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- 1. You operate a small car yard which sells cars. Which of the following could you claim a GST input tax credit for?a. Repayments on a loan contract for the building premises. b. Council fees paid to the local council on your owned building premises. c. Costs of getting your windows cleaned once a month paid to someone as wages. d. Insurance premiums paid on the building.Under which circumstances would the time value of money become a factor that affects the transaction price? The customer pays the seller well in advance of the promised goods or services being transferred. The customer pays the seller well after the promised goods or services are transferred. The customer pays with a 3-year note payable. All of these choices.Your client wants to transfer $500 from their chequing account into a savings account to cover tax liabilities for sales made last month.Where should they start the process?
- Stefanie takes out a five year car loan and agrees to pay $500 every month. This scenario shows how money functions as a OA. store of value. B. standard of deferred payment. O c. unit of accounting. D. medium of exchange. AAn accountant recommends a local computer company to a client that is trying to upgrade its computerized sales records. The client purchases $25,000 worth of equipment and sends a check to the accountant for 5 percent of the total sales. This is an example of aa. Commission.b. Contingent fee.c. Referral fee.d. Nonaudit fee.You are finalizing a bank loan for $180,000 for your small business and the closing fees payable to the bank are 1.7% of the loan. After paying the fees, what will be the net amount of funds from the loan available to your business?
- How is income defined by the IRC? For example, suppose you decided to hold a garage sale one fine summer weekend. The proceeds of such came out to $40. Do you report this? Why or why not?Identify the following questions as most likely to be asked by an internal (I) or an external (E) userof accounting information. Should we make a five-year loan to that business?Suppose you purchase a home and secure a loan for $165,000. If the bank charges a fee of 3 points, what is the charge for points?
- Instructions: 1. Analyze the given scenario and choose what type of investment is best for Mr. Santos. Explain your answer. (include your analysis through computations) Scenario: Mr. Santos is a government employee, His time deposit account of P 500,000 with 4% interest p.a. maintained with BDO generates a monthly interest of P 1,334.00 (net of 20% withholding tax). He is not satisfied with the earnings that he was receiving. One day, he talked to a BDO financial adviser to seek advice on where to place his money with a higher interest rate. The financial adviser explained to him the following options: 1. Treasury-Bills -placement 30 days 6% one year 2. Bonds issued by San Miguel Corporation Face Value per bond P 100,000, 6% yield, quarterly coupon rate, term 10 years. 3. PLDT preferred 12 % Shares of stocks par value, P 100 per share with Market value P 150 per share. If you are Mr. Santos, what option are you going to choose?What should an investment analyst look into before recommending an investment to clients? How should a commercial loan officer analyze a loan application that includes 3 years' worth of financial statements?As a recent graduate with an associate degree in Business, you are trying to determine if getting a Bachelor’s degree is worth the money. To help make the decision, you should evaluate the present value of the cash flows from possessing an associate degree versus possessing a bachelor’s degree. Researching current tuition fees and employment data has yielded the following information: * Annual Tuition and costs for a CSU: $10,000 (Assume this covers all expenses: tuition, books, etc.) * Time to Compete: 2 years * Average Salary with associate degree only: $35,000 * Average Salary with bachelor’s degree: $55,000 * Present Value of 10% Discount Rate Assume you will earn the above salaries for ten years. Use the present value tables to complete the following: 1. Determine the Net Present Value of the Cash Flows from the associate degree; there is no tuition cost as you have already completed the degree. 2. Determine the Net Present Value of the Cash Flows from the bachelor’s degree;…