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Question 1: Advice A. The above matter was brought to the attention of E and she is furious. She decides to step in and manage the day-to-day affairs of the company. She immediately fires A, and said to him he has to pay back for the cost of the Mercedes Benz out of his own pocket. E then calls for a general (extraordinary) meeting giving the members 7 days notice. She told B, C and D that she intends to fire the entire board in that meeting. She said she will be the sole director for the company. On hearing this, B, C and D have secretly meetings with each other. They greed that they will authorise each others cheques (for their holiday packages) before they were fired. In addition, B, C and D ordered LCDs, DVDs and laptops from their mate's shop. They know this mate well told him he has to quickly deliver the LCDs, DVDs and laptops, before they were fired. Question 2: Advice E. Zio Pty Ltd (Zio) was registered in 2006. Angus and Max are its only shareholders and directors. Zio's constitution provides that Clare is to be Zio's solicitor. Clare is Max's wife, but after marriage difficulties they have recently separated. Clare has just received a letter from Zio stating that her services are no longer required. Question 3: Advise Clare. Sue is a director of BB Promotions Pty Ltd (BB Promotions). BB Promotions was registered on 8 August 2007. No constitution has been adopted and no relevant special resolutions have been passed. BB Promotions trades in Melbourne and Perth. Sussie lives in Melbourne. She recently travelled to Perth for a meeting of the board of directors. She submitted receipts for these expenses but, even after repeated attempts, she cannot get the company secretary or board to authorise payment. Sussie had always assumed that these expenses would be reimbursed, but she had never actually discussed this with her fellow directors.
Question 4: What legal remedy (if any) does Sussie have?
Suppose a company uses machine hours as a cost-allocation base for factory overhead. How does the company compute a budgeted overhead application rate? How does it compute the amounts of factory overhead applied to a particular job?
Cannon Company is considering a capital project that will return $100,000 each year for five years. At the company's hurdle rate of 10%, the present value of the annuity is $379,100. If the return on investment in the first year is $37,910, what i..
The Butterfly Corporation had the following information that pertained to its March budget.
Suppose there are 360 business days in the year. What was the number of days' sales outstanding in average receivables and the number of days' sales outstanding in average inventories for 2011, respectively.
The labor standard for a product was five hours at a wage rate of eight dollars if a company produce 900 units and labor cost was $35, 250.00 and 4700 hours of labor. What would the labor cost be?
Assuming Gould's sells this item for $23 per unit, prepare summary journal entries for the period's purchases, sales, and sales returns.
Goofy reclassified this investment as trading securities in December of 2011 when the market value had risen to $125,000. What effect on 2011 income should be reported by Goofy for the Crazy Co. shares?
treatment of various costs ben sisko supply company anewly formed corporation incurred the following expenditures
Randall Company makes and distributes outdoor play equipment. Last year sales were $2,400,000, operating income was $600,000, and the assets used were $3,000,000.The return on investment (ROI) is:
The management of Lopez estimates that this recall would cost $800,000. What accounting recognition, if any, should be accorded this situation?
Under a plan of complete liquidation, Coast Corporation distributes land with a $300,000 adjusted basis and a $400,000 FMV to William, a 25% shareholder. William has a $200,000 basis in his Coast stock. The land is inventory in the hands of Coast ..
bamboo you inc. this company manufactures bamboo picture frames that sell for 23 each. each frame requires 4 linear
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