Billys Beats Inc. - 671 Words

Case 11-8 Billy’s Beats Inc. Billy’s Beats Inc. (Billy’s), an SEC registrant, is a new audit client with a fiscal year-end of December 31, 2011. Billy’s manufactures musical instruments. Billy’s acquired Little Drummer Boy Inc. (Little Drummer) in 2011 for $575 million in cash. The fair value of significant assets acquired was determined by an external valuation specialist and included property, plant, and equipment totaling $865 million (based on an appraisal of the market prices of similar assets) and other assets totaling $145 million. The useful lives assigned to the property, plant, and equipment acquired were 30 years for the plant and 15 years for the equipment. The useful lives for the plant and equipment already owned by Billy’s†¦show more content†¦This memo was included in the audit working papers, but the working papers did not include any additional documentation from the engagement team. Required: For both Little Drumme r and RockOut, determine whether the engagement team performed adequate and appropriate audit procedures considering management’s assumptions. (Note that your focus should be on the substantive audit procedures performed, not the accounting treatment nor the control testing.) If the engagement team did not perform adequate and appropriate procedures, describe what additional procedures you would have performed. Copyright 2009 Deloitte Development LLC All RightsShow MoreRelatedTrueblood Case Essay712 Words   |  3 PagesSUBJECT: Deciding the Appropriate Extent of Audit Performed for Billy’s Beats for Asset Valuation Billy’s Beats Inc., an SEC registrant, is a new audit client with a fiscal year-end of December 31, 2010. Billy’s is a manufacturer of musical instruments. Billy’s acquired Little Drummer Boy Inc. in 2010 for $575 million in cash. Significant assets acquired included property, plant, and equipment totaling $865 million and other assets totaling $145 million. The useful lives assigned to the propertyRead MoreBilly s Beats1068 Words   |  5 Pagesï » ¿Kevin Oblinger 10/31/14 Billy’s Beats Case Intro Billy’s Beats Inc (Bill’ys) is an SEC registrant manufacturer of musical intraments. Billy’s has recently acquired one company, Little Drummer Boy Inc (Little Drummer), and wholly owns RockOut Inc. Both Little Drummer and RockOut are manufacturers of musical intstraments, making guitars, and drums respectively. Billy’s acquisition of Little Drummer took place in 201X for an outlay of $575 million in cash; an external valuation specialist assessed

The Impact of Event Industry-Free-Samples-Myassignmenthelp.com

Question: You are to write anessaywhich Identifies and Critically discussesthe range of events held in a city, district or region and their Impact on the economy, culture and environment of that location. Answer: Event industry is directly linked with overall development of a particular region, city or even country. The aim of this essay is to demonstrate the impact of event industry on the regional development of a city. The city chosen for this essay is Melbourne of Australia. Moreover, the essay will highlight the significance of event industry on the regional development of Melbourne. The essay will also demonstrate various examples of events in Melbourne towards its economic, social and environmental development. Melbourne has become the centre stage of major events in Australia all throughout the year. Steady and rapid growth of event industry has major contribution in the regional development of Melbourne. Various types of events conducted in this city are like festivals, sports, tourism, music, hall, mega, cultural, business and lot more. Such events are tightly integrated with the overall development of the city. Moreover, some popular and significant types of events of this city are like Melbourne Cup, Moomba Festival, Australia day and many more. Development of such events contributes in regional development, which includes economic development, social and cultural development and environmental development. The event industry of Australia majorly contributes in the economic development of Melbourne. According to Mair and Whitford (2013), popular events of Melbourne highly attract the audiences and tourists to purchase the event tickets. In this way, such events enhance the funding of the region having huge profit earned from the event program. On the other hand, Kwiatkowski (2016) opined that event programs have also indirect contribution in the economic development of surrounding businesses like food and beverage, accommodation, transportation and many others. Moreover, the major events encourage the event attendees in spending money to have luxurious accommodation, delicious foods and comfortable transportation. Therefore, growth of event industry has wide contribution in overall business development of almost all sectors, which leads to overall economic development of Australia. While considering the evidence of Melbourne Cup in Melbourne, it can be seen that the event attendees spen d almost AUD $200 on the regional business development of the city over 10 day period (Victoria Racing Club 2017). Lee, Mjelde and Kwon (2017) pointed out that event industry growth contributed in the economic development of Melbourne through creating huge job opportunities for the unemployed youths. Such enhanced employment ultimately increases overall economic growth of the city. Moreover, the tax collected from the employed persons ultimate develops the economic growth of the city. While considering the evidence of Melbourne International Comedy Festival, it has been found that event has created almost 10% job opportunities for unemployed youth of Melbourne (The Guardian 2017). In this way, this event is actually contributing in the overall economic growth of the city. On the other hand, Andersson and Lundberg (2013) opined that event industry also contributes in the economic development of Melbourne through the development of event tourism. Event tourism is extremely important for attracting the international tourists in the city for enjoying its specific attraction. Therefore, the event indu stry has huge contribution in the economic development and tourism development of Melbourne through the collection of revenues collected foreign tourists. While considering the example of Australia Day in Melbourne, it can be found that Australia Day attracts huge numbers of foreign tourists. In this way, the foreign currencies are added with the local currency, which contributes in the overall economic development of the city (Australiaday.org.au 2017). Event industry also contributes in the social and cultural development of Melbourne. According to Lew (2014), special events drive collaboration of community people towards for its special arrangement. In this way, such collaboration of people leads to high level of social cohesion with shared value among those community people. In this way, the event industry facilitates in fostering social network within the community. On the other hand, Mair and Whitford (2013) opined that popular event programs bring community people together and encourage them to share innovation ideas for community development and community growth. Hence, such togetherness and collaboration maximize the level of social cohesion with enhanced trust among the community people. While looking at the example of Sustainable Living Festival, it can be seen that such festival collaborates people from Government, renewable and environmental energy groups, experts in climate service. It also brings together the artists, musicians and other community people for demonstrating the way of community people. Such event encourages the community people towards sharing innovative ideas of community development (Visit Victoria home 2017). In this way, such event enhances the social cohesion among the community people. Event program results in cultural collaboration among the community people. Lee, Mjelde and Kwon (2017) pointed out that cultural events revitalize the tradition of Melbourne and enhances its cultural validation. Such special cultural events of Melbourne attract both international as well as inter-regional tourists. In this way, such cultural event fosters cultural collaboration among community people and enhances the cultural perspective of the city. While taking the evidence of Melbourne Festival, it can be seen that this festival attracts both international as well as inter-regional tourists. Moreover, such people come to enjoy the special cultural music, dance, art, theatre, circus and many other special programs of Melbourne (Australia.gov.au 2017). In this way, such event leads to cultural collaboration among the community people of Melbourne. Event industry is also responsible for environmental development of Melbourne. According to Andersson and Lundberg (2013), the effectiveness and attractiveness of event programs are largely dependent on renewal and transformation of urban areas. It leads to infrastructural development of the urban areas. On the other hand, Mair and Whitford (2013) opined that event organizations are highly inclined towards revitalizing and appreciating the special attraction of Melbourne. Therefore, even industry revitalizes and preserves the special attraction of the particular city. Furthermore, the some event organizations also take active steps in spreading environmental awareness among the community people. In this way, the event industry can foster environmental sustainability and assist in protecting the environment from harmful effects. While considering the example of Melbourne Food and Wine Festival, it can be seen that this festival majorly uses biodegradable cleaning products in the event programs. Such biodegradable cleaning products protect the surrounding environment from harmful effects (Melbourne Food and Wine Festival 2017). In this way, this event fosters environmental sustainability in the community. While concluding the study, it can be said that event industry has huge contribution in the overall regional development of Melbourne. Event programs contribute in economic development of the city, when the event attendees purchase the event tickets. Furthermore, the event industry also indirectly develops the economic condition of other sectors like food and beverage, accommodation, transportation and many more. Apart from that, the industry is also directly linked with creation of job opportunity in the city towards its overall economic development. Event industry has also huge contribution in social and cultural development of Melbourne. Various event programs of this city lead to cultural collaboration among the community people. In this way, event industry fosters strong social cohesion and social network among the community people. On the other hand, event industry preserves and revitalizes the special attraction of the city. Therefore, this industry also contributes in the env ironmental development of Melbourne. Reference List Andersson, T.D. and Lundberg, E., 2013. Commensurability and sustainability: Triple impact assessments of a tourism event.Tourism Management,37, pp.99-109. Australia.gov.au. 2017.Festivals in Australia | australia.gov.au. [online] Available at: https://www.australia.gov.au/about-australia/australian-story/festivals-in-australia [Accessed 23 Nov. 2017]. Australiaday.org.au. 2017.Australia Day. [online] Available at: https://www.australiaday.org.au/ Kwiatkowski, G., 2016. Economic Impact of Event Attendees' Spending On a Host Region: A Review of the Research.Event Management,20(4), pp.501-515. Lee, C.K., Mjelde, J.W. and Kwon, Y.J., 2017. Estimating the economic impact of a mega-event on host and neighbouring regions.Leisure Studies,36(1), pp.138-152. Lew, A.A., 2014. Scale, change and resilience in community tourism planning.Tourism Geographies,16(1), pp.14-22. Mair, J. and Whitford, M., 2013. An exploration of events research: event topics, themes and emerging trends.International Journal of Event and Festival Management,4(1), pp.6-30. Melbourne Food and Wine Festival. 2017.Melbourne Food Wine Festival. [online] Available at: https://www.melbournefoodandwine.com.au/ [Accessed 23 Nov. 2017]. The Guardian. 2017.Melbourne International Comedy festival 2017 | Culture | The Guardian. [online] Available at: https://www.theguardian.com/culture/melbourne-international-comedy-festival-2017 Victoria Racing Club. 2017.Melbourne Cup Carnival. [online] Available at: https://www.flemington.com.au/melbournecupcarnival Visit Victoria home. 2017.Sustainable Living Festival, Event, Melbourne, Victoria, Australia. [online] Available at: https://www.visitvictoria.com/regions/Melbourne/Events/Lifestyle/Sustainable-Living-Festival.aspx