1.Consider TimeWarner: In 2002, $128Billion of its $209Billion in assets was Goodwill. What forced them to write down this goodwill to $37billion a few years later?

2.Sales in January are expected to be $100,000 and $200,000 in February. Sales are 40% cash. Credit sales are collected 30% in month of sale and 70% in the month following. Cash purchases of inventory in February are estimated to be $40,000, Variable S&A are expected to be 5% of sales, and Fixed S&A are expected to be $10,000( with $2,000 of that amount being depreciation). S&A are paid in the month incurred. There are no other cash transactions expected during February. The beginning cash balance in February was $10,000. What is the budgeted ending cash balance in February?

3.I buy a logo on a service like Fiverr for $5.50. The logo doesn't meet my needs, but I'm still obligated to pay the graphic artist for services rendered. If the logo had met my needs, I'd consider it an intangible asset. In this case, though, the logo has no value to me. When I credit my Cash account the $5.50, into what account should I put the offsetting entry?

4.Describe the basic accounting principles

5.As a small business owneer should I have a separate account for payroll?

6.I have a confusion as to whether bad debt accounts are factored into the accounts receivable of a company's balance sheet? To clarify/illustrate my question, If a company is expecting $3000 in future payments for services it has provided, but estimates that $1000 of this sum will never be paid, will the amount listed under accounts receivable on the balance sheet be $3000 or $2000? Also, is this method standard/uniform in every country?

7.Explain the basic rules of accounting

8.Mrs PQ is saving for her daughter's education in five (5) years' time. Her estimation is that tuition and living costs will be $300 000. She decides to deposit $3 000 per month (at the beginning of each month) into an interest-bearing account, where she can earn 12% per annum compounded monthly.

Will Mrs PQ be able to meet her target at the end of the five-year period? Also determine whether there will be a surplus or shortfall after five years. (4)

Determine the exact amount that Mrs PQ needs to deposit at the beginning of each month to achieve her goal. (3)

9.Walter decides he wants to start saving for retirement. On his 35th birthday he deposits $130000 in an account with an interest rate of j1=6%. On his 65th birthday he starts withdrawing money annually from the account for the next 12 years (That is, he makes 12 withdrawals). What size are the withdrawals?

10.Among 500 freshmen pursuing a business degree at a university,318are enrolled in an economics course,210are enrolled in a mathematics course, and120are enrolled in both an economics and a mathematics course. What is the probability that a freshman selected at random from this group is enrolled in each of the following? (Enter your answers to three decimal places.)

(a) an economics and/or a mathematics course

(b) exactly one of these two courses

(c) neither an economics course nor a mathematics course