Annette Pachelo recently opened her own law office on March 1, which she operates as a corporation. The name of the new entity is Annette Pachelo, Attorney. Pachelo experienced the following events during the organizing phase of the new business and its first month of operation, March 2018. Some of the events were personal and did not affect the law practice. Others were business transactions and should be accounted for by the business. Mar. 1.Sold personal investment in Amazon stock, which she had owned for several years, receiving $ 35,000 cash. 2.Deposited the $ 35,000 cash from the sale of the Amazon stock in her personal bank account. 3. Deposited $ 73,000 cash in a new business bank account titled Annette Pachelo, Attorney. The business issued common stock to Pachelo. 5. Paid $700 cash for ink cartridges for the printer. 7. Purchased computer for the law office, agreeing to pay theaccount, $ 5,000, within three months. 9. Received $2,800 cash from customers for services rendered. 15. Received bill from The Lawyer for magazine subscription, $400. (Use Miscellaneous Expense account.) 23. Finished court hearings on behalf of a client and submitted a bill for legal services, $ 10,000, on account. 28. Paid bill from The Lawyer. 30. Paid utilities, $1,200. 31. Received $3,300 cash from clients billed on March 23. 31. Cash dividends of $5,500 were paid to stockholders.

Prepare the financial statements. a. Income statement

Question 15 (1 point) v' Saved A promoter that enters into pre-incorporation contracts is personally liable unless the corporation assumes liability via contract after incorporation Question 16 (1 point) ~/ Saved Sue is negotiating a contract to become CEO of June, Inc. Sue wants to know if there is any protection she should negotiate to protect her personal assets. Which of the below will NOT protect Sue with reference to personal liability as a CEO? 0 Exculpatory clause 6) Business Judgment Rule O D & 0 Insurance O Piercing the Corporate Veil Question 17 (1 point) v' Saved Shareholder must approve any fundamental changes affecting the corporation. ASSIGNMENT QUESTION PURPOSE The purpose of this assignment is to enhance learners' ability to explain the types of companies and exceptions of corporate veil. Learners are also expected to be able to discuss the duties of directors of a company. REQUIREMENT Explain the types of companies and the exceptions of corporate veil. Discuss the duties of the directors of a company. Give your View on the exceptions ol' corporate veil and duties of the directors. [Totah 60 marks] which is not a legislative body of the People's Republic of China? A. NPC C. CCA B. SCNPC D. The State Council 4. Who of the following persons have sufficient capacity to settle a contract? A. Minors B. Mentally incompetent persons C. University students above 20 years old D. Intoxicated persons 5. In which of the following circumstances the contracting party has no excuse for non-performance? A, flood B. earthquake C. continuous rainfall D. volcano eruption 6. Who could not be a legal representative of a company according to China's Company law? A. chairman of the BOD B. supervisor C. manager D. acting director 7. According to China's Company law, who of the following persons could be eligible for appointment as a director, supervisor or senior manager of a company? A. A person who has been convicted crime of corruption B. A physical disabled person who has full civil capacity C. A former director of a company which has been declared bankrupt where he was personally responsible for the bankruptcy D. A person who has significant unpaid debts. 8. Which of the following FIE forms is not a legal person? A. CJV B.EJV C. Branch office D.IHC 9. According to China's company law, a company may not purchase its own shares in which of the following circumstances! A. to reduce the registered capital B. to merge with another company that holds its shares C. to reward the staff of the company with shares D. to escape some tax Page 2 7 pages in total"The codification of directors' duties under the Companies Act 2006 is not an improvement from the common law position. It does little to clarify the nature and scope of the duties owed by directors." Required Discuss this statement with reference to the prior case law on directors' duties the common law rules and the provisions within the Companies Act 2006