A 16 year old student orally entered into a 5-year contract of lease of car at a rent of P500/year with a leasing company. a. Perfectly Valid b. Rescissible c. Voidable d. Unenforceable e. Void
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Q: contract of sale
A: The answer is option A. Valid. The contract rendered here is a valid contract.
A 16 year old student orally entered into a 5-year contract of lease of car at a rent of P500/year with a leasing company.
a. Perfectly Valid
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- Ive been rejected many times. Please kindly answer in good accounting form thankyouA long-term liability is one that the company: Select one: a. Has owed for over one year. b. Has owed for over five years. c. Will not pay off for at least over five years d. Will not pay off for at least over one year. (Please Introduction and explanation with what is correct option and incorrect option why?) Please without plagiarism please will upvoteA lessor signs a lease agreement with a lessee. The lease term is only 50% of the economic life of the asset, there is no bargain purchase, ownership does not transfer, and the asset is not specialized. The present value of lease payments is 92% of the asset’s fair value. This is a(an) _________ lease to the lessee and lessor, respectively (enter the number that represents the correct answer). To the lessee To the lessor operating lease operating lease operating lease sales-type lease finance lease operating lease finance lease sales-type lease
- When is a home considered under contract? When the buyer qualifies for a loan When the seller and buyer have signed the offer When the buyer signs the seller's offer When the 10-day option period is overNeedham Industries leased manufacturing equipment from Burlington Leasing on January 1, 2021 Needham has the option to renew the lease at the end of two years for an additional three years, Needham is subject to a $135.000 penalty after two years if it fails to renew the lease. Burlington Leasing purchased the equipment from Springfield Machines at a cost of $250.177 (EV of $1. PV of S1. EVA Qf S1. PVA of $1. EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Infornation 3 years (12 quarterly periods) Lease term Lease renewal option for an additional 2 years Quarterly lease payments $45,000 at Jan. 1, 2021 and at Mar 11, June 30, Sept. 30 and Dec. 31 thereafter. 5 years Economie 1ife of asset Interest rate charged by the 1lessor Required: Prepare appropriate journal entries for Needham Industries from the beginning of the lease through March 31 2021 Appropriate adjusting entries are made quarterly (If no entry is required for a transaction/event,…Ex.13.
- On December 1, 2020, Carlos entered into a lease on a building for use in his business for $1,500 per month. Under the lease terms, Carlos pays 12 months’ rent ($18,000) in advance on December 1. How much can Carlos deduct for rent in 2020? a. $18,000 b. $1,000 c. $13,000 d. $12,000Your client bought investment property at 157 Kissing Point Rd, Dundas, NSW 2117 for $445,000 under a contract dated 01 May 1998. The contract provided for the payment of a deposit of $85,000 on that date, with the balance of $360,000 to be paid on the settlement on 15 May 1998. Your client paid a stamp duty of $10,500 on 30 May 1998. On 1 June 1998, he received an invoice for solicitor’s fees of $6,300, which he paid as part of the settlement process. He sold the property on 01 July 2018(the day the contracts were exchanged) for $730,000. He incurred costs of $1,500 in solicitor’s fees and $30,000 in agent’s commission. During the entire ownership period, the property was used for producing assessable income. Your client had the following expenses for this property: ✓ Council rates $5,800 (not claimed in the previous tax return) ✓ Land tax $7,700 (not claimed in the previous tax return) ✓ Maintenance $20,100 (not claimed in the previous tax return) ✓ Bank Interest…On January 1, Year 1, Greg Co. leased an office building to Abby Co. The lease was properly classified by the two companies as an operating lease. The lease term is for 20 years and the estimated remaining useful life of the office building is 50 years. The controller of Greg Co. is not sure whether Greg Co. should test the office building for impairment while it is leased to Abby Co. Which section of the Accounting Standards Codification best helps the controller of Greg Co. determine whether the office building is tested for impairment while it is leased to Abby Co.? Enter your response in the answer fields below. Guidance on correctly structuring your response appears above and below the answer fields. Unless specifically requested, your response should not cite implementation guidance. Type the topic here. Correctly formatted FASB ASC topics are 3 digits. FASB ASC Some examples of correctly formatted FASB ASC responses are 205-10-05-1,323- 740-525-1, 260-10-60-1A, 715-30-35-95,…
- Skysong enters into an agreement with Traveler Inc. to lease a car on December 31, 2019. The following information relates to this agreement. 1. The term of the non-cancelable lease is 3 years with no renewal or bargain purchase option. The remaining economic life of the car is 3 years, and it is expected to have no residual value at the end of the lease term. 2. The fair value of the car was $14,100 at commencement of the lease. 3. Annual payments are required to be made on December 31 at the end of each year of the lease, beginning December 31, 2020. The first payment is to be of an amount of $5,148.50, with each payment increasing by a constant rate of 5% from the previous payment (i.e., the second payment will be $5,519.36 and the third and final payment will be $5,795.30). 4. Skysong’ incremental borrowing rate is 8%. The rate implicit in the lease is unknown. 5. Skysong uses straight-line depreciation for all similar cars. (a)Prepare Skysong’ journal…1. Statement 1: An article may be subject to both value-added tax and excise tax. Statement 2: The lease of commercial spaces in a building with a monthly rental of P14, 000 per unit is exempt from vat and opt. a. True, true c. True, false b. False, true d. False, false.
