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- Carlos opens a dry cleaning store during the year. He invests 30,000 of his own money and borrows 60,000 from a local bank. He uses 40,000 of the loan to buy a building and the remaining 20,000 for equipment. During the first year, the store has a loss of 24,000. How much of the loss can Carlos deduct if the loan from the bank is nonrecourse? How much does Carlos have at risk at the end of the first year?Lambda owns a checking account with a balance of $5,000, a savings account with a balance of $3,000, and will earn $70,000 as her salary every year. Based on this information only, Lambda's total financial assets equals: O $70,000 O $5,000 O $8,000 O $78,000Lileth Adriano, who plans to go abroad, is selling her mini-donut business. Her friend, Benita Solido is interested to buy it but can only afford to pay P350,000. The following are the assets of Adriano’s business: a. How much is the net worth assuming there is a mortgage note of P150,000 attached to the equipment? b. Will Benita Solido be able to afford to buy the business? c. Make the entry in the books of Benita. Book Value Market Value Equipment (net of accumulated depreciation of P25,000) P350,000 P300,000 Furniture and Fixtures (net of accumulated depreciation of P5,000) 75,000 50,000 Raw Materials 35,000 25,000 Franchise Right 150,000 100,000 Total P610,000 P475,
- Cynthia found various ways to make use of her money to generate income. The following summarizes all the income she was able to derive from her use of money: • Interest income from loans granted to online sellers who did not have enough capital on their own - P25,000 • Interest income on a 90-day time deposit with BPI. The amount of deposit is P500,000 which pays 7% interest per annum. The interest was already credited to her account. • Interest income on her savings account maintained in her cooperative - P5,000 • Interest income on promissory notes of clients – P7,000 How much interest income is subject to final tax? а. Р40,750 b. P15,750 с. Р13,750 d. P8,750Lucy buys a $4,000 piano (transaction 4). The purchase is funded by a $1,200 bank loan (transaction 1), the redemption of a $2,600 term deposit (transaction 2) and the sale of $200 worth of corporate bonds (transaction 3), which were bought in the past for $250. The piano is an asset _ Type Y if true, N if incorrect. The term deposit is an asset _ Type Y if true, N if incorrect. The loan is an asset _ Type Y if true, N if incorrect. In net, the balance sheet size changes by _ Type a sign + or - followed by one number with no dollar sign. Type 0 (the number zero) if there is no change. The stock of bonds changes by _ Type a sign + or - followed by one number with no dollar sign. Type 0 (the number zero) if there is no change. The income from the sale of the bonds is _ Type a sign + or - followed by one number with no dollar sign. Type 0 (the number zero) if there is no change. In net, the deposits change by _ Type a sign + or - followed by one number with no dollar sign. Type…Xia and John have joint accounts at Downtown Bank that is insured by the FDIC. They have $220,000 in their checking account, $350,000 in regular savings account, and $150,000 in an investment account. Unfortunately, Downtown Bank went bankrupt. How much would Xia and John recover from their accounts? Show work.
- Cynthia found various ways to make use of her money to generate income. The following summarizes all the income she was able to derive from her use of money: • Interest income from loans granted to online sellers who did not have enough capital on their own - P25,000 • Interest income on a 90-day time deposit with BPI. The amount of deposit is P500,000 which pays 7% interest per annum. The interest was already credited to her account. • Interest income on her savings account maintained in her cooperative - P5,000 • Interest income on promissory notes of clients – P7,000 How much interest income is subject to final tax? a. P40,750 b. P15,750 c. P13,750 d. P8,750Ted owns a car worth $40,000. Owns home worth $275,000, Checking acct with $800, Saving Acct with $1,900, mutual fund worth $110,000. Personal assets worth $90,000. He still owes $25,000 on his car and $150,000 on his home, and has balance on credit card of $1,600. What's Ted net worth?ASLEY is in the business of purchasing accounts receivable from businesses at a discount and then collecting them. Last year, she purchased a $30,000 account receivable for $25,000. This year, the account was settled for $25,000. How much loss can Peggy deduct and in which year? a.$5,000 for the prior year. b.$5,000 for the prior year and $5,000 for the current year. c.$5,000 for the current year. d.$-0- for the current year.
- A couple sold their home. In addition to a cash down payment, they financed the remaining balance for the buyer. The loan will be paid off by monthly payments of $300 for 5 years. The couple decides to sell the loan to a local bank. The bank will buy the loan, based on 1% per month interest. How much will the bank pay the couple for the loan? Select one: O a. 35648.74 O b. 3397.40 O c. 13486.51 O d. 1456.03 O e. 31468.53 You deposit $8000 in year 1, $7500 in year 2, and amounts decreasing by $500 per year through year 10. At an interest rate of 10% per year, determine the annual worth equivalent through year 1 to 10. Select one: O a. 10282.48 O b. 6137.27 O c. 4540.89 O d. 5717.52 O e. 9862.73A couple sold their home. In addition to a cash down payment, they financed the remaining balance for the buyer. The loan will be paid off by monthly payments of $300 for 5 years. The couple decides to sell the loan to a local bank. The bank will buy the loan, based on 1% per month interest. How much will the bank pay the couple for the loan? Select one: O a. 35648.74 O b. 3397.40 O c. 13486.51 O d. 1456.03 O e. 31468.53Last year Nate opened a savings account with a deposit of $17,250. The account was in the name of Nate and Derrick, joint tenancy with the right of survivorship. Derrick did not contribute to the account, but this year he withdrew $5,750. Required: a-1. Has Nate made a complete gift? a-2. What is the amount of the complete gift, if any, and when was the gift made? Complete this question by entering your answers in the tabs below. Req A1 Req A2 What is the amount of the complete gift, if any, and when was the gift made? Amount of complete gift At the time of withdrawal