Discuss The Difference Between Corporate Accounting And Finance In The Field Of Sports

Discuss the difference between corporate accounting and finance in the field of sports management. Provide one example of corporate accounting and finance from the sports industry and indicate why understanding sport economics is important for someone working in sports finance.

Country Furniture Company Manufactures Furniture At Its Akron, Ohio, Factory. Some Of Its Costs

Country Furniture Company manufactures furniture at its Akron, Ohio, factory. Some of its costs from the past year include: Depreciation on sales office $ 9300 Depreciation on factory equipment 16,000 Factory supervisor salary 50,400 Sales commissions 23,000 Lubricants used in factory equipment 3500 Insurance costs for factory 21,000 Wages paid to maintenance workers 115,100 Fabric used to upholster furniture 10,600 Freight-in (on raw materials) 3300 Costs of delivery to customers 9400 Wages paid to assembly-line workers 115,700 Lumber used to build product 82,400 Utilities in factory 54,800 Utilities in sales office 26,200 Direct material costs for Country Furniture Company totaled

Fit Apparel Company Reports The Following Data For Its First Year Of Operation. Cost

Fit Apparel Company reports the following data for its first year of operation. Cost of goods manufactured $155,600 Work in process inventory, beginning 0 Work in process inventory, ending 90,500 Direct materials used 85,300 Direct Labor 60,000 Manufacturing overhead 100,800 Finished goods inventory, beginning 0 Finished goods inventory, ending 70,500 What is the cost of goods sold?

QUESTION 2 (30 Marks) Ellesmere Limited Entered Into The Following Transactions During The Year

QUESTION 2 (30 marks) Ellesmere Limited entered into the following transactions during the year ended 31 December 20X3 (1) Entered into a speculative interest rate option costing N$ 10 000 on 1 January 20X3 to borrow N$ 6 000 000 from AB Bank commencing 31 March 20X5 for 6 months at 4%. The value of the option was N$ 15 250 (2) Purchased 6% debentures in FG Limited on 1 January 20X3 (their issue date for N$ 150 000 as an investment. Ellesmere Limited intends to hold the debentures until their redemption at a premium in 5 years’ time. The effective rate of interest of the bond is 8.0% (3) Purchased 50 000 shares in ST Limited on 1 July for N$ 3.50 each as an investment. The share price for on 31 December 20X3 was N$3.75. Required Show the accounting treatment and relevant extracts from the financial statements for the year ended 31 December 20X3. Ellesmere Limited only designates financial assets at their fair value through profit and loss where this is unavoidable (20 marks)

Prepare Adjusting Entries As At 30 June, The End Of The Accounting Year. Ignore

Prepare adjusting entries as at 30 June, the end of the accounting year. Ignore GST.

Preferred Stock As Of December 31, 2015, We Had One Class Of Preferred Stock

Preferred Stock As of December 31, 2015, we had one class of preferred stock outstanding. We are authorized to issue approximately 22 million shares of cumulative preferred stock, $1.00 par value per share. Series A Convertible Preferred Stock: We have issued 300,000 shares of Series A convertible perpetual preferred stock with an aggregate liquidation preference of $300 and an initial fair value of $349. The convertible preferred stock pays quarterly cash dividends at a rate of 8% per year ($24 per year). Each share of convertible preferred stock is convertible at any time, at the option of the holder, into 89.8876 shares of common stock for a total of 26,966 thousand shares (reflecting an initial conversion price of approximately $11.125 per share of common stock), subject to customary anti-dilution adjustments. Common Stock We have 1.75 billion authorized shares of common stock, $1.00 par value per share. At December 31, 2015, 102 million shares were reserved for issuance under our incentive compensation plans, 48 million shares were reserved for debt to equity exchanges and 27 million shares were reserved for conversion of the Series A convertible preferred stock. At December 31, 2015, Xerox reports $349 million of 8% Series A Convertible Preferred stock. What is the dollar amount of dividends that Xerox must pay on this stock (assume a par value of $110 per share)?

A. What Is The Amount Of Cisco’s Investment Portfolio On Its Balance Sheet? D.

a. What is the amount of Cisco’s investment portfolio on its balance sheet? d. Compute comprehensive income for 2015.

What Proportion Of The Foreign Net Operating Losses Does The Company Believe Will Likely

What proportion of the foreign net operating losses does the company believe will likely expire unused? (Round your answer to the nearest whole number

On January 1, Year 11 Pathan Corp. Purchased 80% Of Samoa Corp.’s $10 Par

On January 1, year 11 Pathan Corp. purchased 80% of Samoa Corp.’s $10 par common stock for $975,000. Pathan had no prior equity interest in Samoa. The remaining 20% of this stock is held by NCI Co., an unrelated party. On the acquisition date for this business combination, the carrying amount of Samoa’s net assets was $1 million. The fair values of the assets acquired and liabilities assumed were the same as their carrying amounts on Samoa’s balance sheet except for equipment that has book value in excess of fair value of $100,000 with a remaining economic life of 10 years. The fair value of the noncontrolling interest (NCI) is 20% of the implied fair value of the acquiree’s net assets at the acquisition date. (No exceptions to the recognition or measurement principles apply.) For the year ended December 31, year 11 Samoa’s net loss from its independent operations was $18,750, and Samoa paid cash dividends totaling $125,000. a. In the December 31 consolidated balance sheet, the NCI is reported at? (217,000 213,000 243,750 256,750 or 242,000) b. How much was the equity income recognized by Pathan Corp during year 11? c. What is the amount of change in the balance of the equity investment account during year 11? d. How much was the amount of Noncontrolling interests (NCI) on Jan. 1, year 11? e. Considering the operating results of Samoa during year 11, is the amount of dividend paid in year 11 reasonable/feasable?

Answer The Following: What Did Intel Expense For Share-based Compensation For 2010? How Many

Answer the following: What did Intel expense for share-based compensation for 2010? How many options did Intel grant in 2010? Compute the fair value of all options granted during 2010. (Round your answer to two decimal places. How many options were exercised during 2010? Estimate the cash that Intel received from its employees when these options were exercised. (Round your answer to one decimal place.) What was the intrinsic value per share of the options exercised in 2010? (Hint: Assume that Intel grants options at-the-money.) per share If employees who exercised options in 2010 immediately sold them, what “profit” did they make from the shares? (Round your answer to one decimal place.) The tax benefit that Intel will receive on the options exercised is computed based on the intrinsic value of the options exercised. Estimate Intel’s tax benefit from the 2010 option exercises assuming a tax rate of 37%. (Round your answer to one decimal place.) (f) What was the average exercise price of the options that expired in 2010? $Answer 2.54 per share

Question 4 Jose Is Trying To Decide Whether To Pay A Tax-deductible Expense In

Question 4 Jose is trying to decide whether to pay a tax-deductible expense in 2019 or in 2020. Which one of the following items will be most useful to Jose in calculating the tax benefit of the tax deduction in each year (i.e. how much his tax liability will be reduced each year as a result of the deduction)? a)Jose’s average tax rate b)Jose’s regressive tax rate c)Jose’s marginal tax rate d)Jose’s effective tax rate e)None of the above Question 5 Same facts as the previous question. If Jose thinks that overall tax rates and his marginal tax bracket are going to increase substantially in 2020, then which of the following is most accurate? Assume Jose is able to deduct the expense in the year paid. a)Jose should pay the expense in 2019 so that he gets the deduction in 2019. This is an example of a timing strategy. b)Jose should delay the expense until 2020 so that he can defer the deduction until 2020. This is an example of a timing strategy c)Jose should pay the expense in 2019 so that he gets the deduction in 2019. This is an example of a conversion strategy. d)Jose should delay the expense until 2020 so that he can defer the deduction until 2020 This is an example of a conversion strategy. e)None of the above Question 6 If Jose thought that overall tax rates and his marginal tax bracket would be the same for 2019 and 2020, then: a)Jose would want to pay the expense in 2019 b)Jose would want to pay the expense in 2020 c)It wouldn’t matter if Jose pays the expense in 2019 or 2020 Question 7    Arjun, single, has an average tax rate of 10.8%, an effective tax rate of 9.9%, and a marginal tax rate of 22% in 2018. If Arjun generates an additional $1,000 tax deduction which lowers his taxable income by $1,000, what is Arjun’s federal income tax savings as a result of the $1,000 deduction?

Question 8 Claire And Her Business Partner Are Starting A Business This Year, But

Question 8 Claire and her business partner are starting a business this year, but they are uncertain as to which entity structure they will select. Which of the following is most accurate: a) If the business is taxed as a C corporation, the income from the business will not be subject to federal income tax b) If the business is taxed as an S corporation, the income from the business will be subject to double taxation at the federal level c)If the business is taxed as a partnership, the partnership will not pay federal income tax but the partners may d)All business entities are taxed the same None of the above Question 9 Which of the following sources of tax law is enacted by Congress? a)Internal Revenue Code b)Case Law c)Regulations d)Google Search Results e)None of the above Question 10 Which of the following sources of tax law is issued by the Internal Revenue Service/Treasury Department? a)Internal Revenue Code b)Case Law c)Regulations (Regs.) d)Google Search Results e)None of the above

Problem 10-2A (Part Level Submission) Martinez Corporation Sells Rock-climbing Products And Also Operates An

Problem 10-2A (Part Level Submission) Martinez Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2017, Martinez had the following transactions related to notes payable. Sept. 1 Issued a $14,400 note to Pippen to purchase inventory. The 3-month note payable bears interest of 9% and is due December 1. (Martinez uses a perpetual inventory system.) Sept. 30 Recorded accrued interest for the Pippen note. Oct. 1 Issued a $18,000, 9%, 4-month note to Prime Bank to finance the purchase of a new climbixng wall for advanced climbers. The note is due February 1. Oct. 31 Recorded accrued interest for the Pippen note and the Prime Bank note. Nov. 1 Issued a $30,000 note and paid $9,400 cash to purchase a vehicle to transport clients to nearby climbing sites as part of a new series of climbing classes. This note bears interest of 6% and matures in 12 months. Nov. 30 Recorded accrued interest for the Pippen note, the Prime Bank note, and the vehicle note. Dec. 1 Paid principal and interest on the Pippen note. Dec. 31 Recorded accrued interest for the Prime Bank note and the vehicle note. Show the balance sheet presentation of notes payable and interest payable at December 31.

Explain The Relevance Of DSCR (Debt Service Coverage Ratio), LLCR (Loan Life Cover Ratio)

Explain the relevance of DSCR (Debt Service Coverage Ratio), LLCR (Loan Life Cover Ratio) and PLCR (Project Life Cover Ratio) in the credit appraisal of a project.    (10) marks

A) How Much Pension Expense (revenue) Does DuPont Report In Its 2010 Income Statement?

a) How much pension expense (revenue) does DuPont report in its 2010 income statement? DuPont reports pension expense of _____ . (b) DuPont reports a $1,435 million expected return on pension plan assets as an offset to 2010 pension expense. Approximately, how is this amount computed (estimate from the numbers reported)? (Round your dollar answers to the nearest whole number.) ___ x ____ = $____ million What is DuPont’s actual gain or loss realized on its 2010 pension plan assets? _____($ million) Dupont penson plan is underfunded by_____ million

What Are Footnotes , And Why Are They Only Used At Certain Times

What are footnotes , and why are they only used at certain times in accounting financial statements?

Second Peoples National Bank Offers A Long-term Certificate Of Deposit Earning 6.13% Compounded Monthly.

Second Peoples National Bank offers a long-term certificate of deposit earning 6.13% compounded monthly. Your broker locates a $20,000 zero-coupon bond rated AA by Standard

Calculate The Gain Or Loss Recognized And The Character Of The Gain Or Loss.

Calculate the gain or loss recognized and the character of the gain or loss. Please explain. Calculate net income if income before the transactions totaled $50,000. Please explain.

Can You Please Help Me With This Question For My Accounting Class? Required Information

can you please help me with this question for my accounting class? Required information [The following information applies to the questions displayed below.] Listed here are the total costs associated with the 2017 production of 1,000 drum sets manufactured by TrueBeat. The drum sets sell for $419 each.    Costs 1. Plastic for casing—$16,000 2. Wages of assembly workers—$86,000 3. Property taxes on factory—$4,000 4. Accounting staff salaries—$39,000 5. Drum stands (1,000 stands purchased)—$27,000 6. Rent cost of equipment for sales staff—$24,000 7. Upper management salaries—$130,000 8. Annual flat fee for factory maintenance service—$14,000 9. Sales commissions—$16 per unit 10. Machinery depreciation, straight-line—$36,000 2. Calculate the manufacturing cost per drum set. Variable production costs total variable production costs fixed production costs total fixed production costs total production cost

(a) What Assets And Liabilities Of Unconsolidated Affiliates Are Omitted From Cummins’s Balance Sheet

(a) What assets and liabilities of unconsolidated affiliates are omitted from Cummins’s balance sheet as a result of the equity method of accounting for those investments? Assets $_____ Liabilities $_______

Rainbow Illusion Is A 30-store Retail Chain Concentrated In New South Wales And

Rainbow Illusion is a 30-store retail chain concentrated in New South Wales and Victoria that sells ready-to-wear clothes for young females. Each store has a full-time manager and an assistant man- ager, both of whom are paid a salary. The cashiers and sales personnel are typically young people working part-time who are paid an hourly wage plus a commission based on sales volume. The company uses unsophisticated cash registers with four-part sales invoices to record each transaction. These sales invoices are used regardless of the payment type (cash, cheque, or bankcard). On the sales floor, the salesperson manually records his or her employee number and the transaction (clothes, class, description, quantity, and unit price), totals the sales invoice, calculates the discount when appropriate, calculates the sales tax, and pre- pares the grand total. The salesperson then gives the sales invoice to the cashier, retaining one copy in the sales book. The cashier reviews the invoice and inputs the sale. The cash register mechanically validates the invoice, automatically assigning a consecutive number to the transaction. The cashier is also responsible for getting credit approval on charge sales and approving sales paid by cheque. The cashier gives one copy of the invoice to the customer and retains the second copy as a store copy and the third for a bankcard, if a deposit is needed. Returns are handled in exactly the reverse manner, with the cashier issuing a return slip. At the end of each day, the cashier sequentially orders the sales invoices and takes cash register totals for cash, bankcard, cheque sales, and cash and credit card returns. These totals are reconciled by the assistant manager to the cash register tapes, the total of the consecutively numbered sales invoices, and the return slips. The assistant manager prepares a daily reconciliation report for the store manager’s review. The manager reviews cash, cheque, and credit card sales and then prepares the daily bank deposit (credit card sales invoices are included in the deposit). The manager makes the deposit at the bank and files the validated deposit slip. The cash register tapes, sales invoices, and return slips are forwarded daily to the central data processing department at corporate headquarters for processing. The data processing department returns a weekly sales and commission activity report to the manager for review. Required Prepare a report to Chief Executive Officer of Rainbow Illusion to evaluate its processes, risks and internal controls for its revenue cycle. In your report, you need to include the following items:  Identify six strengths in Rainbow Illusion’s system for controlling sales transactions.  For each strength identified, explain what problem(s) Rainbow Illusion has avoided by incorporating the strength in the system for controlling sales transactions.  Identify two situational pressures in a company like Rainbow Illusion that would increase the likelihood of fraud.  Explain why some companies would choose to install a distributed computer system rather than a centralised one.

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