In the beginning‚ state that all sections are in reference to Corporations Act 2001 unless stated otherwise. Company finance and fundraising Equity (share) Finance Issue of shares Company has power to issue shares: s124(1)(a) Management powers: s198A Company can determine terms of issue and rights and restrictions: s254B Issuing shares that have pre-emptive rights (for proprietary companies only): s254D Classes of shares Ordinary shares Preference shares Right to vote at general meeting
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payable — unsecured | | 40‚000 | | Revenue received in advance | | 1‚000 | | Wages payable | | 3‚000 | | Mortgage payable | | 80‚000 | | Estate equity | | 20‚000 | To record custody of Scott Corporation in liquidation. March 2011 | Cash | $ 7‚200 | | | Estate equity | 800 | | | Accounts receivable — net | | $ 8‚000 | To record collection of receivables and recognize loss. | Cash | $ 19‚400 | | | Estate equity | 16‚600 |
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the insurance company paid Adam a rebate of £1500 to encourage Fortress Ltd to continue insuring with the company. Adam did not disclose the payments to the other shareholders who have now discovered it. a) Fortress Ltd has now gone into liquidation without paying the loan from Pioneer Bank. Advise as to whether Adam is liable‚ as promoter‚ to repay the loan. (50 marks) b) Advise the other shareholders as to whether Adam breached his duties as a promoter for not disclosing the payment
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Preferred Stock is referred to as preferred‚ because there is a higher claim against the stock than common stocks. There is a difference from preferred stocks and common stock when it comes to their dividends and liquidation. A preferred stockholder would receive their dividends sooner than common stockholders. This makes it so that if a preferred stockholder were to decide to opt out of paying their dividends than the common stock will not have a dividend. “The best way to think of preferred stock
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Chiquita‚ great work on the discussion‚ you highlighted the impact and struggles experienced by GM over the years on the American society and the world to be exact since they are a multinational organization. I am in agreement that even though the company has gone through difficult times they are still among the top in the industry throughout the world. Personally what gives great confidence as an investor in GM is the fact that they have gone through difficulties and manage to rebound time and
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counterfeits. Also in this chapter Dr. Kuratko defines the types of business ownership model an entrepreneur can be interested in‚ with corporations being the largest and most confusing to me. He also states how companies my face doom as bankruptcy and liquidation. This can be exemplified by Trump who filed for bankruptcy several times.
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COMPANY LAW – EXAM NOTES Incorporation and Its Effects S117 - All companies must register with ASIC S118 – All companies must have a Number S119 – Once the company is registered with ASIC‚ the company has a separate legal existence. Separate Legal Entity The separate legal entity notion is shown in Salomon v Salomon where a company shareholder is limited to the amount of share capital they have contributed and they can not be held personally liable for the dealings of the company. This notion of
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Case Study: Liquidation.com Electronic commerce and digital marketing Group 3 24/11/2010 1. Business Background Every organization deals with surplus assets — whether it is excess inventory‚ damaged items‚ end of lifecycle equipment or customer returns. While most manufacturers‚ retailers‚ corporations and government agencies have well-established forward supply chain processes‚ goods in the reverse supply chain are a huge‚ and often costly‚ distraction for these organizations Liquidity
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1.When a specific account receivable is written off‚ the entry A) increases net income. B) decreases net income. C) can either decrease or increase net income. D) has no effect on net income.2.Echo Company’s 2011 beginning and ending accounts receivable balances were $72‚500 and $41‚250 respectively. During 2011‚ the company’s sales (all on credit) amounted to $857‚250. Per Echo’s 2011 cash flow statement‚ $873‚500 was collected from customers while $18‚750 related to uncollectible accounts was
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Chapter 7 Stock Valuation Instructor’s Resources Overview This chapter continues on the valuation process introduced in Chapter 6 for bonds. Models for valuing preferred and common stock are presented. For common stock‚ the zero growth‚ constant growth‚ and variable growth models are examined. The relationship between stock valuation and efficient markets is presented. The role of venture capitalists and investment bankers is also discussed. The free cash flow model is explained and compared
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