President of Acer Corp, The purpose of this letter is to provide guidance to Acer Corp on the appropriate accounting for the Theta investment. Below is an overview of the transaction followed by our findings and authorities used for the basis of our conclusions under both US and International accounting standards. From our research, it is more beneficial for Acer to headquarter in the US where only partial gains from the transaction must be recognized. This transaction included the transfers of factory equipment to Theta Corp in exchange for $1 million cash and a 25% equity ownership stake in Theta. The book basis of the transferred equipment was $6 million, and the equipment was recently appraised for $6.5 million.
Which of the following controls most likely would help ensure that all credit sales transactions of an entity are recorded? A. The billing department supervisor sends copies of approved sales orders to the credit department for comparison to authorized credit limits and current customer account balances. B. The accounting department supervisor independently reconciles the accounts receivable subsidiary ledger to the accounts receivable control account monthly.
Federal Reserve banks took over the power to issue bank notes, and were granted the poser to buy and sell government securities, loan money to member banks, and to clear checks between banks. The Fed also also requires that member banks hold cash in reserve at a specified rate, currently 10% of their deposits (pg 205). The Fed’s customers are member banks, much in the same manner that depository institutions service the general public. The Fed also exercises powers to influence the
The two individuals were interested in purchasing Ruud Mountain Property from Sun Valley Company. The defendants are Mr. Conger and the executive committees of Sun Valley Company (Sun Valley). Sun Valley was the owners of the Ruud Mountain Property. Mr. Conger was the individual authorized to sell the property with the approval of
As a sole proprietorship most businesses are set up by an individual. Sole proprietorship goes by the individuals own business rules and is also responsible for all business transactions and debt. A sole proprietorship owns the business and runs it until death. All of the assets are tied up into the business which is a risk. It is hard to supply benefits for employees and draw in investors to the business when it is ran as a sole proprietorship.
Jackson, for Respondent. |Date: |2000-06-19 | |Docket: |AI 99-30-04430 | |Parallel citations: |[2000] 9 WWR 1; 6 BLR (3d) 193; 148 Man R (2d) 19 | Introduction: The issue in this appeal is whether or not the trial judge was in error in finding that the parties had negotiated a valid contract for the sale of shares in a privately held company. Facts and Background: Gendis Inc. owned 50% of the issued shares of a private company that produces oil in western Manitoba, Saskatchewan and Alberta called Tundra Oil and Gas Ltd. On January 28, 1998, Albert Cohen, the chair of Gendis’s board of directors, approached George Richardson, the managing director of James Richardson & Sons, Limited, the parent company of Richardson, for the purpose of selling the Gendis shares in Tundra to Richardson. Albert Cohen and George Richardson met on two occasions early in 1998 and also exchanged telephone calls in an attempt to reach an agreement. In a meeting on February 12, 1998 Albert Cohen decided that the CEO of Gendis, Allan MacKenzie, will be the authorized Agent negotiating the sale on behalf of Gendis.
Issues such as money inconsistencies and banking panics were the reason congress established the Federal Reserve Act which was signed into law by Woodrow Wilson on December 23, 1913. In his word it was created “to provide for the establishment of Federal reserve banks, to furnish an elastic cur¬rency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes.” (FRS, 2005) The Fed operates independently by financing its own operations. These finances are generated by the actions of The Board of Governors. This is a seven member board which is appointed by the president. Under them, there are twelve Regional Reserve Banks and each of these has nine directors as well.
The donations were made in the form of cashier's, certified, and personal checks, and all were made payable only to the Committee to Re-Elect the President. Investigative examination of the bank records of a Miami company run by Watergate burglar Bernard Barker revealed that an account controlled by him personally had deposited, and had transferred to it (through the Federal Reserve Check Clearing System) the funds from these financial
Affinity cards are branded credit cards that carry both the logo of the banking institution as well as the logo of the sponsored organization. 6. Interest rates go up and down according to interest rates in the economy. 7. Credit card costs are determined by your income, debt levels, and repayment history. 8.
BMGT381 15 May 2011 Ch. 19 Self Study 1. What is a check? A check is a draft drawn by a drawer ordering the drawee bank or financial institution to pay a fixed amount of money to the holder on demand. 2.