Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question 1
Indri runs a soil-testing business. He decides to form a company to take over the business. He is the sole shareholder and sole director. Indri sells his business to the company at an inflated price and lends the company $90,000 to help meet the cost of purchase. As security for the loan, Indri arranges a mortgage over a vacant block of land, which he transferred to the company as part of the business sale. In the first year of operation, the business makes a small profit (after paying both Indri and his 20 daughter's wages), but by the end of 2012 it is clear that the building industry is going through a major slump. Indri becomes desperate and works even harder. While working late into the night, Indri badly lacerates his hand and needs micro-surgery. His efforts to keep the business afloat are in vain and the company is forced into liquidation. On realisation of the assets, it is found that the company has approximately $95,000 to go towards meeting creditors' claims of $210,000:
(a) If Indri is the only secured creditor, will he get back his $90,000?
(b) Can Indri claim workers' compensation, assuming that he is otherwise entitled to it?
cottrell inc. is investigating an investment in equipment that would have a useful life of 9 years. the company uses a
To what extent are the reasons for different European accounting systems still relevant as reasons for different European IFRS practices?
Nancy's Niche sells a single product. 8,000 units were sold resulting in $80,000 of sales revenue, $20,000 of variable costs, and $10,000 of fixed costs. If variable costs decrease by $1 per unit, the new breakeven point is:
Susan generated $55,000 of net earnings from the conduct of a tax preparation business that she operated during the tax-filing season. She also received wages of $60,000 from her full-time job. Compute the self-employment taxes due for 2010.
opper corporation has 60000 shares of 1 par value common stock and 16000 shares of cumulative 7 100 par preferred stock
On July 10, Setterstrom increased the fund from $100.00 to $130.00. Prepare journal entries for Setterstrom Company.
On January 2, 2011, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2012.
Explain the tax implications for JIM
Shiue and Keller found that in 1770, the efficiency of markets in England was significantly greater than the efficiency of markets elsewhere in Europe and in China. How does this finding relate to Douglass North's argument concerning why the Indus..
Provide a reasonable explanation as to what may have caused the net cash inflow from operating activities.
austin company uses a job order cost accounting system. the companys executives estimated that direct labor would be
To report useful financial information on a timely basis, accountants must make estimates of future results, such as salvage value and useful life of depreciable assets and uncollectible accounts expense (Edmonds, olds & McNair, 2012).
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd