Jess has agreed to purchase a house on 11th Street by July 2020 but only if she is able to sell her house on 15th Street by June 2020. This term is called a:

express condition

concurrent condition

condition subsequent

anticipatory condition

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In the United States, sources of law include:

Executive orders

laws passed by a state legislature

international common law

the U.S. Constitution

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The main purpose of contract remedies is to put the party who is not at fault in the same position they would have been in had the contract not been breached.

True/False

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Delaware is the most popular state to incorporate in because of:

favorable tax climate, including no sales tax

a specialized court for business disputes called the Court of Chancery

low incorporation fees

all of the above

Question)

Mikakos Ltd is an Australian company that purchases inventories (PPE) from Shultz AG, which is a German company. The most recent acquisition involved the acquisition of inventories for 150,000 pounds with contract terms including FOB shipping point. Credit dates are:

Date                          Event                                   Exchange Rate

1 May 2020              Inventories Ordered              A$1= 0.55 pounds

11 May 2020            Inventories shipped              A$1= 0.58 pounds

30 June 2020 End of reporting period       A$1= 0.60 pounds

31 July 2020             Payment                           A$1= 0.64 pounds

Required: Prepare the journal entries for Mikakos Ltd to record this transaction.

Footloose Limited acquired furniture and fittings on 1 July 2019 for $42 000.... Footloose Limited acquired furniture and fittings on 1 July 2019 for $42 000. The estimated useful life of the furniture and fittings at acquisition date was 8 years and the residual value was $2000. The company sold all the furniture and fittings on 1 January 2025 for $18 000. The journal entry to reflect the sale is:

Jones, G. R. (2020) observed that recently, increasing globalization and the use of new IT have brought about two innovations that are sweeping through U.S. and European companies: electronically managed strategic alliances and B2B network structures.

Describe the main kinds of IT that you're familiar with and use on a routine basis for work. Now compare the pros and cons of using a network structure to perform organizational activities versus performing all activities in house or within one organizational hierarchy.

On January 1, 2020, Charles Corporation purchased 40% of the common shares of River Company for $400,000. During the year, River earned net income of $120,000 and paid dividends of $40,000.

Prepare the entries for Charles to record the purchase and any additional entries related to this investment in River Company in 2020.

The diploma ceremony process was as follows. Students lined up to be hooded. Professors Venkataraman and Rodriguez performed the actual hooding ceremony. Together, they could hood 12 students per minute, on average. After hooding, students waited at the top of the steps to the stage until a Faculty Marshal called their name. This past year, Professor Allayannis read the names of the Global MBA for Executives (GEMBA) students, Professor Wilcox read the names of the MBA for Executives (EMBA) students, and Professors Frank and Parmar read the names of the residential MBA students. There were 29 GEMBA students, 65 EMBA students, and 315 residential MBA students. Once their name was called, students walked across the stage to Dean Bruner, who handed out their diploma. Then they continued on across the rest of the stage and returned to their seat. The administration had set a target of finishing the diploma ceremony in 60 minutes. The Marshals called names at the rate of one every 7 seconds. It took students an average of 8.2 seconds to walk across the stage, shake the Dean’s hand, and receive their diploma. After the handshake, it took students an additional 2 seconds to depart from the stage. There were approximately five students on the stage at any given time (one being hooded, two waiting for their names to be called, one in the process of receiving the diploma and congratulatory handshake, and one finishing the walk across the stage.)

1. What is the takt time for the diploma ceremony? Answer in seconds.

2. What is the cycle time for the process? Answer in seconds.

3. What is the throughput time for a student from the time he/she begins the hooding process until he/she walks off the stage? Answer in seconds.

4. What is the throughput rate? Answer in students per hour.

5. Could the goal of a 60-minute diploma ceremony be met? Yes or no?why.

Boyle Company purchased a property (including land and building). The company acquired the property in exchange for a 15-year mortgage for $1,800,000. Their insurance company appraised the components as follows:

Land $400,000

Building $1,400,000

Parking Lot $200,000

What should be the cost basis for the building?

CK investments (Pty) is a local hand sanitizing production company. The company was
incorporated in 2010.
The company was started by Charles Mujende who is the 100% shareholder. CK is run by the
owner’s brother in law, Lazareth Shilongo CA(NAM), the CEO of the company. Charles started
the company using his pension fund of N$ 200 000.00.
The start-up funds were used to build the production centre in Tsumeb where the sanitisers are
produced. The ingredients used to make the sanitiser include water from a nearby lake, alcohol
and fragrance. CK investments is known to make sanitizers that leave your skin clean, smelling
good and moisturized, they have patented their recipe and production processes. The sanitiser
is packaged in plastic bottles. It is company policy that all spoilage from production be dumped
in the lake to minimise waste management costs.

You are a charted accountant and you went to university with Lazareth, the two of you have
remained good friends since your time at university. Lazareth has asked you to assist the
company with accounting, finance and internal audit functions of the company as they do not
currently have a CFO or CAE. You accepted the job because he has promised you a handsome
service fee that you will be paid in cash at the end of every month, off the books.
The company employs 500 men to produce, package and sell the sanitisers. All the salesmen
are paid on a commission basis only. The company has a list of commercial suppliers whom
they have a three-year sales agreement with. The CEO is output driven and is known to fire
salespersons who do not sell more than N$10 000.00 worth of sanitiser per month. The CEO
and all executives receive annual bonuses based on the profit before tax of the company.
In 2020, the demand for hand sanitisers increased exponentially due to the Corona virus. The
government has put out a tender to local companies to produce hand sanitizers. The tendering
process is highly competitive.
Fortunately, the audit committee chair, who is also the sales executive at CK, Sidney Haufiku is
good friends with the government official who is overseeing the tender process. Sidney has
invited the government official and his family to a nearby lodge for the weekend. All expenses
for this trip were covered by CK investments and expensed in terms S11a of the income tax act.
On the Saturday afternoon Sidney had a drink with the government official to discuss the
tender. Sidney proposed that he could service the tender at a cost of N$3m, half the market
value of sanitizers to save the government money if he could be guaranteed that the tender
would be awarded to CK Investments. The government official agreed that given countries
financial position, they would agree to the N$3m.
On 30 March the board had their first and last board meeting for the year. The audit committee
has not had a meeting and no other committees have been established as yet. At that meeting
Sidney briefed the board on his deal with the government official. Wilhelm Gariseb, is the
production executive and a member of the board, his department has been experiencing a
shortage of pharmaceutical alcohol in 2020. He proposed that to be able to produce at such low
costs, they could use less alcohol and more water to make the sanitizers. The board consisting of Lazareth Shilongo (chair of the board), Sidney Haufiku (audit comm chair) and Wilhelm Gariseb (member of the board), resolved to apply for the tender at a low cost using less alcohol At the same meeting, the board learned that they were required to hire an external auditor.
Lazareth suggested that you be appointed as the auditor as you are already familiar with the
business. The board members agreed, and you were appointed as the auditor.
On 29 May 2020, a newspaper article published that a local company CK Investments had been
selling the government ineffective sanitizer that was not strong enough to cleanse or sanitize
skin. The government has distributed this sanitizer to schools and hospitals. As a result, the
virus was able to easily spread as people would go about day to day activities under the
assumption that they had effectively sanitized their hands.
After a legal inquiry the company was found guilty of several legal violations. As a result, the
company was liquidated, and all 500 employees were left unemployed.

Question 5 (2)
The executive and government official agreed that the company would benefit from the
contract as they would have more income and the government would save costs from the 3m
dollar deal. Which method of ethical evaluation did they use and why?
Question 6 (2)
What kind of economic system is CK investments operating in? Please provide a reason for your
conclusion.

question 7

Assume that CK is the only seller of sanitizer in the country. What kind of competitive
environment do they operate in? Please draw the demand curves for this type of competition.
Question 8 (5)
Would you agree or disagree that CK investments is operating sustainably? Please provide
reasons for your answer.
Question 9 (10)
Identify any ethical concerns you may in terms of the CPC, based on the company description
above.
Question 10 (12)
Please raise any corporate governance concerns you noted in the description above based on
your knowledge of King 3/4. Please state the principle first and then apply it to the scenario
above.