ACC 110 Lecture Notes - Canadian Imperial Bank Of Commerce, Promissory Note, Financial Statement
14 Mar 2013
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Role: to make recommendations with regards to the preparation of sold inc"s next annual financial statements and to review the statements once they are prepared. Stakeholders: sonya(primary stakeholder), sonya"s parents (they hold a notes payable), bank (critical), adele tan. Private corporation that is fully owned by sonya. Transfer of all common shares to sonya is to be paid out of the company"s future profits. The company executed a 5-year lease for the warehouse. Hired friend as a vp of marketing for a below-market salary and a bonus equal to 5% of the annual growth in revenue. Notes payable for shares sonya bought from her parents *personal and business transactions separate. Why / when do such constraints exist (think common language, common purpose?) Read some of the earlier discussion by students on this discussion board about similar issues. Leasehold improvements needs to be written off from the old store which cannot be taken to new store.
