Our Economy Essay -- essays papers

Our economy Their season opened in Boston, against a young Celtics team that had listened to 80-year-old Red Auerbach. "David Stern's name is on the basketball," Auerbach had said. "Not Michael Jordan's." That evening, Celtics TV analyst Tom Heinsohn made sure his audience knew who Jordan is not. "He's not God," Heinsohn said. "Everybody treats him like a messiah or something. He isn't." If it seems odd, at this point, for so many to be confused about Michael Jordan's identity, it's only because Jordan makes it confusing. He does not own the Bulls, and he isn't general manager, but as sure as they lost their opener to the Celtics and as sure as they drifted through the first two months of the season, he is the guy who built this team, for better or worse. Shortly after the Bulls defeated the Jazz in the NBA Finals last spring, Jordan said, "We deserve a chance (to win a sixth title)." Much of what has followed is a consequence of Jordan's desire, ambition and power. Phil Jackson is coach, Scottie Pippen is still a part of the team, albeit disgruntled, and Dennis Rodman is back in Chicago, thanks to Jordan. The power to shape a basketball team, not just any team, but the defending NBA champions, winners of five titles in seven years, is impressive power, indeed. This is one reason Jordan, 34, is The Sporting News' Most Powerful Person in Sports for 1997. Here's another: Jim Jannard, chairman and president of Oakley, Inc., welcomed a new director, Bill Schmidt, onto his board this week. California-based Oakley manufactures high-tech sunglasses at a state-of-the-art Orange County factory. Schmidt is executive vice president of Quaker Oats-Gatorade, creator of the successful "Be Like Mike'' ad campaign in which Gatorade and the basketball superstar beckon thirsty consumers. Jannard and Schmidt were introduced by Jordan, an Oakley director who is developing an inside game-soaring high above boardrooms-to complement his outside shot as a marketing superstar. The cross-pollination of Oakley and Gatorade, Jannard and Schmidt, is a reflection of Jordan's power outside the game, just as his shaping of the Bulls reflects it within. He becomes the first No. 1 who started as an athlete before veering into business and media. Previous No. 1s-Laurence Tisch (1990), David Stern (1991), Phil Knight (1992), Ted ... ...se Jordan and Jackson valued his toughness. A key big man from the '97 playoffs, Brian Williams, was lost because of the cap. As the Bulls limp toward January, Pippen still is sidelined because of foot surgery, and he demands to be traded. Rodman plays lethargically. Jackson's zen is on the blink. Only Jordan, averaging a league-leading 26.8 points, stands between the club and humiliation. In business, as with the Bulls, he has the power to be who he is, to call his shots, to control his image. A bold display of Jordan's power occurred this year when two companies he represents, Nike and Oakley, collided over use of his image. Jordan has been with Nike since 1984; he earns $15 million to $20 million a year from the $9 billion behemoth. He has been with Oakley since 1995; he earns about $500,000 a year plus stock equity from the $220 million upstart. An Oakley print ad featured Jordan wearing Oakley sunglasses as well as an Oakley beret. Nike sued Oakley, claiming its contract with Jordan requires he wear Nike apparel in all of his ads. Jordan says he wore the Oakley beret because he believed at the time his deal with Nike encompassed only athletic equipment.

Balance Sheet Notes Preparation and Discussion Essay

This week paper requires our team to prepare three notes to the balance sheet and income statement. Also, request us to discuss why footnotes are useful and important to financial statements. Below we have included the requested footnotes (prepared based on our experience working with a CPA Firm in public accounting) and our discussion related in relation to the footnotes: Inventory: Inventory is stated at the lower of cost or market using the first-in, first-out method of inventory accounting. Inventory includes certain costs associated with the preparation of inventory for resale, including distribution costs, labor, and freight. The Company records a reserve for the anticipated loss associated with selling inventories below cost. This reserve is based on management’s current knowledge with respect to inventory levels, sales trends and historical experience (Lowe’s). Property and Equipment and Depreciation Policy: Property and equipment are stated at cost. Expenditures for maintenance and repairs are charged against operations. Renewals and betterment’s that materially extend the life of the assets are capitalized. Depreciation is computed on a straight-line basis over the estimated useful life of the related assets. For income tax purposes, depreciation is computed using the accelerated cost method (AICPA). The Company periodically reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an  asset may not be recoverable. No evidence of impairment is evident as a result of such review. Income Taxes: The Company establishes deferred income tax assets and liabilities for temporary differences between the tax and financial accounting bases of assets and liabilities. The tax effects of such differences are reflected in the balance sheet at the enacted tax rates expected to be in effect when the differences reverse. A valuation allowance is recorded to reduce the carrying amount of deferred tax assets if it is more likely than not that all or a portion of the asset will not be realized. The tax balances and income tax expense recognized by the Company are based on management’s interpretation of the tax statutes of multiple jurisdictions (Lowe’s). Team Discussion First of all, it is a fact that footnotes are an integral part of the financial statements (F/S). They contain information that otherwise cannot be included in the body of the F/S, but important enough to influence the judgment of a user or reader (Kieso, Weygrandt & Warfield). Such information could be express either as an explanatory paragraph, schedule or timetables, useful to help users have a better understanding of how the company he intend to invest or extend credit operates, its environment, industry, and how it measure and records transactions. Additional information like going concern issues, contingencies, and subsequent events, which are relevant to reach a conclusion, are included in the footnotes as well. When this happens, it raises red flags to readers, because they provide information and events they may have been occurred after the end of the financial statement’s period, which is necessary for timely accuracy (â€Å"Chron†, 2015). References AICPA (2015). Illustrative Financial Statements Prepared Using the Financial Reporting Framework for Small and Medium Entities. Retrieved from: http://www.aicpa.org/InterestAreas/FRC/AccountingFinancialReporting/PCFR/DownloadableDocuments/FRF-SME/FRFforSMEs_Illustrative_Financial_Statements.pdf â€Å"Chron† Small Business. (2015). Guide-making Footnotes to Financial Statements. Retrieved from:

Arguments for and Against Embryonic Stem Cell Research

On March 9, 2009, President Barack Obama lifted, by Executive Order, the Bush administrations eight-year ban on federal funding of embryonic stem cell research. Remarked the President, Today... we will bring the change that so many scientists and researchers, doctors and innovators, patients and loved ones have hoped for, and fought for, these past eight years. In Obamas Remarks on Lifting the Embryonic Stem Cell Research Ban, he also signed a Presidential Memorandum directing the development of a strategy for restoring scientific integrity to government decision-making. Bush Vetoes In 2005, H.R. 810, the Stem Cell Research Enhancement Act of 2005, was passed by the Republican-led House in May 2005 by a vote of 238 to 194. The Senate passed the bill in July 2006 by a bipartisan vote of 63 to 37. President Bush opposed embryonic stem cell research on ideological grounds. He exercised his first presidential veto on July 19, 2006, when he refused to allow H.R. 810 to become law. Congress was unable to muster enough votes to override the veto. In April 2007, the Democratic-led Senate passed the Stem Cell Research Enhancement Act of 2007 by a vote of 63 to 34. In June 2007, the House passed the legislation by a vote of 247 to 176. President Bush vetoed the bill on June 20, 2007. Public Support for Embryonic Stem Cell Research For years, all polls report that the American public STRONGLY supports federal funding of embryonic stem cell research. Reported the Washington Post in March 2009: In a January Washington Post-ABC News poll, 59 percent of Americans said they supported loosening the current restrictions, with support topping 60 percent among both Democrats and independents. Most Republicans, however, stood in opposition (55 percent opposed; 40 percent in support). Despite public perceptions, embryonic stem cell research was legal in the U.S. during the Bush administration: the President had banned the use of federal funds for research. He did not ban private and state research funding, much of which was being conducted by pharmaceutical mega-corporations. In Fall 2004, California voters approved a $3 billion bond to fund embryonic stem cell research. In contrast, embryonic stem cell research is prohibited in Arkansas, Iowa, North and South Dakota and Michigan. Developments in Stem Cell Research In August 2005, Harvard University scientists announced a breakthrough discovery that fuses blank embryonic stem cells with adult skin cells, rather than with fertilized embryos, to create all-purpose stem cells viable to treat diseases and disabilities. This discovery doesnt result in the death of fertilized human embryos and thus would effectively respond to pro-life objections to embryonic stem cell research and therapy. Harvard researchers warned that it could take up to ten years to perfect this highly promising process. As South Korea, Great Britain, Japan, Germany, India and other countries rapidly pioneer this new technological frontier, the US is being left farther and farther behind in medical technology. The US is also losing out on billions in new economic opportunities at a time when the country sorely needs new sources of revenues. Background Therapeutic cloning is a method to produce stem cell lines that were genetic matches for adults and children. Steps in therapeutic cloning are: An egg is obtained from a human donor.The nucleus (DNA) is removed from the egg.Skin cells are taken from the patient.The nucleus (DNA) is removed from a skin cell.A skin cell nucleus is implanted in the egg.The reconstructed egg, called a blastocyst, is stimulated with chemicals or electric current.In 3 to 5 days, the embryonic stem cells are removed.The blastocyst is destroyed.Stem cells can be used to generate an organ or tissue that is a genetic match to the skin cell donor. The first 6 steps are same for reproductive cloning. However, instead of removing stem cells, the blastocyst is implanted in a woman and allowed to gestate to birth. Reproductive cloning is outlawed in most countries. Before Bush stopped federal research in 2001, a minor amount of embryonic stem cell research was performed by US scientists using embryos created at fertility clinics and donated by couples who no longer needed them. The pending bipartisan Congressional bills all propose using excess fertility clinic embryos. Stem cells are found in limited quantities in every human body and can be extracted from adult tissue with great effort but without harm. The consensus among researchers has been that adult stem cells are limited in usefulness because they can be used to produce only a few of the 220 types of cells found in the human body. However, evidence has recently emerged that adult cells may be more flexible than previously believed. Embryonic stem cells are blank cells that have not yet been categorized or programmed by the body and can be prompted to generate any of the 220 human cell types. Embryonic stem cells are extremely flexible. Pros Embryonic stem cells are thought by most scientists and researchers to hold potential cures for spinal cord injuries, multiple sclerosis, diabetes, Parkinsons disease, cancer, Alzheimers disease, heart disease, hundreds of rare immune system and genetic disorders and much more. Scientists see almost infinite value in the use of embryonic stem cell research to understand human development and the growth and treatment of diseases. Actual cures are many years away, though, since research has not progressed to the point where even one cure has yet been generated by embryonic stem cell research. Over 100 million Americans suffer from diseases that eventually may be treated more effectively or even cured with embryonic stem cell therapy. Some researchers regard this as the greatest potential for the alleviation of human suffering since the advent of antibiotics. Many pro-lifers believe that the proper moral and religious course of action is to save existing life through embryonic stem cell therapy. Cons Some staunch pro-lifers and most pro-life organizations regard the destruction of the blastocyst, which is a laboratory-fertilized human egg, to be the murder of human life. They believe that life begins at conception, and that destruction of this pre-born life is morally unacceptable. They believe that it is immoral to destroy a few-days-old human embryo, even to save or reduce suffering in existing human life. Many also believe that insufficient attention been given to explore the potential of adult stem cells, which have already been used to successfully cure many diseases. They also argue that too little attention has been paid to the potential of umbilical cord blood for stem cell research. They also point out that no cures have yet been produced by embryonic stem cell therapy. At every step of the embryonic stem cell therapy process, decisions are made by scientists, researchers, medical professionals and women who donate eggs...decisions that are fraught with serious ethical and moral implications. Those against embryonic stem cell research argue that funding should be used to greatly expand adult stem research, to circumvent the many moral issues involving the use of human embryos. Lifting the Ban Now that President Obama has lifted the federal funding ban for embryonic stem cell research, financial support will soon flow to federal and state agencies to commence the necessary scientific research. The timeline for therapeutic solutions available to all Americans could be years away. President Obama observed on March 9, 2009, when he lifted the ban: Medical miracles do not happen simply by accident. They result from painstaking and costly research, from years of lonely trial and error, much of which never bears fruit, and from a government willing to support that work... Ultimately, I cannot guarantee that we will find the treatments and cures we seek. No President can promise that. But I can promise that we will seek them -- actively, responsibly, and with the urgency required to make up for lost ground.