Which ethnic group constitutes the majority of the Mexican population? Designer Surfaces, Inc. provided countertops for owners who shopped at stores like Lowe`s and Costco. The owners paid for the store, which then signed a contract with Designer for the manufacture and installation of the countertops. The designer purchased materials from Arizona Tile, LLC in an open account. The designer`s only known leaders were Howard Berger and John McCarthy. Designer went bankrupt and couldn`t pay Arizona Tile for all the materials he purchased, including materials for which Designer had already received payments from retail stores. Arizona Tile sued the designers and got a default judgment, but the company had no way. Arizona Tile then sued Berger and McCarthy personally for embezzling company funds that the designers had received in trust to Arizona Tile for payment. Arizona Tile argued that the use of the funds for other purposes constituted a breach of fiduciary duty. Berger and McCarthy argued that corporate law does not impose a fiduciary duty on officers or personal liability for breaches of duty to significant suppliers. Which argument is more credible and why? Find the payment date for each of these „Ninety days the same as cash“ plans. The purchase details are listed below. Leap years are indicated.
Professional judgment plays a major role in accounting practice. Identify at least three situations where accountants must rely on their professional judgment rather than official rules.