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Why discuss the history of life on Earth?
Human beings are just one of countless examples of life on Earth. With the phylogenetic tree and the taxonomic classification system, scientists have grouped and organized organisms by domain, kingdom, phylum, class, order, family, genus, and species.
The term kingdom is likely familiar to you, and you may even know the genus and species names of some organisms, as these names are used to create scientific names such as Canis lupus familiaris (dogs) and Felis catus (cats). But how does this type of organization matter in everyday life?
Evolutionary biologists could list many reasons why understanding phylogeny is important to everyday life in human society. For botanists, phylogeny acts as a guide to discovering new plants that can be used to benefit people. Think of all the ways humans use plants—food, medicine, and clothing are a few examples. If a plant contains a compound that is effective in treating disease, scientists might want to examine all of the relatives of that plant for other useful drugs.
- Explain the theory of evolution
- Define species and identify how species form
- Discuss the ways populations evolve
- Read and analyze a phylogenetic tree that documents evolutionary relationships
God Remembers Us
The author of the book of Hebrews, like the rest of the New Testament writers, is confident that genuine Christians will never lose their salvation. One of the ways we know this to be true is that the author “feels sure of better things” pertaining to salvation for at least some of his audience (Heb. 6:9). This assurance could not be possible at all if the author really believed that true Christians could abandon Christ permanently.
This teaching does raise a question for us even though we know that true Christians will not finally fall away. We might say “Yes, I know that it is true that a Christian cannot lose his salvation. But since so many abandon Christ who appeared to be true Christians, how can I ever know that I am really saved?” Verses 10–12 give us one answer to this question. We are told that God will not overlook the good works of His servants nor their love for one another that has been shown for God’s sake (v. 10). Love and good works flow from an earnestness to have assurance (v. 11). When we eagerly pursue the assurance of our salvation by pursuing the promises of Christ, we will produce love and good works that demonstrate God’s salvation. Thus, God reminds us of His persevering grace from beginning to end.
Today we will focus on the presence of love as evidence of salvation. In 6:10 we see that the love that marks someone as a true believer is the love displayed in serving the saints, that is, love for other Christians. This is not surprising at all. Jesus tells us that the world will know we are His if we love one another (John 13:35). Peter had to prove His love for Christ by lovingly feeding His sheep (21:15–17). If we have never felt love for fellow Christians, we are not His disciples.
Nevertheless, love for other believers is not the only kind of love that demonstrates our salvation. Though that is what Hebrews 6:10 primarily focuses on, there is another kind of love that is intimately related: love for Christ. When we show love to other believers we are really showing love for Christ. Jesus tells us this in Matthew 25:31–40, and it is implied in Hebrews 6:10 since the love shown in serving the saints is done for God’s sake. If we truly possess any love in our hearts for the biblical Christ, then we know we are saved. Non-Christians hate God and never, ever have any true love for the Christ of Scripture.
We know that the love the audience of Hebrews had for Christ was not perfect. In 6:10 they had to be reminded of two things perfect love does not forget: God’s justice and faithfulness. Imperfect love is the standard for our assurance in 6:11. If you love the biblical Christ, however imperfectly, you can be confident that you are saved.
Glory in the Cross
On today’s Warriors of Grace show, Dave concludes the Snapshots of Grace series, looking at Galatians 6:11-18 and regeneration, living a crucified life, the nature and purpose of boasting, and filling our vision with the finished and sufficient work of Jesus.
What you’ll hear in this episode
- The meaning and purpose of regeneration.
- The importance of living a crucified life.
- The nature and purpose of boasting.
- Filling our vision and our lives with the finished and sufficient work of Jesus.
Subscribing, sharing, and your feedback
You can subscribe to Warriors of Grace via iTunes, Google Play, Spotify, or your favorite podcast catcher. If you like what you’ve heard, please consider leaving a rating and share it with your friends (it takes only takes a second and will go a long way to helping other people find the show). You can also connect with me on Twitter at @davejjenkins, on Facebook or via email to share your feedback.
Thanks for listening to this episode of Warriors of Grace!
1.11: Why It Matters- What Is Marketing?
When you hear the term &ldquomarketing,&rdquo what comes to mind?
Based on what you know about marketing right now, what one word would you use to describe it? Take a moment to write it down. We&rsquoll come back to it shortly.
Marketing is a tool used by companies, organizations, and people to shape our perceptions and persuade us to change our behavior. The most effective marketing uses a well-designed strategy and a variety of techniques to alter how people think about and interact with the product or service in question. Less-effective marketing causes people to turn off, tune out, or not even notice.
Why should you care about marketing? Marketing is an ever-present force in modern society, and it can work amazingly well to influence what we do and why we do it. Consider these points:
Marketing sells products.
Marketing changes how you think about things.
Marketing creates memorable experiences.
Marketing alters history.
Marketing can use a variety of elements to shape perceptions and behavior: words, images, design, experiences, emotions, stories, relationships, humor, sex appeal, etc. And it can use a wide variety of tactics, from advertising and events to social media and search-engine optimization. Often the purpose is to sell products, but as you can see from the examples above, the goal of any specific marketing effort may have little to do with money and much more to do with what you think and do.
By the time you finish this course, you will have a broader understanding of marketing beyond TV commercials and billboards and those annoying pop-up ads on the websites you visit. You&rsquoll learn how to see marketing for what it is. You&rsquoll learn how to be a smart consumer and a smart user of marketing techniques when the need for them arises in your life.
Go back to that word you jotted down to describe marketing at the top of the page. Now that you&rsquove had a little more exposure to the concept, what word comes to mind to describe &ldquomarketing&rdquo? Is it the same word you chose earlier, or are you starting to think differently?
What Is the Importance of Botany?
Botany is important primarily because it is the scientific study of plants, which are in turn used in many aspects of human life. Botanists study plants of all kinds and apply their knowledge of characteristics and traits of crops, plants and flowers to influence the fields of medicine, science and cosmetics among others. Plants support basic daily functions of human life by providing food and nutrition, supplementing medicines and cosmetic products and serving as important ingredients in a variety of medicines.
Botany affects most aspects of life in many different ways. Products such as food, medicine, wood, fabrics, alcohol and rubber are all derived from plants botany has enabled these technologies and many more. Botany is key to the development of biofuels, such as biomass and methane gas, which are alternatives to fossil fuels. This science is also essential to economic productivity because it includes a study of crops and ideal growing techniques to help farmers increase production and make their practices more efficient. Botany is also important in the area of environmental protection. Botanists document the various types of plants existing on Earth and can sound warnings when populations begin to decline. Botanists may influence the studies of other academic disciplines, such as life science, science communication, ecology, and evolutionary biology.
Why Is Poverty, Inequality Growing?
The number of people living in poverty is the highest it's been since the U.S. Census Bureau started tracking poverty estimates. Plus, the gap between those earning the most and the least continues to grow. Host Michel Martin discusses the current state of poverty and income inequality with two experts on the subject, Timothy Noah and Peter Edelman.
I'm Michel Martin, and this is TELL ME MORE, from NPR News. Later in the program, we are going to talk about a highly touted education program that's come under new scrutiny, including from a former member. We'll talk about the debate over Teach for America. That's in just a few minutes.
But first, we want to spend some time today talking about what was always expected to be the central issue in this presidential campaign: the economy. But specifically, we want to talk about whether this economy serves most people equally well. By now, it's clear what the lines of argument are: The Republican, Mitt Romney, is arguing that the economy needs more freedom and less regulation to offer more opportunity. President Obama is arguing that the economy needs more fairness.
And we'll just let you know up front that our next two guests have both written provocative books that both tilt to the fairness side of the argument, but they come at the question from slightly different perspectives. So we've put them together.
Peter Edelman is a professor of law and the faculty director of the Center on Poverty, Inequality and Public Policy at Georgetown University. He's been thinking about and writing about poverty for more than four decades, since he traveled through the Deep South with the late Senator Robert F. Kennedy. Professor Edelman also recently wrote the book "So Rich, So Poor: Why It's So Hard to End Poverty in America."
Also with us, Timothy Noah. He is a columnist and senior editor for the New Republic. He's the author of a new book called "The Great Divergence: America's Growing Inequality Crisis and What We Can Do About It."
Thank you both so much for speaking with us.
TIMOTHY NOAH: Thanks for having us.
PETER EDELMAN: My pleasure.
MARTIN: Peter, I'm going to start with you, because poverty is something that you've been thinking about for many, many years, as we've said. You say that you think that extreme poverty is actually increasing. Why do you say that?
EDELMAN: What's happened is that at the very, very bottom, we've lost cash assistance welfare for mothers and children. So the only thing that we have for people with really low incomes is food stamps. We have, now, 20.5 million people who have incomes below half the poverty line - that's below $9,000 for a family of three - and six million people whose only income is from food stamps. So that's a third of the poverty line, $6,000 for a family of three. That's just terrible, and it's the result of terrible public policy in the way in which the 1996 welfare law has played out.
MARTIN: Why has is it so hard to end poverty in this country?
EDELMAN: That really relates to what's happened to our economy, and also to family structure in the country. The problem is we have so many low-wage jobs, and we have so many people - generally single mothers - who only have one person in the household who could go out and earn money, and just can't get her family out of poverty, or out of near-poverty with the kind of job that she can get. Those two things together are just having a horrible effect, and that - together with politics, together with continuing attitudes about race and gender in the country - that's what's keeping us from doing better.
MARTIN: We're going to talk to Tim Noah in just a minute to talk more about income inequality. But income inequality also plays a role in your argument, as well. Are you arguing that income inequality is not just a symptom of growing poverty, but it's actually part of the problem?
EDELMAN: There's always been a divergence between the top and the bottom in this country, but it's just hugely grown in the last 40 years. So we've had growth, but everybody in the bottom half - not just the poor - have really not made progress at all, and at the very bottom, people have lost ground.
MARTIN: Tim Noah, this leads to you. You talk about two great divergences in your book. One is the skills gap. And then there's the income divergence between the top one percent and everybody else. Talk a little bit more about why this matters.
NOAH: Right. There are two gaps. One is based on skills. And my focus is on the middle class and the gap between people who have high school degrees and people who have college degrees and, increasingly, graduate degrees has increased. That's one divergence. The other divergence is the famous one percent versus the 99 percent, which has been a function, mainly, of out-of-control CEO pay and the financialization of the economy.
The skill-based divide is more complex, and it has partly to do with failures in our education system and the decline of the labor movement in this country.
MARTIN: Well, talk a little bit more, though, about why this matters. Of course, you know that there are many people who will argue that his gap doesn't matter at all, and, in fact, some would argue that this huge escalation in, you know, CEO pay is a good thing, because it's an incentive for people to be more creative, to try harder and to do things that lead to innovation. You say no.
NOAH: Right. Well, I think all arguments against the income inequality boom begin from the premise that of course we need some income inequality in the United States. Any capitalist system requires that skill and effort be rewarded to some extent. The question is: How much do you need? And the even more urgent question, I think, is: What happens when the inequality gap grows and grows and grows and never stops growing, as has been occurring since 1979? That's a true cause, I think, for concern.
It matters for our society, and I think it matters for our economy. In our society, you have a deepening sense of alienation between the middle class and the rich, and I would imagine also between the poor and the rich. And that is not healthy to our society.
With regard to the economy, it seems to me, if you need to reward people at the top, why don't you need reward people at the middle, at the median? We haven't seen incomes rise for the past decade. At the same time, we've seen productivity increase substantially. Now, if I'm at the median and I'm not going to see any economic reward from increasing my productivity, why should I make any effort at all?
MARTIN: If you're just joining us, this is TELL ME MORE, from NPR News. I'm speaking with Timothy Noah - that's who was speaking just now - and Peter Edelman. Both have recently authored books about income inequality and the persistence of poverty in this country.
Professor Edelman, I'll go back to you, here. First of all, you know that there are many people who also argue that people aren't more poor in this country, that extreme poverty is not worse than it was in the past. I know that one of the arguments that particularly bedevils you is the argument that, in fact, poor people are less poor than they used to be because they consume more calories, have more access to technology than any previous generation of poor people did in the past and, in fact, anywhere else in the world. Could you just address that, just briefly, if you would?
EDELMAN: If you're below the poverty line, why is it that you should be held to some kind of a third-world standard of being poor? That's ridiculous. Being poor in the United States is partly relative to what happens to other people, although try it and you'll find it doesn't work very well. And then the thing that's being left of these arguments is how many people are really in dire circumstance, where some kind of argument about their being here in the first world and not in the third world really doesn't apply. For some people, it really is like the third world in our country.
MARTIN: Well, one question that each of you addresses in your own way I'm interested in each of your perspective on it, it says: If things are as bad as you describe in both of your books, why isn't there more social unrest? I mean, we see in Europe, for example, where austerity measures have been proposed, that there are - there is - there are riots in the street. Why are we not seeing more of that here, Timothy Noah?
NOAH: I think partly it's because the decline of the labor movement. I think Americans do not naturally incline towards thinking collectively about their plight. There is a tendency - as you say - to kind of turn inward, to think that I am the captain of my fate, captain of my ship and so on. But the unions teach people to think collectively, and union representation is way, way down. In the 1950s, close to 40 percent of workers were covered by union contracts.
Now, in the private sector, that's down to seven percent. We hear a lot about public sector unions. We don't hear a lot about the really remarkable decline of private sector unions. We're back to where we were before the New Deal.
MARTIN: Professor Edelman, you have any thought about that?
EDELMAN: I think that the question of so much low-wage work has been with us for 40 years, and I think that people have become kind of inured to it and really think that nothing can be done about it. It's my hope that we haven't seen the end of what Occupy started, and that we get to the point where people are so disgusted by these incredible gaps between the top and the bottom that, as happened during the Progressive Era, they do begin to speak out about it, act about it and vote differently about it.
I think there's a real struggle that's quite possible, and that we should be having for those people who are between let's say the poverty line and twice the poverty line. We now have 103 million people who have incomes below twice the poverty line, below $44,000 for a family of four.
I think they're politically reachable if there would be more attention to them and more telling them that it's not their fault. There really is a structural problem that could be solved with a different politics.
MARTIN: Why should people who are doing well care about this?
EDELMAN: They should care because it really is the nature of our country that's at stake. For one thing, just in their self-interest, if they're corporate people, the fact is that if everybody in this country was a consumer, if more people were working and were getting a better income from work, they would sell more of their products and services.
But also, these kinds of gaps really turn us into a different country. The kind of corporate power that we have politically now really endangers our democracy.
NOAH: And I would agree with that. It's a bit parallel to what Martin Luther King said about racism. He said it didn't just harm African-Americans. It harmed the entire society. I think economic inequality similarly harms the entire society, and there's some research to back that up. Health outcomes, for example, are worse in societies where there's greater income inequality and, at the very least, that means that the rich are going to have to pay more for health care.
MARTIN: Let's just - in the minute we have left or couple minutes that we have left - let's hear from each of you about your prescriptions for this problem that you both described. Professor Edelman, you want to go first?
EDELMAN: I think the immediate thing is to restore the safety net at the very bottom, which we've destroyed by destroying cash assistance. But that's just the immediate thing, although it is a crisis. We have to figure out how to get more money into people's pockets from their work because jobs that pay enough to live on are at the heart of any poverty struggle. And, of course, educating our children and investing in our children is absolutely crucial.
NOAH: Well, I would certainly agree with everything that Mr. Edelman says and, in addition, I would raise marginal rates on the rich. The top rate is now half what it was when Ronald Reagan was elected. I would create a jobs program in the government along the lines of the WPA in the 1930s. I would impose price controls on college tuition, which are out of control. I would also empower shareholders to restrict CEO pay and I would reregulate Wall Street, to some extent.
In addition to solving or addressing the income inequality problem, it would also make our economy much more secure.
MARTIN: Timothy Noah is senior editor at the New Republic. He's author of the new book, "The Great Divergence: America's Growing Inequality Crisis and What We Can Do About It." He was kind enough to join us in our Washington, D.C. studio.
Peter Edelman is a professor of law and the faculty director of the Center on Poverty, Inequality and Public Policy at Georgetown University. He's the author of the new book, "So Rich, So Poor: Why It's So Hard to End Poverty in America." He was kind enough to join us on the line from Boston.
Gentlemen, thank you both so much for speaking with us.
EDELMAN: Thank you very much.
NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR&rsquos programming is the audio record.
Horoscope for Friday, 6/11/21 by Christopher Renstrom
PlentyOfFish says, “You are fickle when choosing a mate and prefer to stay in your comfort zone with a fellow Aries.” The app suggests Aries women pair up with Aries and Gemini men, while avoiding Pisces, Libra and Cancer POF also suggests Aries men look for Aries women while avoiding Virgo and Capricorn.
4 of 20 Taurus, April 20 to May 20
PlentyOfFish says, “Don’t you dare go looking very far! Your ideal date is Taurus because you two share the strongest compatibility. Your worst match is Aquarius.” The app suggests Taurus women pair up with Taurus, Capricorn and Sagittarius men, while avoiding Aquarius POF also suggests Taurus men look for Taurus and Cancer women while avoiding Aquarius.
5 of 20 Gemini, May 21 to June 20
PlentyOfFish says, “You have lots of potential date options, Gemini!” The app suggests Gemini women pair up with Libra, Scorpio and Pisces men, while avoiding Aquarius, Cancer and Taurus POF also suggests Gemini men look for Leo Libra and Aries women while avoiding Aquarius, Capricorn and Scorpio.
7 of 20 Cancer, June 21 to July 22
PlentyOfFish says, “Cancer falls right in the middle with evenly distributed match potential with all the star signs. When it comes down to choosing the right one, Cancers are most harmonious with each other.” The app suggests Cancer women pair up with Cancer and Sagittarius men, while avoiding Aquarius and Leo POF also suggests Cancer men look for Cancer and Sagittarius women while avoiding Gemini and Aries
8 of 20 Leo, July 23 to August 22
10 of 20 Virgo, August 23 to September 22
11 of 20 Libra, September 23 to October 22
13 of 20 Scorpio, October 23 to November 21
14 of 20 Sagittarius, November 22 to December 21
16 of 20 Capricorn December 22 to January 19
17 of 20 Aquarius, January 20 to February 18
19 of 20 Pisces, February 19 to March 20
ARIES. (March 20 - April 18): Mars in Leo brings bravado and gumption. Channel it sincerely and efforts will be heroic use it selfishly and you come across like a brat.
TAURUS. (April 19 - May 19): A financial matter works out in your favor, but it's hard to get excited considering its cost. But then again it would have been worse if you had lost.
GEMINI. (May 20 - June 19): You enjoy a good tête-à-tête, but not everyone shares your love of wordplay. Be wary of literal types. You could inadvertently offend.
CANCER. (June 20 - July 21): A rival beats you out for a position, but don't worry. There's a reason why it wasn't meant to be as you'll discover soon enough.
LEO. (July 22 - Aug. 21): Mars pushes you to push yourself. This is good as you tend to rest on your laurels. New challenges invigorate the spirit and fire the imagination.
VIRGO. (Aug. 22 - Sept. 21): Everyone has an ego - even a humble and selfless Virgo. You're tired of being overlooked and want to do something about it. Make yourself heard!
LIBRA. (Sept. 22 - Oct. 21): There's no such thing as a disappointment if it teaches you an invaluable lesson. Think of it as a deposit towards your rapidly accumulating wealth of experience.
SCORPIO. (Oct. 22 - Nov. 20): The next seven weeks mark a personal high point as promises are fulfilled and hopes are realized.
SAGITTARIUS. (Nov. 21 - Dec. 20): Today begins an invigorating period that culminates on July 29th. You make more progress in the next few weeks than you have in years.
CAPRICORN. (Dec. 21 - Jan. 18): A partner wants to move forward and you're holding back. Rethink it. This person's radar is getting clearer reception.
AQUARIUS. (Jan. 19 - Feb. 17): It's hard to see provocation as an expression of affection, but that's how Mars in Leo works. It's the positive side of negative attention.
PISCES. (Feb. 18 - March 19): It's natural to regard a critical type warily, but this person wants to help you help yourself. Believe it or not, s/he is on your side.
Ruling Planets: Your Astrological Guide to Life's Ups and Downs - amazon.com50.00 Shop Now
66 Distinguish between Tangible and Intangible Assets
Assets are items a business owns. 1 For accounting purposes, assets are categorized as current versus long term, and tangible versus intangible. Assets that are expected to be used by the business for more than one year are considered long-term assets . They are not intended for resale and are anticipated to help generate revenue for the business in the future. Some common long-term assets are computers and other office machines, buildings, vehicles, software, computer code, and copyrights. Although these are all considered long-term assets, some are tangible and some are intangible.
An asset is considered a tangible asset when it is an economic resource that has physical substance—it can be seen and touched. Tangible assets can be either short term, such as inventory and supplies, or long term, such as land, buildings, and equipment. To be considered a long-term tangible asset, the item needs to be used in the normal operation of the business for more than one year, not be near the end of its useful life, and the company must have no plan to sell the item in the near future. The useful life is the time period over which an asset cost is allocated. Long-term tangible assets are known as fixed assets .
Businesses typically need many different types of these assets to meet their objectives. These assets differ from the company’s products. For example, the computers that Apple Inc. intends to sell are considered inventory (a short-term asset), whereas the computers Apple’s employees use for day-to-day operations are long-term assets. In Liam’s case, the new silk-screening machine would be considered a long-term tangible asset as he plans to use it over many years to help him generate revenue for his business. Long-term tangible assets are listed as noncurrent assets on a company’s balance sheet. Typically, these assets are listed under the category of Property, Plant, and Equipment (PP&E), but they may be referred to as fixed assets or plant assets.
Apple Inc. lists a total of $33,783,000,000 in total Property, Plant and Equipment (net) on its 2017 consolidated balance sheet (see (Figure)). 2 As shown in the figure, this net total includes land and buildings, machinery, equipment and internal-use software, and leasehold improvements, resulting in a gross PP&E of $75,076,000,000—less accumulated depreciation and amortization of $41,293,000,000—to arrive at the net amount of $33,783,000,000.
Recently, there has been a trend involving an increase in the number of intangibles on companies’ balance sheets. As a result, investors need a better understanding of how this will affect their valuation of these companies. Read this article on intangible assets from The Economist for more information.
Companies may have other long-term assets used in the operations of the business that they do not intend to sell, but that do not have physical substance these assets still provide specific rights to the owner and are called intangible assets . These assets typically appear on the balance sheet following long-term tangible assets (see (Figure).) 3 Examples of intangible assets are patents, copyrights, franchises, licenses, goodwill, sometimes software, and trademarks ((Figure)). Because the value of intangible assets is very subjective, it is usually not shown on the balance sheet until there is an event that indicates value objectively, such as the purchase of an intangible asset.
A company often records the costs of developing an intangible asset internally as expenses, not assets, especially if there is ambiguity in the expense amounts or economic life of the asset. However, there are also conditions under which the costs can be allocated over the anticipated life of the asset. (The treatment of intangible asset costs can be quite complex and is taught in advanced accounting courses.)
|Types of Intangible Assets|
|Trademarks||Renewable every ten years|
|Copyrights||Seventy years beyond death of creator|
Your company has recently hired a star scientist who has a history of developing new technologies. The company president is excited with the new hire, and questions you, the company accountant, why the scientist cannot be recorded as an intangible asset, as the scientist will probably provide more value to the company in the future than any of its other assets. Discuss why the scientist, and employees in general, who often provide the greatest value for a company, are not recorded as intangible assets.
A patent is a contract that provides a company exclusive rights to produce and sell a unique product. The rights are granted to the inventor by the federal government and provide exclusivity from competition for twenty years. Patents are common within the pharmaceutical industry as they provide an opportunity for drug companies to recoup the significant financial investment on research and development of a new drug. Once the new drug is produced, the company can sell it for twenty years with no direct competition.
Jane works in product development for a technology company. She just heard that her employer is slashing research and development costs. When she asks why, the marketing senior vice president tells her that current research and development costs are reducing net income in the current year for a potential but unknown benefit in future years, and that management is concerned about the effect on stock price. Jane wonders why research and development costs are not capitalized so that the cost would be matched with the future revenues. Why do you think research and development costs are not capitalized?
Trademarks and Copyrights
A company’s trademark is the exclusive right to the name, term, or symbol it uses to identify itself or its products. Federal law allows companies to register their trademarks to protect them from use by others. Trademark registration lasts for ten years with optional 10-year renewable periods. This protection helps prevent impersonators from selling a product similar to another or using its name. For example, a burger joint could not start selling the “Big Mac.” Although it has no physical substance, the exclusive right to a term or logo has value to a company and is therefore recorded as an asset.
A copyright provides the exclusive right to reproduce and sell artistic, literary, or musical compositions. Anyone who owns the copyright to a specific piece of work has exclusive rights to that work. Copyrights in the United States last seventy years beyond the death of the original author. While you might not be overly interested in what seems to be an obscure law, it actually directly affects you and your fellow students. It is one of the primary reasons that your copy of the Collected Works of William Shakespeare costs about $40 in your bookstore or online, while a textbook, such as Principles of Biology or Principles of Accounting, can run in the hundreds of dollars.
Goodwill is a unique intangible asset. Goodwill refers to the value of certain favorable factors that a business possesses that allows it to generate a greater rate of return or profit. Such factors include superior management, a skilled workforce, quality products or service, great geographic location, and overall reputation. Companies typically record goodwill when they acquire another business in which the purchase price is in excess of the fair value of the identifiable net assets. The difference is recorded as goodwill on the purchaser’s balance sheet. For example, the goodwill of $5,717,000,000 that we see on Apple’s consolidated balance sheets for 2017 (see (Figure)) was created when Apple purchased another business for a purchase price exceeding the book value of its net assets.
Your cousin started her own business and wants to get a small loan from a local bank to expand production in the next year. The bank has asked her to prepare a balance sheet, and she is having trouble classifying the assets properly. Help her sort through the list below and note the assets that are tangible long-term assets and those that are intangible long-term assets.
- Accounts Receivable
- Note Receivable
- Marketable Securities
- Owner Capital
- Accounts Payable
- Mortgage Payable
Tangible long-term assets include land, machinery, equipment, and building. Intangible long-term assets include patent, software, and copyright.
Key Concepts and Summary
- Tangible assets are assets that have physical substance.
- Long-term tangible assets are assets used in the normal course of operation of businesses that last for more than one year and are not intended to be resold.
- Examples of long-term tangible assets are land, building, and machinery.
- Intangible assets lack physical substance but often have value and legal rights and protections, and therefore are still assets to the firm.
- Examples of intangible assets are patents, trademarks, copyrights, and goodwill.
(Figure)Property, Plant, and Equipment is considered which type of asset?
(Figure)Which of the following would not be considered an intangible asset?
(Figure)The legal protection that provides a company exclusive rights to produce and sell a unique product is known as which of the following?
(Figure)What is the difference between tangible and intangible assets?
The main difference between tangible and intangible assets is that tangible assets have a physical substance to them. This means they can be touched and have some physical form.
(Figure)What is the difference between a patent and a copyright?
A patent is a contract that provides a company with exclusive rights to produce and sell a unique product. It is granted by the federal government and provides exclusivity from competition for twenty years. A copyright provides the exclusive right to reproduce and sell artistic, literary, or musical compositions for a period of seventy years beyond the death of the original author.
(Figure)What is goodwill, and how is it generated?
Exercise Set A
(Figure)Fombell, Incorporated has the following assets in its trial balance:
What is the total balance of its Property, Plant, and Equipment?
Exercise Set B
(Figure)New Carlisle, Incorporated, has the following assets in its trial balance:
What is New Carlisle’s total amount of intangible assets?
Problem Set A
(Figure)Selected accounts from Phipps Corporation’s trial balance are as follows. Prepare the assets section of the company’s balance sheet.
(Figure)Selected accounts from Han Corporation’s trial balance are as follows. Prepare the detailed schedule showing the Property, Plant, and Equipment.
Problem Set B
(Figure)Selected accounts from Hanna Corporation’s trial balance are as follows. Prepare the assets section of the company’s balance sheet.
(Figure)Selected accounts from Boxwood Corporation’s trial balance are as follows. Prepare the detailed schedule showing the Property, Plant, and Equipment.
(Figure)You are an accounting student at your local university. Your brother has recently managed to save $5,000, and he would like to invest some of this money in the stock market, so he’s researching various global corporations that are listed on the stock exchange. He is reviewing a company that has “Goodwill” as an item on the balance sheet. He is quite perplexed about what this means, so he asks you for help, knowing that you are taking accounting classes. How would you explain the concept of goodwill to him by comparing it to other types of resources the company has available?
Is it important that you learn your partners romantic history?
The past is the best predictor of the future. Those who willingly turn a blind eye are often the same ones who often complain they have dated "the wrong one". Why? Because one's past says a lot about a person. If you're about to marry a woman who has divorced multiple times, chances are that you are going to be the next ex-husband. If you're about to date someone who had cheated in the past, the odds of them cheating on you is greater. When it comes to body-count, I have made an entire post about it dedicated to that:Why The Number of Sexual Partners Matters
So yes, it is very important to know who you are dealing with before you choose to commit to that person. Before I buy a car, I want to know everything about its history. From milage to a damages to who drove the car. If I'm not careful, I end up buying a car that will require frequent maintenance or break down altogether. And no I'm not "objectifying" humans, this is a simple analogy.
The Study of Lay Theories
“Lay” theories are the theories that people use in their everyday life. They not only serve people's epistemic needs to understand and make predictions about their social world but also serve their social needs to form and maintain relationships as well as psychological needs to feel in control and good about themselves. Decades of findings from cognitive, cultural, developmental, and social psychological research involving children, adolescents, and adults across numerous cultures indicate that lay theories are powerful predictors of greater or weaker prejudice, stereotyping, and discrimination toward numerous groups (gay men, overweight persons, people living with AIDS, poor persons, socially stigmatized racial/ethnic groups, women). This chapter examines how lay theories foster prejudice or tolerance toward social groups. It highlights some relevant findings on a prominent lay theory, the Protestant work ethic (PWE), which appears to have at least two intergroup implications: one for prejudice and one for tolerance. The tolerant implication of PWE seems to exist across age, cultural, and social status groups whereas the intolerant implication seems to be culturally bound with children in those cultures first learning the tolerant implication and later learning the intolerant implication.
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