CHAPTER 1 Essays , Research Papers

CHAPTER 1 Mini-Exercises |1-1|(1) B, (2) D, (3) A, (4) C*, | | |(5) B, (6) D, (7) A, (8) D. | | |* Dividends paid in cash are | | |also subtracted in the | | |Financing section of the | | |Statement of Cash Flows..| |1-2|(1) SE, (2) A, (3) R, | | |(4) A,| | |(5) E, (6) A, (7) E, | | |(8) L, (9) A.. | |1-3|(1) CPA: Certified Public| | |Accountant | | |(2) GAAP: Generally Accepted | | |Accounting Principles | | |(3) AICPA: American Institute | | |of Certified Public| | |Accountants. | | |(4) SEC: Securities and | | |Exchange Commission| | |(5) FASB: Financial Accounting | | |Standards Board | Exercises |1-1 |(1) K, (3) I, (5) A, (7) | | |J, (9) C, (11) H, (13) N | |1-2 |(1) A, (3) R, (5) L, (7) | | |E, | | |(9) E, (11) A, (13) L, (15) | | |E| |1-3 |(1) L, (3) L, (5) SE, | | |(7) A, (9) E, | | |(11) R, (13) E, (15) A,| | |(17) E.| |1-4 |Total Assets = 11,819 (in| | |billions of Yen). | |1-5 |Req. 1: Total Assets = | | |$179,350 | |1-6 |Net Income is $25,100. | |1-7 |Net Income is $522 (in | | |millions). | |1-8 |Net Income is $50,180. | |1-9 |(A) Stockholders' Equity = | | |$74,200. | |1-10|(B) Total Liabilities =| | |$241,600. | |1-11|Net Income = $75,500. Total | | |Assets = $196,250.| |1-12|Ending Retained Earnings = | | |$40,100. | |1-13|(1) I, (3) F, (5) O, (7) I| |1-14|Cash flow from operating| | |activities = $95,000. | Problems |1-1|Req. 1: Net Income = $32,060.| | | | | |Req. 3: Total Assets = | | |$157,000. | |1-2|Req. 1: Net Income = $4,925. | |1-3|Req. 1: (d) Income = -$2,900, | | |Cash = -$10,500. | |1-4|Req. 4: Stockholders Equity = | | |$29,000| Alternate Problems |1-1|Req. 1: Net Income = $20,050.| | | | | |Req 3: Total Assets = | | |$117,050. | |1-2|Req. 1: Net Income = $9,120. | |1-3|(d) Income -$36,000, Cash | | |-$30,000| Cases |1-1|(7) Total Liabilities = | | |$554,645,000.| |1-2|(2) Net Sales = | | |$1,834,618,000. | |1-3|(1) At the end of the most | | |recent year, American Eagle | | |Outfitters had total assets of | | |$1,963,676,000. Urban | | |Outfitters' had total assets = | | |$1,329,009,000. Clearly | | |American Eagle Outfitters is | | |the larger of the tow companies| | |in terms of total assets at the| | |end of the most recent year. | |1-4|Req. 2: Total Assets = | | |$142,000. | |1-5|Req. 1: Assert the need for an| | |independent audit of the | | |financial statements each year,| | |because this is the best way to| | |assure credibility -| | |conformance with GAAP, | | |completeness, and absence of | | |bias. | |1-6|(4) There is an ethics | | |violation in this case because | | |she would audit statements that| | |covered a period of time where | | |she was responsible for the | | |accounting operations of the | | |company. This is a problem both| | |in appearance and in fact.| |1-7|The solution to this case will | | |depend on the company and/or | | |accounting period selected for | | |analysis. | CHAPTER 2 Mini-Exercises |2-1 |(1) C, (2) H, (3) G, | ||(4) A, (5) I.| |2-2 |(1) D, (2) C, (3) A, | ||(4) I, (5) B.| |2-3 |(1) Y, (2) N, (3) Y, | ||(4) N, (5) Y, (6) N. | |2-4 |(1) CL, (3) NCA, (5) SE, | ||(7) CA, (9) NCA, (11) CA, | ||(13) SE, (15) CL. | |2-5 |(b) Cash -$7,000. Notes | ||Receivable +$7,000. | |2-6.1|Assets: Debit: increases; | ||Credit: decreases.| |2-7.2|Liabilities: an Increase is | ||recorded as a Credit; a| ||Decrease is recorded as a | ||Debit.| |2-8 |(d) Equipment (+A) | ||15,000| ||Cash (-A) | ||6,000| ||Notes Payable (+L)| ||9,000| |2-9 |Cash has a $6,800 debit| ||balance. | |2-10 |Total Assets = $44,700.| |2-11 |2007: Current Ratio = 1.50 | ||2008: Current Ratio = 1.18 | |2-12 |(a) F, (b) I, (c) F, | ||(d) I, (e) F..| Exercises |2-1 | (1) E, (3) B,(5) | | |K,(7) S,(9) I, | | || | |(11) O, (13) C, (15) D, | | |(17) N, (19) T.| |2-2 |Req. 1: (k) Received: | | |Investments (A); Given: Cash | | |(A) | |2-3 |(3) Taxes Payable: CL,| | |credit balance. | |2-4 |(c) Cash +9,000. Notes| | |Payable +9,000. | |2-5 |Req. 1: (c) Liabilities: | | |Dividends Payable +121.4. | | |Stockholders' Equity: | | |Retained Earnings -121.4| |2-6 |(e) Land (+A) | |

America and the Great War Essay Example | Topics and Well Written Essays - 1000 words

America and the Great War - Essay Example (Stubbs, 2002) The rise of Pan-Slavism, which is a form of ethno-nationalism, in Eastern European countries had also precipitated the war. The strong diplomatic, economic and strategic interests in neighboring countries induced a cascade effect in terms of drawing reluctant participants to the war. The Great War was characterized by the long periods spent by the armed forces in â€Å"trenches†, so much so that the war is often described as trench warfare. This not only indicates the lack of sophistication in the art of war at the time but also the â€Å"stagnant† nature of this type of warfare. The recorded duration of the First war was close to five years, ranging from 1914 to 1919, most of this time was spent in combats that have reached a state of â€Å"stalemate†. (Kiesling, 2005) The First World War, also referred to as the Great War due to its sweeping scale, would shake-up then existing power equations within Europe and set up the region for the Second Wor ld War two decades later. While America's participation in the latter war was more substantial, it nevertheless played a crucial supportive role to its conventional allies in the former too. America’s support to the French cause would prove to be a major factor in the eventual outcome of the war. (Robert Bruce's book titled The Fraternity of Arms: America and France in the Great War traces this alliance and places it in the historical, political, ideological and imperialist contexts.) While Britain was witnessing a period of unprecedented prosperity and power during the beginning of the twentieth century and its connection to the United States goes two centuries further back, it was the alliance with France which was strategically important in the context of the Great War. This assessment goes against the grain of popular history, but nevertheless true. For example, the shared ideological basis of the two countries goes back to the Declaration of Independence on July the four th, 1776. The installation of the Statue of Liberty in Ellis Island, off the banks of New York, as well as the adoption of the democratic ideals of 'Equality, Fraternity and Liberty' into the American constitution are enduring symbols of this shared heritage. (Bruce, 2003) It is for the aforementioned commonalities that American public were in unison with their elected representatives' decision to join the war. At the beginning of the Great War, most of the American public was aloof to events on the other side of the Atlantic. This stands to reason, for there was no direct threat to American sovereignty and vested interests. Also, as the American demography was composed of various European ethnicities, joining ranks with one side might prove costly in domestic politics. But eventually, the shared ideological underpinnings between the United States, France and Britain proved to be an important factor in turning around public opinion in a quick time. (Kiesling, 2005) During the early months of 1918 the amalgamation controversy assumed its peak and it became uncertain whether Britain would receive any American help at all. But the ultimate victory for the Western powers was made possible due to their superior cohesion and coordination – something which their enemies could not achieve. So, despite America's Navy being very weak, its supply of troops to the Western cause was a decisive factor. And their successful integration under British and French

Case Study on the application of the U.N Convention on Contract for Term Paper

Case Study on the application of the U.N Convention on Contract for the International Sale of Goods - Term Paper Example Thus, it becomes evident that in the present case, it is possible to apply the CISG. The second important factor to be considered is what happens if one party fails to deliver the products within the specified date. Admittedly, according to the contract, the products were to be delivered by 15th July. However, the products were delivered only on 4th August. According to Article 33 (a) of CSIG, the seller must deliver the goods on the day fixed by or determinable from the contract. Evidently, the contract had fixed the date of delivery as 15th July. However, it seems that FireWeasel (buyer) did not give GeniuX (seller) an additional period of time of reasonable length to deliver the goods. According to Article 47, paragraph 1, the buyer may fix an additional period of time of reasonable length for performance by the seller of his obligations. However, in the present case, it seems that the buyer did not fix any additional period of time for the seller and there was no communication in this connection. So, it becomes evident that though the seller failed to deliver the goods in time, the buyer loses the legal right to claim that the contract was avoided. The third important point is what happens when the contract does not mention anything about the quality of the product ordered. It is evident from the case that the products delivered by the seller are not good enough to enable the buyer to compete in the market. Article 35 (2a) points out that unless agreed otherwise, the goods do not conform to the contract if they are not fit for the purpose for which goods of the same description are normally used. However, the case shows that the products delivered are not so bad and are only slightly inferior to other competitors. Thus, it is possible for the buyer to rely on the poor quality of the products delivered. Another important point is how and when the matter of lack of conformity should be informed by the buyer to the seller. It is pointed out in Article 39 that the buyer loses the right to claim lack of conformity if he does not give notice to the seller, specifying the nature of the lack of conformity within a reasonable time period. Evidently, the buyer in the present case has promptly informed the seller about the lack of conformity. It is seen that the product was delivered on 4th August and was inspected on 8th August. On 9th August, the lack of conformity was reported to the seller by email. Another important point is if the buyer has the responsibility to allow the seller some time to replace the products at their own expense and if the seller has the legal right to request for such chance. According to Article 47 (1), it is the duty of the buyer to fix an additional period of time of reasonable length for the seller to fulfil his obligations. However, it is seen that though the buyer informed the seller about the poor quality of the products, it did not give the seller a chance to improve the performance. It means that though the b uyer can claim that the products were of poor quality, it will not get any legal benefits as it failed to allow the seller a reasonable time to improve the performance. Now the question arises as to whether the buyer has the responsibility to pay for the products it purchased. It is pointed out in Article 53 that the buyer must pay the price for the goods and take delivery of the products in