1 -Financial Reporting ProblemThe Procter & Gamble Company (P&G)The financial statements of p&g are presented in appendix 5b. The company's complete annual report, including the notes to the financial statements, can be accessed at the book's companion website, www.wiley.com/college/kieso. Instructions: Refer to P&G's financial statements and the accompanying notes to answer the following questions. (a) What criteria does P&G use to classify "Cash and cash equivalents" as reported in its balance sheet? (b) As of June 30, 2011, what balances did P&G have in cash and cash equivalents? What were the major uses of cash during the year? (c) P&G reports no allowance for doubtful accounts, suggesting that bad debt expense is not material for this company. It is reasonable that a company like P&G would not have material bad debt expense. Explain. 2 -Financial Statement AnalysisCase: Occidental Petroleum CorporationOccidental Petroleum Corporation reported the following information in a recent annual report.Notes to Consolidate Financial StatementsCash and cash equivalents. Cash equivalents consist of highly liquid investments. Cash equivalents totaled approximately $661 million and $116 million at current and prior year-ends, respectively.Trade Receivables. Occidental has agreement to sell, under a revolving sale program, an undivided percentage ownership interest in a designated pool of non-interest-bearing receivables. Under this program, Occidental serves as the collection agent with respect to the receivables sold. An interest in new receivables is sold as collections are made from customers. The balance sold at current year-end was $300 million.Instructions:a) What items other than coin and currency may be included in "cash"?b) What items may be included in "cash equivalents"?c) What are compensating balance arrangements, and how should they be reported in financial statements?d) What are the possible differences between cash equivalents and short-term (temporary) investments?e) Assuming that the sale agreement sales meets the criteria for sale accounting, cash proceeds were $345 million, the carrying value of the receivables sold was $36 million, and the fair value of the recourse liability was $15 million, what was the effect on income from sales of receivables?f) Briefly discuss the impact of the transaction in (e) on Occidental liquidity.3- Financial Statement AnalysisCase: Noven Pharmaceuticals, IncNoven Pharmaceuticals, Inc., headquartered in Miami, Florida, describes itself in a recent annual report as follows.Noven Pharmaceuticals, IncNoven is a place of ideas - a company where scientific excellence and state-of-art, manufacturing combine to create new answers to human needs. Our transdermal delivery systems speed drugs painlessly and effortlessly into the bloodstream by means of a simple skin patch. This technology has proven applications in estrogen replacement, but at Noven we are developing a variety of systems incorporating bestselling drugs that fight everything from asthma, anxiety and dental pain to cancer, heart disease and neurological illness. Our research portfolio also includes new technologies, such as iontophoresis, in which drug are delivered through the skin by means of electrical currents, as well as products that could satisfy broad customers needs, such as our anti-microbial mothrinse.Noven also reported in its annual report that its activities to date have consisted of product development efforts, some of which have been independent and some of which have been completed in conjunction with Rhone-Poulenc Rorer (RPR) and Ciba-Geigy. The revenue so far have consisted of money received from licensing fees, "milestone" payments (payments made under licensing agreements when certain stages of the development of a certain product have been completed), and interest on its investments. The company expects that it will have significant revenue in the upcoming fiscal year from the launch of its first product, a transdermal estrogen delivery system.Cash and equivalents $12,070,272Securities held to maturity 23,445,070Inventory of supplies 1,264,553Prepaid and other current assets 825,159Total current assets $37,605,054Inventory supplies is recorded at the lower-of-cost (first-in, first-out) -or-net realizable value and consists mainly of supplies for research and development.Instructions:a) What would you expect the physical flow of goods for a pharmaceutical manufacturer to be most like: FIFO, LIFO, or random (flow of goods does not follow a set pattern)? Explain.b) What are some of the factors that Noven should consider as it selects an inventory measurement method?c) Suppose that Noven has $49,000 in an inventory of transdermal estrogen delivery patches. These patches are from an initial production run and will be sold during the coming year. Why do you think that this amount is not shown in a separate inventory account? In which of the accounts shown is the inventory likely to be? At what point will the inventory be transferred to a separated inventory account?
https://www.coursehero.com/tutors-problems/Business/8856746 8856746 1. On an intelligence test, Georgia's mental age is determined to be 20-8 and her chronological age is 17-0. Which of the following can be said about... 1. On an intelligence test, Georgia's mental age is determined to be 20-8 and her chronological age is 17-0. Which of the following can be said about Georgia? A) Her IQ score is exactly average. B) Her IQ score is above the majority of the population. C) Her IQ score is below the majority of the population. D) Her IQ score is 86. 2. Jake is only 25-years-old but wants to reduce his chance of losing cognitive impairment when he is older. What can he do now to prepare? A) Do crossword puzzles B) Quit smoking C) Watch a lot of television D) Eat foods low in fat 3. Jon listens to his favorite CD while he studies for tomorrow's exam. This is an example of: A) Sustained attention. B) Salient attention. C) Selective attention. D) Divided attention. 4. Leroy is listening to Katie's anecdote amidst the loud music and laughter of many others at the party. This is an example of: A) Divided attention. B) Habituated attention. C) Selective attention. D) Salient attention. 5. Which of the following is 70-year-old Leo MOST likely to forget? A) The anniversary of his wedding. B) Names of high school classmates. C) Items on that day's grocery list. D) Capitol city names. 6. Dr. Thinksalot encourages her students to wonder, probe, analyze, question, and reflect rather than rotely memorize facts. Dr. Thinksalot values: A) Autobiographical memory encoding. B) Script formation. C) Critical thinking. D) Cognitive control. 7. After Mike set the table, his mother asked him whether he had put napkins on the table. Even though he hadn't, Mike replied "yes" and believed he had because he knew that putting napkins on the table was part of what he always did when he set the table. Mike's distorted memory is BEST explained as: A) A result of poorly organized knowledge. B) The result of remembering a script. C) Problems with prospective memory. D) Intentional lying. 8. What type of thinking do standardized tests in school measure? A) Convergent B) Creative C) Spatial D) Divergent 9. Tim is learning about Roman numerals. He __________ the relevant fact that the symbols 5 and V represent the same amount and __________ the irrelevant differences in their shape. A) Remembers; Forgets
B) Processes; Attends to
C) Encodes; Ignores
D) Thinks about; Remembers
10. The Rovee-Collier (1987) study in which infants kicked to try to move a familiar mobile, but not an unfamiliar one, indicates that young infants:
A) Can remember detailed actions and contexts.
B) Can imitate actions.
C) Cannot store and use memories until they develop language.
D) Can transfer kicking actions to slightly different contexts.
11. Which of the following is the BEST example of a culturally fair test question?
A) "Why do farmers use tractors?"
B) "What should you do if you find a 3-year-old child in the street?"
C) "Why do individuals buy automobile insurance?"
D) "How are a cat and a dog alike?"
12. Knowledge about memory is called:
13. On intelligence tests, males score better in some ________________ areas and females score better in some ________________ areas but overall scores do not show gender differences.
A) Verbal; Nonverbal
B) Creative; Practical
C) Practical; Creative
D) Nonverbal; Verbal
14. Which of the following is TRUE regarding fuzzy trace theory?
A) Young children are likely to remember the gist of information but not verbatim details.
B) Older children are likely to remember verbatim details of events or information.
C) Memory and reasoning skills are improved when older children begin to use gist rather than verbatim memory traces to recall information.
D) Fuzzy traces of events or information are fleeting and likely to be forgotten.
15. An intelligent infant can be characterized as one who:
A) Achieves developmental milestones more quickly than other infants.
B) Prefers familiar information over novel information.
C) Slowly habituates to stimuli.
D) Gets bored quickly with familiar information and seeks out novel information.
16. Ted is an older adult who leads an active life. He enjoys reading, participating in Tai Chi, meeting friends for meals, and volunteering at a local charity. Which of the following statements about his cognitive functioning is TRUE?
A) Ted's activities will eliminate the possibility for memory decline.
B) Ted's activities will have a positive influence his brain activity and cognitive functioning.
C) Ted's activities will have no effect on his cognitive functioning.
D) Ted is in danger of overloading his brain with too much cognitive activity.
17. According to Spearman, ____________________ intelligence is to reasoning ability as _____________________ is to specialized skills.
A) Emotional; Academic
B) Specific; General
C) General; Specific
D) Grand; Local
18. Giftedness is typically a product of which of the following?
A) Innate ability, family support, years of training and practice
B) Intrinsic motivation, extrinsic rewards, creativity
C) Heredity, high IQ, luck
D) Left handedness, expert mentoring, high-income family
19. Which of the following questions requires divergent thinking?
A) What is the capital of New Mexico?
B) You are given two apples, three pears, and a banana. How many fruits do you have?
C) What month has one extra day every 4 years?
D) What invention would most improve your daily life?
20. The awareness of one's own mental processes and the mental processes of others is called:
B) Critical thinking.
C) Thinking symbols.
D) Theory of mind.