Case 12-9 Rough Waters Ahead Smooth Sailing is a private company that operates one cruise ship. Smooth Sailing’s purchase of the cruise ship was financed with nonrecourse debt. (Nonrecourse debt is a loan that is secured by a pledge of collateral‚ in this case the cruise ship‚ but for which the borrower is not personally liable. If the borrower defaults‚ the lender can seize the collateral‚ but the lender’s recovery is limited to the collateral.) The cruise ship has its own identifiable cash flows
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In-Class Case: October 14‚ 2013 Zoom SnowBoards: Audit Planning Document Please work in groups of two. Read the Zoom Snowboard case (on Canvas). Please stop at page 1205 …just glance through page 1206. Then‚ please complete the template below. This audit planning case is worth 5% of your grade. It requires you to be familiar with Chapters 6‚ 8 and 9. I only need one issue per row. The information must be specific (indicating that you have read the case) and not vague/ambiguous. While this
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Becca Stone Research in Financial Reporting 10-22-12 Case 12-9: Rough Waters Ahead 1. How should Smooth Sailings’ management perform the recoverability test for the cruise ship as of December 31‚ 2010? a. What assets and liabilities should be included in the “asset group” as defined by ASC 360-10 for purpose of performing the recoverability test? i. FASB ASC paragraph 360-10-35-23 states that for measuring an impairment loss‚ long-lived assets should be group with other
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The first poem by Rumi that I read was entitled "An Empty Garlic". The title threw me off at first‚ since it goes into this whole thing about an old woman‚ who the narrator is trying to discourage his friend from going after. "Tasteless fig‚ fold over fold‚ empty as dry-rotten garlic." This line finally made the title ring through the piece‚ which tied up a loose end for me. I kind of agree with Rumi‚ though how could a person desire a woman that is described by this quote? Think about how rancid
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Freedom is Slavery. Ignorance is Strength” A Dark Future Ahead a Comparison and Contrast of 1984 and Fahrenheit 451 When discussing the topic of censorship by government in the future‚ one would most likely reference the two novels 1984 by George Orwell and Fahrenheit 451 by Ray Bradbury both portray a similar dystopian theme. Both of these novels center around the same idea of a grim future ahead of society and imply the same plot of the ability to control
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Today’s challenging economy is a rising issue for individuals looking to climb the corporate ladder in today’s workforce. With fewer jobs available in the workforce economy and as the unemployment rate increases rapidly month after month‚ the jobs that are available require some kind of advanced education or specialized training. Obtaining a job with these requirements makes the ability to fill these positions with individuals that meet the job requirements difficult. How to get to the next level
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TrueBlood Case – Rough Waters Ahead 1. How should Smooth Sailings’ management perform the recoverability test for the cruise ship as of December 31‚ 2010? In addressing this question‚ consider: The following are the required steps to identify‚ recognize and measure the impairment of a long-lived asset (group) to be held and used: Step 1: Indicators of impairment — FASB ASC 360-10-35-21 “A long-lived asset (asset group) shall be tested for recoverability whenever events or changes in circumstances
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markets. Film directors create sci-fi films depicting what the future might be. David Brook’s article‚ Looking Back on Tomorrow‚" discusses his vision of what the future might look like. Brook predicts that the future will have extensive medical technology‚ globalization of power‚ economic inequality and democracy. Having observed these trends‚ I agree that the future will be heavily influenced by the issues Brook discusses. Having witnessed the poverty in Kenya in comparison to the opulence in
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MEMO To: Smooth Sailing From: The consulting group Date: May 6‚ 2012 ------------------------------------------------- Subject: Recoverability/Impairment of cruise ship ------------------------------------------------- Facts: Smooth Sailing is a private company that operates one cruise ship. Smooth Sailing’s purchase of the cruise ship was financed with nonrecourse debt. The cruise ship has its own identifiable cash flows that are largely independent of the cash flows of other asset groups
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In his book The Road Ahead‚ Bill Gates relates to a non-technical audience the history‚ growth‚ and future of technology. He discusses how the trends‚ technologies‚ and issues of the Information Age are affecting society. Gates makes predictions and gives advice on how to adapt and succeed in the future of incredible change in computing and communicating. His book is written with two major concerns: the development and future of technology‚ and its influence on society. Bill Gates begins by
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