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Question - Personal Liability - Johnson Trucking, Inc., owned by Pat Johnson, charged its fuel purchases to an account at Juice Express. When Johnson Trucking, Inc. was not paid on several jobs, it was unable to pay amounts owed to Juice. Shortly thereafter, Johnson Trucking, Inc. ceased doing business and was dissolved. However, Pat continued to provide trucking services as a sole proprietor. Juice sued Pat Johnson for the unpaid amount - about $35,000. Pat argued that he was not personally liable for corporate debt. What are the factors the court will consider in deciding whether or not to pierce the corporate veil? Should the court pierce the corporate veil? Why or why not? Use this week's lecture as a basis for your post.
Calculate the Gross profit percentage and Inventory turnover, Operating-cash-flow-to-capital-expenditures ratio and Times-interest-earned ratio
Compute Anna's net rent income or loss and the amounts she can itemize on her tax return, using the court's approach to allocating property taxes and interest. How would your answer in part (a) differ using the IRS's method of allocating property t..
Allen (age 32) takes a distribution of $20,000 from his Traditional IRA account, What income and/or penalties must he show on his tax return
Determine the net present value for the project, using a minimum rate of return of 6% and the present value of an annuity table appearing in this chapter
What are the main financial ratios - How do these provide insight to a company's liquidity, operational efficiency, and profitability
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Calculate the cost base of the property. What type of CGT event is the sale of this property? Calculate the capital gain Louisa made that's liable to capital.
US Steel issues a $2,000,000 bond at 10% for 8 years. What is the interest expense and the amount of cash paid the second interest payment
The company manufactured 30,000 units of product during the year. Compute the direct labor price and efficiency variances for the year
Brannon Company manufactures ceiling fans and uses an activity minus-based costing system
Identify any internal control strengths and weaknesses in the fixed asset processes at Breightner. Explain why each of those that you identify are strengths or weaknesses For each internal control weakness, describe improvement(s) in the processes ..
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