Under a Contract of Sale, Ana bound herself to deliver a diamond ring to Ben for P50,000 to be used by the latter in his proposal to Apple on June 15, 2021. (Hint: this is a reciprocal obligation) What is the prestation? Who is the active subject? Who is the passive subject? What is the vinculum juris?

Under a Contract of Sale, Ana bound herself to deliver a diamond ring to Ben for P50,000 to be used by the latter in his proposal to Apple on June 15, 2021. (Hint: this is a reciprocal obligation) What is the prestation? Who is the active subject? Who is the passive subject? What is the vinculum juris?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Beam Hines is a translator who works for a consulting firm in Mississauga. Her 2020 salary is $73,500, from which her employer, a Canadian controlled private company, deducts maximum CPP and EI contributions. Also deducted is an RPP contribution of $2,600. The employer makes a matching contribution ($2,600). Her employment compensation does not include any commission income. Other Information:1. To reward Beam for her outstanding work, and as an incentive to stay with the company, her employer has awarded her a bonus of $10,000 that will be paid in August 2021. 2. Beam received options to purchase 200 shares of her employer’s stock at a price of $72 per share last year. At the time the options were granted, the fair market value of the shares was $74 per share. During May 2020, when the shares had a fair market value of $90 per share, Beam exercises all of these options. She is still holding these shares at the end of the year. (Note: please mention the result of stock options benefit…
Required information [The following information applies to the questions displayed below] In 2023, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and are both 23 years old. Their only sources of income are gains from stock they held for three years before selling and wages from part-time jobs. What is their earned income credit in the following alternative scenarios if they file jointly? Use Exhibit 8-10. Note: Leave no answer blank. Enter zero if applicable. Check my work c. Their AGI is $30,000, consisting of $23,000 of wages and $7,000 of lottery winnings (unearned income) Note: Round your intermediate calculations to the nearest whole dollar amount. Earned income credit
W owes Y, the managing partner of XYZ Partnership, P50,000 due on Oct. 1, 2021. W also owes XYZ partnership P100,000 due on Oct 31, 2021. If W pays the managing partner P50,000. How will the payment be applied? Explain.
M issues a negotiable promissory note payable to the order of P for P10,000 in exchange for his legal services worth P9,000. Later, P endorses the instrument to A for P10,000. Based solely on these facts, how much should M pay A?
Robert started working in his first job in 2019. Will he be able to claim the Canada employment amount? a)Yes b)No
Vishal
Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine decided to enter into a partnership agreement with Mr. Rain, thus the status of the business was changed in 2021. In 2022, the partnership income statement for Shine & Rain was as follows: Income Statement for the year ended 31 December 2022$ $Revenue 11,600,000ExpensesSalaries & Wages 7,600,000Employer NIS Contribution 1,400,000 Rent and Rates 2.400,000Interest 500,000Maintenance 120,000Depreciation 550,000Loss on Disposal of Vehicle 80,000Telephone 235,000Electricity 255,000General Expenses 700,000Donations 85,000Provision for Bad Debts 80,000Fines and Penalties 115,000Drawings 105,000 14,225,000Net Loss 2,625,000 Notes to the Income Statement1. $55,000 of the drawings relate to Mrs. Shine and $50,000 to Mr. Rain2. Gross Salary for Mrs. Shine was $250,000 per month, and $200,000 for Mr. Rain. Both partners worked in the business during the year. 3. The annual allowance was…
Saar Associates sells two licenses to Kim & Company on September 1, 2021. First, in exchange for $197,000, Saar provides Kim with a copy of its proprietary investment management software, which Saar does not anticipate updating and which Kim can use permanently. Second, in exchange for $171,000, Saar provides Kim with a three-year right to market Kim's financial advisory services under the name of Saar Associates, which Saar advertises on an ongoing basis. How much revenue will Saar recognize in 2021 under this arrangement? (Do not round intermediate calculation.) Revenue
Beatty Young, an American, is married with two children, aged 1 and 9 as of 31 December 2020. Both her children are Americans. Beatty has been working in Singapore for the past five years and her 65-year-old mother lives with her in Singapore to help look after the grandchildren. Her elderly mother has no income of her own. Which of the following reliefs and rebates can Beatty claim? (i) Qualifying child relief.(ii) Working Mother child relief.(iii) Parent relief(iv) Grandparent caregiver relief(v) Parenthood tax rebate Question 2 options: 1) i, ii and iii only 2) i and ii only 3) i and iii only 4) All of the above.
Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine decided to enter into a partnership agreement with Mr. Rain, thus the status of the business was changed in 2021. In 2022, the partnership income statement for Shine & Rain was as follows: Income Statement for the year ended 31 December 2022 Revenue 11,600,000 Expenses Salaries & Wages 7,600,000 Employer NIS Contribution 1,400,000 Rent and Rate 2,400,000 Interest 500,000 Maintenance 120,000 Depreciation 550,000 Loss on Disposal of Vehicle 80,000 Telephone 235,000 Electricity 255,000 General Expenses 700,000 Donations 85,000 Provision for Bad Debts 80,000 Fines and Penalties…
Give me correct answer with explanation.h
Showing your workings, answer the following question. “Carnita and Cornwall are in partnership. The following is their trial balance as at 31 October 2020.” £ £ Capital Accounts: Carnita 400,000 Capital Accounts: Cornwall 500,000 Current Accounts: Carnita (at 1 November 2019) 164,000 Current Accounts: Cornwall (at 1 November 2019) 41,200 Drawings Accounts: Carnita 200,000 Drawings Accounts: Cornwall 160,000 Premises at cost 1,600,000 Vehicles at cost 520,000 Accumulated depreciation on vehicles at 31 October 2020 500,000 Debtors 464,200 Creditors 539,400 Stock at 31 October 2020 268,800 Bank 67,200 Bank loan at 5% 800,000 Net profit for the year 396,000 Accrued expenses 22,000 3,321,400 3,321,400 “You are given additional information as follows: i) Interest is charged on drawings, which has been calculated as: Carnita…