Aman has a big family. He has seven brothers and seven sisters. One of his brothers, Athif is not doing financially well. All of them help Athif with construction of his house and his daughters marriage. What virtues are they showing ? Choose correct answer a. Caring for weak b. Discipline c. Trust d. Teamwork

Aman has a big family. He has seven brothers and seven sisters. One of his brothers, Athif is not doing financially well. All of them help Athif with construction of his house and his daughters marriage. What virtues are they showing ? Choose correct answer a. Caring for weak b. Discipline c. Trust d. Teamwork

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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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.
Ma 1. Amanda is in her 70s, is in good health, and lives in a large house in a rural area. Amanda asks Bridget, the granddaughter of a close friend, to live in the house with her. Amanda does not need nursing care, but wants someone for companionship and to help with housework and repairs. Amanda promises to transfer the house to Bridget if she will live with her for five years. Bridget does so and continues to work full-time in a nearby town. Amanda transfers title in the house to Bridget. What are the gift tax consequences, if any, to Amanda?
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Nour was a financial consultant who liked to work with his hands, especially in making furniture. He quit his rat race financial job to start a small custom furniture business. After struggling for several years, he closed it and went back to financial services. Nour discovered that there was a big difference between making furniture for himself and running a customer furniture manufacturing business. Nour's business failed because of _______________. * uncontrolled growth poor financial control an inability to access start-up capital his lack of experience
ANSWER AND RESOLVE THIS PROBLEM AND ANSWER SHOULD BEGIN WITH A CLEAR CONCLUSION THEN FOLLOWED BY BRIEF DISCUSSIONS. A, B, C, X and Y are senior graduating Accountancy students in Far Southern University. Due to restrictions brought about by worsening COVID-19 pandemic, they have been staying at their common place in the province of Batanes. Among the four who are childhood friends since birth, only C is acquainted to X. While studying online to pursue their degree, they want to accomplish something else on the side. By way of a backgrounder, A had inherited from his departed parents 1 hectare of bare agricultural land. He wants to engage in an enterprise that will make his land productive. B is an independent self-sustaining seasonal farmer who owns 5 heads of young cattle and he wants to create an entity that will help him maximize the potential of what he has. C is a philanthropist at heart who is willing to help his town folks by providing them alternative sources of living…
Jamie Lee and Ross were stunned to find that their family of two has grown to a family of five! They were expecting twins, but when the babies were born, they discovered that they were actually the parents of triplets! Ross immediately had worries of being able to provide for the growing family: diapers, formula, college expenses times three! What if something happened to him or Jamie Lee? How would the surviving parent be able to provide for such a large family? Jamie Lee and Ross decided to purchase life insurance for Ross because his is the higher income at this time and because it would be more devastating if his income was lost due to his death. They have allowed $9,600 for funeral costs. I really need help in calculate their living expenses for 6 months to include all monthly expenses, excluding credit card debt and entertainment. Note that Ross's mother lives close and will be providing childcare to their triplets once Jamie Lee goes back to work at the bakery for half…
Assume Louise has inherited a large sum of money and wish to use it to make a real estate investment. She is a working professional in her late 30s. a. Would you recommend her to invest in income property or speculative property? Why? Describe the key characteristics of the income or speculative property on which she would focus her search. b. Louise has studied economics and knows about demand and supply, yet she doesn’t understand how to apply them to an investment analysis. Advise Louise in a practical way, how she might incorporate demand and supply into an investment analysis of property investment?
Based on the findings, give recommendations to Child Care so that the firm could be financially independent and contribute to the society.
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