Julie and Suresh conclude an agreement in terms of which they agree that Julie will pay Suresh the amount of R50 000 to murder her husband, Alex.
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Julie and Suresh conclude an agreement in terms of which they agree that Julie will pay Suresh the amount of R50 000 to murder her husband, Alex.
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- A) X,Y,Z separately tender for a contract to pick up stray cows and dogs from Delhi cantonment area and restore them to cow pen and dog care units managed by MCD. However by mutual agreement they decide to share the income arising from such activity, lest one of them is granted the contract. They also agree to share the total expenses in this regard equally. Is this partnership?B) Anuj stole a cheque from his employer Yash ‘s drawer .He forged Yash’s signature and since Anuj use to collect payment on behalf of his employer, the banker in good faith ,paid the cheque in due course.Is the banker liable to the employer for the payment?Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts receivable with a face amount of $46,000 and equipment with a cost of $181,000 and accumulated depreciation of $105,000. The partners agree that the equipment is to be valued at $67,900, that $3,000 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $2,200 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Tim contributes cash of $21,500 and merchandise inventory of $45,000. The partners agree that the merchandise inventory is to be valued at $48,500. Journalize the entries to record in the partnership accounts (a) Jesse's investment and (b) Tim's investment. If an amount box does not require an entry,Jimmy, Matt, and Jay are in the process of forming a partnership. According to their partnership agreement, Jimmy is to invest $100,000 and devote one-half time to the partnership, Matt is to invest $50,000 and devote three-fourths time to the partnership, and Jay is to make no investment and devote full time to the partnership. If the partnership encounters any liability that exceeds partnership assets, what is Jay's potential liability for the debts of the partnership, if any, and why? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). В I U S Paragraph Open Sans,s... v 10pt A v Ix 田田図 ABC - 田用图 P O WORDS POWERED BY TINY II +] III
- three partners, John, Jim, and Alice form a partnership. John invests $27,500; Jim invests $10,700, and Alice invests $8,400. In addition, Jim performs specific management functions for which he is paid $2,000 from the partnership proceeds. if the partnership earns $176,000, how much will jim receive?Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O’Donnell, a local merchant, to contribute the capital to form a partnership. On January 1, 2019, O’Donnell invests a building worth $74,000 and equipment valued at $44,000 as well as $32,000 in cash. Although Reese makes no tangible contribution to the partnership, he will operate the business and be an equal partner in the beginning capital balances. To entice O’Donnell to join this partnership, Reese draws up the following profit and loss agreement: O’Donnell will be credited annually with interest equal to 10 percent of the beginning capital balance for the year.O’Donnell will also have added to his capital account 10 percent of partnership income each year (without regard for the preceding interest figure) or $6,000, whichever is larger. All remaining income is credited to Reese.Neither partner is allowed to withdraw funds from the partnership during 2019.…Rochelle fraudulently induces Sybil to sign a note. Rochelle sells the note to Terry, who does not know of the fraud and takes the note for value and in good faith, and thus becomes an HDC. Terry sells the note to Ulrich, who sells the note back to Rochelle. Does Rochelle acquire Terry’s HDC rights in the note?
- Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts receivable with a face amount of $50,000 and equipment with a cost of $185,000 and accumulated depreciation of $101,000. The partners agree that the equipment is to be valued at $67,800, that $4,000 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $1,800 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Tim contributes cash of $21,500 and merchandise inventory of $45,000. The partners agree that the merchandise inventory is to be valued at $48,500. Journalize the entries in the partnership accounts for (a) Jesse's investment and (b) Tim's investment. If an amount box does not require an entry, leave it blank. a. b.Moe, Edita, and Hunter have been operating a business together as partners without a partnership agreement for several years. Hunter unexpectedly passes away, what will most likely become of the partnership? A. The partnership will be immediately dissolved B. Hunter’s interest will automatically be divided between Moe and Edita C. Moe and Edita will need to find a new partner to take Hunter’s place D. Moe and Edita will be able to purchase Hunter’s interest from his estateTimmy and Tammy, boyfriend and girlfriend (but not married and with no present intention to marry), have co-owned (50-50) and lived together in a home in Dallas for five years. Now they plan to sell because they’ve decided to move to Alaska. They tell you, their CPA, that they anticipate around $600,000 total profit on the sale. You advise them that they – (a) must get married before they sell in order to maximize the § 121 exclusion. (b) must get married by year-end in order to maximize the § 121 exclusion. (c) will pay no tax on a total of $250,000 of the gain, split evenly between them on their respective “single” tax returns. (d) will pay no tax on a total of $500,000 of the gain, split evenly between them, on their respective “single” tax returns. (Choose the answer you believe to be correct and defend your choice.)
- Joanna takes a security interest in the equipment in Jason Store and files a financing statement claiming “equipment and all after acquired equipment.” Berkeley later sells Jason Store a cash register, taking a security interest in the register, and (a) files nine days after Jason receives the register or (b) files twenty-five days after Jason receives the register. If Jason fails to pay both Joanna and Berkeley and they foreclose their security interests, who has priority on the cash register? Explain.Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O’Donnell, a local merchant, to contribute the capital to form a partnership. On January 1, 2022, O’Donnell invests a building worth $54,000 and equipment valued at $20,000 as well as $16,000 in cash. Although Reese makes no tangible contribution to the partnership, he will operate the business and be an equal partner in the beginning capital balances. To entice O’Donnell to join this partnership, Reese draws up the following profit and loss agreement: O’Donnell will be credited annually with interest equal to 10 percent of the beginning capital balance for the year. O’Donnell will also have added to his capital account 10 percent of partnership income each year (without regard for the preceding interest figure) or $5,000, whichever is larger. All remaining income is credited to Reese. Neither partner is allowed to withdraw funds from the partnership during 2022.…Dewwy, Screwum, and Howe are forming a partnership. Dewwy is transferring $93,000 of personal cash to the partnership. Screwum owns land worth $27,000 and a small building worth $205,000, which she transfers to the partnership. Howe transfers to the partnership cash of $19,000, accounts receivable of $47,700 and equipment worth $35,000. The partnership expects to collect $45,000 of the accounts receivable. Cash 93000 Dewwy Capital 93000 Equipment 27000 Building 205000 Screwum Capital 232000 Cash 19000 Accounts Recievable 47700 Equipment 35000 Doubtful 2700 Howe Capital 99000 What amount would be reported as total owners’ equity immediately after the investments? I would have expected $99,000 since this was agreed upon. What did I miss in the reading?