Question
In: Accounting
Answer the following question in IRAC form: Hank worked for HGC Corporation as the Treasurer. Before...
Answer the following question in IRAC form:
Hank worked for HGC Corporation as the Treasurer. Before leaving the Corporation Hank embezzled $500,000 from HGC. Thus far Clarence, the Chairman of the Board and Hank's uncle, has kept the Board from "going after" Hank. Only a year remains in the statute of limitations before HGC can not legally pursue action against Hank.
A) Allison is a shareholder. She and other
shareholders come to you for advice as to what they may do to file
against Hank. What do you advise? Explain.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Answer the following question in the IRAC format: Jean operated a restaurant in a building her...
Answer the following question in the IRAC format:
Jean operated a restaurant in a building her son Sal
owned in Oswego County, New York. Jean intentionally burned down
her son’s building so that her son could collect the insurance
money. Sal had nothing to do with causing this fire. The insurance
company paid Sal and commenced a legal action against Jean to get
the money back it paid to Sal. Jean obtained a personal loan of
$20,000 from Key Bank...
Answer the following question: Promoters are individuals who form the corporation, and often receive stock in...
Answer the following question:
Promoters are individuals who form the corporation, and often
receive stock in exchange for their efforts.
Ture/False
An advantage of a partnership over a corporation is that an
interest in a partnership can be freely traded in the open
market.
Ture/False
The state of Delaware offers corporate-friendly laws in order to
incentivize companies to incorporate in Delaware
Ture/False
A corporation, like a natural person, is entitled to due process
under the law.
Ture/False
If corporate officers...
(This is a law/legal related question, the answer must be based on IRAC model) QUESTION THREE...
(This is a law/legal related question, the answer must be based
on IRAC model)
QUESTION THREE
“Judges don’t make law, they only apply it”.
REQUIRED:
Discuss this statement using case examples.
In the current year, Mick, Hank, and Dawn form Ares Corporation. Mick contributes land (a capital...
In the current year, Mick, Hank, and Dawn form Ares
Corporation. Mick contributes land (a capital asset) having a
$62,500 FMV in exchange for 200 shares of Ares stock. He purchased
the land three years ago for $110,000. Hank contributes machinery
(Sec. 1231 property purchased four years ago) having a $75,000
adjusted basis and a $37,500 FMV in exchange for 120 shares of Ares
stock. Dawn contributes services worth $25,000 in exchange for 80
shares of Ares stock.
a. What...
Please answer the multiple choice question. Only choose one answer choice. Then write an IRAC answer...
Please answer the multiple choice question. Only
choose one answer choice. Then write an IRAC answer about the issue
that is being tested.
Peter built a small pond in front of his house for his
prize koi fish. The pond was visible from the sidewalk. To keep
people and animals away, Peter constructed an eight-foot high chain
link fence between the sidewalk and the pond. One day, Stewie, a
six-year old who lived next door, struggled over the fence to...
Please use IRAC format to answer this question. Bob is tired of working as an attorney...
Please use IRAC format to answer this question.
Bob is tired of working as an attorney and decides to
open a pet shop. Although Bob knows nothing about dogs, he decides
to specialize in retrievers. Bob calls up Dog Breeder and orders 10
Black Labrador retrievers, 10 Chocolate Labrador retrievers, and 10
Yellow Labrador retrievers. All dogs are to be pure bred and
male.
Breeder mistakenly sends Bob 5 male and 5 female
retrievers of each category. Bob does not...
Answer this using the IRAC writing Format I-Describe the issue at hand (the question being asked)...
Answer this using the IRAC writing Format
I-Describe the issue at hand (the question being asked)
R-Describe the rule that is applicable in this situation
A-Apply the rule to the facts of yor situation
C-Draw a conclusion
Offer and Acceptance
Schmidt, the owner of a small business, has a large piece of
used farm equipment for sale. He offers to sell the equipment to
Barry for $10,000. Discuss the legal effects of the following
events on the offer:
(a) Schmidt...
Answer this using the IRAC writing Format I-Describe the issue at hand (the question being asked)...
Answer this using the IRAC writing Format
I-Describe the issue at hand (the question being asked)
R-Describe the rule that is applicable in this situation
A-Apply the rule to the facts of yor situation
C-Draw a conclusion
Consideration
Daniel, a recent college graduate student, is on his way home
for the Christmas holiday from his new job. He gets caught in a
snowstom and is taken in by an elderly couple, who provided him
with food and shelter. After the...
Please use IRAC format to answer this question. John and his wife needed their house painted....
Please use IRAC format to answer this question.
John and his wife needed their house painted. John wanted to hired
Tom to paint the house. Tom estimated it would take 40 hours of
labor at $50.00 per hour and 20 gallons of premium paint at $20.00
per gallon. John agreed to pay the labor charge but decided he
would buy his own premium paint. John and Tom entered into a valid
written contract for the painting of the house: one...
Answer the following question through the prism of before the current economic downturn related to the...
Answer the following question through the prism of before the
current economic downturn related to the coronavirus:
You are the HR director for a restaurant group that owns 20
restaurants and employs around 1,000 people. All of the restaurants
are located in New Orleans, LA. Due to economic conditions, change
in tastes of its customers, and rising food costs, the company will
have to close five of its restaurants, resulting in significant
layoffs. How would you go about "rightsizing" this...
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