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Question 1: Advice A. The above matter was brought to the attention of E and she is furious. She decides to step in and manage the day-to-day affairs of the company. She immediately fires A, and said to him he has to pay back for the cost of the Mercedes Benz out of his own pocket. E then calls for a general (extraordinary) meeting giving the members 7 days notice. She told B, C and D that she intends to fire the entire board in that meeting. She said she will be the sole director for the company. On hearing this, B, C and D have secretly meetings with each other. They greed that they will authorise each others cheques (for their holiday packages) before they were fired. In addition, B, C and D ordered LCDs, DVDs and laptops from their mate's shop. They know this mate well told him he has to quickly deliver the LCDs, DVDs and laptops, before they were fired. Question 2: Advice E. Zio Pty Ltd (Zio) was registered in 2006. Angus and Max are its only shareholders and directors. Zio's constitution provides that Clare is to be Zio's solicitor. Clare is Max's wife, but after marriage difficulties they have recently separated. Clare has just received a letter from Zio stating that her services are no longer required. Question 3: Advise Clare. Sue is a director of BB Promotions Pty Ltd (BB Promotions). BB Promotions was registered on 8 August 2007. No constitution has been adopted and no relevant special resolutions have been passed. BB Promotions trades in Melbourne and Perth. Sussie lives in Melbourne. She recently travelled to Perth for a meeting of the board of directors. She submitted receipts for these expenses but, even after repeated attempts, she cannot get the company secretary or board to authorise payment. Sussie had always assumed that these expenses would be reimbursed, but she had never actually discussed this with her fellow directors.
Question 4: What legal remedy (if any) does Sussie have?
salvador inc. acquired 30 of the outstanding common stock of yangming inc. on december 31 2013 which allows salvador to
company is considering the replacement of equipment used in operations. the following data are availableold equipment
caspian creations sells wooden boxes from a kiosk in a mall. fixed costs are 2500 per month and the variable cost is
Cash dividends were $43. The company sold equipment for $61 that was originally purchased for $28 and that had accumulated depreciation of $25. The net cash provided by (used in) operations for the year was:
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Prepare the necessary journal entries on the books of Jayhawk Carpet Company to record the following transactions, assuming a perpetual inventory system (you may omit explanations):
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What General Fund journal entry should Grand Marais make on May 6, to record the approved purchase order?
during 2012 edwards co. sold inventory to its parent company forsyth corp. forsyth still owned all of the inventory at
An individual has a $30,000 § 1245 gain, a $85,000 § 1231 gain, a $55,000 § 1231 loss, a $30,000 § 1231 lookback loss, and a $80,000 long-term capital gain. The net long-term capital gain is:
when the stock market is going up over a long period of time investors can become complacent about the risks of being a
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