Mr. Read guaranteed the company’s promissory note in payment for the stock. Ms. Read didn’t report the down payment of $200,000 and principal payments she received from MMP in her tax return, except for including the interest income from MMP’s installment promissory note in her tax return for 1988, 1989 and 1990. On Mr. Read’s side, he did not report any income with respect to Ms. Read’s transfer of MMP stock. The IRS treated the stock redemption as a sale exchange and claimed that the principal payments from MMP created a long-term capital gain on Ms. Read’s tax return. The IRS had no concerns about Ms. Read’s interest income under the installment promissory note reported in her tax return.
Additionally, Canadian segment is being planned to for 2013 for an entry in the Canadian retail Market. Financially, In 2011 Targets consolidated revenues increased by 3.7% over prior year and its cash flow by operations is at $5,434 million as compared to $5,271
Part B: Question 2: Memo Date: June 16, 2015 To: Senior Audit Partner From: CGA As there have been many changes to procedures and operations this year we have noted, based on our discussions and analysis of Vehicles for Hope Limited, the following potential concerns and recommendations: There is an issue regarding a lack of segregation of duties relating to the responsibilities of the accountant. Your accountant seems to be responsible for depositing, holding, distributing and recording all funds and financial records. This poses an increased risk of potential fraud, misstatement or illegal activity as there is only one person in control of handling and recording cash activities. We recommend that the duties of depositing, handling/holding
Its average sales per day were $ 668.49 during 2008 and its average collection period was 99 days. This represented an improvement from the average collection period of 105 days in 2005. 3. SciTronics apparently needed $ 29,000 of inventory at year-end 2008 to support its operations during 2008. Its activity during 2008 as measured by the cost of goods sold was $ 74,000.
Operating leases for December 31, 2004 had a net of applicable sublease income of $179. Bid, performance and other related bonds have not historically proven to have Nortel make material payments and do not anticipate any future
Case 13-5 Occupy Mall Street Occupy Mall Street (“OMS” or “the Company”) is a leading real estate management firm that owns and manages over 100 shopping malls across the United States. The Company went public in 2009 and experienced a continued increase in stock price through 2011. With the sustained growth of the business and rising stock price, OMS developed a practice of granting annual stock option awards to its executives at the beginning of each year. On January 1, 2012, OMS granted 1,000 employee share options that cliff vest after a four-year service period, with an exercise price of $30 per share. Using the Black-Scholes pricing model, the Company determined that the grant-date fair-value-based measure of the awards was $15.
The non-GAAP measurements included in this report are: cash flow from operations, operating netback, return on equity, return on average capital employed, debt to capital employed, debt to capitalization, debt to cash flow from operations and corporate reinvestment ratio. None of these measurements are used to enhance the Company’s reported financial performance or position. These are useful complementary measurements in assessing Husky’s financial performance, efficiency and liquidity. The non-GAAP measurements do not have a standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures presented by other users. They are common in the reports of other companies but may differ by definition
Strategic Compensation MGMT 365 Kevin Pratt Target Corporation’s Compensation and Benefits. Target Corporation has been around since the early 1900’s and the first Target retail store opened in 1962. (Fundinguniverse) Since then the company has now grown to having 1,744 stores and expanding into Canada. It is safe to say that a company like this that has been growing the past 100+ years that they must have a strategic business plan and this must include a strategic compensation and benefits package for their employees. After visiting the Target website I found a lot of information on employee benefits which were very detailed but I failed to find any information on the compensation packages/bases for pay.
The limited liability of limited partners of a limited partnership only up to their capital contributions to the limited partnership; limited partners are not personally liable for the debts and obligations of the limited partnership (Cheeseman 2010). The LLP is filed with the appropriate secretary state of office. The partners handle the daily operations and do not have to consult with limited partners for most decisions. LLP have the same tax benefits of a general partnership. Akiva and Tara are liable to maintain a one million dollar of liability insurance which covers any negligent torts or wrongful acts by the partners or employees of the
The organization in charge of validating the EPAs did not record whether there was risk for financial abuse or not; it only recorded whether the older person had impaired capacity and whether an administrator for the assets was necessary. Some of the files obtained from the sample were labeled “suspected abuse,” and never followed up on. The study did not take into account that some appointed administrators were the older persons’ partners who were also at risk of having failing capacity to manage their assets. Informal access – assisted withdrawals where the older person signs the checks – was not accounted for in this article, and it was not legally sanctioned either. At the same time, the effectiveness of the data collection was relatively limited due to the lack of professionals trained in this