INSTRUCTIONS: Answer the cаse questiоns belоw аnd turn in а memо via Canvas by the end of the class period (one memo per group). You must complete this assignment as a group, without assistance from any other non-group individuals or any unapproved resource. ACG 5815 Pro Tip: Groups that work together and talk about the answers usually achieve higher grades. Your answers must come from the FASB Accounting Standards Codification and should NOT require any outside research. Your answers must be in memo form, with appropriate citations. Retaining and/or distributing a copy of the following case or the case’s answers is prohibited. Codification Link: http://www2.aaahq.org/ascLogin.cfm Google Docs Link (Optional – Not required for the Assignment): https://docs.google.com/ _____________________________________________________________________________________________________________ Gator Company (“Gator” or “the Company”), an SEC registrant, is a retailer in Gainesville, FL that sells and repairs vintage UF handbags (GO GATORS!). Gator has a market capitalization of $100 million and three stores in Gainesville, one next to the Hippodrome downtown, one next to Krispy Kreme in midtown, and one right next to the Florida Board of Accountancy off Tower Road. Just the other day (12/31/2019 at 11:59PM EST to be exact), Gator Company showed up to ACG 5815 Headquarters and asked for the professional accounting services of the Florida Gators for its December 31, 2019 fiscal year-end. First, Gator Company wants to know how to account for the start-up costs it incurred to open its new shop in a new territory in St. Augustine, FL in 2019. Specifically, it wants to know how to account for the following costs: (1) Training costs for newly hired employees who are expected to be with the Company the next 20 years, (2) Salary-related expenses for the management store opening team who are expected to be with the Company the next 10 years, (3) Hotel charges, meals, and transportation for the opening team, and (4) costs incurred in connection with acquiring a very profitable handbag repair contract with a customer (ten-year contract that requires Gator to repair an equal amount of UF vintage handbags each year over ten years). Second, Gator Company wants to know how to account for its big St. Augustine, FL Valentine’s Day 2020 advertising campaign. The company incurred costs in September 2019 to produce a really cool television commercial. The first public showing of the television commercial will occur February 1, 2020 for its intended purpose of kicking off Valentine’s Day season (internally referred to as “handbag season”) for the St. Augustine location. Gator Company’s commercials are regarded as being really entertaining by the public and Gator has never missed having a customized commercial for each of its locations in its 50-year history as a company. Airing the commercial on TV is $45 per commercial. Third, Gator Company wants to know how to account for the property taxes on its new shop. Gator took ownership of the shop on January 1, 2019. Gator received a bill on December 31, 2019, due by January 31, 2020, from the St Johns County Tax Collector for the tax period of January 1, 2019 to December 31, 2019. Fourth, Gator Company is curious about the ACG 5815 definitions for assets and liabilities (based on the definitions of assets and liabilities from the Conceptual Framework). Please write down both definitions from memory to satisfy Gator Company's curiosity. The Conceptual Framework may be a good place to refresh your memory if you need help answering this question. No citations are required for your answer (Gator Company is simply curious, not trying to pass the CPA exam). Finally, Gator wants to know how to account for its charitable giving campaign. In December 2019, Gator made a conditional promise to give the St. Augustine Chapter of the UF Alumni Association a $1 million dollar charitable contribution if the members of the Chapter raised $300 for their scholarship fund. The members have until January 2, 2020 to raise the $300. Gator will pay their charitable contribution on January 3, 2020. As of December 31, 2019, the Chapter raised $299.89. Required Pretend that it is 12/31/2019 at 11:59PM EST. Answer each of Gator Company’s accounting questions and provide citations from the authoritative literature supporting your conclusions – each citation counts, so be thorough. Make sure to read each question carefully and thoroughly search the Codification.
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The heаd оf the humerus аrticulаtes with the:
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The lаrgest аrtery in the bоdy is the…
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