Jane, a shareholder of Goodly Corporation, alleges that its directors decided to invest heavily in the firm’s growth in negligent reliance on its officers’ faulty financial reports. This caused Goodly to borrow to meet its obligations, resulting in a drop in its stock price. Are the directors liable? Why or why not?

 

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1.             Jane and Bob had been running a boat-building business through a company “National Boat Builders Pty Ltd” for over 25 years. Both Bob and Jane were directors and shareholders with Bob holding 76 of the 100 issued ordinary shares and Jane holding the remaining 24 issued shares. Last year Bob died, leaving his shares to his son Michael.

Michael is not a ‘hands on’ manager like his father and Jane is concerned that the business is rapidly deteriorating through Michael’s neglect. Jane also suspects that the company is paying Michael a large management fee which the company can’t sustain. Jane can’t verify either of these concerns as Michael refuses to give her access to the company books.

Michael has indicated to Jane that he has negotiated the sale of the boat building business of the company to another company.  Michael is the majority shareholder of the proposed purchaser. National Boat Builders will then switch its focus to aircraft detailing (a hobby of Michael’s, but an activity in which the company has never been involved). 

He says a resolution ratifying the sale and approving a modification of the objects set out in the company’s constitution to record the proposed change in business activity has been passed. Jane did not receive any notice of any meeting of members being held. Jane does not agree with either of the proposed changes.    

 

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Jane has been attending group therapy for the past year; she and the therapist have determined that she has met her goals. Jan has been arriving to group late or not coming to group at all. How does the PMHNP correctly interpret Jane’s behavior?

 

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Jane James owns an appliance store. She normally receives $50,000 worth of appliances per month. She does not like to owe people money and always pays her bills on the day she receives the invoice. Someone told her that if she delayed payment, she could actually increase her profit because the money would be earning interest in her account. She went through her bills and found that she actually had an additional ten days, on average to pay her invoices. She also found that she was earning 2 percent interest on the money she had in her money market savings account.

a.

 

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1. Jane McDonald, a financial analyst for Carroll Company, has prepared the following sales and cash disbursement estimates for the period February–June of the current year. McDonald notes that historically, 30% of sales have been for cash. Of credit sales, 70% are collected 1 month after the sale, and the remaining 30% are collected 2 months after the sale. The firm wishes to maintain a minimum ending balance in its cash account of $25. Balances above this amount would be invested in short-term government securities (marketable securities), whereas any deficits would be financed through short-term bank borrowing (notes payable). The beginning cash balance at April 1 is $115.

a. Prepare cash budgets for April, May, and June.

b. How much financing, if any, at a maximum would Carroll Company require to meet its obligations during this 3-month period?

 

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