Financial Adjustment for Asset Trade Between Subsidiaries - 1375 Words

Financial Adjustment for Asset Trade Between Subsidiaries (Coursework Sample) Content: Financial adjustment for asset trade between subsidiariesNameInstitutionAbstractFinancial accounting is often beset by balancing needs. This is especially true for subsidiaries of the same company in which case depreciable assets trade can neither be identified as a profit or loss. In this case, the consolidated financial accounting must be balanced to reflect neither a loss nor a gain, though this would be reflected in the individual subsidiary company financial books. In addition, the consolidated work sheet entries must address the assets depreciation.The paper presents the financial adjustments for depreciable asset trade between two subsidiaries. In particular, this paper addressed the principles applied in individual company and consolidated financial books adjustments for the trade and depreciation. The results show that despite the differences in subsidiary company financial records à ¢Ã¢â€š ¬ to reflect the asset trade à ¢Ã¢â€š ¬ the consolidated financial records can be adjusted and balanced.Keywords: adjusted, consolidated, depreciable asset, financial records, subsidiaryFinancial adjustment for asset trade between subsidiariesIntroductionDepreciable assets are defined as tangible capital whose value depreciates over time (Christensen, Cottrell Baker, 2013). Within company operations there are occasions when one company has a surplus of depreciable assets and needs to dispose of them. In this case, they could sell the depreciable assets to a subsidiary with a cash transfer against the sale (Hussey, 2010). This situation presents a problem for the balancing of consolidated financial statements since the sale is an inter-corporate transfer and such transactions cannot be reflected in the consolidated financial statements. In fact, the effects of the transaction must be excluded from the financial statements. For that matter, the consolidated financial statements must be adjusted to eliminate the intercompany financial gains and losse s, and restore the asset to its original value (Whittington Delaney, 2011).Case presentationSapling, Inc. is a subsidiary of Fir Enterprises. In reference to that, Fir Enterprises owns a 95% stake in Sapling, Inc. On January 1, 20X8, Sapling, Inc. bought an industrial wood chipper from Fir Enterprises at a cost of $10,000. In this case, the Sapling had purchased the wood chipper at a cost $17,000 with its current book value standing at $8,000. In addition, the wood chipper was projected to have 4 years remaining in its lifespan at the end of which its salvage value would be $0. Given that (for all intents and purposes) the transactions for the wood chipper occurred between conglomerated companies, the transactions would be treated as depreciable asset transactions. With regards to this, unique financial entries à ¢Ã¢â€š ¬ for the wood chipper à ¢Ã¢â€š ¬ would be reflected in the purchasing company, selling company and consolidated financial statements (Fischer, Tayler Cheng, 201 1; Maynard, 2013).Question 1: Sapling, Inc. financial entries to reflect the purchase of the wood chipperSapling, Inc. bought the wood chipper at a cost of $10,000. In this case, the financial book entries for the company on January 1, 20X8, would reflect a wood chipper worth $10,000 being added into the company assets and $10,000 spent in purchasing the wood chipper. In addition, the financial accounts for the company would show that the asset depreciated by $1,000 resulting in an accumulated depreciation value of $1,000 as at December 31, 20X8 (see table 1) (Fischer, Tayler Cheng, 2011; Maynard, 2013).Table SEQ Table \* ARABIC 1. Sapling, Inc. financial account book entries in the year of purchase (20x8)Date Financial account book entries for Sapling, Inc. purchase of wood chipper from Fir Enterprises on January 1, 20X8 01/01/20X8 Wood chipper cost $10,000 01/01/20X8 Cash spent to purchase the wood chipper $10,000 Financial account book entries to record depreciation of wood chipper on the year of purchase (January 1, 20X8 to December 31, 20X8) 12/31/20X8 Depreciation expense for the wood chipper $1,000 12/31/20X8 Accumulated depreciation $1,000 Question 2: Fir enterprises financial entries to reflect the sale of the wood chipperFir Enterprises sold the wood chipper at a cost of $10,000. In this case, the financial book entries for the company on January 1, 20X8, would reflect cash sale for wood chipper at $10,000. In addition, the accumulated depreciation would stand at $9,000, of which the initial asset purchase cost stood at $17,000 and the gain on sale of the wood chipper stood at $2,000. These entries were made for January 1, 20X8 (see table 2) (Fischer, Tayler Cheng, 2011; Maynard, 2013).Table SEQ Table \* ARABIC 2. Fir Enterprise financial account book entries in the year of sale (20X8)Date Financial account book entries to record the sale of the wood chipper to Sapling, Inc. on 01/01/20X8 01/01/20X8 Cash to be received upon sale of the wood chipper $10,000 01/01/20X8 Accumulated depreciation $9,000 01/01/20X8 Wood chipper $17,000 01/01/20X8 Gain on sale of wood chipper $2,000 Question 3: Consolidated worksheet adjusting entries for the year 20X8The consolidated financial entries would reflect the balanced transactions for the two companies for the year 20X8, since Sapling, Inc. is a subsidiary of Fir Enterprises. In this case, there was a $2,000 gain in the sale of the wood chipper and $7,000 gain in the wood chipper. Conversely, there was an accumulated depreciation value of $9,000. These financial book entries eliminated the unrealized gain and restored the wood chipper to its original cost. On the other hand, the accumulated depreciation for the wood chipper stands at $5,000 in which case the depreciation expense is $5,000 (see table 3) (Fischer, Tayler Cheng, 2011; Maynard, 2013).Table SEQ Table \* ARABIC 3. Consolidated financial account book entries for 20X8Date Consolidated financial account book entries t o remove the unrealized gain and restore asset to its original historical cost 12/31/20X8 Gain on the sale of wood chipper $2,000 12/31/20X8 Wood chipper $7,000 12/31/20X8 Accumulated depreciation $9,000 Consolidated financial account book entries to eliminate excess depreciation based on the subsidiary's transfer price 12/31/20X8 Accumulated depreciation $5,000 12/31/20X8 Depreciation expense $5,000 Question 4: Consolidated worksheet entries to address depreciation at the end of 20X9The worksheet adjustment value for the wood chipper is calculated as $7,000. In this case, the difference between the consolidated record of $17,000 and the individual record at $10,000. Based on the asset entries, the accumulated depreciation, on December 31, 20X9, stands -$11,000 for the consolidated records, -$8,000 for the individual records and -$3,000 for the worksheet adjustment. For that matter, the original accumulated depreciation is $9,000 and the seller depreciation expense is $2,000 f or 20X8 and 20X9. In addition, the depreciation expense for the individual records stand at $1,000, consolidated records stand at $6,000 and the worksheet adjustment stands at $5,000. This would also include $5,000 in the individual records, $6,000 in the consolidated records and $1,000 in the worksheet adjustment to reflect a gain of $2,000 less the first year depreciation value of $1,000 (see table 4) (Fischer, Tayler Cheng, 2011; Maynard, 2013).Table SEQ Table \* ARABIC 4. Consolidated worksheet adjustment entries to address the impact of annual depreciation as recorded in the purchasing subsidiary's financial books for the year 20X9Account Individual records Consolidated records Worksheet adjustment Explanation Wood chipper 12/31/... Financial Adjustment for Asset Trade Between Subsidiaries - 1375 Words Financial Adjustment for Asset Trade Between Subsidiaries (Coursework Sample) Content: Financial adjustment for asset trade between subsidiariesNameInstitutionAbstractFinancial accounting is often beset by balancing needs. This is especially true for subsidiaries of the same company in which case depreciable assets trade can neither be identified as a profit or loss. In this case, the consolidated financial accounting must be balanced to reflect neither a loss nor a gain, though this would be reflected in the individual subsidiary company financial books. In addition, the consolidated work sheet entries must address the assets depreciation.The paper presents the financial adjustments for depreciable asset trade between two subsidiaries. In particular, this paper addressed the principles applied in individual company and consolidated financial books adjustments for the trade and depreciation. The results show that despite the differences in subsidiary company financial records à ¢Ã¢â€š ¬ to reflect the asset trade à ¢Ã¢â€š ¬ the consolidated financial records can be adjusted and balanced.Keywords: adjusted, consolidated, depreciable asset, financial records, subsidiaryFinancial adjustment for asset trade between subsidiariesIntroductionDepreciable assets are defined as tangible capital whose value depreciates over time (Christensen, Cottrell Baker, 2013). Within company operations there are occasions when one company has a surplus of depreciable assets and needs to dispose of them. In this case, they could sell the depreciable assets to a subsidiary with a cash transfer against the sale (Hussey, 2010). This situation presents a problem for the balancing of consolidated financial statements since the sale is an inter-corporate transfer and such transactions cannot be reflected in the consolidated financial statements. In fact, the effects of the transaction must be excluded from the financial statements. For that matter, the consolidated financial statements must be adjusted to eliminate the intercompany financial gains and losse s, and restore the asset to its original value (Whittington Delaney, 2011).Case presentationSapling, Inc. is a subsidiary of Fir Enterprises. In reference to that, Fir Enterprises owns a 95% stake in Sapling, Inc. On January 1, 20X8, Sapling, Inc. bought an industrial wood chipper from Fir Enterprises at a cost of $10,000. In this case, the Sapling had purchased the wood chipper at a cost $17,000 with its current book value standing at $8,000. In addition, the wood chipper was projected to have 4 years remaining in its lifespan at the end of which its salvage value would be $0. Given that (for all intents and purposes) the transactions for the wood chipper occurred between conglomerated companies, the transactions would be treated as depreciable asset transactions. With regards to this, unique financial entries à ¢Ã¢â€š ¬ for the wood chipper à ¢Ã¢â€š ¬ would be reflected in the purchasing company, selling company and consolidated financial statements (Fischer, Tayler Cheng, 201 1; Maynard, 2013).Question 1: Sapling, Inc. financial entries to reflect the purchase of the wood chipperSapling, Inc. bought the wood chipper at a cost of $10,000. In this case, the financial book entries for the company on January 1, 20X8, would reflect a wood chipper worth $10,000 being added into the company assets and $10,000 spent in purchasing the wood chipper. In addition, the financial accounts for the company would show that the asset depreciated by $1,000 resulting in an accumulated depreciation value of $1,000 as at December 31, 20X8 (see table 1) (Fischer, Tayler Cheng, 2011; Maynard, 2013).Table SEQ Table \* ARABIC 1. Sapling, Inc. financial account book entries in the year of purchase (20x8)Date Financial account book entries for Sapling, Inc. purchase of wood chipper from Fir Enterprises on January 1, 20X8 01/01/20X8 Wood chipper cost $10,000 01/01/20X8 Cash spent to purchase the wood chipper $10,000 Financial account book entries to record depreciation of wood chipper on the year of purchase (January 1, 20X8 to December 31, 20X8) 12/31/20X8 Depreciation expense for the wood chipper $1,000 12/31/20X8 Accumulated depreciation $1,000 Question 2: Fir enterprises financial entries to reflect the sale of the wood chipperFir Enterprises sold the wood chipper at a cost of $10,000. In this case, the financial book entries for the company on January 1, 20X8, would reflect cash sale for wood chipper at $10,000. In addition, the accumulated depreciation would stand at $9,000, of which the initial asset purchase cost stood at $17,000 and the gain on sale of the wood chipper stood at $2,000. These entries were made for January 1, 20X8 (see table 2) (Fischer, Tayler Cheng, 2011; Maynard, 2013).Table SEQ Table \* ARABIC 2. Fir Enterprise financial account book entries in the year of sale (20X8)Date Financial account book entries to record the sale of the wood chipper to Sapling, Inc. on 01/01/20X8 01/01/20X8 Cash to be received upon sale of the wood chipper $10,000 01/01/20X8 Accumulated depreciation $9,000 01/01/20X8 Wood chipper $17,000 01/01/20X8 Gain on sale of wood chipper $2,000 Question 3: Consolidated worksheet adjusting entries for the year 20X8The consolidated financial entries would reflect the balanced transactions for the two companies for the year 20X8, since Sapling, Inc. is a subsidiary of Fir Enterprises. In this case, there was a $2,000 gain in the sale of the wood chipper and $7,000 gain in the wood chipper. Conversely, there was an accumulated depreciation value of $9,000. These financial book entries eliminated the unrealized gain and restored the wood chipper to its original cost. On the other hand, the accumulated depreciation for the wood chipper stands at $5,000 in which case the depreciation expense is $5,000 (see table 3) (Fischer, Tayler Cheng, 2011; Maynard, 2013).Table SEQ Table \* ARABIC 3. Consolidated financial account book entries for 20X8Date Consolidated financial account book entries t o remove the unrealized gain and restore asset to its original historical cost 12/31/20X8 Gain on the sale of wood chipper $2,000 12/31/20X8 Wood chipper $7,000 12/31/20X8 Accumulated depreciation $9,000 Consolidated financial account book entries to eliminate excess depreciation based on the subsidiary's transfer price 12/31/20X8 Accumulated depreciation $5,000 12/31/20X8 Depreciation expense $5,000 Question 4: Consolidated worksheet entries to address depreciation at the end of 20X9The worksheet adjustment value for the wood chipper is calculated as $7,000. In this case, the difference between the consolidated record of $17,000 and the individual record at $10,000. Based on the asset entries, the accumulated depreciation, on December 31, 20X9, stands -$11,000 for the consolidated records, -$8,000 for the individual records and -$3,000 for the worksheet adjustment. For that matter, the original accumulated depreciation is $9,000 and the seller depreciation expense is $2,000 f or 20X8 and 20X9. In addition, the depreciation expense for the individual records stand at $1,000, consolidated records stand at $6,000 and the worksheet adjustment stands at $5,000. This would also include $5,000 in the individual records, $6,000 in the consolidated records and $1,000 in the worksheet adjustment to reflect a gain of $2,000 less the first year depreciation value of $1,000 (see table 4) (Fischer, Tayler Cheng, 2011; Maynard, 2013).Table SEQ Table \* ARABIC 4. Consolidated worksheet adjustment entries to address the impact of annual depreciation as recorded in the purchasing subsidiary's financial books for the year 20X9Account Individual records Consolidated records Worksheet adjustment Explanation Wood chipper 12/31/...

What Are The Moral And Ethical Issues Facing Gary

The Blue Spider Project Submitted to: Dr. Sheryl L. Hodges Submitted by: Tejaswi Materla 1) What are the moral and ethical issues facing Gary? Open communications, honesty, and integrity in dealing with customers, truth in negotiations, and factual status reporting are some of the critical factors that affect the project execution . There was no open communication between Gary, and Lord Industries or the functional managers regarding the project phase updates. The project started with dishonesty during the RFP regarding the technical specifications such as the operating temperature ( design) limits of the components of the Spartan missile (which clearly did not meet client specifications). This was the major moral and ethical issue Gary faced. Gary accepted the position of the Program Manager even though he knew that Henry Gable expected him to be dishonest and manipulative regarding the project. However as the project progressed, Gary faced issues communicating with the client regarding the new material JXB-3 introduced by Paul Evans and Henry Gable. Gary also faced a major problem when the accelerated aging tests performe d on the new materials were not according to the client expectations; and he was scared to tell anyone about that disaster. Gary was not an experienced program manager and it seemed like he was merely a puppet in Henry Gable’s hands; which did not allow him to maintain open communication and honesty during the project. 2) What happens when a situationShow MoreRelatedBlue Spider Case Essay772 Words   |  4 Pages1) If you were Gary Anderson would you have accepted this project after the director stated that it would be his baby all the way? Despite Henry Gable’s very apparent shadiness I would probably have taken the project too due to the backing that the project has. 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The Great Gatsby By F. Fitzgerald - 1558 Words

Nick presents himself in way that can persuade the readers that he is an honest, true individual in the beginning. He demonstrates that he is the innocent bystander who is simply just observing everyone around him, and describes himself as â€Å"one of the few most honest people that I have ever known† (Fitzgerald 59). He is immensely charismatic and can make friends with almost everyone, therefore his narration can be described as unbiased and he seems to be merely telling the story as it is. He begins the novel as stating that â€Å"In my younger and more vulnerable years my father gave me some advice that I ve been turning over in my mind ever since. Whenever you feel like criticizing any one, he told me, just remember that all the people†¦show more content†¦This displays that the Nick, the seemingly neutral storyteller is now more tolerant towards Gatsby, compared to the others. 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Text and Tradition-Free-Samples for Students-Myassignmenthelp.com

Questions: 1.The question asks you to explain how Virginia Woolf's short story disagrees with certain cultural value. 2.This question is about Freuds concept of the unconscious, and you need to explain it, and relate it to Enlightenment thinking. 3.This question asks about certain similarities and differences between Rousseau and Virginia Woolf 4.Choosing two or more texts from the unit, you are asked to discuss the value of autonomy in modernity. Answers: 1.Virginia Woolfs short story has gone through a lot of criticism due to its misconduct and lack of cultural values in her stories. She had put an end to the traditional methods of story writing and became a modern writer. All her work showed some sense of sensuality and different types of thoughts that keep coming in the mind of people from time to time. She is often considered as a lesbian writer because of the lesbian based theme in her short stories (Bowlby, 2016). These types of stories were not accepted at that time and even today. This has put Virginia Woolfs short stories under various types of criticism for degrading the values and culture of the society. She was a feminist writer that focused on the power of women in the society. In her books, show criticized the culture of the society for treating women badly and making them deprived of all things. She criticized the culture that lead to deprivation of womens emotions and responses. In her books, she stated the condition o f the society in the First World War led to deprivation in cultures and value. At that time women did not held much importance in the society and they were the one that suffers during wars. This is due to cultural values in the society. Most of her books and stories are related to feminism and the condition of women due to lack in culture. Her stories supported women, which the society did not do at that time. Women were not accepted in the society and in any work at that time. Moreover, they were the one that suffered the most during war and any other situation (Squier, 2017). This was discussed in her stories that showed the backward behavior of people and rules of various cultures to treat women differently 2.Sigmund Freud has given importance to the concept of unconscious mind. The primary assumption of his theory was that unconscious mind regulates the behavior of human being to a large extent than human beings suspect. The main goal of psychoanalysis is to make the unconscious mind conscious. Freud has described the unconscious process as the real cause of all behavior. This part acts as a cauldron or repository of all kinds of primitive impulses and wishes which are kept at the bay and thus they are mediated by the preconscious area (Ewen, 2014). An example can be cited where Freud found that there are certain desires and events which are considered frightening and painful for the patients to accept. He also believed that this kind of information would be locked in the unconscious mind. This entire process can happen through repression. Freud developed such a cycle in which the ideas are repressed in the first stage but they remain in the mind and are removed from consciousness. How ever, they reappear in the consciousness stage after some time (Lichtenberg, Lachmann Fosshage, 2016). This postulation was based on the investigation of traumatic hysteria and thus it revealed certain cases where the behavior of the patients cannot be explained properly without referring to the thoughts and ideas of which they were not aware of. According to Freud, dreams are considered as the royal road to unconsciousness. They provide access to the unconscious life and illustrate the logic behind certain conscious thoughts. The ideals of positivism, enlightenment and rationalism can be achieved through mastering, understanding and transforming the unconscious mind rather than repressing or denying it. Thus, it can be said that Freud has denoted the concept of unconsciousness as the mental process of repression and they can be organized by certain principles which are different from the conscious mind (Mannoni, 2015).. 3.The major difference between Rousseau and Woolf was that Rousseau was a influential writer that projected philosophical work and Woolf on the other hand was a Fiction writer that projected feminism in the her work. Woolf mainly writes short stories in her books and on the other hand, Rousseau writes novels about philosophical stories. Rousseau started to write and present its writing in 1750 and Woolf on the other hand became a professional writer in the year 1900. This shows that Rousseau and Woolf were writers of different century having different thoughts. The first novel that Woolf published was on 1915 in the name of The Voyage Out which mainly consisted of fiction stories and about powering the status of women in the society (Richter, 2015). On the other hand, the first novel of Rousseau was published in 1750 in the name of Discourse on the Arts and Sciences which mainly consisted works of art and sciences. However, both the writers also hand some kind of similarities in thei r work. Both Rousseau and Woolf are considered as modern writers of their time in which Rousseau writes about modern philosophy and Woolf writes about feminism of modern society. Further it is seen that both the writer have received criticism for their writing from the society. Rousseau faced disputes against his thoughts about the philosophy of enlightenment that it portrayed in his work (O'Hagan, 2017). Virginia Woolf on the other hand received criticism because of supporting women in the society and was mostly considered as lesbian writers. Lastly, the views of both the writers also matched on the ground that both of them criticized the culture and problems that existed in the society. Rousseau discussed about the discourse that existed in the society such as inequality and politics. Woolf criticized the culture and values of the society for treating women badly. 4.Autonomy is such an idea which refers to the capacity of an individual person to lead his life according to the motives and reasons which are due to the result of external forces or the product of manipulation. It is regarded as the main value in the tradition of moral philosophy but it has also gained fundamental status in Mills theory of utilitarian liberalism. The various concepts of autonomy helps in figuring out the debates in the education policy, legal rights and freedoms, biomedical ethics, moral and political theory. Autonomy is also regarded as the central value that can be compared with the alternative frameworks such as utilitarianism, ethics of certain kinds and ethics of different kinds of virtue. Although autonomy is related to independence, but it reflects the assumptions of individualism in different kinds of moral thinking and political status of different kinds of designation (Delanty, 2013). Autonomy also attaches paradigmatically to the individual person or cer tain groups of people. It is related to the grounds of basic rights and thus is connected to moral responsibility. It reflects wholly on an individual to reject or accept the values of an individual, self-defining features, connections and many more. For example, the language that is used in reflection is considered as a social product and it is associated with various cultural forms. Autonomy also connects social support and recognition of the capacities for self-respect, self-esteem and self-trust. It requires the ability of an individual to act effectively according to ones values. The social conditions hamper the enjoyment of capacities and helps in the rejection of certain principles of social justice. Autonomy, thus is related to the reflective choice which has operated in the establishment of different kinds of legitimacy and it is related to the non-foundational concepts of justice. The individual rights and freedom, various privileges and protections which are associated wi th autonomy are guided by principles of justice in this approach (O'brien, 2013). References Bowlby, R. (Ed.). (2016).Virginia Woolf. Routledge. Delanty, G. (2013).Social theory in a changing world: Conceptions of modernity. John Wiley Sons. Ewen, R. (2014).An introduction to theories of personality. Psychology Press. Lichtenberg, J. D., Lachmann, F. M., Fosshage, J. L. (2016).Self and motivational systems: Towards a theory of psychoanalytic technique(Vol. 13). Routledge. Mannoni, O. (2015).Freud: The theory of the unconscious. Verso Books. O'brien, D. (2013).Cultural policy: Management, value and modernity in the creative industries. Routledge. O'Hagan, T. (Ed.). (2017).Jean-Jacques Rousseau. Routledge. Richter, H. (2015).Virginia Woolf: The Inward Voyage. Princeton University Press. Squier, S. M. (2017).Virginia Woolf and London: The sexual politics of the city. UNC Press Books.