Definition of a Business
Succint:
Fuzzy Dice, Inc. manufactures and distribute novelty items. Fuzzy is having a great demand on their products and are holding a large amount of cash on its balance sheet. In the same area are other manufacturing companies, among them Tiny Toys LLC, a children’s toy manufacturer. Tiny has been having financial troubles and recently filed for Chapter 11 bankruptcy protection. Fuzzy is interested in Tiny’s manufacturing facility, location and capabilities. Tiny’s manufacturing equipment is operational; they don’t have any goodwill, but have some intangible assets. Since, Fuzzy is holding so much cash they decided to buy Tiny’s and are in the final stages of the transaction. The Company is not certain
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However, in some business combinations, commonly called reverse acquisitions, the issuing entity is the acquiree. In a reverse acquisition the legal acquirer is defined as the acquiree for accounting purposes.
55-4 A business consists of inputs and processes applied to those inputs that have the ability to create outputs. Although businesses usually have outputs, outputs are not required for an integrated set to qualify as a business. The three elements of a business are defined as follows:
a. Input. Any economic resource that creates, or has the ability to create, outputs when one or more processes are applied to it. Examples include long-lived assets (including intangible assets or rights to use long-lived assets), intellectual property, the ability to obtain access to necessary materials or rights, and employees.
b. Process. Any system, standard, protocol, convention, or rule that when applied to an input or inputs, creates or has the ability to create outputs. Examples include strategic management processes, operational processes, and resource management processes. These processes typically are documented, but an organized workforce having the necessary skills and experience following rules and conventions may provide the necessary processes that are capable of being applied to inputs to create outputs. Accounting, billing, payroll, and
case brief---Gregory, a comedy writer, entered into a contract with Wessel, a comedian. The contract provided that Gregory would provide Wessel with a 15 minute monologue for his upcoming appearance on the comedy hour and Wessel will pay $250 to Gregory. All performers could make $500 per appearance on the comedy hour. and when Wessel was scheduled to aper on the comedy hour, Gregory informed him that he was unable to provide the monologue, because last time Wessel was asked to make special guest appearances at three local comedy clubs performance during the comedy hour. and Wessel bought lawsuit to Gregory for beach of contract and request damages of $1250.
According to ASC 805-10-55-4 a business consists of inputs and processes applied to those inputs that have the ability to create outputs. Although businesses
1. Give an example of a case that would fall under diversity jurisdiction. Explain all of the key elements of such a case.
3. For a crime to be committed, the prosecutor must be able to prove a criminal intent and an overt act to carry out that intent. Jack and Mary agreed to rob a series of banks. Prior to beginning their bank robbery spree, they were arrested and charged with criminal conspiracy. What act did Jack and Mary do that justifies a finding that they committed the crime? Explain.
Please answer the questions posed at the end of each case study in essay form. Each essay will be judged on your capacity to present strong, logical discussions that support your conclusions.
Our client, Fuzzy Dice Inc., manufactures novelty items and distributes them to wholesalers or large online retailers. Tiny Tots Toys LLC (Tiny), an educational children’s toy manufacturer, operates business in the same area as Fuzzy. Because of poor profit for the past few years, Tiny filed bankruptcy protection recently, leaving its manufacturing facility. However, only the equipment can operate as normal. Also, there are some intangible assets such as license and product patents recorded on its balance sheet, but there is no goodwill showing on the balance sheet. Fuzzy decides to take over all of Tiny’s assets for two reasons. On one hand, the current demand for novelty products is increasing quickly and there is a large amount of cash recording
In the case of Anthony, a New Jersey resident and owner of a waste disposal company in the state of New Jersey, and his two business associates, Paul and Silvio, whom suffered severe injuries due to a motor vehicle accident caused by a negligent truck driver; they have great standing to sue against the neglectful driver and the company associated with the ownership of the vehicle. Regardless of the diversity of their residency/ citizenship, the affected party can proceed to sue the corporation responsible for the damages caused by their staff and property; reason being that they are protected under the Constitution’s diversity of citizenship, and the privileges and immunities clause. Furthermore, these two constitutional clauses in addition to the commerce clause, dictate the court that the matter needs to be brought to.
Sesamware is a Japanese software company which is very popular for open source software. Sesamware got international approval with an online multiplayer fantasy dimension game, Para World in mid-1990. Para world was very popular in the world between 2001 and 2004. Firstly, it was installed as part of the bundle downloaded by hundreds of millions of gamers around the globe. The open source code helped to easily adapt every facet of computer life for all platforms and operating, networking, navigation and security systems.
* The acquirer is the combining entity that obtains control of the other combining entities or businesses.
The provision and use of personal protective equipment could include using gloves, glasses, earmuffs, aprons, safety footwear, dust masks.
What kind of systems are described in this case? Identify and describe the business processes each supports. Describe the inputs, processes, and outputs of these systems.
Business plays a major role within our society. It is a creative and competitive activity that continuously contributes to the shaping of our society. By satisfying the needs and wants people cannot satisfy themselves, businesses improve the quality of life for people and create a higher standard of living.
Businesses evolve and adjust over time, and considering upcoming growth and direction into the business plan can be an effective way to plan for changes in the market, growing or slowing trends, and new innovations or directions to take as the company grows (Hook, Stehn, & Brege, 2015). Good management entails setting detailed objectives and then tracking as well as ensuring consistent follow up.
Starting a business is the latest trend. Just take a look at Instagram. Several profiles have the caption ‘Entrepreneur’. At this very moment, there is someone, somewhere working on an idea, a business plan or launching a startup. Entrepreneurship is on the rise like never before. The flexibility and independence that comes with being one’s own boss is attractive and worth taking the leap in starting a business. However, most people don’t know that being an entrepreneur is a grueling journey that can be very lonely and stressful at times. According to the Small Business Administration (SBA), 50% of businesses fail during the first year. Starting a business can be a scary task, but the
Answer: In our judgement, PepsiCo did not have a moral obligation to divest itself of all its Burmese assets. The reason being: