A Worksheet 14csn.edu/sites/default/files/2020-05/1.4.pdfE D PacRead aloud V DrawY HighlightWorksheet 1.45. Brittany, Katy and Miley are graduating and are no longer going to be roommates, but they each want tokeep the cat they adopted. Using the Method of Sealed Bids, Brittany bids $90, Katy bids $150, and Mileybids $165 for the cat. Since Miley's bid is the highest, she gets the cat. How much will she have to payBrittany and Katy in order to keep the division fair?Enter your search term6. Jamie and Margie need to divide a couch and a hot tub. Using the Method of Sealed Bids, Jamie bids $530on the couch and $160 on the hot tub, while Margie bids $490 onJamie will get the couch, and Margie will take the hot tub and will also get a little bit of money from Jamie.To make the division fair, how much money will Jamie have to give to Margie?e couch and $180 on the hot tub.Billy and Joel need to divide a car and a dog. Using the Method of Sealed Bids, Billy bids $5000 on the carand $250 on the dog, while Joel bids $4800 on the car and $280 on the dog. Billy will get the car. Joel willtake the dog and will also get some money from Billy. To make the division fair, how much money willBilly have to give to Joel?79 F ClearDELL

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Answered: 5. Brittany, Katy and Miley are…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Vera owns a small shop selling stationeries in Ma On Shan. She wants to retire. She placed a notice in front of her shop which reads: “Shop for sale, HK$3,000,000 for the shop premise and HK$25,000 for all the stationeries in the shop. Can be purchased separately." Iris saw the notice in front of the shop. She has a stationeries shop in Shatin and wanted to buy all the stationeries in Vera's shop. She approached Vera and gave her two cheques of HK$3 million and HKS25,000 informing her that she intended to buy the shop and all stationeries. They agreed to sign two separate contracts for the two sale transactions. Explain to Iris whether the two contracts are governed by the Sale of Goods Ordinance.
The partnership of Michelle, Amal, and Maureen has done well. The three partners have shared profits and losses in a 1:3 ratio, with capital balances of $60,000 each. Maureen wants to retire and withdraw. Prepare a schedule showing how the cost should be divided if Amal and Michelle decide to pay Maureen $70,000 for retirement of her capital account and the new agreement will share profits and losses 50:50.
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Mr. Ahmed, the general partner of a big furniture store in Muscat is going to contribute a bigger share of money to settle the partnership's liabilities to its creditors. Why Ahmed is going to do so? O General partners have a distinct legal personality O General partners have unlimited liability O None of the choices are correct O General partners will contribute more because they have more money
Question: Sam wants to purchase land owned by Kiara for use in his trade or business. Kiara's basis in the land is $350,000, and Sam has offered to pay $980,000 if she will sell within the next ten days. Kiara is interested in selling but wants to avoid gain recognition on the sale. Is there any way that Kiara could sell to Sam and still avoid gain recognition? Give Short Explanation of Capital Gains and 1031 exchange.
T grows beets in her own garden. Although T detests beets, she will be required torecognize income when:a. She harvests her beets.b. She consumes beets that she could have sold for $100.c. She sells beets for $100 to somebody who actually likes them.d. She exchanges $100 worth of beets for $100 worth of spinach grown by herneighbor.e. Both (c) and (d) are correct T (a cash method taxpayer) pays $250,000 for a house to be held as an investment (it isactually worth $300,000).a. In all cases, T would be required to recognize $50,000 as income in the year hebuys the house.b. T will never be required to recognize income until he disposes of the house inan arm’s length sale or exchange.c. If T acquired the house from a person who owes him $50,000 for services rendered,T would be required to recognize $50,000 as income in the year he buysit.d. (c) would be the correct answer only if T accepts the house in satisfaction of thedebt owed to him for services rendered.e. None of the above.
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