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Question 2
Mark worked as route manager for United Trucks Pty Ltd in Queensland from 2002-08. A term of his contract was that if he should leave the company, he could not engage in the trucking industry in Queensland for five years. In 2010 he registered a company called Sunshine Trucks Pty Ltd. Mark owns 95% of the shares. The other 5% are owned by his brother, Greg, whom he elected as sole director and CEO. All contracts for haulage of goods are signed by Greg in the name of Sunshine Trucks Pty Ltd. The company operates in north Queensland.Greg also signed a contract on behalf of the company, taking out a loan of $ 2 million from Grasping Bank in 2010 as start-up capital. The company did well during 2010, 2011 and the first half of 2012, but in July 2012 was not able to repay a loan instalment of $ 100 000 owing to Grasping Bank Ltd.
Mark comes to you for advice after receiving two letters: One from United Trucks Pty Ltd requiring him to cease the operations of Sunshine Trucks Ltd in Queensland, the other from Grasping Bank Ltd threatening to sue him for $ 100 000. Advise him, citing all relevant legal authority.
Write the adjusting entry needed to reconcile the difference between actual and normal cost
the data below relate to a product of colfax company.standard costs material 2 pounds at 6 per pound 12 per unitlabor
Determine the adjustments that Moxie would make in 2013 and 2014 to reconcile net incomeand stockholders' equity under U.S. GAAP to IFRS and determine the amount Moxie should recognize as research and development expense in2013 under
variable costing net operating income last year....55800increase in ending inventory last year....3600variable costing
Consider the alternative to trashing is choosing the more profitable of the two alternatives (that the new employee looked at and did not like). Find effect will the trashing option (that the new employee wants) have on net income
Prepare a performance report for Peaceful using the headings - Actual Production Costs and compute the materials usage variance
Prepare a partial income statement, beginning with income from continuing operations and classify the above items into the categories
questionace company produces a product that sells for 142 per unit. ace in june and july the first two months of
Evaluate journal entry for the first installment payment on December 31, 2013.
Prepare general journal entries to account for the capital contributed by the partners. Include narrations and prepare a statement of financial position on the day of formation.
Identify two ways to finance the remaining $20,000 you will need, so you can pay all of the liabilities when they are due
1. which of the following are easy to trace to individual jobs?nbsp a. direct materials and overheadb. direct materials
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