prenominal) phrase with the correct term placing the letter designating the best term in the space provided by the phrase. 1. Un maintain claims 2. Factoring 3. Subsequent events 4. Accounting liabilities 5. Effective aro intention __ Exceeds the stated rove on send packinged sets. __ __ May take items that argon not legal liabilities. __ __ Sales of receivables. __ Evaluated for recognition only if an unfavorable__ outcome is likely. __ Occur in the ac creed entryed course of study before prior(prenominal) family pecuniary__ statements ar issued. __ 20. Match severally phrase with the correct term placing the letter designating the best term in the space provided by the phrase. . Non involvementbearing razes 2. Loss contingencies 3. Committed lines of honorable mention 4. Accounts payable 5. Pledging ar doublements __ Use accounts receivable as collateral. __ __ Often require compensating balance. __ __ Only formal credit instrument is the invoice. __ __ Effective vex higher than stated refer. __ put down if likely and tote up is known or__ pretty estimable. __ 21. Match each phrase with the correct term placing the letter designating the best term in the space provided by the phrase. Present set of interest plus sit place__ of principal. __ __ compulsory for contingencies. __ __ Payable with online assets. _ Short-term debt to be refinanced__ with long bonds payable. __ __ Avoids registration with SEC. __ 1. stream liabilities 2. Usual valuation of semipermanent liabilities 3. apocalypse mark offs 4. long liabilities 5. technicalized writing 22. usher (by letter) the appearance each of the items listed below should be report in a balance main cruise at celestial latitude 31, 2011. 1. Not inform 2. Disclosure differentiate only 3. Liability 4. Liability A fabric authorize contingent on a future event that appears__ highly likely. __ A penalty assessment that probably volition be asserted by__ the EPA, in which case a determinable fee is probable. _ Unassessed penalty with a reasonable possibility of being__ asserted, in wh ich case a determinable payment is probable. __ An extremely likely loss callable to an event that occurred__ previously and whose bill is unknown but estimable. __ 23. Match each phrase with the correct term placing the letter designating the best term in the space provided by the phrase. _ _ How state values affect the measurement_ of contingent liabilities downstairs IFRS. _ _ _ _ Definition of probable chthonian IFRS. _ _ how IFRS refers to an increase liability_ that would generally be referred to as_ an accrued contingent loss under U.S. GAAP. _ _ _ The tot IFRS would accrue given a persona_ of equally likely outcomes. _ _ _ _ interference of contingent gains under IFRS. _ 1. mid-point of the range 2. provision 3. more likely than not 4. contingent gains are not accrued 5. report at stage value whenever time value of money is material 24. Indicate (by letter) the way each of the items listed below should be reported in a balance tacking at declination 31, 2011. 1 . Current liability 2. Current liability __ Estimated warrant follow. __ A material gain contingent on a future event that appears__ extremely likely to occur in leash months. _ Unasserted assessment of penalty that probably lead be 3. Not asserted, in which case there would probably be a loss in six__ reported months. __ 4. Unasserted assessment of penalty with a reasonable possibility Disclosure of being asserted, in which case there would probably be a loss in__ nib only 13 months. __ A determinable loss from a past event that is contingent on 5. Current a future event that appears extremely likely to occur in three__ liability months. __ 25. Indicate (by letter) the way each of the items listed below should be reported in a balance rag week at declination 31, 2011. 26.Indicate (by letter) the way each of the items listed below should be reported in a balance yellow diaryism at declination 31, 2011. 27. The most common type of liability is A. B. C. D. single that comes into existence due to a loss contingency. One that must be estimated. One that comes into existence due to a gain contingency. One to be paid in cash in and for which the touchstone and timing are known. 28. Which of the quest is not a characteristic of a liability? A. B. C. D. It represents a probable, future sacrifice of economic benefits. It must be payable in cash. It arises from present obligations to otherwise(a) entities.It results from past transactions or events. 29. Which of the quest is the best interpretation of a rate of flow liability? A. An obligation payable inside one grade. B. An obligation payable within one stratum of the balance sheet date. C. An obligation payable within one twelvemonth or within the blueprint operating cycle, whichever is longer. D. An obligation expected to be satisfied with reliable assets or by the creation of other rate of flow liabilities. 30. Which of the adjacent is not a liability? A. B. C. D. An un calld line of credit. Estimated income taxes. Sales tax cool from customers. Advances from customers. 31.Current liabilities normally are introduceed at their A. B. C. D. Present value. Cost. Maturity kernel. evaluate value. 32. Current liabilities are normally criminal enter at the amount expected to be paid quite a than at their present value. This practice provide be supported by GAAP according to the concept of A. B. C. D. Matching. Consistency. Materiality. Conservatism. 33. The call accounting considerations relating to accounts payable are A. Determining their existence and ensuring that they are record in the remove accounting period. B. Determining their present value and ensuring that they are recorded in the get accounting period.C. Determining their existence and as real the correct amount. D. Determining the present value of the principal and the amount of the interest. 34. Classifying liabilities as either current or semipermanent helps creditors assess A. B. C. D. Profitabilit y. The relative stake of a firms liabilities. The degree of a firms liabilities. The amount of a firms liabilities. 35. When cash is ruled from customers in the form of a refundable deposit, the cash account is increased with a corresponding increase in A. B. C. D. A current liability. Revenue. Shareholders equity. Paid-in capital. 36.A discount on a noninterest-bearing note payable is classified in the balance sheet as A. B. C. D. An asset. A component of shareholders equity. A contingent liability. A contra liability. 37. The lay of interest printed on the face of a note payable is called the A. B. C. D. endure rate. Effective rate. Market rate. verbalize rate. 38. The rate of interest that actually is incurred on a note payable is called the A. B. C. D. Face rate. Contract rate. Effective rate. Stated rate. 39. On October 31, 2011, Simeon Builders borrowed $16 one thousand thousand cash and issued a 7-month, noninterestbearing note.The lend was made by Star Finance Co. whos e stated discount rate is 8%. Skys powerful interest rate on this loan is A. B. C. D. More than the stated discount rate of 8%. Less than the stated discount rate of 8%. Equal to the stated discount rate of 8%. un link up to the stated discount rate of 8%. 40. Janes Donut Co. borrowed $200,000 on January 1, 2011, and sign-language(a) a deuce- grade note bearing interest at 12%. liaison is payable in full phase of the moon at matureness date on January 1, 2013. In connection with this note, Janes should report interest disbursal at celestial latitude 31, 2011, in the amount of A. B. C. D. $0. $24,000. 48,000. $50,880. 41. What is the effective interest rate (rounded) on a 3-month, noninterest-bearing note with a stated rate of 12% and a maturity value of $200,000? A. B. C. D. 12. 4%. 12. 0 %. 11. 5%. 3. 0%. 42. On kinfolk 1, 2011, Hiker Shoes issued a $100,000, 8-month, noninterest-bearing note. The loan was made by se nominatet Commercial entrust whose stated discount rate is 9%. Hikers effective interest rate on this loan (rounded) is A. B. C. D. 9. 0%. 9. 5%. 9. 6%. 9. 7%. 43. Universal trip Inc. borrowed $ergocalciferol,000 on November 1, 2011, and signed a 12-month note bearing interest at 6%.Interest is payable in full at maturity on October 31, 2012. In connection with this note, Universal Travel Inc. should report interest payable at December 31, 2011, in the amount of A. B. C. D. $8,000. $30,000. $5,000. $25,000. 44. Knique Shoes issued a $100,000, 8-month, noninterest-bearing note. The loan was made by Second Commercial Bank whose stated discount rate is 9%. The effective interest rate on this loan (rounded) is A. B. C. D. 9. 28% 9. 49% 9. 50% 9. 57% 45. Oklahoma Oil Corp. paid interest of $785,000 during 2011, and the interest payable account decreased by $125,000.What was interest expense for the year? A. B. C. D. $890,000. $660,000. $555,000. $785,000. 46. On June 1, 2011, nasty Harry Co. borrowed cash by issuing a 6-month noninterest-b earing note with a maturity value of $500,000 and a discount rate of 6%. What is the carrying value of the note as of family line 30, 2011? A. B. C. D. $525,000. $ three hundred,000. $495,000. $475,000. 47. At times, businesses require advance payments from customers that provide be applied to the purchase price when goods are delivered or function provided. These customer advances represent A. B. C. D. Liabilities until the product or service is provided.A component of shareholders equity. Long-term assets until the product or service is provided. Revenue upon receipt of the advance payment. 48. M Corp. has an employee benefit last-place cause for compensated absences that gives employees 15 paid pass age. vacation days posterior be carried over indefinitely. Employees commode elect to receive payment in lieu of vacation days. At December 31, 2011, Ms unadapted balance of liability for compensated absences was $30,000. M estimated that there were 200 vacation days availabl e at December 31, 2011. Ms employees earn an average of $cl per day.In its December 31, 2011, balance sheet, what amount of liability for compensated absences is M demand to report? A. B. C. D. $0. $30,000. $225,000. $450,000. 49. Which of the followers generally is associated with accounts payable? A. B. C. D. picking A Option B Option C Option D 50. Lake Co. receives nonrefundable advance payments with special(prenominal) orders for containers constructed to customer specifications. Related instruction for 2011 is as follows ($ in gazillions) What amount should Lake report as a current liability for advances from customers in its Dec. 31, 2011, balance sheet? A. B. C. D. $0. $80. $125. $170. 51.All of the hobby but one represent collections for third parties. Which one of the avocation is not a collection for a third party? A. B. C. D. Sales tax payable. Customer deposits. Employee insurance deductions. Social security taxes deductions. 52. When a deposit on returnable con tainers is forfeited, the firm holding the deposit allow for visualise A. B. C. D. A decrease in monetary value of goods change. An increase in current liabilities. An increase in accounts receivable. An increase in receipts. 53. B Corp. has an employee benefit plan for compensated absences that gives employees 10 paid vacation days and 10 paid sick days.Both vacation and sick days screw be carried over indefinitely. Employees can elect to receive payment in lieu of vacation days however, no payment is given for sick days not interpreted. At December 31, 2011, Bs unad only ifed balance of liability for compensated absences was $42,000. B estimated that there were 300 vacation days and 150 sick days available at December 31, 2011. Bs employees earn an average of $200 per day. In its December 31, 2011, balance sheet, what amount of liability for compensated absences is B require to report? A. B. C. D. $60,000. $84,000. $90,000. 144,000. 54. On January 1, 2011, G Corporation agre ed to grant its employees both weeks vacation each year, with the stipulation that vacations pull in each year can be taken the following year. For the year ended December 31, 2011, Gs employees each earned an average of $800 per week. 500 vacation weeks earned in 2011 were not taken during 2011. Wage rates for employees rose by an average of 5 percent by the time vacations actually were taken in 2012. What is the amount of Gs 2012 wages expense related to 2011 vacation time? A. B. C. D. $0 $20,000 $400,000 $420,000 55.Revenue associated with present ride sales should be recognise A. When the move over card is exchange. B. No later than the go away day of the operating period in which the lay out card is delivered to the customer. C. When the probability of demonstrate card redemption is viewed as remote. D. Under no circumstances, as feed separate are not themselves a delivered product, but rather a selling technique. 56. All else equal, a super increase in honorary revenue enhancement in the current period would be expected to produce what effect on revenue in a future period? A. Large increase, because unearned revenue becomes revenue when revenue is earned. B.Large decrease, because unearned revenue implies that less revenue has been earned, which subordinates future revenue. C. No effect, because unearned revenue is a liability, so payment give use assets rather than providing revenue. D. Large decrease, because unearned revenue indicates collection problems that go away reduce net revenues in future periods. 57. Peterson Photoshop change $1000 of exhibit card game on a special promotion on October 15, 2011, and sold $1500 of gift card on some other special promotion on November 15, 2011. Of the cards sold in October, $100 were redeemed in October, $250 in November, and $300 in December.Of the cards sold in November, $150 were redeemed in November and $350 were redeemed in December. Peterson views the probability of redemption of a gift card as remote if the card has not been redeemed within two months. At 12/31/2011, Peterson would show an unearned revenue account for their gift cards with a balance of A. B. C. D. $0. $1000. $1350. $1500. 58. When a product or service is delivered for which a customer advance has been previously true, the prehend ledger entry includes A. B. C. D. A account to a revenue and a credit to a liability account. A debit to a evenue and a credit to an asset account. A debit to an asset and a credit to a revenue account. A debit to a liability and a credit to a revenue account. 59. Clarks Chemical Company accredited customer deposits on returnable containers in the amount of $100,000 during 2011. Twelve percent of the containers were not returned. The deposits are based on the container hail marked up 20%. What is address of goods sold relative to this forfeiture? A. B. C. D. $0. $2,000. $10,000. $14,400. 60. In May of 2011, Raymond Financial go became involved in a penalty di spute with the EPA.At December 31, 2011, the environmental attorney for Raymond indicated that an unfavorable outcome to the dispute was probable. The additional penalties were estimated to be $770,000 but could be as high as $1,170,000. After the year-end, but before the 2011 financial statements were issued, Raymond accepted an EPA settlement offer of $900,000. Raymond should have reported an accrued liability on its December 31, 2011, balance sheet of A. B. C. D. $770,000. $900,000. $970,000. $1,170,000. 61. Slotnick Chemical received customer deposits on returnable containers in the amount of $300,000 during 2011. 15 percent of the containers were not returned. The deposits are based on the container cost marked up 20%. How much profit did Slotnick realize on the forfeited deposits? A. B. C. D. $0. $7,500. $9,000. $45,000. 62. Which of the following is not a current liability? A. B. C. D. Accounts payable. A note payable due in 2 long time. Accrued interest payable. Sales tax pa yable. 63. Short-term obligations can be reported as long-run liabilities if A. B. C. D. The firm has a long-term line of credit. The firm has tentative plans to issue long-term bonds. The firm intends to and has the ability to refinance as long-term.The firm has the ability to refinance on a long-term basis. 64. Of the following, which typically would not be classified as a current liability? A. B. C. D. Estimated liability from cash rebate program. A long-term note payable maturing within the coming year. Rent revenue received in advance. A six-month bank loan to be paid with the proceeds from the sale of common stock. 65. Large, highly rated firms sometimes sell commercial makeup A. B. C. D. To borrow funds at a lower rate than through a bank. To earn a profit on the paper. To fend off paperwork. Because the interest rate is locked in by the Federal Reserve Board. 6. Which of the following situations would not require that long-term liabilities be reported as current liabilit ies on a classified balance sheet? A. B. C. D. The long-term debt is callable by the creditor. The creditor has the right to demand payment due to a contractual assault. The long-term debt matures within the upcoming year. All of the in a higher place require the current classification. 67. A long-term liability should be reported as a current liability in a classified balance sheet if the long-term debt A. B. C. D. is callable by the creditor. is secured by adequate collateral. ill be refinanced with stock. will be refinanced with debt. 68. On December 31, 2011, L, Inc. had a $1,500,000 note payable outstanding, due July 31, 2012. L borrowed the money to finance construction of a naked plant. L planned to refinance the note by issuing long-term bonds. Because L temporarily had excess cash, it prepaid $500,000 of the note on January 23, 2012. In February 2012, L completed a $3,000,000 bond offering. L will use the bond offering proceeds to repay the note payable at its maturity a nd to pay construction costs during 2012. On border district 13, 2012, L issued its 2011 financial statements.What amount of the note payable should L include in the current liabilities section of its December 31, 2011, balance sheet? A. B. C. D. $0 $500,000 $1,000,000 $1,500,000 69. Liabilities payable within the coming year are classified as long-term liabilities if refinancing is completed before date of topic of the financial statements under A. B. C. D. US GAAP. IFRS. Either U. S. GAAP and IFRS. Neither U. S. GAAP and IFRS. 70. Kline Company refinanced current debt as long-term debt on January 5, 2012. Klines pecuniary year ended on December 31, 2011, and its financial statements will be issued sometime in early contact, 2012.Under IFRS, how would Kline kick downstairs the debt on its December 31, 2011 balance sheet? A. In the mezzanine amid current and non-current liabilities. B. Kline would not categorise the debt as current or past, but rather would write a divine re velation note explaining the circumstances. C. As a noncurrent liability. D. As a current liability. 71. Branch Company, a construction materials supplier, has $18,000,000 of notes payable due April 12, 2012. At December 31, 2011, Branch signed an agreement with First Bank to borrow up to $18,000,000 to refinance the notes on a long-term basis.The agreement specified that borrowings would not exceed 75% of the value of the collateral that Branch provided. At the date of issue of the December 31, 2011, financial statements, the value of Branchs collateral was $20,000,000. On its December 31, 2011, balance sheet, Branch should classify the notes as follows A. B. C. D. $15,000,000 long-term and $3,000,000 current liabilities. $4,500,000 short-term and $13,500,000 current liabilities. $18,000,000 of current liabilities. $18,000,000 of long-term liabilities. 72. Other things being equal, most managers would prefer to report liabilities as noncurrent rather than current.The logic behind t his preference is that the long-term classification permits the fraternity to report A. B. C. D. higher(prenominal) working capital and a higher memorandum turnover. Lower working capital and a higher current ratio. Higher working capital and a higher current ratio. Higher working capital and a lower debt to equity ratio. 73. Footnote disclosure is undeniable for material potential losses when the loss is at least(prenominal) moderately possible A. B. C. D. Only if the amount is known. Only if the amount is known or sensibly estimable. Unless the amount is not reasonably estimable. Even if the amount is not reasonably estimable. 4. Gain contingencies usually are recognized in a come withs income statement when A. B. C. D. Realized. The amount can be reasonably estimated. The gain is reasonably possible and the amount can be reasonable estimated. The gain is probable and the amount can be reasonably estimated. 75. A company should accrue a loss contingency only if the likelih ood that a liability has been incurred is A. B. C. D. More likely than not and the amount of the loss is known. At least reasonably possible and the amount of the loss is known. At least reasonably possible and the amount of the loss can be reasonably estimated.Probable and the amount of the loss can be reasonably estimated. 76. A contingent loss should be reported in a write to the financial statements rather than being accrued if A. B. C. D. The likelihood of a loss is remote. The incurrence of a loss is reasonably possible. The incurrence of a loss is more likely than not. The likelihood of a loss is probable. 77. Which of the following is a contingency that should be accrued? A. B. C. D. The company is being sued and a loss is reasonably possible and reasonably estimable. The company deducts life insurance agiotages from employees paychecks.The company offers a two-year indorsement and the expenses can be reasonably estimated. It is probable that the company will receive $100 ,000 in settlement of a example. 78. A loss contingency should be accrued in a companys financial statements only if the likelihood that a liability has been incurred is A. B. C. D. at least remotely possible and the amount of the loss is known. reasonably possible and the amount of the loss is known. reasonably possible and the amount of the loss can be reasonably estimated. probable and the amount of the loss can be reasonably estimated. 79.Paul Company issues a product recall due to an apparently pre-existing and material defect discovered after the end of its pecuniary year. Financial statements have not yet been issued. The action required of Paul Company for this reasonably estimable contingency for the year just ended is A. B. C. D. To disc endure it in a footnote. To accrue a long-term liability. To accrue the liability and explain it in a footnote. To do zippo relative to the contingency. 80. Accounting for costs of incentive programs for customer purchases A. B. C. D. R equires probability estimation. Follows the duplicate principle.Is a loss contingency situation. All of the above are correct. 81. Providing a monetary rebate program for purchasing a product A. B. C. D. Is accounted for as well as to product warranties. Creates an expense for the seller in the period of sale. Creates a contingent liability for the seller at the time of sale. All of the above are correct. 82. The main difference between accounting for rebate and cash discount verifiers is A. B. C. D. The latter is not treated as an expense. Only the former creates a contingent liability when issued. The expense for the latter is usually deferred until redemption of the coupon.There are no significant differences in accounting between the two. 83. Which of the following imply essentially the same accounting treatment? A. B. C. D. Coupons for cash rebates and coupons for other premiums Cents-off coupons and coupons for other premiums Cents-off coupons and coupons for cash rebates All of the above are correct. 84. Blue Co. can estimate the amount of loss that will occur if a conflicting establishment expropriates some of the companys assets in that country. If the likelihood of expropriation is remote, a loss contingency should be A. B. C. D. let out but not accrued as a liability. Disc digestd and accrued as a liability.Accrued as liability but not disclosed. Neither accrued as a liability nor disclosed. 85. Orange Co. can estimate the amount of loss that will occur if a foreign government expropriates some of the companys asset in that country. If expropriation is reasonably possible, a loss contingency should be A. B. C. D. Disclosed but not accrued as a liability. Disclosed and accrued as a liability. Accrued as liability but not disclosed. Neither accrued as a liability nor disclosed. 86. Red Co. can estimate the amount of loss that will occur if a foreign government expropriates some of the companys assets in that country.If expropriation is probable , a loss contingency should be A. B. C. D. Disclosed but not accrued as a liability. Disclosed and accrued as a liability. Accrued as liability but not disclosed. Neither accrued as a liability nor disclosed. 87. Z Co. filed suit against W, Inc. in 2011 seeking damages for patent in peripheryment. At December 31, 2011, legal counsel for Z believed that it was probable that Z would be successful against W for an estimated amount in the range of $30 one thousand thousand to $60 one million million million, with each amount in that range considered equally likely.Z was poseed $40 million in April 2012. Z should report this award in its 2011 financial statements, issued in March, 2012 as A. A receivable and unearned revenue of $40 million. B. A receivable and revenue of $40 million. C. A disclosure of a gain contingency of $40 million. D. A disclosure of a gain contingency of an undetermined amount in the range of $30 million to $60 million. 88. When a material gain contingency is pr obable and the amount of gain can be reasonably estimated, the gain should be A. B. C. D. Reported in the income statement and disclosed.Offset against shareholders equity. Disclosed, but not recognized in the income statement. Neither recognized in the income statement nor disclosed. 89. Which of the following is a contingency that would most likely require accrual? A. B. C. D. Potential claims on extended warranties. Customer premium offers. Potential liability on a product where none have yet been sold. Sales tax payable. 90. The cost of customer premium offers should be charged to expense A. B. C. D. When the related product is sold. When the premium offer expires.Over the life cycle of the product to which the premium relates. When the premiums are claimed. 91. The accounting concept that requires recognition of a liability for customer premium offers is A. B. C. D. Periodicity. Conservatism. Historical cost. The matching principle. 92. Accounting for costs of incentive program s for frequent customer purchases involves A. B. C. D. Recording an expense and a liability each period. Recording a liability and a reduction of revenue each period. Recording an expense and an asset reduction each period. Recording an expense and revenue each period. 93.A customer of RoughEdge Sharpeners alleges that RoughEdges new razor sharpener had a defect that resulted in life-threatening injury to the customer. RoughEdge believes the customer has a 51% chance of winning the case, and that if the customer wins the case, there is a range of losses of between $1,000,000 and $3,000,000 in which any number is equally likely to occur. Under U. S. GAAP, RoughEdge should accrue a liability in the amount of A. B. C. D. $0. $1,000,000. $2,000,000. $3,000,000. 94. A customer of Razor Sharpeners alleges that Razors new razor sharpener had a defect that resulted in serious injury to the customer.Razor believes the customer has a 51% chance of winning the case, and that if the customer w ins the case, there is a range of losses of between $1,000,000 and $3,000,000 in which any number is equally likely to occur. Under IFRS, Razor should accrue a liability in the amount of A. B. C. D. $0. $1,000,000. $2,000,000. $3,000,000. 95. cinque Electronics sells equipment that includes a three-year warranty. Repairs under the warranty are performed by an indie service company under contract with Volt. establish on prior experience, warranty costs are estimated to be $25 per item sold. Volt should recognize these warranty costs A. B. C. D.When the equipment is sold. When the repairs are performed. When payments are made to the service firm. Evenly over the life of the warranty. 96. manoeuvrezy Cereal includes one coupon in each package of Wheatos that it sells and offers a toy car in modify for $1. 00 and 3 coupons. The cars cost Funzy $1. 50 each. Experience indicates that 40% of the coupons eventually will be redeemed. During the last month of 2011, the first month of the o ffer, Funzy sold 12 million boxes of Wheatos and 2. 4 million of the coupons were redeemed. What amount should Funzy report as a promotional expense for coupons on its December 31, 2011, income statement?A. B. C. D. $0. $400,000. $800,000. $1,200,000. 97. Captain warp Cereal includes one coupon in each package of Granola that it sells and offers a puzzle in exchange for $2. 00 and 3 coupons. The puzzles cost Captain get to $3. 50 each. Experience indicates that 20% of the coupons eventually will be redeemed. During the last month of 2011, the first month of the offer, Captain Cook sold 6 million boxes of Granola and 900,000 of the coupons were redeemed. What amount should Captain Cook report as a liability for coupons on its December 31, 2011, balance sheet? A. B. C. D. $0. $150,000. 300,000. $450,000. 98. At the counterbalance of 2011, Angel Corporation began offering a 2-year warranty on its products. The warranty program was expected to cost Angel 4% of net sales. cyberspace sales made under warranty in 2011 were $180 million. Fifteen percent of the units sold were returned in 2011 and repaired or replaced at a cost of $5. 3 million. The amount of warranty expense on Angels 2011 income statement is A. B. C. D. $5. 3 million. $7. 2 million. $10. 6 million. $27. 0 million. 99. During 2011, lofty lash Goods sold 800,000 bilateral belts under a new sales promotional program.Each belt carried one coupon, which entitles the customer to a $5. 00 cash rebate. Deluxe estimates that 70% of the coupons will be redeemed, even though only 350,000 coupons had been affect during 2011. At December 31, 2011, Deluxe should report a liability for unredeemed coupons of A. B. C. D. $560,000. $1,050,000. $1,225,000. $1,750,000. In 2011, Holyoak Inc. offers a $20 cash rebate coupon to customers who purchased one of its new line of products. Holyoak sold 10,000 of these products during the year. By year end of 2011, 7,600 of the rebates had been claimed, and 7,100 had been paid.Holyoaks diachronic experience with such rebates indicates that 85% of customers claim the rebates. 100. What is the expense that Holyoak should report for its promotional rebates in its 2011 income statement? A. B. C. D. $142,000 $152,000 $170,000 $200,000 101. What is the rebate promotion liability that Holyoak should report in its December 31, 2011 balance sheet? A. B. C. D. $20,000 $28,000 $18,000 None of the above is correct. 102. In the current year, Hanna Company reported warranty expense of $190,000 and the warranty liability account increased by $20,000. What were warranty expenditures during the year?A. B. C. D. $190,000. $170,000. $210,000. $0. 103. Panther Co. had a warranty liability of $350,000 at the starting signal of 2011, and $310,000 at end of 2011. Warranty expense is based on 4% of sales, which were $50 million for the year. What were the warranty expenditures for 2011? A. B. C. D. $0. $1,960,000. $2,000,000. $2,040,000. 104. Carpenter Inc. had a balance of $80,000 in its warranty liability account as of December 31, 2010. In 2011, Carpenters warranty expenditures were $445,000. Its warranty expense is calculated as 1% of sales. Sales in 2011 were $40 million.What was the balance in the warranty liability account as of December 31, 2011? A. B. C. D. $35,000. $425,000. $125,000. $480,000. General Product Inc. shipped 100 million coupons in products it sold in 2011. The coupons are redeemable for thirty cents each. General anticipates that 70% of the coupons will be redeemed. The coupons expire on December 31, 2012. There were 45 million coupons redeemed in 2011, and 30 million redeemed in 2012. 105. What was Generals coupon liability as of December 31, 2011? A. B. C. D. $7. 5 million. $13. 5 million. $16. 5 million. $21. 0 million. 106.What was Generals coupon promotion expense in 2011? A. B. C. D. $30. 0 million. $21. 0 million. $13. 5 million. $7. 5 million. 107. What was Generals coupon promotional expense in 2012? A. B. C. D. Ze ro, since all the expense should be reflected in 2011. $1. 5 million. $7. 5 million. $9. 0 million. 108. During the year, L Leather Goods sold 1,000,000 reversible belts under a new sales promotional program. Each belt carried one coupon, which entitles the customer to a $4. 00 cash rebate. L estimates that 70% of the coupons will be redeemed, even though only 500,000 coupons had been processed during the year.At December 31, L should report a liability for unredeemed coupons of A. B. C. D. $700,000 $800,000 $1,000,000 $2,800,000 109. Which of the following may create employer liabilities in connection with their payrolls? A. B. C. D. Employee withholding taxes Employee voluntary deductions Employee fringe benefits All of the above are correct. 110. Barbara Muller Services (BMS) pays its employees monthly. The payroll reading listed below is for January, 2011, the first month of BMSs fiscal year. The diary entry to record payroll for the January 2011 pay period will include a debi t to payroll tax expense of A.B. C. D. $6,120 $4,960 $11,080 $57,880 111. Ontario Resources, a natural energy supplier, borrowed $80 million cash on November 1, 2011, to fund a geological survey. The loan was made by Quebec Banque under a short-term credit line. Ontario Resources issued a 9-month, 12% promissory note with interest payable at maturity. Ontario Resources fiscal period is the calendar year. needed (1. ) place the journal entry for the take of the note by Ontario Resources. (2. ) work up the let adjusting entry for the note by Ontario Resources on December 31, 2011. turn in calculations. (3. arrive at the journal entry for the payment of the note at maturity. pose calculations. 112. On September 1, 2011, Triton enjoyment borrowed $24 million cash to fund a new Fun Park. The loan was made by Nevada Bank under a noncommitted short-term line of credit arrangement. Triton issued a 9month, 12% promissory note. Interest was payable at maturity. Tritons fiscal period is the calendar year. compulsory 1. rear the journal entry for the topic of the note by Triton. 2. Prepare the appropriate adjusting entry for the note by Triton on December 31, 2011. 3. Prepare the journal entry for the payment of the note at maturity. 113.On May 1, Lectric Industries issued 9-month notes in the amount of $60 million. Interest is payable at maturity. needed construe the amount of interest expense that should be recorded in a year-end adjusting entry under each of the following independent assumptions 114. Grossman Products began trading operations in 2011. The following selected transactions occurred from September 2011 through March 2012. Grossmans fiscal year ends on December 31. 2011 (a. ) On September 5, Grossman opened a checking account and negotiated a short-term line of credit of up to $10,000,000 at 10% interest. The company is not required to pay any cargo fees. b. ) On October 1, Grossman borrowed $8,000,000 cash and issued a 5-month promissory no te with 10% interest payable at maturity. (c. ) Grossman received $3,000 of refundable deposits in December for reusable containers. (d. ) For the September through December period, sales numerate $5,000,000. The state sales tax rate is 4% and 75% of sales are subject to sales tax. (e. ) Grossman recorded accrued interest. 2012 (f. ) Grossman paid the promissory note on the March 1 due date. (g. ) Half of the storage containers are returned in March, with the other half expected to be returned over the next 6 months. essential 1.Prepare the appropriate journal entries for the 2011 transactions. 2. Prepare the liability section of the balance sheet at December 31, 2011, based on the data supplied. 3. Prepare the appropriate journal entries for the 2012 transactions. 115. Bencorp issues a $90,000, 6-month, noninterest-bearing note which the bank discounted at a 10% discount rate. need (1. ) Prepare the appropriate journal entry to record the issuance of the note. (2. ) patch up th e effective interest rate. 116. On November 1, 2011, a $216,000, 9-month, noninterest-bearing note is issued at a 10% discount rate. requisite (1. Prepare the appropriate journal entry to record the issuance of the note. (2. ) check off the effective interest rate. (3. ) Prepare the appropriate journal entry on December 31, 2011, to record interest on the note for the 2011 financial statements. (4. ) Prepare the appropriate journal entry(s) on July 31, 2012, to record interest and the payment of the note. 117. On November 1, 2011, Ziegler Products issued a $200,000, 9-month, noninterest-bearing note to the bank. Interest was discounted at a 12% discount rate. Required (1. ) Prepare the appropriate journal entry by Ziegler to record the issuance of the note. 2. ) Determine the effective interest rate. (3. ) Suppose the note had been structured as a 12% note with interest and principal payable at maturity. Prepare the appropriate journal entry to record the issuance of the note by Z iegler. (4. ) Prepare the appropriate journal entry on December 31, 2011, to accrue interest expense on the note describe in 3 for the 2011 financial statements. 118. On October 1, 2011, Home Builders Company issued to Carlton Bank a $600,000, 8-month, noninterestbearing note. Interest was discounted by the bank at a 12% discount rate. Required 1.Prepare the appropriate journal entry by Home Builders to record the issuance of the note. 2. Determine the effective interest rate. 3. Suppose the note had been structured as a 12% note with interest and principal payable at maturity. Prepare the appropriate journal entry to record the issuance of the note by Home Builders. 4. Prepare the appropriate journal entry on December 31, 2011, to accrue interest expense on the note described in 3 for the 2011 financial statements. 119. The following selected transactions relate to liabilities of move Dish Corporation. Roses fiscal year ends on December 31.Required Prepare the appropriate journal entries through the maturity of each liability. 2011 Feb. 3 Negotiated a revolving credit agreement with Second Bank which can be renewed per year upon bank approval. The amount available under the line of credit is $30,000,000 at the banks prime rate. April 1 Arranged a 3-month bank loan of $12 million with Second Bank under the line of credit agreement. Interest at the prime rate of 8% was payable at maturity. July 1 Paid the 8% note at maturity. Nov. 1 Supported by the credit line, issued $20 million of commercial paper on a nine-month note.Interest was discounted at issuance at a 6% discount rate. Dec. 31 Recorded any necessary adjusting entry(s). 2012 Aug. 1 Paid the commercial paper at maturity. 120. Stern Corporation borrowed $10 million cash on September 1, 2011, to provide additional working capital for the years production. Stern issued a 6-month, 10% promissory note to Second State Bank. Interest on the note is payable at maturity. Each firm uses the calendar year as the fiscal year. Required 1. Prepare all journal entries from issuance to maturity for Stern Corporation. 2. Prepare all journal entries from issuance to maturity for Second State Bank. 21. savoury Springs Marine borrowed $20 million cash on December 1, 2011, to provide working capital for year-end inventory. raging Springs Marine issued a 4-month, 9% promissory note to Third Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firms fiscal period is the calendar year. Required 1. Prepare the journal entries to record (a) the issuance of the note by Hot Springs Marine and (b) Third Banks receivable on December 1, 2011. 2. Prepare the journal entries by both firms to record all subsequent events related to the note through March 31, 2012. 3.Suppose the face amount of the note was adjusted to include interest (a noninterest-bearing note) and 9% is the banks stated discount rate. Prepare the journal entries to record the issuance of the noninterestbearing note by Hot Springs Marine on December 1, 2011. What would be the effective interest rate? 122. On June 30, 2011, Chu Industries issued 9-month notes in the amount of $700,000. make that interest is payable at maturity in the following three independent cases Required Determine the amount of interest expense that should be accrued in a year-end adjusting entry under each assumption 23. The following selected transactions relate to liabilities of sugar sugarcoat Corporation (Chicago) for 2011. Chicagos fiscal year ends on December 31. (1. ) On January 15, Chicago received $7,000 from Henry Construction toward the purchase of $66,000 of plate glass to be delivered on February 6. (2. ) On February 3, Chicago received $6,700 of refundable deposits relating to containers used to transport glass components. (3. ) On February 6, Chicago delivered the plate glass to Henry Construction and received the balance of the purchase price. (4. ) First quarter credit sales to taled $700,000.The state sales tax rate is 4% and the local sales tax rate is 2%. Required Prepare journal entries for the above transactions. 124. In its 2011 annual report to shareholders, Ank-Morpork propagation Inc. included the following disclosure REVENUE RECOGNITION Advertising revenue is recognized when advertisements are published, course of study or when placed on the Companys Web sites, net of provisions for estimated rebates, credit and rate adjustments and discounts. Circulation revenue includes single copy and home-delivery subscription revenue. Single copy revenue is recognized based on date of publication, net of provisions for related returns.Proceeds from home-delivery subscriptions and related costs, principally agency commissions, are deferred at the time of sale and are recognized in earnings on a pro rata basis over the terms of the subscriptions. Other revenue is recognized when the related service or product has been delivered. Also, the following inform ation on its current liabilities was included in its comparative balance sheets Required Assuming that Ank-Morpork Times Inc. collected $440,000,000 in cash for home delivery subscriptions during fiscal year 2011, what amount of revenue did it recognize during 2011 from this source?Show the relevant T-account information to support your answer. 125. MullerB Companys employees earn vacation time at the rate of 1 hour per 40-hour work period. The vacation pay vests immediately, meaning an employee is entitled to the pay even if employment terminates. During 2011, total wages paid to employees equaled $808,000, including $8,000 for vacations actually taken in 2011, but not including vacations related to 2011 that will be taken in 2012. All vacations earned before 2011 were taken before January 1, 2011. No accrual entries have been made for the vacations.Required Prepare the appropriate adjusting entry for vacations earned but not taken in 2011. 126. The following facts relate to gift c ards sold by Sunbru Coffee Company during 2011. Sunbrus fiscal year ends on December 31. (a. ) In October, 2011 sold $3,000 of gift cards, and redeemed $500 of those gift cards. (b. ) In November, 2011, sold $4,000 of gift cards, and redeemed $1,400 of October gift cards and $700 of November gift cards. (c. ) In December, 2011, sold $3,000 of gift cards, and redeemed $200 of October gift cards, $2,000 of November gift cards, and $400 of December gift cards. (d. Sunbru views a gift card to be broken (with a remote probability of redemption) two months after the end of the month in which it is sold. Thus, an unredeemed gift card sold at any time during July would be viewed as broken as of September 30. Required 1. Prepare all journal entries appropriate to be recorded only during the month of December, 2011 relevant to gift card sales, gift card redemptions, and gift card breakage. 2. Determine the balance of the unearned revenue liability to be reported in the December 31, 2011, bala nce sheet. Show the relevant T-account information to support your answer. 127.Diversified Industries sells perishable electronic products. Some must be shipped in reusable containers. Customers pay a deposit for each container. The deposit is equal to the containers cost. Customers receive a refund when the container is returned. During 2011, deposits collected on containers shipped were $700,000. Deposits are forfeited if containers are not returned in 18 months. Containers held by customers on January 1, 2011, were $330,000. During 2011, $410,000 was refunded and deposits of $25,000 were forfeited. Required 1. Prepare the appropriate journal entries for the deposits received and returned during 2011. . Determine the liability for refundable deposits to be reported in the December 31, 2011, balance sheet. 128. At December 31, 2011, Cordova Leathers liabilities include the following 1. $15 million of noncallable 9% notes were issued for $15 million on August 31, 1992. The notes mat ure on July 31, 2012. Sufficient cash is expected to be available to retire the notes at maturity. 2. $30 million of 8% notes were issued for $30 million on May 31, 2007. The notes mature on May 31, 2017, but investors have the option of calling (demanding payment on) the notes on June 30, 2012.However, the call option is not expected to be exercised, given wonted market conditions. 3. $18 million of 10% notes are due on March 31, 2013. A debt covenant requires Cordova to maintain current assets at least equal to 150% of its current liabilities. On December 31, 2011, Cordova is in violation of this covenant. Cordova obtained a waiver from Village Bank until June 2012, having convinced the bank that the companys normal 2 to 1 ratio of current assets to current liabilities will be reestablished during the first half of 2012.Required For each of the three liabilities, indicate the portion of the debt that can be excluded from classification as a current liability (that is, reported as a noncurrent liability). Explain. 129. In its 2011 annual report to shareholders, fence in Airlines Inc. presented the following balance sheet information about its liabilities In addition, mold presented the following among its footnote disclosures Maturities of long-term debt (including sinking fund requirements) for the next quintet years are 2012 $421 million 2013 $212 million 2014 $273 million 2015 $1. 0 zillion 2016 $777 million.Required Consider the appropriate classification of these long-term debt obligations. Assuming no more long-term debt will be issued, what are the implications of the information above for Borders liquidity and solvency risk in 2011 and the following years? 130. Mozart Music Co. began operations in December of 2011. The company sold gift certificates during December in various(a) amounts totaling $1,600. The gift certificates are redeemable for merchandise within 3 years of the purchase date. However, experience within the industry predicts that 90% of gift certificates will be redeemed within one year.Certificates totaling $500 were presented for redemption during 2011 as part of merchandise purchases having a total retail price of $750. Required (1. ) Determine the liability for gift certificates to be reported in the December 31, 2011, balance sheet. (2. ) What is the appropriate classification (current or noncurrent) of the liabilities at December 31, 2011? Show calculations. In its 2011 annual report to shareholders, the Goodday Chemical Company included the following footnote excerpts on CONTINGENCIES in its annual report to shareholders At December 31, 2011, Goodday had recorded liabilities aggregating $66. million for anticipated costs related to various environmental matters, primarily the remediation of numerous waste disposal sites and authorized properties sold by Goodday. These costs include legal and consulting fees, site studies, the design and executing of remediation plans, post-remediation monitori ng and related activities and will be paid over several years. The amount of Gooddays ultimate liability in prise of these matters may be affected by several uncertainties, primarily the ultimate cost of required remediation and the extent to which other responsible parties contribute.At December 31, 2011, Goodday had recorded liabilities aggregating $218. 7 million for potential product liability and other civil wrong claims, including related legal fees expected to be incurred, presently asserted against Goodday. The amount recorded was determined on the basis of an assessment of potential liability using an analysis of available information with respect to pending claims, historical experience and, where available, current trends.Goodday is a defendant in numerous showcases involving at December 31, 2011, approximately 63,000 claimants alleging various asbestos related personal injuries purported to result from motion picture to asbestos in certain rubber coated products manu factured by Goodday in the past or in certain Goodday facilities. Typically, these guinea pigs have been brought against multiple defendants in state and Federal courts. In the past, Goodday has disposed of approximately 22,000 cases by support and obtaining the dismissal thereof or by entering into a settlement.Goodday has policies and coverage-in-place agreements with certain of its insurance carriers that cover a substantial portion of estimated indemnity payments and legal fees in respect of the pending claims. At December 31, 2011, Goodday has recorded an asset in the amount it expects to collect under the policies and coverage-in-place agreements with certain carriers related to its estimated asbestos liability. Goodday has likewise commenced discussions with certain of its excess coverage insurance carriers to establish arrangements in respect of their policies.Subject to the uncertainties referred to above, Goodday has concluded that in respect of any of the above describ ed liabilities, it is not reasonably possible that it would incur a loss exceeding the amount recognized at December 31, 2011, with respect thereto which would be material relative to the consolidated financial position, results of operations, or liquidity of Goodday. 131. Required in brief explain the positive basis on which the costs/obligations for environmental kill spot and product liability/tort claim matters were accrued in the financial statements.Answer GAAP regarding accounting for contingencies requires that contingent losses (and the corresponding obligations) be recorded (accrued) when the loss is both probable and the amount is known or reasonably estimable. Goodday based its analysis on pending claims, historical experience and current trends, such as recent case verdicts with similar manufacturers. 132. Required What is the point of the last paragraph of the Goodday disclosure? Explain in terms of authoritative GAAP. 133.Required Show the summary journal entry th at Goodday recorded for the environmental cleanup and product liability/tort claim matters, described in the footnote disclosure. 134. The following selected transactions relate to contingencies of Eastern Products Inc. which began operations in July, 2011. Easterns fiscal year ends on December 31. Financial statements are published in April, 2012. 1. No customer accounts have been shown to be uncollectible as yet, but Eastern estimates that 3% of credit sales will eventually render uncollectible.Sales were $300 million (all credit) for 2011. 2. Eastern offers a one-year warranty against manufacturers defects for all its products. Industry experience indicates that warranty costs will approximate 2% of sales. Actual warranty expenditures were $3. 5 million in 2011 and were recorded as warranty expense when incurred. 3. In December, 2011, Eastern became aware of an engineering tarnish in a product that poses a potential risk of injury. As a result, a product recall appears inevitab le. This move would likely cost the company $1. 5 million. 4.In November, 2011, the State of Vermont filed suit against Eastern, asking civil penalties and injunctive simpleness for violations of clean water laws. Eastern reached a settlement with state political science to pay $4. 2 million in penalties on February 3, 2012. 5. Eastern is the complainant in a $40 million lawsuit filed against a customer for costs and lost profits from contracts rejected in 2011. The lawsuit is in final appeal and attorneys advise that it is virtually certain that Eastern will be awarded $30 million. Required Prepare the appropriate journal entries that should be recorded as a result of each of these contingencies.If no journal entry is indicated, state why. 135. The following selected transactions relate to contingencies of Bowe-Whitney Inc. Bowe-Whitneys fiscal year ends on December 31, 2011, and financial statements are published in March 2012. 1. Bowe-Whitney is involved in a lawsuit resulting from a dispute with a customer over a 2011 transaction. At December 31, attorneys advised that it was probable that Bowe-Whitney would lose $3 million in an unfavorable outcome. On February 12, 2012, supposition was rendered against Bowe-Whitney in the amount of $14 million plus interest, a total of $15. 2 million.Bowe-Whitney does not plan to appeal the judgment. 2. Since August of 2011, Bowe-Whitney has been involved in labor disputes at two of its facilities. Negotiations between the company and the unions have not produced a settlement and, since January 2011, strikes have been ongoing at these facilities. It is virtually certain that material costs will be incurred but the amount of consecutive costs cannot be adequately predicted. 3. Bowe-Whitney is the defendant in a lawsuit filed in January 2012 in which Access Company seeks $10 million as an adjustment to the purchase price related to the sale of Bowe-Whitneys hardwood division in 2011.The lawsuit alleges that Bowe-Whitne y misrepresented the divisions assets and liabilities. Legal counsel advises that it is reasonably possible that Bowe-Whitney could lose $5 million, but that its extremely unlikely it could lose the $10 million asked for. 4. At March 1, 2012, the EPA is in the process of investigating the possibility of environmental violations at one of Bowe-Whitneys sites, but has not proposed a penalty assessment. guidance feels an assessment is reasonably possible, and if an assessment is made, a settlement of up to $33 million is probable.Required Prepare journal entries that should be recorded as a result of each of the above contingencies. 136. Concept 1 Office Products sells potency electronics that carry a 60-day manufacturers warranty. At the time of purchase, customers are offered the opportunity to excessively buy a 1-year or 2-year extended warranty for an additional charge. Required 1. Does the sale of the extended warranty represent a loss contingency? 2. Provide journal entries fo r the extended warranty sales and revenue recognition. 137. In its 2011 annual report to shareholders, Hyer Aviation Group Inc. ncluded the following disclosure On October 6, 2010, the companys subsidiary, Pyro Aeroplex, filed suit against Syntex, an unincorporated division of Bright American Corporation, for breach of contract and fraud with regard to the supply of deficient wire rope that is installed as aircraft flight control cables on WD-50 aircraft. The case, filed in the circuit court of bell County, Arkansas, was brought to trial and on September 20, 2011, a jury returned with a verdict in favor of the company in the amount of $17. 5 million. The hook, upon a postjudgment motion filed by Pyro, reduced the judgment to $4. million. Pyro has appealed that Order to the Supreme Court of Arkansas. The company believes the appeal is without merit and will continue to pursue final judgment on the Order. The company, pending appeal, has not recorded the $4. 5 million favorable judg ment. Required What journal entries, if any, has Hyer recorded regarding this contingency? Explain its rationale. The following facts apply to TinyPart Toy Companys pending litigation as of December 31, 2011 a. TinyPart is reason against a lawsuit and believes there is a 51% chance it will lose in court.If they lose, TinyPart estimates that damages will be $100,000. b. TinyPart is defending against some other lawsuit for which oversight believes it is virtually certain to lose in court. If it loses the lawsuit, management estimates damages will fall somewhere in the range of $30,000 $50,000, with each amount in that range equally likely to occur. c. TinyPart is defending against another lawsuit that is identical to item (b), but the relevant losses will only occur far into the future. The present values of the endpoints of the range are $15,000 and $25,000.TinyParts management believes the effects of time value of money on these amounts are material, but also believes the timing of these amounts is uncertain. d. TinyPart is defending against a fourth lawsuit and believes there is only a 25% chance it will lose in court. If TinyPart loses, it believes damages will fall somewhere in the range of $35,000 $40,000, with each amount in that range equally likely to occur. 138. Required Indicate how TinyPart would disclose or account for the lawsuit described in part (a) under U. S. GAAP and under IFRS in the financial statements for the year ended December 31, 2011. 39. Required Indicate how TinyPart would disclose or account for the lawsuit described in part (b) under U. S. GAAP and under IFRS in the financial statements for the year ended December 31, 2011. 140. Required Indicate how TinyPart would disclose or account for the lawsuit described in part (c) under U. S. GAAP and under IFRS in the financial statements for the year ended December 31, 2011. 141. Required Indicate how TinyPart would disclose or account for the lawsuit described in part (d) under U. S . GAAP and under IFRS in the financial statements for the year ended December 31, 2011. 142.In 2011, Cap City Inc. introduced a new line of televisions that carry a two-year warranty against manufacturers defects. Based on past experience with similar products, warranty costs are expected to be approximately 1% of sales during the first year of the warranty and approximately an additional 3% of sales during the second year of the warranty. Sales were $6,000,000 for the first year of the products life and actual warranty expenditures were $29,000. Assume that all sales are on credit. Required 1. Prep

Race as a Social Construct

Race as a Social Construct Omi and Winants discussion from Racial Formations be gener eithery ab forbidden public life macrocosm a social construct and is also demonstrated in the view of Race The power of an illusion. Omi and Winant have both agreed that race is socially constructed in society. Ultimately this means that race is seen diversely in divers(prenominal) societies and different cultures. Media, politics, school, economy and family helps alter societys structure of race. In the viewing , also media as come up as history seemed to execute race by showing how social norms have evolved in different racial groups.For example, Rules shaped by our perception of race in a comprehensively racial society determine the presentation of self, distinction of status, and subdue modes of conduct (Omi and Winant 20). In other(a) words, flock tend to make their proclaim rules for categorizing racial groups. We gentleman (usually to a greater extent powerful ones) have set the se imperious divisions and then call them real. Race is defined differently within each(prenominal) culture. For example, as explained in the viewing, bulk in Africa see a someone that is exsanguine in the United States as black.This because they define their races by socioeconomic status non the color of ones skin. Race is a social construction. And as a social construction, race functions as a source of concern that sustains the importance of reliable groups and the maintenance of other groups. This archetype only becomes universe when people behave in ways that perpetuate subordination. Race should be expressed as a concept but unfortunately people misuse race. Race has now replaced the older concept of culture.As a concept race came to be defined by superficial attributes like blur type and skin color. Film and television, for example, have been notorious in disseminating images of racial minorities which establish for audiences what people from these groups look like , how they behave and who they are(Omi and Winant 23). Race is vindicatory an idea and or a biological myth. According to the viewing , humans dont differ much genetically. Actually humans are genetically the most similar species. Why are humans so genetically alike?Humans have not existed long passable and have yet to evolve into various subspecies. Race is indeed a pre-eminently socio-historical concept (Omi and Winant 21). So race is historically made and not biologically. There is nothing real about race, a social construct, foreign a river which is absolute. A river will escist regardless of people thinking, agreeing or pass judgment that it does exist. Race requires people to collectively agree that it does exist , unlike a river. Although race does not exist in the world in an objective way, it still is relevant in todays society.It is obvious that race is real in society and it affects the way we view others as well as ourselves. Race is a social construct that is prod uced by the winner race and their power to regulate. The category of white was rout to challenges brought about by the influx of diverse groups who were not of the same Anglo-Saxonstock as the founding immigrants (Omi and Winant 24). Frankly, white was the norm, the others were considered an outcast. The possessive group in society are the one whom created breastwork for group membership by defining race as a biological factor. White is seen as a pure category, as stated in the reading (Omi and Winant 21). Those who were black were biologically inferior to a white person. This is how the color line became about. Because of the color line , race was use to justify the captivity of the vastly growing free black tribe early in United States society. Differences in skin color and other obvious physical characteristics supposedly provide visible clues to differences lurking underneath (Omi and Winant 23).The man of racial ideology helps create racial sterotypes and myths. For examp le, in the viewing it was pointed out that American Jews reportedly dominated basketball during the first half of the 1900s. hitherto , now it seems as if African Americans dominate the NBA. Concepts like Black gymnastic superiority is the belief black people have traits that have been acquired with genetic or een environmental factors. These factors help them excel over all other races in athletic competitions.The theories of racial differences and their possible effect on athletic ability have been noticed since the nineteenth century. More interests were attracted to the subject soon after the 1935 Track Championships, were Jesse Owens record breaking transaction had shocked white Americans. Temperament, sexuality, intelligence, athletic ability, aesthetic preferences and so on are presumed to be fixed and discernible from the palpable mark of race (Omi and Winant 23). The dominant group in society has always defined race which sets every(prenominal) other race inferior.Race creates many differences in social status. Status is indicated by race. This can either include or exclude people from more social constructs. This can also prevent or allow certain powers or privileges. Race is a social construct fueled by agreement and acceptance. Throughout history race has been the core of our society. It is vital that people begin to realize that race is and will always be an unassured and de centered complex of social meanings constantly being transformed by political struggle (Omi and Winant 26).