Answered: Provide a recommendation on how the…

Business

Accounting

Provide a recommendation on how the shareholders’ meeting should be held

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter9: Responsibility Accounting And Decentralization

Section: Chapter Questions

Problem 1TP: You have just been elected president of a brand-new service club on campus. The club is part of a...

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Freddy is a director of Ace Finance Ltd. The board of directors for Ace Finance Ltd have unanimously agreed to have a marketing campaign to attract new clients to their financial business. Freddy's nephew – Frank – is a marketing executive who runs his own business. Freddy informs his nephew of the possibility of obtaining the marketing contract with Ace Finance Ltd. Freddy also discloses to Frank the price range that the company will consider. Freddy attends the board meeting where they consider who will get the marketing contract, but he does not disclose his connection with his nephew. After looking at all the potential candidates, the board of directors have selected Frank's business to do the marketing campaign for Ace Finance Ltd. Has Freddy breached his statutory obligations under the Corporations Act (Cth) 2001?
Work through the NZ Corporate Governance Code and identify any concern in the following case : 1. John Costa started Milan Ltd 20 years ago he is therefore CEO and Chairman of the board . His family members occupy 5 of the 7 board positions as they all work in the company and all have executive roles. He heard that he should also have an independent director on the board and decides to appint hisbest fiend Jill as she ahs always told him the thruth and not what he wants to hear. Thi swill be a good appointment because otherwise an independent person may not have any commitment to the company 2. Johns daughter Suzy, who is executive director interanl audit was told by the previous auditors that they should have an audit committeeand was very annoyed as she feels she has been ding a great job, Last year the staff member working for her entered a local business competition and Suzy won an award for the most admired boss.
Alma and Jean wrote a business proposal for their local partner, the GIF Corporation. They submitted the proposal to Mr. John Uy, the CEO of the said company. Upon checking, Mr. Uy found out that the business proposal had faulty details about the GIF Corporation. Also, Mr. Uy got tired of reading the entire proposal as it contained unimportant parts. Since Mr. Uy is a busy person, he did not have enough time to read everything in the proposal and resorted to asking Alma and Jean to revise the entire document. Question: Evaluate what characteristic (s) of effective technical communication is not observed and provide a discussion of why you say so
Work through the NZ Corporate Governance Code and identify any concern in the following case John Costa started Milan Ltd 20 years ago he is therefore CEO and Chairman of the board . His family members occupy 5 of the 7 board positions as they all work in the company and all have executive roles. He heard that he should also have an independent director on the board and decides to appint hisbest fiend Jill as she ahs always told him the thruth and not what he wants to hear. Thi swill be a good appointment because otherwise an independent person may not have any commitment to the company Johns daughter Suzy, who is executive director interanl audit was told by the previous auditors that they should have an audit committeeand was very annoyed as she feels she has been ding a great job, Last year the staff member working for her entered a local business competition and Suzy won an award for the most admired boss. Recently the company has faced some petitioning on its door step as…
Suppose you are a part of a group of students from a prominent university and were sent out as a team to work with a leading merchandizing company as a part of a work experience program. The team having been introduced to the general manger was told that the Accountant who normally prepares the financial statements has suddenly resigned and there is no one available to prepare the company’s financial statements which are now due. As aspiring university students, you and your group members have expressed an interest in taking on the task. As a group, you are required to collaborate and analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements. See attached Unadjusted Trial Balance and instructions to complete question.
Suppose you are a part of a group of students from a prominent university and were sent out as a team to work with a leading merchandizing company as a part of a work experience program. The team having been introduced to the general manger was told that the Accountant who normally prepares the financial statements has suddenly resigned and there is no one available to prepare the company’s financial statements which are now due. As aspiring university students, you and your group members have expressed an interest in taking on the task. As a group, you are required to collaborate and analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements. The following additional information is available at December 31, 2018: Insurance of $450,000 was paid on May 1, 2018 for the 10-months to February 2019. The furniture and fixtures have an estimated useful life of 10 years…
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Nasdaq wants to require the more than 3,000 companies listed on its stock exchange to improve boardroom diversity by appointing at least one woman and at least one minority or LGBTQ+ person to their boards. If this policy is implemented, how will it affect compensation of women who are already board members? Can you tell if compensation of newly appointed female board members is likely to be higher than it currently is?
Ahmed owns shares in Organic Food Public limited Company. He wants to propose a resolution that the company should endeavor to source organic food locally. He has gained the support of a number of other shareholders. Explain to Ahmed whether he can require the company to hold a meeting to consider his resolution, or if his resolution could be added to the agenda of the company’s Annual General Meeting, or Extra Ordinary Meeting. Would your answer be different if the company was a private limited company, Organic Food Ltd
Karen and Yanique are opening a jewellery store with no competition in the area from which they intend to operate their business. Their fundamental decision is how to organize the business. They anticipate super-profits the first year, with the ability to sell franchises in the future. Although they have enough to start the business now as a partnership, cash flow will be an issue as they grow and as such, they feel the corporate form of operation will be best for the long term. They seek your advice. Requirements: State three (3) of the main advantage they gain by selecting a corporate form of business now. Would you recommend they initially issue preferred or common stock? Why? If the corporation when formed sets a par value for its shares low and issue common stock for a price above par, what is this amount above par called? Can this amount be treated as a gain, income, or profit for the corporation? Please give the reason for your answer.
You have just been elected president of a brand-new service club on campus. The club is part of a national organization, but the organization charter gives the local organization a fair amount of flexibility in setting up the management of the club. As president, you can choose to make most of the decisions for the club and pass along your direction to the officers and members below you, or you can create specific committees, such as membership or academic, arid allow each of the committees w make its own decisions and rules within the overall guidelines set out by the national charter. Consider the need to manage and evaluate the club and describe which form of organization would you set up for your club and why.
Josie is a sales representative for Talk2Me, a communications retailer based in Fort Smith, Arkansas. Josie’s sales territory is Oklahoma, and she regularly takes day trips to Tulsa to meet with customers. During a typical sales call, Josie takes the customers’ current orders for phones, cases, and attachments and, using an app on her wireless phone, sends the orders to headquarters in Fort Smith for immediate action. Approved orders are shipped from the Little Rock warehouse. Are Josie’s sales subject to the Oklahoma corporate income tax? Explain.