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1. Joe is a solicitor employed by Bloggs & Co. There are two partners, Harry and Ian. Ian is intending to retire and it has been decided that Joe should replace Ian as a partner, with Harry carrying on as a partner.
Explain to each of Joe, Harry and Ian what steps each should take to protect himself as a result of the changeover.
2. Cliff has been asked by his friends, Don and Eric, to help them set up an antiques business. Don and Eric want Cliff to lend them £5,000 and they say they will give Cliff one-third of the profits instead of interest on the loan.
What are the dangers to Cliff in such an arrangement and how can he overcome them?
In your memo, give a summary of the elements of an effective internal control system. Comment on each of your observations and if there is a weakness provide a solution. Your memo should be 2-3 pages.
Change of mind gives gallery a $1m surprise' and determine whether the gallery should treat the donation as revenue. Further, if the donation is treated as revenue, how would that revenue be measured?
State the objective of a group support system (GSS) and identify three characteristics that distinguish it from a DSS.
John Brown is a PA, but not a partner, with three years of professional experience with lyle and lyle, public accountants, a one-office public accountanting firm. he owns 25 shares of stock in an audit client of the firm,but he does not take part ..
Calculate the amount of interest that Mason should capitalize in 2013 and 2014 using the weighted-average method. (Do not round your intermediate calculations. Enter your answers in whole dollars.)
Identify the process of cost commitment during various phases of some product's life cycle. Try to find serveral examples so that you can contrast the rate of cost commitment for different products?
What four factors did Roll and Ross (1995) identify in their study of U.S. stocks? Are individual stock returns more closely related to national or industry factors? What implication does this have for portfolio diversification?
a company wishes to maintain a capital structure consisting of 20 debt 40 preferred stock and 40 common stock. the
Pursuant to a complete liquidation, Oriole Corporation distributes to its shareholders land with a basis of $450,000 and a fair market value of $550,000. The land is subject to a liability of $600,000. What is Orioles's recognized gain or loss on ..
The factor charges a factoring fee of 3 percent of the receivables sold. How much cash does Imperative receive on the sale? Calculate the factoring fee and describe how it is reported by Imperative Company. All else equal, how will this affect Impera..
How should Home Computer classify (for impairment testing purposes) the assets to be scrapped in the video monitor operations and the assets to be sold in the printer manufacturing operations at March 31, 2002?
on july 31 2003 dome co. issued 1000000 of 10 15-year bonds at par and used a portion of the proceeds to call its 600
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