Balance Sheet and Sylvan Essay Example for Free

Balance Sheet and Sylvan Essay On January 1 2007, Pillar purchased 60% of the common shares of Sylvan for $4,500. On that date, Sylvan had common shares of $1,250 and retained earnings of $3,000. Fair values were equal to carrying values for all Sylvan’s net assets except inventory, capital assets and notes payable. The fair value of inventory was $60 more than book value, the book value of capital assets was $100 greater than fair value and the Notes payable had a fair value of $150 less than book value. Assume that all shares of Sylvan have the same value and no control premium was paid at the date of acquisition. The Consolidated Financial statements will be prepared using IFRS Entity Method. The financial statements for Pillar and Sylvan for the year ended December 31, 2010 were as follows: Balance Sheets December 31, 2010 $000’s PILLAR SYLVAN Cash $680 $435 Accounts receivable 1,755 1,025 Inventory 2,849 1,790 Capital assets—net 3,976 3,000 Investment in Sylvan 4,500 Total assets $13,760 $6,250 Current liabilities $400 $255 Notes payable 5,800 1,185 Common shares 2,000 1,250 Retained earnings 5,560 3,560 Total $13,760 $6,250 Statements of Income and Retained Earnings Year Ended December 31, 2010 PILLAR SYLVAN Sales and all other Income $4,040 $2,710 Cost of sales 1,600 1,140 2,440 1,570 Amortization (480) (310) Other expenses and losses including taxes (500) (210) Net income 1,460 1,050 Additional information: numbers in $000’s 1. Capital assets are to be amortized over an average remaining useful life of 8 years at January 1, 2007 and the notes payable mature on December 31, 2011. Goodwill impairment losses for 2008 and 2010 were $240 and $300 respectively. Straight line amortization is acceptable for all acquisition differentials. 2. At December 31, 2010, Sylvan’s inventory included goods purchased from Pillar for $760. Total purchases from Pillar in 2010 were $1000 all priced at mark-up’s averaging 25% of Pillar’s cost. 3. On December 31, 2009, the inventories of Pillar contained $500 of merchandise purchased from Sylvan. Sylvan earns a gross margin of 30% on all sales to Pillar. During December 2010, Pillar purchased merchandise from Sylvan for $900 and did not pay for$250 of the purchases by December 31, 2010. 40% of the inventory was resold by Pillar before the year end. 4. On July 1, 2010, Sylvan sold a new tract of Land to Pillar for $170. On December 1, 2009, Sylvan had bought the land for $200. The fair market value of the land at July 1, 2010 was $220. 5. On September 30, 2008, Pillar sold Land to Sylvan for $100. The land had a book value of $60 on the date of the sale. 6. On December 1, 2010, Pillar and Sylvan declared and paid dividends of $150 and $100 respectively. 7. Both companies pay taxes at the rate of 40%. Assume all intercompany Transactions are taxed at 40% REQUIRED: Please use a GREEN BOOKLET 1. Prepare a Consolidated Balance Sheet at December 31, 2010. (22 Marks) 2. Prepare an independent calculation of ENDING Consolidated Retained Earnings at December 31, 2010. (11 marks) 3. Assume Pillar wishes to use the equity method in their General Ledger, calculate Investment income from Sylvan for the year ending December 31, 2010 (10 Marks) NOTE: This question will help you prepare for the technical question on the midterm. Do more than the question asks so that you are prepared for any possible questions you may be asked: Eg. Prepare a Consolidated Income statement and an independent calculation of Consolidated Net Income attributable to Parent company shareholders Calculate the Investment Income under the equity method: Note the only difference between the equity method used when significant Influence is present and the equity method used in the general ledger of the parent when control is present is the treatment of downstream transactions. According to IAS 28.28 all unrealized intercompany profits are eliminated proportionately between investor and investee. Therefore if investor owns 30% of investee, 30% of all unrealized profits/losses are removed. When control exists the parent eliminates upstream proportionately with NCI and downstream unrealized profits are eliminated 100% from parent. Check figures: At December 31, 2010 Goodwill at acquisition ($3,140) $2,600 Consolidated total Assets $17,615.6 Capital assets $6916 Consolidated Retained Earnings $5331.28 NCI Balance Sheet $2924.32 Consolidated Net Income Entity $2052.1 Attributable to Parent shareholders 1754.78 Attributable to NCI $297.32 Investment account Balance sheet :equity method $4,271.28 Investment income equity method 2010 $354.78(removing 100% downstream)

Ernest Hemingways The Old Man and the Sea Essay -- Essays Papers

Ernest Hemingway's The Old Man and the Sea The Old Man and the Sea was written by Ernest Hemingway and published in 1952. This is a captivating fiction story about a man named Santiago and his adventure when one day, he goes on a fishing journey to catch the big one. However, this adventure quickly becomes one of pain and suffering when things take a turn for the worse. The Old Man and the Sea takes in place in Havana, Cuba and the fishing waters off the coast of Havana. The Spanish names, Santiago and Manolin, are typical in Cuba. Cuba is mostly Catholic so this accounted for Santiago's devotion to Jesus Christ. The year seems to be around the 1930's and 1940's because Santiago is a big fan of Joe DiMaggio who played during these years. In the 1930's and '40's, the city of Havana was booming with population and business. Seafood is one of the most popular foods in Havana so to meet the rising demand of fish, many young boys learned how to be fishermen as Manolin did. Santiago is a complex character who learns a lot through the course of this story. He is a very good, humble man and loves Manolin, his apprentice. Santiago is a poor man and is regarded as bad luck by others because he was not caught a single fish in 84 days. One cannot help feel sorry for him because he is very alone. His wife died and the book suggested that he never had any children. Yet he was humble and did not complain at all about his hard life. Santiago is a very persistant and determined character. He fought the huge marlin that he had caught for three agonizing days desopite feeling intense pain. He often had contradictory feelings and thoughts. One that I found strange was when he felt sorry for the marlin while he joyfully pondered how much money he would get for selling the fish. Mololin is Santiago's apprentice. Since he was a young child, Manolin has accompanied Santiago to learn how to fish. Santiago loves him very much because he sees him as the son he never had. However Manolin's parents stops him from going to Santiago because they think he is cursed and has bad luck. Santiago is an old fisherman and has been for most of his life. He used to have an apprentice named Manolin but his parents made stop because of the belief that he is bad luck for he hasn't caught a fish in eighty four days. One day he decided that he wasn't going home without catching a fish. So ... ...is telling its readers to look at the positive aspects of things, even if at first it seems like a tragedy. A personal example of this is when my family got our first cat. My mom was in subway on her way to work, she was already late. She was running to catch a train only to see the doors close right in her face. She got on the train worried on what her boss will say. She sat next to a very sad woman with a kitten in a cage. When asked what was wrong she said that she found a lost kitten and since her super doesn't allow cats in the apartment, she was going to the shelter to leave the kitten. My mother said she would keep the kitten and the woman gladly gave it to my mom. Hemmingway's novel goes to show that things aren't as bad as they first seem. The Old Man and the Sea also expresses humility. Santiago is a fairly poor man and often goes hungry, yet he never complains or protests. Santiago shows his humility many other times in the novel like when he was batting the marlin and he gashed his hand and received other severe wounds. Finally he never said a word of anger when he battled the sharks to save his fish but failed. Humility is a good attribute that many of us don't have.

Industrialization in Ireland

When Ireland began to industrialize in the 1960s and 1970s, why did it mostly occur in rural Ireland and what were the consequences for the rural residence? Industrialisation in the 1960s and 1970s. When most people in the world think of Ireland, they imagine green fields with farm animals, old cottages, stone walls, rocky roads, people riding around on horse-back and men working in the bogs. However Ireland actually has one of the quickest fastest economies in the world. Rural Industrialisation played a huge role in this growth. Industrialisation is a very important part of Irish history.It was a new beginning for the Irish people living in rural areas and it created a change in gender composition within the labour force. Women were now earning their own money from working in the factories, they were attending social events and they were more independent as they did not need permission from husbands, fathers or brothers to attend such events. It has been the catalyst of social chang e. However there were consequences that came with this new development that cannot be forgotten. Industrialisation began mainly in rural areas in the 1960s and 1970s.Before it occurred, Mayo had the second highest percentage in population decline and the unemployment rates were seventy percent. It also had very high rates of poverty and emigration. A percentage of fifty six of the working population was in agriculture, a percentage of twenty nine worked in services and fifteen percent worked in industries. In 1996 the census showed that most of the male population worked in industry while sixteen percent of the female population worked in services. The main industrial areas at that time were Cork, Dublin, Waterford and Limerick.In 1958, the civil servants decided protectionism was a failed strategy. They decided to set up the IDA as a source of employment. The multinational firms were set up post World War 2 in rural areas. They provided two thousand one hundred jobs throughout Iris h rural areas and one thousand seven hundred and eighty-five of these jobs were held by women. The multinational companies chose rural areas in Ireland to set up their firms. They moved from core regions to peripheral regions because farmers were powerful in the 1950s therefore they could provide resources such as farm produce, tanning and spinning wool for the factories.Because of that they located in areas such as Shannon and Mayo rather than the core region of Dublin. They wanted to employ women in these firms as they felt that women ‘naturally’ had a dexterity that men didn’t have. Men never engaged in those types of activities whereas women would have learned them from their mothers. Ireland at this time had low labour costs and export profit tax relief and this was very beneficial for the multinational firms. These factories like to be isolated so that they will have no connection with local areas except for a labour force and this was possible in rural are as.Multinational firms are ‘footloose’, they can be located anywhere around the world. They have remained in Ireland since 1952 so that they can remain in the European loop. There were many consequences for the residence of these rural areas. The local politicians felt under pressure as their door was knocked on if there were any disputes with these multinational companies. Families went to politicians with their disputes, the politician would go to the IDA with the dispute, the IDA would investigate the dispute and inform the Taoiseach.This became known as dependant industrialisation. There were consequences in households where women worked in the factories and the males roles were changing. The man of the house would do the washing up and the school run instead of the woman for the first time. Farm work was substantially lower for part time farmers than for full time farmers. This was due to part time farmers working full time in the industrial factories and working p art time on the farm. This resulted in less labour intensive production on their farms.Some families were also losing family members to work on the farms as half of the women who worked in these firms were from farming backgrounds and some of these women would move to Ballina during the weeks therefore they were unable to do farm until the weekends. This also affected family relationships as the women no longer experienced the world solely with their families. Women would usually be given land from their fathers to build a family home however with them now receiving their own wage from the factories some would build their houses elsewhere with their spouses to aintain their independence from their fathers. Their independence also caused family diversity on religious views as women weren’t following the traditional Irish way of life. As they were not under supervision, they could travel to other towns to buy condoms, going against their religious faith. Diversity developed bet ween the entrepreneurial middle class and the working class in the rural areas as there was differences in wages, education and jobs. This meant that the interclass was blurred creating a class-less society.Hiring of women had some consequences for trade unions. Since the 1970s we have seen the increasing of trade unions militancy in the state sector leading to them declining in the private sector. This is because of their lack of attention to the needs and rights of the women working in these factories. Three ways the trade union could have provided for these women working in the factories are equal pay, creches and maternity leave. Creches were not seen as an important issue in the trade union. The mothers were also partly responsible for this issue.There was a sense of shame felt by women who would bring their young children to work as it gave an impression of a neglected child with an uncaring mother. The ITGWU argued against the trade union in favour of providing creches in fac tories. The trade union argued that the women had not demanded creches therefore it was not an issue as far as they were concerned. The rights of Women were ignored within the trade union as they did not take their arguments seriously. Bargaining over sick pay, closed shop, holidays etc. had been seized.A huge consequence to that affected the life of the women working in the factories was that there was no maternity leave, therefore they could either give up work permanently or leave for a few months and return. This effected women rights and they were often pressured by friends, relatives and husbands to give up work and raise the child after birth. Equal pay was another issue ignored by the trade union at this time. Men were receiving higher wages than women, even if both genders were doing the same job. Women are encourages to attend ITGWU meetings regularly to become involved or they are sent to Dublin to do courses.However the women have said that they are hardly ever told when they are holding a meeting or they are told at the end of work when they have to travel home and don’t have the time to attend these meetings. Women think of themselves as the opposition of their fellow male workers and of the management in the factory. Women look at the union as an organisation that takes money from their wages while they get nothing in return. Although there were many consequences for the residence of these areas, there were some positive outcomes of industrialization. Women became more independent as they were making their own money.They would give their earnings to the male ‘breadwinner’ and he would spend it on household goods. He would give her pin back money to spend on luxury goods. This began their lifestyle. They became the catalyst in the consumer society in the west of the Shannon. The demand was met by the opening of boutiques and the first record store in the west of the Shannon. Buying luxury goods was a celebration of their statu s. They could make their own decisions and go to the pub without the permission of their fathers, husbands etc. Another positive outcome was the sense of community felt by the women in the factories.Women from the towns and the rural areas were mixing and they built strong friendships, this created their identity in society. Industrialization had a huge impact on the farmers of these areas. Before the industrialisation began farmers found it extremely difficult to take money from the banks for farming. However, when these women brought in wages a lot of the households that were between the multinational companies and farming were granted loads from banks and some of them began to open B&B’s which encouraged tourism in the area. Farmers became part-time farmers and full time multinational employees.At certain times of the year the multinational companies would have some absentee employees because of lambing or calving seasons. The multinational companies eventually gave them a n ultimatum and there was a decline in the farming sector. Industrialisation has been the catalyst for social change over last four decades. This influx of multinational organisations gave people, particularly women the opportunity to enjoy a lifestyle completely different to which they had experienced before, giving them independence from husbands, fathers, brothers, traditional responsibilities and their religion.This growth and industrialisation ultimately caused the farming sector to decline because of the enticing luxurious lifestyle working at these multinational firms could offer the people, particularly women instead. Without the diversity which occurred over gender inequalities in these organisations, Irish people in rural areas may not be living the same lives they do today. Men may still receive higher wages than women, women may still be forced to leave work to look after children at pre-school level and maternity leave may still not be available to women.The class-less society has a positive outcome which can be seen throughout Ireland today. People form friendship with all classes of people and there is less controversy over education, wages and professions. Although industrialisation had many consequences in the past, it has helped shape the Irish society we live in today. Bibliography: * Lecture Notes: 23/10/2012 * Slater, E. 2012, Lecture Notes: 23/10/2012 * Slater, Eamonn. 2012. Restructuring the rural – rural transformation (extracts). moodle. nuim. e. Retrieved November 20, 2012 (https://2013. moodle. nuim. ie/mod/resource/view. php? id=33118) * Harris, Lorelei. 1983. ‘Industrialisation, women and working class politics in the west of Ireland’. moodle. nuim. ie Retrieved November 21, 2012 (https://2013. moodle. nuim. ie/mod/resource/view. php? id=33118) * Harris, Lorelei. 1983. ‘Class, community and sexual divisions in North Mayo’. moodle. nuim. ie Retrieved November 20, 2012 (https://2013. moodle. nuim. ie/ mod/resource/view. php? id=33118)

Moving Forward Immigration Reform Essay - 895 Words

When the United States was first being formed immigration was accepted and even encouraged. In the late 1880’s through the early 1900’s over 27 million people entered the United States with only two percent being turned down. However even with these staggering numbers immigrants were still faced with hostility and poor treatment. Why has immigration always been such a controversial topic? Although immigration still occurs today, it is not accepted across the board. Issues with equality, safety and economics have hindered reform into becoming a unanimous vote. Equality and fairness have always been an issue with immigration. People get very enraged when they think of how simple illegal immigrants get to the U.S; just jump a border and you†¦show more content†¦They are trying to save their children and give them a chance that they were never given. Many are trying to run from the drug cartels that have flooded Central and South America. These people don’t have the time to wait for the slow immigration process that takes months on end to complete. Many of them could be dead before they are able to complete the process. Put yourself in their shoes, what route would you chose? As you can see nothing is ever simple. There are over one thousand million people who are considered to live in poverty in the world. When one hears of America, the world of opportunity and success, one might only hope and try to experience it. Many illegal immigrants want to make a better life for their families and get away from poverty. They want to be given the chance to improve and are willing to work for it. Journalist John W. Schoen stated â€Å"The immigrants I’ve met seem to be hard-working, honest, decent, family-oriented people – many of whom would make better citizens than some American-born citizens I know.† So why shouldn’t someone who is working hard and motivated to improve the country be given the same rights as someone who was just fortunate enough to be born in the U.S? Unfortunately, not all illegal immigrants have the right intentions. This is where the concern of safety comes into play. There are some that jump the border to perform illegal activities. The drug cartels have been illegally smugglingShow MoreRelatedAmerican Immigration Policy, Citizenship, And The Relationship Between Foreign Policy And Constitutional Law1477 Words   |  6 PagesAbstract This research describes the legal ins and outs of American immigration policy, citizenship, ‘border control’, and the relationship between foreign policy and constitutional law, regarding refugees. 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