http://www.governor.state.tx.us/divisions/press/pressreleases/PressRelease.2007-01-24.4502

Operation Wrangler will involve federal, state and local ground, air and water-borne assets, including more than 6,800 personnel, 2,200 vehicles, 48 helicopters, 33 fixed wing aircraft and 35 patrol ships. Up to 90 sheriffs’ offices and 133 police departments are participating, as well as 604 Texas Army National Guard (TANG) troops activated by Perry. These TANG troops comprise 12 armed security platoons that will deploy to various traffic crossovers along the Rio Grande River and will be accompanied by a Border Patrol agent and a local police officer.

The adjusted trial balance of Foxworthy Corporation for the year ended December 31, 2011 reported the following: sales revenue, ,300,000; cost of goods sold, ,500,000; selling expenses, ,300,000; general and administrative expenses, ,200,000; dividend revenue from investments, 0,000; interest expense, 0,000.

Foxworthy’s management has not yet accrued for income taxes. The company’s income tax rate is 40% on all items of income or loss.

Two million shares of common stock were outstanding throughout the year.

The company’s controller has provided the following information with respect to certain non-recurring transactions that also occurred during the year (all transactions are material in amount):

 Investments classified as available for sale were sold during the year at a loss of 0,000.

 One of the factories was closed during the year. Restructuring costs incurred were ,000,000.

 During the year, Foxworthy completed the sale of one of its operating divisions that qualifies as a component of the entity. The division had reported operating income of 0,000 in 2011 prior to the sale, and its assets were sold at a loss of ,800,000.
Prepare a formal income statement"

I just want to know who can request a prenup? Can a bank request a prenup if the person getting married has assets and open loans or is this solely the decision of the person to marry?

1) For a sole proprietorship a revenue:
a. increases assets and owner’s equity
b. increases assets and decreases owner’s equity
c. leaves total assets unchanged
d. decreases assets and increases owner’s equity
2.) The primary difference between accounting and reporting for a sole proprietorship and a corporation involves accounting for:
a. revenues
b. asset purchases
c. recognition of liabilities
d. equity transactions
3) The classification and normal balance of the drawings account is:
a. revenue with a credit balance
b. an expense with a debit balance
c. a liability with a credit balance
d. owner’s equity with a debit balance
4)The division of partnership profits on the basis of salaries, interest and a stated ratio is usually necessary because:
a. this reflects the amount of time devoted to the partnership by the partners
b. partners seldom contribute time, effort and resources equally
c. most states require this method of distribution
d. this prevents arguments among the partners
5) Partners Abel and Cain have capital balances in a partnership of ,000 and ,000 respectively. They agree to share profits and losses as follows:

Abel Cain

As salaries ,000 ,000

As interest on capital at the beginning of the year 10% 10%

Remaining profits or losses 50% 50%
If income for the year was ,000, what will be the distribution of income to Cain?
a. ,000
b. ,000
c. ,000
d. ,000

6) Corporations invest in other companies for all of the following reasons except to
a. house excess cash until needed
b. generate earnings
c. meet strategic goals
d. increase trading of the other companies’ stock

In the state of Illinois, can a prenuptial agreement be claimed invalid if the spouse did not give full disclosure of his assets or income?

I want a divorce! but i need advice about assets

In a marriage with children, should the law require a transfer of assets and income so that neither husband nor wife is unduly burdened? Should both custodial and non-custodial parents live at, for example, 2 times the poverty level, rather than one parent living at half the poverty level and the other living at 3 times the poverty level?

Should this apply to all divorces, divorces with children only, or neither? For how long after the divorce?

I have an atty, my state is 50/50, however, the fees are escalating from the atty. I know that the only people that make the money is the atty, however, some of my "marital" assets have been moved prior to the "freeze." And, most of those assets are in fine jewelry, diamonds, gems, gold, platinum (we had a fine jewelry business) so that’s now worth about 1/4 M, but now he claims it’s been stolen. I know his son, age 52 took some home in his "carryon" bag.

I entered into "contractual alimony" 3 years ago when my husband,and I, divorced. This was actually property division. My attorney neglected to explain, I didn’t have much recourse for obtaining these payments if my X "appeared bankrupt," and persuaded me to agree to these terms, because of my mounting legal fees (my Xhusband so generously took care of all legal fees related to the divorce.)
We live in Texas and had a very large estate, which, somehow, the vast majority of, was never revealed by my attorneys. I feared at the time of divorce he would do exactly what has now happened. He owns his own business in Texas and throughout the US, as well as worldwide. My xhusband feared I would be asking for a review of the divorce based on fraud. He managed to defraud me out of a huge portion of assets, scattered worldwide. Within the US, assets were strategically placed under the companies he supplies in materials. As part of a network buyer program. He has worked these last 3 years on moving all assets, (pleading a fraudulent bankruptcy) within the US, out of the country "umbrella’d" under an overseas trust we created long ago..during our marriage. (This trust was set up by his German aunt, who has since died.)
He has worked diligently on expanding his overseas business, and arranging numerous new trusts under the one that existed during our marriage (he claimed the trust when his aunt passed, and does not have the ability to close it. Only create more trusts underneath of it. I now know this was done during our seperation.) Obviously, my attorney neglected to ever unveil our "real net worth" during the divorce. These last 3 years he has carefully managed to appear as though he has nearly no assets in the US, or what he does have are "protected assets" under Texas law. He appears totally "busted." Needless to say, I was supposed to be paid over many years for our arranged "contractual alimony," (property division,) and he has stopped all payments. I am struggling at the moment to get a judgment. I am hopeful to gain this at my next court hearing. But, this judgment wonn’t do me a lot of good, unless, I know where to collect overseas assets. I have gained a lot of evidence of these overseas assets, but, I have exhausted my savings in a custody battle. As well as, legal fees related to the divorce. Of course, I always planned to get back in the workforce myself. But, after the turmoil inflicted on myself, and my children (as a result of his abusive ways, and the length of time involved in our agonizing divorce,) I planned these life changes around the "contractual alimony" agreement. I am speaking with various legal professionals, but if anyone would have something to offer I would greatly appreciate it…..Much gratitude:)

True/False (1 Point Each)
Indicate whether the statement is true or false.

____1.There are only four legal structures to form and operate a business.

____2.In a general partnership, each partner is individually liable to creditors for debts incurred by the partnership, to the extent of the partner’s capital balance.

____3.A partnership is a legal entity separate from its owners.

____4.A partnership is subject to federal income taxes.

____5.A disadvantage of partnerships is the mutual agency of all partners.

____6.Each partnership must have a written partnership agreement.

____7.Each partner may withdraw the assets he or she contributed to the partnership at any time.

____8.When compared to a corporation, one of the major disadvantages of the partnership is its limited life.

____9.When compared to a corporation, one of the major advantages of a partnerships is its relative ease of formation.

____10.An advantage of the partnership form of business is that each partner’s potential loss is limited to that partner’s investment in the partnership.

____11.A Limited Liability Company is a business entity form designed to overcome some of the disadvantages of the partnership form.

____12.For tax purposes, a Limited Liability Company may elect to be treated as a partnership.

____13.The Limited Liability Company may elect to be manager managed rather than member managed which means that only authorized members may legally bind the corporation.

____14.Each partner has a separate capital and withdrawal account.

____15.The chart of accounts for a partnership, with the exception of drawing and capital accounts, does not differ from the chart of accounts for a sole proprietorship.

____16.The equity reporting for a Limited Liability Company is similar to that of a partnership but the changes in capital are shown on a statement of members’ equity.

____17.When a partner invests noncash assets in a partnership, the assets are recorded at the partner’s book value.

____18.Accounts receivable contributed to the partnership are recorded at their face value.

____19.A new partner contributes accounts receivable to a partnership which appear in the ledger of his sole proprietorship at $ 20,500 and there was an allowance for doubtful accounts of $ 750. If 0 of the accounts receivables are completely worthless, the partnership accounts receivable should be debited for ,900.

____20.One reason that distributions of income and loss are prepared is to obtain the information to record a closing entry.

____21.The salary allocation to partners used in dividing net income would also appear as salary expense on the partnership income statement.

____22.If the articles of partnership provide for annual salary allowances of ,000 and ,000 to X and Y respectively and net income is ,000, X’s share of net income is ,000.

____23.If the net income of a partnership is less than the total of the allowances provided by the partnership agreement, the difference must be divided among the partners in the income-sharing ratio.

____24.The amount that a partner withdraws as a monthly salary allowance does not affect the division of net income.

____25.A devotes full time and B devotes one-half time to their partnership. If the partnership agreement is silent concerning the division of net income, A will receive a ,000 share of a net income of ,000.

____26.In the distribution of income, the net income is less than the salary and interest allowances granted, the remaining balance will be a negative amount that must be divided among the partners as though it were a loss.

____27.Details of the division of partnership income should normally be disclosed in the financial statements.

____28.Partnership’s asset accounts should be changed from cost to fair market value when a new partner is admitted to a firm or an existing partner withdraws and dies.

____29.Sarno has a capital balance of ,000 after adjusting the assets to fair market value. Minton contributes ,000 to receive a 30% interest in the new partnership. the bonus paid by Minton is ,800.

____30.After all noncash assets have been converted to cash and all liabilities paid, A, B, and C have capital balances of ,000 (debit), ,000 (debit), and ,000 (credit). The cash available for distribution to the partners is ,000.

Multiple Choice (1 Point Each)
Identify the choice that best completes the statement or answers the question.

____1.Which of the following is characteristic of a general partnership?
a.The partners have co-ownership of partnership property.
b.The partnership is subject to federal income tax.
c.The partnership has an unlimited life.
d.The partners have limited liability.

____2.Which of the following is not a characteristic of a general partnership?
a.the partners