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Mary S, an independent petroleum geologist, has prepared a package of her maps, analysis, and other supporting material to try to sell a company with sufficient capital the notion of drilling the well. Mary has worked on this project for the past two years and expended $30,000 in acquiring information and additional software to develop the drilling prospect. She cannot afford to lease the property, so she has prepared an agreement that a company looking at her prospect agrees to not go around her and take her idea. Mary shows the idea to Big Dog Oil Company (ABC Stock Exchange). Big Dog signs off agreeing to pay her $75,000 and to assign a 3 per cent overriding royalty interest if they decide to do the deal. One of the managers, Joe D., working for Big Dog is recruited by the board of directors of Little Cat Gas Company (XYZ Stock Exchange) to become their CEO. Joe tells the board of Little Cat about his idea to drill a well. Little Cat leases the project area and drills a highly successful well. Joe gets a huge stock award. Mary does not find out about Little Cat until afterwards. Mary is upset that Joe has taken her idea; has her attorney file suit, a subpoena is issued for all the records of Little Cat, effectively shut them down. This is the only commercial success Little Cat has had and has essentially rescued them from bankruptcy. This geologically successful idea is worth several million dollars to Mary, who can barely afford to support her family. Problem 1: What are the corporate governance and ethics problems? Do not discuss legal problems! please cite source
Explain why principles-based standards require a conceptual framework - why is it important that the IASB and FASB share a common conceptual framework?
A company purchased a delivery van for $30,000 with a salvage value of $6,000 on January one, Year 1. It has an estimated useful life of 6 years or 60,000 miles. The van was driven 13,000 miles in the first year. Using the units of production method,..
The Make a Way Foundation has run into a financial crisis. Halfway into their fiscal year, the financier has realized that the company has not put enough money aside to cover all of their costs for the children's summer expense project.
Determine the amount of gross profit or loss to be recognized in each of the three years using percentage of completion method.
A company gives each of its 75 employees (assume they were all employed continuously through 2017 and 2018) 12 days of vacation a year if they are employed at the end of the year. What amount of vacation liability would be reflected on the 2017 and 2..
A1 Corp, a U.S. company, purchased equipment from a Mexican firm for Mex$1,000,000 to be paid in 3 months. The spot rate at the time of purchase is $0.06 per Mex$.
Cumulative preferred shares issued at $150, and 100,000 common shares issued at $1, at December 31, 2021. If the board of directors declares a $60,000 dividend
Find What was Cline's share of income for 20X1? sharing the remainder of the income or loss in a ratio of 20% for Cline and 40% each for Watters and Nettles.
Bridgeport incurred costs of $198,000 in manufacturing the equipment. Prepare a 10-year lease amortization schedule for Bridgeport, the lessor
A trial balance prepared at year-end shows total credits exceed total debits by $765. This discrepancy could have been caused by
Compute the present value of a $4,800 deposit in year 3, and another $4,300 deposit at the end of year 6 using an 9 percent interest rate.
Little Company borrowed $48,000 from Sockets on January, Prepare the journal entry for Sockets' third installment payment received on December 31, 2023.
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