TO: xxxxx FROM: xxxxxx DATE: xxxxxx SUBJECT: TrueBlood Case 1‚ Refer-a-Friend Background Runway Discount (Runway)‚ a privately held online retailer‚ has implemented a new customer referral marketing campaign. The campaign involves incentivizing current customers to refer their friends to Runway’s website. When a current customer refers someone who makes a purchase on Runway’s website‚ the referring customer receives a $25 credit to be applied to a future purchase. Two important provisions
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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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Certifi ed Fraud Examiners (ACFE) collaborated in 2008 on landmark guidance that defi nes fraud. Fraud is any intentional act or omission designed to deceive others‚ resulting in the victim suffering a loss and/or the perpetrator achieving a gain.1 Separately‚ the IIA has defi ned fraud as: [a]ny illegal acts characterized by deceit‚ concealment or violation of trust. These acts are not dependent upon the application of threat of violence or of physical force.
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is a symbol of the backwards past. To the white people‚ he is a symbol of black inferiority‚ and the sheriff is more than happy to listen to and publicize his story. Trueblood states that before‚ no one would help him‚ but now curious people are very willing to offer him aid. When the white people of the area found out what Trueblood did‚ they listened intently to his story and offered him help as well. This is what inspired him to embellish his story for his audience. Mr.Norton has a very unusual
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Lack of Information Case Lack of Information (LOI) has 25 warehouses which contain asbestos. LOI has chosen not to recognize an asset retirement obligation for any of the warehouses. There are three different sets of facts as to why LOI is not recognizing an obligation. For each set of circumstances we will determine if LOI is properly omitting an asset retirement obligation or if further action is necessary. 23 of the 25 warehouses reside in states with special asbestos handling and removal laws
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Case 09-2 Issue: Decide how to account for the funding of the R&D and royalty payments. Identify the authoritative literature applicable to this funding arrangement and discuss the appropriate accounting for the agreement in accordance with that guidance. Facts: Pharmagen is a pharmaceutical company Company XYZ is an unrelated third-party private equity investor with no prior relationship or business operations related to Pharmagen Pharmagen and Company XYZ have entered into a funding agreement
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Case 11-3 Master of the Universe Saturn Inc. (“Saturn”) and Venus Inc. (“Venus”)‚ two unrelated parties‚ form Jupiter‚ a joint venture. Saturn owns 51 percent of Jupiter and Venus owns 49 percent of Jupiter. The purpose of Jupiter is to own and operate organic clothing design and manufacturing facilities and sell organic clothing to unrelated retailers. When Jupiter was formed‚ Saturn contributed $561 million to Jupiter and Venus contributed four manufacturing facilities with an assembled
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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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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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