a bought a car from Jai and delivered a check in payment of the same. Has Dina paid the obligation? Ex
Q: Mohammed received a housing loan of RO 50,000 from Bank Sohar, Nizwa Soug branch on 1st January,…
A: Given: Housing loan is Ro 50,000 Date 1st January 2020 Installment monthly
Q: John borrows $700 from a bank. He promises to pay $749 in 1 year's time. How much interest is john…
A: Time value of money is one of important concept of finance. It means a dollar amount invested today…
Q: Alison receives a notice of property taxes that are due from the County tax collector. The taxes are…
A: Property tax paid mistakenly can be recovered from neighbour or not Alison receives a notice of…
Q: Question 53 of 81. Judee has two qualifying children for the Child and Dependent Care Credit, Emily…
A: Even though Judee has two qualifying children, the Child and Dependent Care Credit is limited to…
Q: 1. If Cindy invests $2000 in an RRSP, how will this affect her tax return? 2. Indicate whether the…
A: As per our guidelines we are supposed to answer only one question (if there are multiple questions…
Q: Having graduated from UWI Roytec with an Associate Degree, the Chief Executive Officer of your…
A: Activity-based costing is a costing approach in which a company's activities are identified and the…
Q: Jasmine had 39000 wages, 14328 in alimony, 6200 in unemployment
A: Answer: Any income earned in wages and salary are part of gross income of any tax payer. Any amount…
Q: Austin graduates from high school in 2020 and enrolls in a private college in the fall. His parents…
A: American opportunity tax credit It refers to a tax credit that is related to the qualified expenses…
Q: If Mrs A worked at a jewellery store and her employer gave her a sales bonus of a diamond ring…
A: The value of the diamond of $10,000 has to be reported in Mrs. A's earned income for taxation
Q: Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and is…
A: A tax credit is the claimable amount depending upon the case and individuals involved. These…
Q: Vilma contacts her insurance agent, Edlyn, in February for travel insurance for a family vacation…
A: Workers' Compensation is a system that provides financial and medical benefits to employees who…
Q: ngela's disposable income is$2,831.Angela inspects her checkbook and her credit card bills and…
A: Net cashflow means cash balance left after deducting all negative cashflows i.e. outflows form total…
Q: X and Y own a home recently appraised for $317,400. The balance on their existing mortgage is…
A: Appraised value = $317,400Existing mortgage value = $214,074Bank Rate = 70%
Q: Due to his debt to Chur, Schwyz wrote a promissory note which is payable to the order of Chur.…
A: The answer for the multiple choice question and relevant explanation are presented hereunder : The…
Q: Jim and Mary Jean are married and have two dependent children under the age of 13. Both parents are…
A: The portion of your total income used to calculate how much tax you owe in a given tax year is known…
Q: A son qualifies for HOH filing status for a father who lives on his own in an apartment. The son…
A: True Because To file taxes as head of household, you must be considered unmarried, pay at least half…
Q: Andres recently borrowed his friend Mike's car. While Andres was driving, he hit another car and…
A: In this scenario, Andres borrowed Mike's car and while driving, he hit another car causing damage.…
Q: Should wealthy American taxpayers pay inheritance and gift taxes in order to give their money to…
A: According to a recent New York Times investigation, Donald Trump’s father, Fred Trump, gave the…
Q: Einstein is indebted to Galileo P30, 000,000.00 secured by a mortgage on his motorcycle. Galileo…
A: If Galileo decides to abandon his right over the motorcycle, then the Einstein has legal rights to…
Q: A young couple wishes to take out a sizeable home loan and, at the insistence of the bank, your…
A: Introduction: A bank guarantee is indeed an agreement by a financial company to accept liability for…
Q: ue has $50,000 in her checking account at Small Bank and $150,000 in a savings account at Big Bank.…
A: FDIC is deposit insurance provided by the government in the event that banks may default on the…
Q: Jack Lowes $358.32 on his Visa account. He returns two items costing $23.13 and $32.77 for credit.…
A: Total amount to be paid off shall be: = Opening Balance + Purchases - Returns Further, the said…
Q: A company must decide between scrapping or reworking units that do not pass inspection. The company…
A: Step 1: Calculation of incremental income.Scrap income = $52,800Rework income = Revenue - Cost=…
Q: Larry has three foreign investments: a US Bank account with CANS40, 000, shares in a British…
A: Here's how to solve this question:Identify the total value of Larry's foreign investments.Compare…
Q: Mary purchases a property with the help of a fixed-rate loan. Why is Mary considered the mortgagor…
A: In the world of real estate, property financing is the broad balance between objectives and…
Q: Ned is an independent contractor working with Joe remodeling a home, and Joe pays him using…
A: The objective of the question is to understand how to report income received in the form of…
Q: Many students attending college in the United States find themselves having to take out loans to…
A: The question is based on the concept of Accounting theory
Q: Which of the following liabilities would be considered nonrecourse? A bank loan for which the…
A: Lets understand basics. Non recourse liabilities are liabilities which are secured by the…
Q: kara is ordained minister and church provides her housing allowance which she spends to rent her…
A: It is a problem statement that wants to identify the tax treatment of housing allowance given by the…
Q: Ann receives an unsolicited credi card in the mail and tosses it on her desk. Without Ann's…
A: The question is asking about the liability of a person (Ann) when an unsolicited credit card she…
Q: Amanda purchased a home for $720,000 in 2016. She paid $144,000 cash and borrowed the remaining…
A: Acquisition Indebtness is the outstanding amount on a loan taken out for the purpose of purchase of…
Q: If Mrs A worked at a jewellery store and her employer gave her a sales bonus of a diamond ring…
A: An employee may receive a sales bonus as a form of financial incentive or compensation for reaching…
Q: A software enfineer from London arrived to the US on February 1st of the current year on a temporay…
A: The objective of the question is to determine the tax filing status of a software engineer who is a…
Q: Randolph is single. He took out a $550,000 mortgage to purchase a main home in February 2020. The…
A: While computing the taxable income of an individual or an entity, certain deductions are allowed in…
Q: Which of the following criteria has the LEAST impact on determining how much federal aide you can…
A: Federal student aide is provided to students who have enrolled for eligible programs with a view to…
Q: Suppose you have $5,000 as a gift from your parents just after they kicked you out of the house. You…
A: Assets owned : Collection of world War 1 badges Automobile 5000 cash Work in a factory where work…
Q: Ghislaine has bought a house. She borrowed most of the price of the house from Monster Bank, which…
A: Ans. A Ghislaine is the bank's receivable (debtor) and Monster bank is Ghisline's mortgagee.
Q: In which of the following cases would you have a present obligation You enrolled in school and…
A: It is generally accepted that, if an entity has an unconditional, legally enforceable obligation to…
Q: Tre owns his own business selling drums. Tre prefers to sell the drum kits for cash, but…
A: First of all let's understand some basics for the Receivable Account Receivables increases when a…
Q: In order to help his daughter Pamela secure a loan for her new business, Rich promised the bank that…
A: In the situation presented in the question, Rich and his daughter Pamela are tasked with helping…
Q: m to outsiders. Discuss the tax consequences.
A: The residential system provides an environment conducive to personal development and academic…
Dina bought a car from Jai and delivered a check in payment of the same. Has Dina paid the obligation? Explain
Step by step
Solved in 2 steps
- Justin P. deposited $2000 into an account 5 years ago. Simple interest was paid on the account. He has just withdrawn $2876. What interest rate did he earn on the account?Kim needs to borrow money. In order to borrow money he writes a note that states that he will pay $4280.00 to whoever brings him back the note 12 months later. Kim sells the note to Donald for $4000.00. However, 3 months after he purchased the note, Donald needed his money back, so he sells the note to Vladimir for $3990.00. Vladimir keeps the note until maturity. What is the rate of simple interest for Kim? a. 29.07% b.-0.25% C-1.00% d. 7.00% e. 9.69%Sheldon would like to know whether he should consider payroll taxes and sales taxes. If he should, he would like to know the applicable rates, thresholds, registration, and reporting requirements. Advise Sheldon on these requirements if he were to operate in Jamaica or Trinidad & Tobago.
- 4. Samantha borrowed P100,000 from Paola. On due date of the loan, Samantha could not pay Paola because she lost to a robber the P100,000 intended for the payment of her debt. In addition, she suffered financial problems, and she was short of cash even for her current family needs. Can Samantha legally justify her inability to pay Paola? Explain.2. Ms. Fatima sold to Ms. Ruqaiya OMR 60,000 worth of goods on the 15th of April 2022 by accepting a 150 days, 6% interest bearing note. Both Ms. Fatima & Ms. Ruqaiya need your help in understanding how and in what way the notes receivable and the payables should be treated. Provide them with the required help by showing how the transactions would be treated in the books of both parties in the following situations: a) When the notes are accepted. b) On the maturity date, the note is honored. c) Suppose Ms. Fathima prepared final accounts on the 25th of July 2022 d) Following the above situation, the bill is met on maturity. e) The note was dishonored on the maturity date by Ms. Ruqaiya.Exactly who can be a “qualifying relative” and who can’t…??? Say, for example, that you are unmarried but have a “friend” who lives with you full-time / all year. It’s just the two of you (and maybe a quadruped or two). The apartment (or house) is in your name only and you pay all of the rent (or mort-gage) and for absolutely everything else because your friend is a “writer” who does nothing by way of work other than on a supposed novel – which of course brings in absolutely zero income because it never seems to get finished, much less published… Since you’re the sole breadwinner and it’s your apartment (or house), can you file as “Head of household” instead of as “Single”? Explain in 2-3 sentences.
- help! Required information [The following information applies to the questions displayed below.] Charles has AGI of $46,000 and has made the following payments related to (1) land he inherited from his deceased aunt and (2) a personal vacation taken last year. State inheritance tax on the land County real estate tax on the land School district tax on the land City special assessment on the land (new curbs and gutters) State tax on airline tickets (paid on vacation) Local hotel tax (paid during vacation) a. Suppose that Charles holds the land for appreciation. $1,370 1,760 795 Deductible taxes from AGI 714 Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following circumstances: (Leave no answer blank. Enter zero if applicable.) 360 224Please do not give solution in image format ?
- Select the best answer. During the year Jake, age 20, took out a student loan and used the proceeds entirely for his college tuition. Jake is the only signer on the loan and is solely responsible for repayment of the loan. Which of the following statements is true regarding the support test in this situation? O A. The tuition is considered to be provided by the institution that provided the loan. OB. The tuition is considered to be provided by Jake. O C. The tuition is considered to be provided by Jake's parents. O D. Tuition is not support. m, Question Q1 Submit Answers 92% Complete Exit & Resume La block.csod.com/lms/scorm/clientLMS/Scorm 12lframeContainer.aspx?aicc_sid-AICCXvd FC TiXtc1JfwhoH-hadA&aicc_url=https://hrblock.csod.com/LMS/scorm/aicc.aspx(6).Taylor, age 14, is claimed as a dependent by her parents. For 2023, she has the following income: $3,200 wages from a summer job, $1,755 interest from a money market account, and $1,875 interest from City of Chicago bonds. If required, round your answers to the nearest dollar. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". Click here to access the 2023 tax rate schedule. a. Taylor's standard deduction for 2023 is $ Taylor's taxable income for 2023 is $ Feedback Check My Work $ 3,600 ✔ . To reduce the tax savings that result from shifting income from parents to children, the net unearned income (commonly called investment income) of certain children is taxed using special rules. This provision, commonly referred to as the kiddie tax, applies to any child who is under age 19 (or under age 24 if a full-time student) and has unearned income of more than $2,500. b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. 1,755 X 0 X.…
