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Question 1.
Andy has run a small corner store as a sole trader for many years.However, his adult children pester him to set up a company so that they can share in the prosperity of the business as shareholders. Andy complies and sells the business newly created company with 2 classes of shares: A class shares that have voting rights and B class shares that have no voting rights buy may receive dividends.Andy holds the sole A class share, whilst his children and spouse hold the B class shares between themselves.The company's purchase of the business from Andy was financed by a loan provided by Andy secured by a charge over all the company's assets. Unfortunately, the economic slowdown puts pressure on the business and the new company is unable to service the loan to And.Andy takes possession the company's assets as secured creditor leaving the business creditors with nothing.
Analyse the corporate law issues arising from the situation.
Question 2
Leo and Melanie decided to incorporate a company, to be called halcyon Daze Pty Ltd, to carry on their new business as Internet service providers. Immediately the decision was made, Leo signed a lease of premises for the new business in his own name.The company was register and the business was conducted from the new premises.
Discuss the actions of Leo in relation to the new company. Does the new company have to pay the lease and if so what would be the procedure?
Tiller uses the periodic inventory system. Using weighted-average inventory method, Evaluate cost of goods sold for the month of January?
What is the benefit to Acme Manufacturing of applying activity-based costing to its R&D activity for both in-house and outside charging purposes?
Match each situation with fraud triangle factor that best explain it an employee's monthly credit card payments are nearly 75 percent of their monthly earnings
Strategies for managing risk - Evaluate what is a strategy for managing risk and what are some potential future risks?
What is the present value of the cash flow stream that the company is offering you
Explain the auditors responsibility for detecting this fraud
Find what was Young's total share of net loss for the first year and evaluate what was Eaton's total share of net loss for the first year?
Find what is the overall completion percentage for WIP as to direct materials at end of the period?
Theory of Interest- Non-annual interest rates and annuities
Prepare the entry record any adjustments required due to the income tax rate increase.
Prepare the journal entry to record the transaction of December 31, 2009, for the Hurly Co and assuming Hurly Co.'s fiscal year-end is December 31, prepare the journal entry for December 31, 2010.
Compute the net cash from operating activities based on the above information - Amazing Glory, Inc. knew a net income of $95,000 including $20,500 in depreciation expense.
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