Mr Ibrahim is a single owner of his business. Due to covid-19, his business went into deep losses. Now he is unable to clear his debts because of bad financial conditions. The creditors claimed his personal assets like land, buildings, cars etc. This is an example for: O a. Unlimited growth potential O b. Unlimited personal liability Limited growth potential O d. Limited personal liability
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- Old Alfred Road, who is well-known to drivers on the Maine Turn- inflation. That is, they will be automatically increased in propor- pike, has reached his seventieth birthday and is ready to retire. Mr. tion to changes in the consumer price index. Road has no formal training in finance but has saved his money and invested carefully. Mr. Road owns his home-the mortgage is paid off-and does not want to move. He is a widower, and he wants to bequeath the inflation, but the interest on his investment portfolio will not. house and any remaining assets to his daughter. He has accumulated savings of $180,000, conservatively the interest from his investment portfolio? How much could he invested. The investments are yielding 9% interest. Mr. Road also has $12,000 in a savings account at 5% interest. He wants to keep value intact? the savings account intact for unexpected expenses or emergencies. Mr. Road's basic living expenses now average about $1,500 per month, and he plans to spend $500 per…James sold his home for $379,000. If the real estate commission was 5.5%, how much commission did he have to pay? O $20,845 to the listing broker. O $10,422.50 to the listing broker and $10,422.50 to the selling broker. O $45.845 to the listing agent. O $20.845 to the buyer's broker.ESSAY. Write your answer in the space provided or on a separate sheet of paper. 1) Ms. Linda Udall owns 800 shares of Fordam Inc. that she acquired several years ago at $10 per share. On April 30, 2020, she acquires an additional 200 shares at $12 per share. On July 15, 2020, after Fordam releases unexpectedly bad second quarter results, Ms. Udall sells all 1,000 of her shares at $5 per share. On August 1, 2020, she purchases 200 shares at $1 per share as she believes the market has overreacted to the bad news. Ms. Udall is still holding the shares at the end of the year. What are the tax consequences of these transactions? 2) On July 1, 2020, Lorty InC. sells equipment for S126,000. This equipment had an original cost of $111,000 and a net book value of $93,000. For tax purposes, these assets were in Class 8. The UCC balance in this class on Januarv 1, 2020 was $103,000. There were no other additions or dispositions of Class 8 assets during the taxation vear ending December 31, 2020.…
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- true or false 1. Ali incorporated his business so that he has unlimited liability to shield him against personal liability claim by the creditors 2. Applying first-aids to an injured worker while waiting for an ambulance to send him to hospital is a risk management technique called salvage. 3. Deductible can be used to retain property losses 4. Removing undamaged inventories from a burnt warehouse is a risk management technique called rehabilitationA shopping center investor bought a 36,000 square foot shopping center in Calabasas, California with a 25-year fully amortizing fixed rate mortgage loan at a stated annual interest rate of 5.5%, a loan to value ratio of 80%, and a down payment of $600,000. What was the purchase price of the property? a.$750,000 b.$480,000 c.$2,400,000 d. $3,000,000Brent is a very talented accountant with ambitions to become the general manager of his firm.The directors advise Brent that he will be promoted as soon as he obtains a Master of BusinessAdministration degree at his own expense. Brent spends a considerable sum of money and everyspare minute of his life studying and manages to finish the qualification within two years.Although the directors know about Brent’s graduation they appoint someone else as generalmanager.Explain whether Brent would succeed in a legal action based on promissory estoppelagainst the company. Use the IRAC method to answer the question.
- Imprudential, Inc., has an unfunded pension liabilityof $630 million that must be paid in 20 years. To assess the value of the firm’s stock,financial analysts want to discount this liability back to the present. If the relevantdiscount rate is 7.1 percent, what is the present value of this liability?3 a joint life policy pays A after the first insured dies B after the last insured dies C after each insured dies D one-half of the face amount after each insured died.3. With respect to foreclosure, give the reason you agree or disagree with the statements below: a. A foreclosure sale eliminates the outstanding debt(s) of the individual being foreclosed. b. Proceeds of a foreclosure sale are distributed to those holding a lien on the property on the basis of the percentage of total debt each is owed. c. Foreclosure means the senior mortgage loan lender automatically takes ownership of the property.