Professional Accounting I Assignment #2 1. For the equipment Hemo-Tech should use its best estimate of selling price. Since it does not have a price on its own and the two competitors’ sell a different model or the same model to a different set of customers‚ it must use its best estimate according to 605-25-30-6C. Since the cost to manufacture the equipment including labor‚ materials‚ and allocated R&D is known‚ as well as an estimated markup based on its history of margins as well
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Case 12-04 Hemo-Tech Inc. Part I Hemo-Tech Inc. (“Hemo”) manufactures and sells specialized medical equipment and services to physicians and hospitals. The equipment is used to extract and store blood samples from patients. Hemo is currently marketing its latest equipment model‚ BIO-07‚ which includes Hemo’s new patented technology that significantly improves sample collection efficiency and reduces contamination risk to a low level. Hemo is the only company in the United States that sells this type
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Trueblood Case 9-2: Pharmagen 1. State the issue at hand. (Typically this is merely the question you are asked at the end of the case.) How to account for the funding of the R&D and royalty payments 2. State the fact pattern. BRIEFLY present the relevant facts. (Bullet points can be very useful here.) (This can be a challenge‚ given that some Trueblood cases are only a few paragraphs long‚ it can be hard to further summarize them.) • Pharmagen entered into a funding agreement with Company XYZ
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Assignment: Case No. 2 ACTG 4650‚ Phillips Due date: June 28‚ 2012 Trueblood Case 04-9 Healthcare Depot‚ Part 3 only. You will find the case at the following website. Just pagedown to find case 04-9. http://www.deloitte.com/us/truebloodcases Since we are not doing parts 1 and 2‚ assume that DDC Distribution and HC Holding are aggregated to be one reporting unit. Type your answers using Microsoft Word. “Goodwill is defined as an asset acquired in a business combination
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cmeasurement date). Because the accounting under Opinion 30 was based on the intended actions of management at a plan date‚ future operating losses and other future costs that did not meet the definition of liabilities were recognized as liabilities under that Opinion. The Board’s conceptual framework‚ which sets forth the definition of a liability‚ was developed subsequent to the issuance of Opinion 30. 111. Under Issue 94-3‚ future costs directly associated with the discontinuance (restructuring)
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SUBJECT: Deciding the Appropriate Extent of Audit Performed for Billy’s Beats for Asset Valuation Billy’s Beats Inc.‚ an SEC registrant‚ is a new audit client with a fiscal year-end of December 31‚ 2010. Billy’s is a manufacturer of musical instruments. Billy’s acquired Little Drummer Boy Inc. in 2010 for $575 million in cash. Significant assets acquired included property‚ plant‚ and equipment totaling $865 million and other assets totaling $145 million. The useful lives assigned to the property
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prospectively. This FSP is not yet included within the ASC‚ however‚ prior to the ASC effective date we would expect this guidance to also be incorporated into ASC 820-10. As noted in Addendum – 2007 above‚ the conclusions reached in the above case were not affected by ASC 820-10 (Statement 157); however‚ ASC 820-10 (Statement 157) may affect how Ace Company measures the fair value of the forward purchase contract and‚ therefore‚ how the proceeds are allocated between the purchase contract
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Runway offers existing customers (the “Existing Customer”) a $25 credit (the “$25 Referral Credit”) if the Existing Customer refers a friend (the “New Customer”) to Runway’s Web site and the New Customer purchases merchandise from Runway. After a purchase is made by the New Customer‚ the Existing Customer receives a $25 credit to be applied to a future purchase from Runway. The $25 Referral Credit represents the fair value of the cost Runway would pay to acquire a new customer from an unrelated
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following updates to the existing cases should be noted. Case 03-5a Part I: Trademark Subsequent to the release of the Exposure Draft issued by the FASB and IASB in June 2010 the Boards received a number of comments and is currently reviewing and analyzing these comments. A revised draft of the Exposure Draft is expected in Q3 of 2011. We encourage users of this case study to follow this project and review the FASB’s and IASB’s Web site for updates. Case 04-9: Healthcare Depot On April 22
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Zhifeng Liu 0892996 Colloquium 7 – Summary of Deloitte Deloitte is one the Big 4 public accounting firms. It has over 190‚000 employees worldwide‚ and there are 100 offices in the United States. In the colloquium‚ we met Jorge Caballero who is one of the Deloitte Tax LLP partner. Jorge was born in Cuba and immigrated to Connecticut‚ U.S. when he was 10. His father passed away one month after they arrive in U.S. Jorge started working when he was 12 to do gardening and other chores for only $1
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