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Question 2
Mark worked as route manager for United Trucks Pty Ltd in Queensland from 2002-08. A term of his contract was that if he should leave the company, he could not engage in the trucking industry in Queensland for five years. In 2010 he registered a company called Sunshine Trucks Pty Ltd. Mark owns 95% of the shares. The other 5% are owned by his brother, Greg, whom he elected as sole director and CEO. All contracts for haulage of goods are signed by Greg in the name of Sunshine Trucks Pty Ltd. The company operates in north Queensland.Greg also signed a contract on behalf of the company, taking out a loan of $ 2 million from Grasping Bank in 2010 as start-up capital. The company did well during 2010, 2011 and the first half of 2012, but in July 2012 was not able to repay a loan instalment of $ 100 000 owing to Grasping Bank Ltd.
Mark comes to you for advice after receiving two letters: One from United Trucks Pty Ltd requiring him to cease the operations of Sunshine Trucks Ltd in Queensland, the other from Grasping Bank Ltd threatening to sue him for $ 100 000. Advise him, citing all relevant legal authority.
Justify your answer by describing what is meant by the term depreciation, the role and process of recognizing depreciation in accounting reports, and by identifying the accounting concepts that give the justification for recognizing depreciation.
The required interest rate of the firm is 14 percent. (more precisely, suppose the investment is made at the beginning of each year, with the first cash flow from every project commencing at the end of the year)
What information on this option plan could be shown in the financial statements of Recycling Corporation at December, 2010 describe.
Prepare a complete statement of cash flows
Compute Dow's diluted and basic earnings per share
Evaluate the average cost per unit for every plant and why would manager of plant A be unhappy with using average cost as the performance measure?
What is the most likely effect on the labor variances in the first month of this strike. the estimates of the variable and fixed components of repair cost would be
There were no other errors or corrections. Ignore any tax considerations - evaluate the total net effect of errors on Mystical's 2013 net income?
Which of the subsequent properly portrays the components of net position for proprietary funds?
Would you recommend Ahi complete this transaction and what potential ethics issues do you see in this situation and which AICPA Code(s) of Professional Conduct rules apply in this situation (explain how and why they apply)?
Evaluate the effect that the new product line would have on the profitability of firm as a whole. Should division have produced crimping and waving iron?
Determine the potential problems that can exist when comparability of asset conditions cannot be made within an agency and with other agencies. Suggest how these problems may be minimized
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