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George and Li Shan Shan are operating a hair dressing business. They decide to form a company because their business is expanding rapidly. When the company is formed it is to be called Look Good Hair Styles Ltd. George is tasked with the duty of procuring equipment prior to the formation of the company. Fortunately, some very cheap but efficient hair dressing equipment comes into the market. The equipment is being sold by a company called Greg’s Supplies Ltd. George enters into a contract with Greg’s Supplies Ltd on the understanding that the equipment will be paid for by Look Good Hair Styles Ltd once that company is incorporated. Look Good Hair Styles Ltd is subsequently incorporated with five people as the first shareholders, including George and Li Shan Shan. Unfortunately for George, at the first shareholders’ meeting, a resolution to adopt the contract that he had signed with Greg’s Supplies Ltd is defeated. Advise George of the type of contract that he has entered into and its consequences. Include in your advice any possible remedies that George may have access to in these circumstances.
Compare merchandising transactions using both periodic and perpetual inventory systems.
Presented below is selected information related to Flanagan Company at December 31, 2010. Flanagan reports financial information monthly.
At what price did Wrigley's stock last trade? What is the 52-week range of Wrigley's stock? When was the last time Wrigley's stock hit a 52-week high?
On October? 1, 2017, Ealys Jewelers accepted a 5−?month, 11?% note for $6,500 in settlement of an overdue account receivable. The accounting period ends on December 31. Calculate the accrued interest on the note at December? 31, 2017.?
Plot the monthly data and the regression lines for each of the following cost functions: Manufacturing overhead costs = a + (b x Machine-hours) and Manufacturing overhead costs = a + (b x Number of batches).
Compute depreciation for 20X3 - 20X7 by using the following methods: straight line, units of output, and double-declining-balance and Calculate cost of goods sold, ending inventory, and gross profit inventory valuation methods
determined that the economic benefits of the patent would not last longer than 6 years from the date of acquisition. Illustrate what amount should be reported in the balance sheet for the patent, net of accumulated amortization, at December 31, 2..
questionmercer mechanics offers a one-day sale on battery installation. during the progression of the day the mechanics
Gator Corporation manufactures several types of accessories. For the year, the gloves and mittens line had sales of $503,690, variable expenses of $372,430, and fixed expenses of $140,550.
Two partners have a dispute concerning current earnings. One partner believes his share is $75,000, while the other partner it is $100,000. How should this matter be resolved?
Would you expect management to worry about attitudinal surveys, such as the one described in Headline
Orange Corporation owns 70 percent of the voting common shares of McNichols Corporation, purchased at book value. Non controlling interest was assigned $21,000 of income in the 20X0 consolidated income statement.
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