...Workshop Three: Case Studies Case 6-2: A + B + C) FIFO, LIFO, AND AVERAGE COST METHODS FOR 2005, 2006, 2007: FIFO 2005 COGS 1840 X $20 total= $36,800 600 X $20.25 $12,150 380 X $21 $7,980 2820 X $56,930 2005 inventory 420 X 21 total= $8,820 400 X 21.25 $8,500 200 X 21.5 $4,300 1020 $21,620 LIFO 2005 COGS 200 X 21.5 TOTAL= $4,300 400 X 21.25 $8,500 800 X 21 $16,800 600 X 20.25 $12,150 820 X 20 $16,400 2820 $58,150 2005 INVENTORY 1020 X 20 TOTAL= $20,400 AVERAGE COST 2005 COGS 2820 X 20.456 TOTAL= $57,686 INVENTORY 1020 X 20.456 TOTAL= $20,865 FIFO 2006 COGS 420 X 21 TOTAL= 8820 400 X 21.25 8500 200 X 21.5 4300 700 X 21.5 15050 700 X 21.5 15050 660 X 22 14520 3080 66240 2006 INVENTORY 40 X 22 TOTAL= 880 1000 X 22.25 22250 1040 23130 LIFO 2006 COGS 1000 X 22.25 TOTAL= 22250 700 X 22 15400 700 X 21.5 15050 680 X 21.5 14620 3080 67320 2006 INVENTORY 20 X 21.5 430 1020 X 20 20400 1040 X 20 20830 AVERAGE COST 2006 COGS 3080 X 21.509 66248 INVENTORY 1040 X 21.509 22369 FIFO 2007 COGS 40 X 22 TOTAL= 880 1000 X 22.25 22250 1000 X 22.5 22500 700 X 22.75 15925 210 X 23 4830 2950 66385 2007 INVENTORY 490 X 23 TOTAL= 11270 700 X 23.5 16450 ...
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...Communication and Conversation According to Benjamin (2005) Communication is a point-to-point, limited, prescriptive transaction in which information is exchanged. Benjamin (2005) goes on to say: “Conversation is a helical, expanding, ingenious, transforming, turning together around a specific topic or group of topics.” Teams who work toward goals and objectives that do not require creative or ingenious solutions might be able to complete their work only utilizing good communication skills. Team members who communicate well are able to gather and organize information and pass the information along a linear path to a defined destination. These teams know what is expected from them as a result of their work. These teams may have served a valuable purpose before technology advances made tasks such as gathering and organizing data by humans unnecessary. With the advancement of complex electronic data management systems, the need for teams who only communicate is vanishing. One role of a leader in these problem-solving and results-producing teams is to facilitate conversation. According to Benjamin, leaders in conversation are able to perceive multiple approaches to a topic, interest one or more other people in exploring a topic, engage in a process about discovery about a topic, and stimulate new perception in others (Benjamin 2005). Mastering these skills will enable a leader of today’s work teams to foster ingenuity and creativity. Antonioni (1996) states: Organizations...
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...Define the City A city is usually associated with big bright lights, hectic traffic, lots of busy roads and tall dark buildings- however, rarely do we look past the mere surface of a city to see what exactly constructs “the city”. To me, population has always been a significant indicator associated with cities- if the area has a large population then it is considered to be a city. Reading these articles I still believe in this connection and this large population makes the city a social institution. The best definition of a city is made by Lewis Mumford when he states that the city is not just a physical fact but rather a social institution- “where men by mutual society and companying together, do grow to alliances, commonalties, and corporations.”[1] The large population enables the formation of the “social” part of the institution and in return the institution is needed to organize, lead and support the population. The city is the economic and political centre which is created by and for the people. Every city, due to its large population will have a large work force, and this large work force will produce large economic growth. This economic gain is orchestrated by the population to increase their own standard of living. “Cities” are where the main consulates, embassies, town halls, etc can be found, which are all created by people to create order and structure to the population. Along with this the city is a “theatre of social action”[2] where people can be found everywhere...
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...whether or not they are going to accept a new client or continue working with an old one are the “foundation of the risk assessment process, primarily at the financial statement level” (2). a. Present arguments supporting a decision to accept Tierra Corporation as an audit client. Considering the different areas of risk that Tower & Tower would be undertaking, there are some arguments to support their decision to take Tierra Corporation on as a new client. First, Tierra Corporation’s banker and attorney had great things to say about the company. Nothing that was mentioned was a concern for either of those outside parties. Next, the company is successful and profitable. The profitability of the potential client would actually reduce the amount of engagement risk (3). Another argument for the acceptance of the new client is that Tower & Tower seems to be in a position to take on the engagement. Next, this company would result in a profitable engagement for Tower & Tower, as the audit fee would be substantial. They would gain Tierra Corporation as a client and potentially other companies through which they are associated. In talking with various parties, Tammy found that Lewis Edmund, the owner of Tierra Corporation, is in good standing with the community. This could go to show that he has a certain level of...
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...employers the right to terminate employment for just about any reason with very few restrictions(Halbert & Ingulli, 2012). Additionally, protections under the First Amendment do not apply in private corporations. Lewis Maltby (2010) cites the case of Lynne Gobbell who was fired in 2004 because she refused to remove a political bumper sticker from her car in direct disobedience of her boss. As such, private employers have fairly unlimited ability to monitor productivity and communications of employees at work to include use of communications equipment provided by the company and video monitoring. However, I recommend that the employer’s ability to monitor an employee’s personal email be limited, even when an employee logs into their personal email account from a work computer. Many employers allow employees leeway to do some personal business on company time or using company provided computers during work breaks. When logging into personal e-mail through an account such as Gmail or Yahoo, an employee has a reasonable The legal doctrine of employment-at-will gives employers the right to terminate employment for just about any reason with very few restrictions(Halbert & Ingulli, 2012). Additionally, protections under the First Amendment do not apply in private corporations. Lewis Maltby (2010) cites the case of Lynne Gobbell who was fired in 2004 because she refused to remove a political bumper sticker from her car in direct disobedience of her boss. As such, private employers...
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...College of Arts and Sciences CUREJ - College Undergraduate Research Electronic Journal University of Pennsylvania Year 2006 Corporate-NGO Partnerships for Sustainable Development Corinne Damlamian University of Pennsylvania, cdamlamian@gmail.com This paper is posted at ScholarlyCommons. http://repository.upenn.edu/curej/12 CORPORATE-NGO PARTNERSHIPS FOR SUSTAINABLE DEVELOPMENT How corporations and nongovernmental organizations can work together, illustrated with examples from the Fair Trade movement. Corinne Damlamian “Senior Honors Thesis” “Submitted to the Philosophy, Politics, and Economics Program at the University of Pennsylvania in Partial Fulfillment of Requirements for Honors” Thesis Advisor: Professor David Ludden May 2006 ~ Acknowledgements ~ I would like to express my appreciation and thanks to my thesis advisor, Professor Ludden of the History Department for his guidance and advice this semester. Thank you also to Dr. Danielle Warren of the Wharton School Legal Studies Department, for taking the time in her busy end-of-semester schedule to read my paper and give me much appreciated feedback. Finally, I wish to express my gratitude to my friends and family for their encouragement and support. Special thanks to my parents, especially to my mother for being the person who first sparked my interest in sustainable development which has driven me to write this paper. 1 TABLE OF CONTENTS Introduction PART I: Corporate-NGO partnerships...
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...global organization and it will compare these ethical perspectives across cultures involved in the global organization. Ethical Perspectives Paper Due to many strict regulations placed on corporations by the United States, a lot of them have moved their factories overseas as a way of escaping the strict regulations. South Korea, Vietnam, Taiwan, and China are examples of various Third World countries that have a readily available and abundant cheap labor source. These companies take it vantage of this cheap labor as a means of fulfilling the consumer’s needs while at the same time cutting costs production. Many of these organizations have been noted by the media as abusing these forms of cheap labor and are highly criticized because of their organizational culture. The use of child labor or work conditions in the labor force are some of the malpractices these organizations are noted as using on both the local and international level. Although these organizations have been reported for doing this very little has been done to correct the problem unless someone has either gotten hurt were the people go on strike to rally for the workers’ rights. Nike Corporation is among those corporations that have been highlighted and criticized for its organizational culture. This Corporation, founded by Bill Bowerman and Philip Knight, has had companies based abroad from the very...
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...partner with the regional CPA firm of Tower & Tower, was recently appointed to the board of directors of a local civic organization. The chairman of the board of the civic organization is Lewis Edmond, who is also the owner of a real estate development firm, Tierra Corporation. Potter was quite excited when Edmond indicated that his corporation needed an audit, and he wished to discuss the matter with her. During the discussion, Potter was told that Tierra Corporation needed the audit to obtain a substantial amount of additional financing to acquire another company. Presently, Tierra Corporation is successful, profitable, and committed to growth. The audit fee for the engagement should be substantial. Since Tierra Corporation appeared to be a good client prospect, Potter tentatively indicated that Tower & Tower wanted to do the work. Potter then mentioned that Tower & Tower’s quality control policies require an investigation of new clients and approval by the managing partner, Lee Tower. Potter obtained the authorization of Edmond to make the necessary inquiries for the new client investigation. Edmond was found to be a highly respected member of the community. Also, Tierra Corporation was highly regarded by its banker and its attorney, and the Dun & Bradstreet report on the corporation reflected nothing negative. As a final part of the investigation process, Potter contacted Edmond’s former tax accountant, Bill Turner. Potter was surprised to discover that Turner...
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...the regional CPA firm of Tower & Tower, was recently appointed to the board of directors of a local civic organization. The chairman of the board of the civic organization is Lewis Edmond, who is also the owner of a real estate development firm, Tierra Corporation. Potter was quite excited when Edmond indicated that his corporation needed an audit, and he wished to discuss the matter with her. During the discussion, Potter was told that Tierra Corporation needed the audit to obtain a substantial amount of additional financing to acquire another company. Presently, Tierra Corporation is successful, profitable, and committed to growth. The audit fee for the engagement should be substantial. Since Tierra Corporation appeared to be a good client prospect, Potter tentatively indicated that Tower & Tower wanted to do the work. Potter then mentioned that Tower & Tower’s quality control policies require an investigation of new clients and approval by the managing partner, Lee Tower. Potter obtained the authorization of Edmond to make the necessary inquiries for the new client investigation. Edmond was found to be a highly respected member of the community. Also, Tierra Corporation was highly regarded by its banker and its attorney, and the Dun & Bradstreet report on the corporation reflected nothing negative. As a final part of the investigation process, Potter contacted Edmond’s former tax accountant, Bill Turner. Potter was surprised to discover that...
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...Emelia Lewis-Farighi Discussion Board 1- A World of Finance American Intercontinental University The three forms of business organizations are sole proprietorship, partnership and corporation. Each form is completely different having their own tax structure, regulations and responsibilities within the community and state. A sole proprietorship will have one owner of the business. A partnership will have two or more owners that operate the business in different aspects. A corporation will be separate from its owners and may be publicly sold and bought. A sole proprietorship is owned by one person and has unlimited business control. This person will assume all risk and responsibilities for the company. Some of the advantages of this are that the initial startup cost compared with other forms are relatively inexpensive. This person will also have complete freedom on how to control the company and it will be easier and faster to have one person make decisions compared with several different people. Some of the disadvantages are that person may become overwhelmed and it may eventually become hard to maintain capital in a bad market. (Brooks, 2010) A partnership which is made of two or more people may be easier to start because two or more people are investing their funds. It is very important for the people in the partnership to make a legal agreement right away. A general partnership each partner has the same amount of responsibilities. In a limited partnership...
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...Business Structures Betty Sanders FIN/571 August 18, 2014 Oscar Lewis Business Structures “Before starting a business, one has to decide which form of business entity to establish, the form of business determines which income tax return form one has to file. The most basic forms are to file. Sole proprietorship, partnership, Corporation, and Limited Liability Company (LLC) which is a new business structure allowed by state statues” (irs.gov, 2014). 1. Sole Proprietorship 2. Partnership a.) General Partnership b.) Limited Partnership 3. Corporation a.) General Corporation b.) S-Corporation 4. Limited Liability Company (LLC) Each business structure has its own advantage, limitations, and disadvantages. This paper will outline the important advantages of the four most common business structure (Parrino, Kidwell, & Bates, 2012) . Sole Proprietorship Advantages Is the cheapest way to get started, has less regulatory statues, lower fees to obtain a business name and certificate. It has less paperwork, does not pay business taxes, only one boss to make decisions, sole proprietor is able to invest in expansions or is allowed to take the profits all at once (Parrino, Kidwell, & Bates, 2012). Disadvantages Owners can lose their personal assets if there is a lawsuit and the business don’t have enough assets to cover the lawsuits. This is the most common business structure, since there is no...
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...the Romanian American University in Bucharest. Maduta Gyongyver is Assistant Professor of English Language at the Romanian American University in Bucharest. Abstract At first sight it is easy to understand that “ethics in business” is a field which aims at explaining problems of moral aspect which come up currently in the activity of economic agents from a market economy. Considering the cultural variety of moral values and principles lengthwise and crosswise the planet and, since the adopted policies led to many unacceptable effects, the idea of drawing up international ethic codes appeared more and more substantial through the explicit agreement of some governmental and non-governmental associations in which the big transnational corporations have the main role. The company system in Japan is so strict that it is quite hard, sometimes even impossible for a company to do business with another company with which it does not have personal, tight and previously established relations. The Japanese philosophy is that only the company in which the human relations are good will succeed in while the one with bad human relations will go bankrupt. In order to understand a Japanese company and to be able to cooperate with it, it is really useful for one to see it as an exclusive club, a cooperating union and a business enterprise because it incorporates features of these three aspects. To put it in a nutshell, it is all about the great ambition and diligence of the Japanese, which are...
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...Occupy Santa Clara notes: -Occupy is a movement against private corporations or personhood ones -“I’ll believe corporations are people when Texas executes one of them.” -Corporations in texas and across the country are recognized as legal persons make the process of dissolving them far easier and less costly than it would be - corporate personhood allows business firms to enter into contracts, to sue and be sued, to hire and fire workers, to own other corporations, and, most notoriously, to engage in free speech. -UCLA law professor Stephen Bainbridge lambasted occupy's "moronic movement against corporate personhood" -Doug Henwood concerns about size of the personhood and reminds Occupy activists that after all big corporations build computers and fast trains and thus represent economic progress - Corporations as persons reaches back as far as 1886 decision of the U.S - . Once the concept itself is clarified it is more straightforward to consider its impact on society at large - Marx, the integument of corporate personality has been burst asunder by the reality of modern capitalist production, thus, the knell of corporate personality sounds - South of San Francisco became known around the globe as Silicon Valley, it was a conflict between railroad “robber barons” like Leland Stanford and Charles Crocker and legions of struggling small farmers, mixed in with some opportunistic land swindlers, looking to get by after the end of the Civil War. - Historian of the American...
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...the Industrial Revolution. Such work conditions have currently been effectively dealt with in the United States apart from some small areas in the agricultural sector. However, in the third world countries the problem of poor work conditions and the use of children as part of the work force is still a problem. Corporations in the United States have moved their factories abroad as a way of saving money while receiving cheap labor. In third world countries such as South Korea, China, Vietnam, Taiwan, and China among others provide cheap labor. US based companies view availability of cheap labor to be a great benefit. They are able fulfil consumers needs while maintaining low costs of production in offshore production. The malpractices of these corporations have been highlighted by the media and one of them is Nike Corporation which has been highly criticized based on its organizational culture. Nike’s cultural issue Nike Corporation is a company known all round the world. Since the beginning, Nike has ventured into other countries outside the United States. The company’s head quarters are in Beaverton, Oregon. The aim of the Nike Corporation is to reach the untapped markets around the world in order to increase its profits. The venture to other countries is also a means of achieving cheep...
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...Business Organization Checkpoint Lisset Navarro BUS/210 05/18/2012 Judd Shaffer The most common forms of business organizations are: * Joint-stock company (JSC), which refers to a type of corporation or partnership that involves two or more individuals who own shares of stock in a company. In a JSC, shareholders are free to transfer their ownership interest at any time by selling their shareholding to others. Moreover, in a JSC company, the stockholders have unlimited liability, meaning that their capital and wealth can be seized to pay its debts. Microsoft Inc. is an example of a public joint-stock company. Microsoft Inc. was founded by Bill Gates and Paul Allen in 1975. Shareholders are able to buy and/or sell shares as they desired. In addition, shareholders elect the board of directors, in charged to hire the top executives such as the president, vice president, secretary, and treasurer. * Limited liability Company (LLC), which refers to the legal form of Business Company that provides limited liability to its members (owners). Such is the case of Viscot Medical LLC, a private veteran-owned small business that manufactures a broad line of medical disposable products. Viscot Medical like the majority of LLCs, is taxed almost the same way that partnerships or sole proprietorships. The losses as well as the profits are passed through to the members of the company and there is no double taxation, members pay income taxes at their individual tax rates. Furthermore...
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