This is not a question but information that may be useful for you in the exam A/R: recognizing bad debt expense decreases income and assets. Write offs affect only Gross A/R & allowance for bad debts. Allowance for bad debts increases each period by bad debt expense and decreases by write offs. Inventory Equations: LIFO Reserve = Inventory FIFO – Inventory LIFO; Change in Reserve = COGS LIFO – COGS FIFO. Reserve is a balance sheet concept, change in reserve is I/S concept. Reserve and change in reserve reflect input price changes and tax savings or losses. Depreciation: SL formula = (Cost – salvage value) / life; DDB formula = beginning book value of asset X double the SL rate; SYD formula = (Cost – Salvage value)/ Total units X actual units used Impairment: 2 step process: if BV > Future cash flows, then yes. Value of impairment is difference between Fair value and book value. Goodwill: Excess of purchase price over fair value of net assets Treasury stock: shown as subtraction from equity; reduces #shares; any gains/losses on reissue are taken to additional paid in capital Stock dividends: transfer from retained earnings to common stock; if small dividend at market value Stock splits: reduce par value and increase #shares Cash flow – indirect method equation: Net Income + Depreciation expense + change in current liabilities – change in current assets – change in non current assets (original cost) + change in non current liabilities + change in common stock – dividends Cash collections from customers: calculate from A/R; Cash payments from suppliers: calculate from A/P and inventories

A national food distributor has offered to purchase P Corp. P Corp has $0.9 million of net assets at book value, but those net assets have a fair value of $1.2 million. If the distributor offers to buy P Corp. for $3.5 million, how much will be recorded as goodwill based on the offered acquisition price? (Note: please do not include commas or dollar signs in your response) 

Select two cultural groups that we have discussed in class.  Describe the geographic area that these groups inhabited (you may use modern countries as references) and the relative time frame that these groups ruled/existed (you need not include exact years: centuries or named time periods are fine).  What are two single foods (not recipes/dishes) that each cultural group associated with and where do these foods come from?  (Your answer therefore should include four foods total.)

Anadhi Company had accounts receivable of $750,000 and an allowance for doubtful accounts of $21,500 just prior to writing off as worthless a customer’s $5,000 account receivable. What is the net realizable value of accounts receivable that Anadhi would report on its Balance Sheet before and after the write off? Write the value for before write off in the first box and write the value after write off in the second box (Note: please do not include commas or dollar signs in your response)

Select one of the following foods: coffee/chocolate/sugar.  Write one impact/outcome of the introduction of this food into the Mediterranean.

[Region1] and [region2] countries/regions were the main cultural bridges of Middle Eastern (Southwest Asian) foods into Europe.

SELECT ALL THAT APPLY. Which of the following is/are possible complications of levodopa therapy in Parkinson’s disease?

Choose two foods that were either discovered or largely harvested/grown in the “New World,” one from module 1-4 and one from the student research projects (the food cannot be from your own research project).  Where are these foods from? Who (which cultural group) brought them to the Mediterranean?

What are the “Three Sisters?” Which foods make up this group and why are they grouped together?

On January 1, 2017, Geodisc Company purchased a patent for $420,000 from an inventor who had developed a new manufacturing process. At the time of the purchase, the patent had a remaining useful life of 10 years and a legal life of 15 years.   At the end of 2020, after amortization had been recorded through December 31, 2020, Geodisc concluded that the estimated future cash flows from the patent to be $250,000. The patent’s estimated fair value on December 31, 2020 was $200,000. Compute the value of the patent impairment. (Note: please do not include commas or dollar signs in your response)