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Questions -
Q1. Masks R Us Pty Ltd is now trading unprofitably as a result of the actions of Tom and Dick stated above (in question 5). The company now has difficulty in paying its debts and is falling behind in its tax payments to the Australian Taxation Office.
Harry, as a director of Masks R Us Pty Ltd, is concerned about the increasing company debts and the difficulties in the company's cash flow to make timely payments.
You are an accountant. Harry consults you for advice on whether he can be personally liable, in these circumstances, for the company's debts under the Corporations Act.
Advise Harry with reasons for the advice given.
Q2. Assume a debtor has issued a statutory demand to Mask R Us Pty Ltd for the non-payment of a $10,000 debt.
Explain, with reference to the Corporations Act, the legal options available to the company in responding to the statutory demand and the legal consequences of ignoring the statutory demand?
1 general capital assets purchased or constructed with governemental fund resources are recorded in the governmental
(Dollar-Value LIFO Issues) Arruza Co. is considering switching from the specific-goods LIFO approach to the dollar-value LIFO approach. Because the financial personnel at Arruza know very little about dollar-value LIFO, they ask you to answer the ..
for a recent year mcdonalds had the following sales andexpenses in
How much income should Karen have recognized in the year the ISO was granted - how much income does Karen recognize when she exercises the ISO?
In 2015 KRJ International reported earnings before taxes of $100,000 and tax expense of $32,000, leaving net income of $68,000.
love theater inc. owns amp operates movie theaters throughout new mexico amp utah. love theatre has declared the
Taxi Inc. operates a small taxi service in Ontario only, where the HST rate is 13%. What is Taxi's 2019 total annual HST liability
EBV is considering a $5M Series A investment in Newco. EBV proposes to structure the investment as 6M shares of convertible preferred stock.
during 2011 comet cares inc. decided to sell an unprofitable segment of its business. the sale of this segment
The following items appear on the consolidated balance sheet of Boeing Inc. at December 31, 2011 (in millions). The information in parentheses was added to aid in your understanding.
a) What is the present value of your windfall? b) What is the future value of your windfall in 3 years (on the date of the last payment)?
If the investor holds the bond until it matures and collects the $1,000 par value from the Treasury and his marginal tax rate is 28 percent, what will his after-tax yield to maturity be?
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