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Question 1
Indri runs a soil-testing business. He decides to form a company to take over the business. He is the sole shareholder and sole director. Indri sells his business to the company at an inflated price and lends the company $90,000 to help meet the cost of purchase. As security for the loan, Indri arranges a mortgage over a vacant block of land, which he transferred to the company as part of the business sale. In the first year of operation, the business makes a small profit (after paying both Indri and his 20 daughter's wages), but by the end of 2012 it is clear that the building industry is going through a major slump. Indri becomes desperate and works even harder. While working late into the night, Indri badly lacerates his hand and needs micro-surgery. His efforts to keep the business afloat are in vain and the company is forced into liquidation. On realisation of the assets, it is found that the company has approximately $95,000 to go towards meeting creditors' claims of $210,000:
(a) If Indri is the only secured creditor, will he get back his $90,000?
(b) Can Indri claim workers' compensation, assuming that he is otherwise entitled to it?
Firm J has net income of $72,000, sales of $960,000, and average total assets of $480,000.
A hospital manager budgeted $100,000 for monthly nursing expenses in the hospital's well-baby clinic. The manager expected that the clinic would treat $5000 babies and pay its nurses $40 per hour.
out of eden inc. is planning to invest in new manufacturing equipment to make a new garden tool. the new garden tool is
An acquired entity has a long-term operating lease for an office building used for central management. the terms of the lease are very favorable relative to current market rates.
Compute Dow's earnings per share for the year ended December 31, 2011. (Do not round intermediate calculations. Round your answers to 2 decimal places.
in determining the dollar amount to use for operating assets in the return on investment roi calculation companies will
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 27 and (b) the inventory on March 31.
mccoo inc. bases its manufacturing overhead budget on budgeted direct labor-hours. the variable overhead rate is 1.50
1. Explain the role of financial statement audits in a capitalist society including why audits of financial statements are beneficial to society as a whole. Your response should include the purpose of capital markets, the effects on the veloci..
Indicate the type of sales promotion that a producer might use in each of the following situations and briefly explain your reasons: (1) A firm has developed an improved razor blade, but customers are not motivated to buy it.
can you let me know who got the answer for the question.a. $50b. $200c. $215d. $250e. $265
Create the Journal for the transactions and Post these to the T-accounts, create the Unadjusted trial balance and make the necessary Adjusted journal entries
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