A, B, C and D are the directors of AK Bhd (the company). They were appointed as directors two years ago. C is the managing director of the company. Two weeks ago, C, who is now 71 years old, entered into a contract on behalf of the company to purchase office stationery from the company supplier, Omos Sdn Bhd, at a price of RM100,000. Last week, following an argument among the directors at a board meeting, B, C and D decided to remove A as a director. A notice signed by B, C and D was sent to A stating that A had been removed as a director with immediate effect.

Advise C and A, who wishes to know the following:

(a) Persons disqualified from being a director.

(b) Whether the contract for the purchase of office stationery can be invalidated on the claim that C was “disqualified to act as a director” of the company.

(c) Whether the removal of A as a director is valid.

Q9. Suhail Garment Manufacturing Company started with a Capital of OMR 585,000 in which loan from Bank was 285,000 OMR. For the year 2018 company has manufactured and Sold 12,000 trousers. The following are the particulars relating to trousers manufactured and sold by them. Opening Cloth in Stock were OMR 35,000 and they purchased additional cloth of OMR 65,000 and paid for transport 4,300. Amount paid to tailors OMR 16,550. They have spent the following expenses on Electricity for Factory OMR 8,000; for Office OMR 4,200, Rent and Insurance for Factory OMR 6,450, for Office OMR 5,150, Total of Managers salary amounting to 20,000 which belongs to 75% for Factory manager and 25% to Office manager and the amount of commission paid to office manager was OMR 1,200, Depreciation were calculated on diminishing balance method for the machineries in the office and factory and the value of depreciation for the Office was OMR 1,000 and Factory was OMR 1,200. Foreman was Paid salary of OMR 800 Once the goods were manufacturing all the finished products were kept in a warehouse for which company has spent OMR 8,000 for its rent. There was Opening balance of finished goods of 12,000 and Closing Balance of Finished goods were 8,500.Work in process Opening 16,000, Work in process closing 12,000. Half of the warehouse was given for rent and the rent received by the company was OMR 3,467. Total trousers manufactured has been sold at OMR 325,000 and in order to make a sales Company has spent on Advertisement OMR 12,500, Sales man salaries OMR 4,700, Show room insurance were OMR 2,730 and Sales Managers Salary of OMR 13,000. Delivery van expenses OMR 9,600. In the Year end Company has invested in shares for OMR 151,288 and Paid Interest on the Bank Loan of OMR 11,555 a. You are required to prepare a Cost Sheet from the relevant information provided in Suhail Garment Manufacturing Company (4.5 Marks) b. Suhail Garment Manufacturing Company was expecting to earn a profit of 45% on Total Cost. You are required to identify from the cost sheet whether the company has earned the profit as per their expectations or not. If not find out the difference in profit which the company has earned and the company has expected. (0.5 Mark)

On November 30^th, FRI Company’s general ledger shows a checking account balance of $12,000.  The company’s cash receipts for the month which haven’t cleared the bank yet are $5,500 and checks written by the company this month which have not cleared the bank total $9,000.  

While comparing the bank statement with the general ledger FRI determined the bank overstated a deposit the company made on November 28^th for $100.  The bank statement also reported service fees of $50, interest FRI earned on their account of $10, and an automatic withdrawal of $450 for the phone bill.  The bank statement also showed the bank had collected a $2,000 note receivable for FRI from a company executive.  The company noted that one of the checks they wrote was incorrectly recorded in the general ledger, it was written for $600 but they had subtracted $660 from their cash account.

The bank statement reported the company checking account balance was $17,170 on November 30.

Answer the following based on performing a bank reconciliation for FRI Company.

1. How should the company treat the bank error? (add/sub from bank/general ledger)
2. How should the company treat the company error? (add/sub from bank/ general ledger)
3. What is the general ledger cash balance before reconciliation? $____
4. What is the bank statement balance before reconciliation? $_____
5. What is the general ledger balance after reconciliation? $_______

1. For each of the following, state whether the quantity described is a parameter or a statistic, and give the correct notation.

1.   Correlation between height and arm-span (distance from fingertip to fingertip when arms are extended to the sides) for all players on the Chicago Bulls basketball team, using data from all players currently on the team

2. Average gas price in Minnesota, based on prices at randomly selected gas stations throughout the state.

3. Proportion of students at a university that are part-time, based on data on all students enrolled at the university.

4. Correlation between age and heart rate for patients admitted to an Intensive Care Unit, based on a sample of 200 patients.

9.55 The U.S. Department of Education reports that 40% of full-time college students are employed while attending college. (Data extracted from The Condition of Education 2012,ncesed.gov/pubs2012/2012045.pdf.) A recent survey of 60 full-time students at a university found that 25 were employed.

A) Use the five-step p-value approach to hypothesis testing and a 0.05 level of significance to determine whether the proportion of full-time students at the university is different from the national norm of 0.4

B) Assume that the study found that 32 of the 60 full-time students were employed and repeat (a). Are the conclusions the same?

1. Who benefits from a perfectly competitive market? Who wants perfectly competitive markets, and who does not want perfectly competitive markets? Why?

2. If your firm is in a competitive market, what can you choose?

3. In managing or creating a firm, would you rather operate in a competitive market or a monopoly? Why?

4. Is a monopoly a good or a bad thing for society? Why

1. Who does protectionism protect and what /who does it protect them from? Who does protectionism hurt and how does it hurt them?

Not hand writhing. Please do typing the answers.

Koko is a trained endurance runner who is 28 years old and 1.77 m tall. His pulmonary function test gives you the following results: FVC = 5.04 L; FEV1 = 4.55 L. What does the ratio of these two variables tell you? How do Koko’s values compared to a non-trained individual?

1. Which of the environmental policy options discussed during class would you recommend if a hypothetical society were facing the environmental problems listed below? In each case, briefly explain the justification(s) for your choice:

1. Pollution from an estuary from multiple irrigation runoffs;
2. Air pollution of a major metropolitan area;
3. The clean up of a toxic waste dump;
4. Damage to lakes, streams, forests and soil resulting from acid rain;
5. A threat to human health due to stratospheric ozone depletion;
6. Marine pollution;
7. A well-founded fear for gradual extinction of endangered species, for example, my personal favorite, the blobby fish (shown above just in case you were sleeping soundly each night)