Samonte personally visited Banzon to inform him that he was withdrawing his offer unless Banzon agreed to buy the ring for P70,000.00.
Q: NALYSIS The following are the balance sheet and income statement data of PRT Company: December 31…
A: Short Term Solvency for 1998 1998 Formula Calculation Ratio a Working Capital Current…
Q: A restriction on retained earnings a. Reduces retained earnings available for the declaration of…
A: Introduction:- Retained earnings means the accumulated or total amount of earnings that the…
Q: A misstatement related to which of the following assertions means the dollar amount of the account…
A: Completeness represents that the financial statement of the company would be required to be…
Q: FINANCIAL STATEMENT ANALYSIS AND RATIO ANALYSIS The following are the balance sheet and income…
A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or…
Q: Question A 68-year old retiree has a pension savings of $51,000, a 401k of $58,000, and an IRA…
A: A pension is a fund into which an amount of cash is deposited throughout an employee's working years…
Q: The Philippine government grants a huge parcel of land in Cordillera to an entity. The land has a…
A: Here discuss about the net effect of the profit and loss after made the grant of land and its…
Q: A UAE based company of Solar Panel supplies has developed monthly forecasts for a family of…
A: Average Demand Per Production Day=Demand ForecastProduction Days
Q: Tri Fecta, a partnership, had revenues of $368,000 in its first year of operations. The partnership…
A: Ending Balance of cash can be calculated by reducing the Cash outflows from Cash inflows during the…
Q: Laker Company reported the following January purchases and sales data for its only product. The…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: On January 1, 2020, MCU Company sold an equipment with carrying amount of P6,000,000 and a remaining…
A: Sale and lease back is a transaction where an entity first sells it asset to another entity and then…
Q: The following are the selected account balances of ABC Company taken from its trial balance as of…
A: Net Realizable value of accounts receivable = Accounts receivable - Ending Allowance for Bad debts…
Q: where in quickbooks will i enter it
A: In the Quickbooks, entry as per solution has to be done but the process of recording is as below:
Q: Suppose you are in the 25% marginal tax bracket and earn $15,000. Then a tax credit of…
A: Tax credit is the amount that the tax payer can immediately deduct.
Q: What is the 2021 pension expense?
A: Pension expense (PE) refers to those expenses which are charged by the company in relation to pay…
Q: Chevrolet Corporation is considering replacing an obsolete machine with a new machine. The new…
A: Formula: Simple rate of return = Net Annual savings in costs / Net initial investment where, Net…
Q: A plant bought a new equipment for P220,000 and used it for 10 years, the life span of the…
A: Depreciation is the expense which takes place due to fact of the use of the fixed asset during the…
Q: The financial statements of Carrier Office Furniture Company include the following items: 2025 2024…
A: Working capital = Current asset - Current liabilities
Q: When the law itself provides for non-payment of taxes, such tax escap known as: a. Tax evasion b.…
A: Introduction:- Taxation plays vital role in every organization. Every company desire to reduce tax…
Q: Noncash investing and financing acivities are a. reported only if the direct method is used b.…
A: >Statement of Cash flows is one of the financial statements, and is prepared for a particular…
Q: Advances and declines are associated with market a efficiency b. position c. diffusion d. depth
A: Advances and losses relate to the number of stocks (or even other assets in a certain market) that…
Q: Bought office supplies of P21,400 in cash on May 29, 2019. At the end of the fiscal reporting…
A: Option 3
Q: Separate income statement for ABC and XYZ for the year ended, 2022 are summarized as follows:…
A:
Q: Instructions In not less than five sentences, choose ONE FS item and explain what kind of audit…
A: Assertions are claims made by the management of the company which are further verified by the…
Q: The ABC Company acquired 90% of the outstanding shares of XYZ Company, a foreign subsidiary, on…
A: The question is mix of currency translation and business combination accounting. The land will…
Q: have time." You have been asked to prepare a reconciliation and review the procedures with the…
A: The bank reconciliation is the process by which the difference between the bank balance and cash…
Q: e sheet ment of cash flows e statement
A: The summary of cash receipts and cash payments are provided by cash flow statement. A cash flow…
Q: he "table factor" as sho
A: Explanation of Concept In the provided problem the basic concept of compounded interest is followed,…
Q: Kayak Company budgeted the following cash receipts (excluding cash receipts from loans received) and…
A: KAYAK COMPANY CASH BUDGET January February March Beginning balance 40,000 $…
Q: Account Title Cash Accounts Receivable Supplies Land Office Equipment Accumulated Depreciation…
A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…
Q: estimate of external funds require
A: Calculation of external funds required- ERF = (A/S - L/S) ∆S- MS1(1-D) A/S = Total assets/Sales L/S…
Q: job costing system implementaion?
A: Job Costing System: The act of gathering information on the expenses associated with a particular…
Q: of errors and rectifications can have on a fast food restaurant like McDonalds
A: It is important for any company to minimise their errors and focus on improving their quality of…
Q: Information on Inventory ABC are as follows: May 1 -Beg balance 1,400 units at P24 May 4 -Sales…
A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…
Q: PROBLEM: Fluffy Company's division one is a cash generating unit. The company has determined the…
A: Here discuss about the details of the impairment losses which are incurred to the business unit and…
Q: Administrative Expense Budget Green Earth Landscaping Company provides monthly and weekly…
A: An administrative expense budget for Green Earth Landscaping Company for the three summer months and…
Q: An extract from a statement of cash flows prepared by a trainee accountant of Doc Jill Company is…
A: Lets understand the basics. Cashflow statement is divided into three parts which are, (1) Cashflow…
Q: When a new partner is admitted to an existing partnership through the purchase of a portion of…
A: The Partnership is a written contract between two or more people to do business for earning profit.…
Q: The partners of the 3E Partnership have decided to liquidate their partnership. The partnership…
A: Case (a): All partners are in good financial standing, and additional goods are sold for P300,000.…
Q: 3. The options that are appropriate for one entrepreneurial venture may be completely inappropriate…
A: Answer:- Entrepreneurial venture meaning:- An entrepreneurial enterprise is an organization that…
Q: The following information pertaining to a 5-year P4,000,000 debt investment with a stated rate of…
A: As per IFRS 9, the Financial instrument, the financial asset designated at fair value through OCI is…
Q: tems 36 to 39 are based on the following :On January 1, 2020, Tanzania Company purchased bonds with…
A: The company's goal is to keep the asset until it is paid off, however sales may be undertaken to…
Q: ncome at Dec 31, 20x1 or
A: Receivables is the amount of money to be received from customers on some future date.
Q: onroe Company is engaged in a number of research and development projects. Its accounting policy…
A: Research and Development Project : It is the activity to innovate and introduce new products and…
Q: compute the ending inventory using the retail method. Explain the steps that you would use in…
A: Inventory is the good which are the products which company have for the purpose of sale by the…
Q: Determine the Depreciation Expense for the calendar year 2019 on the following non - current assets…
A: Lets understand the basics. In straight line basis, depreciation is calculated in equal installment…
Q: Using data in 1 and 3, how much is the capital balance of Elizabeth after the retirement of Hugo?…
A: Retirement of a partner could be defined as the removal of a member from the partnership with the…
Q: Which of the foll
A: National Internal revenue Code: It is a Tx Code of 1997 originated from Republic Act No. 8424,…
Q: Dr. Bad Debt Expense 162,500; Cr. Allowance for Bad Debts 162,500
A: Particular Amount Account Receivable as of 1st Jan 2020 1250000 Sales during the Year 2020…
Q: Read each problem carefully and choose the CORRECT answer among the choices. PROBLEM: At the start…
A: Opening balance of land = P2,200,000 land purchased = P1,600,000 Real estate agent charges =…
On August 1, 2021, Samonte offered to sell his only diamond ring for P50,000.00 cash to Banzon who was interested in buying the same. Samonte told Banzon that he was giving the latter up to August 31, 2021 to decide whether to buy the ring or not. Banzon agreed to the option and gave Samonte option money of P500.00. On August 18, 2021, Samonte found another buyer who was willing to pay P70,000.00 cash. Samonte personally visited Banzon to inform him that he was withdrawing his offer unless Banzon agreed to buy the ring for P70,000.00.
A. Banzon is bound to pay P70,000.00 if he were to avail himself of his option to buy the ring.
B. Samonte cannot withdraw the offer because the option is founded upon a consideration of P500.00.
C. Samonte may validly withdraw the offer without being held liable for breach of contract since it would be unfair to him if he would receive only P50,000.00 as the price of his ring when another person is willing to buy it at a higher amount.
D. Banzon needs to pay only P49,500.00 if he decides to buy the ring since the option money of P500.00 that he paid forms part of the purchase price.
Step by step
Solved in 2 steps
- the kerwins are selling their home in order to assist in providing their input for a house they have decided to purchase for $16,000,000. the sale agreement on the house being purchased requires a deposit of 20 percent plus closing costs of $800,000 to be paid on signing on August 31,2018. the balance of the purchase price (second deposit) that is not being financed by mortgage loan is due on September 30,2018, the date on which the sale is to be closed. currently, the kerwins have a mortgage balance of @2,000,000 on their old home, which has appraised at $8,000,000. a purchaser has been identified but the proceeds from the sale of this property will not be received until december 30,2018. the kerwins have been pre-approved by local building society to qualify for a 25-year mortgage of $11,000,000 on the new house. this will attract an interest of 5.50% per annum with monthly compounding. in the mean time rbnc bank ltd, a commercial bank, is offering a bridging loan at a rate of 8.50%…Suzy sells an office building and the associated land on May 10, 2022. Under the terms of the sales contract, Suzy is to receive $450,000 in cash. The purchaser is to assume Suzy's mortgage of $175,000 on the property. To assist the purchaser, Suzy agrees to pay $12,000 of the purchaser's closing costs and the broker's commission on the sale is $37,500. What is the amount realized by Suzy from this sale? O $625,000 O $400,500 O $450,000 O $575,500gostino purchased five crypto coins for $1,300 in October of 2021. He sold two of the coins for $650 in May of 2022. He later sold the remaining three coins for $695 in September of 2022. What is his net gain or loss on the coins? $85 short-term loss. $45 short-term gain. $130 short-term gain. $145 short-term gain.
- Aki offered to sell her house and lot to Jannie for P2,000,000 who was interested in buying the same. In her letter, Aki stated that she was giving Jannie a period of one month within which to raise the amount. A week before the expiration of the period, Aki told Jannie that she is no longer willing to sell the property unless the price is increased to P3,000,000. May Jannie compel Aki to accept the P2,000,000 first offered? No, because the increase in the price is 50% and is deemed iniquitous and unconscionable. Yes, the period is deemed for the benefit of Darleane as it was Tin who voluntarily offered the period to her No, because the promise to sell had no cause or consideration distinct from the selling price Yes, because this is an obligation with a period intended for the benefit of both partiesOn October 12, 2021, Max purchased one Bitcoin for $57,322. On December 19, 2021, he sold the Bitcoin for $46,503. On December 29, 2021, he bought another Bitcoin for $48,119. These were his only transactions during the year involving virtual currency. When Max files his 2021 return, the sale of the Bitcoin should be reported as a: $0 capital gain or loss, after making the adjustment for a disallowed wash sale loss. $10,819 adjustment to income on Schedule 1, Additional Income and Adjustments to Income. $10,819 foreign currency loss under Section 988 of the Internal Revenue Code. $10,819 short-term capital loss.Alyson, another investor, has also purchased an IIP for the original price of $984.31767830979. Two years pass, and Alyson has just received the annual payment of $37. She is considering selling the IIP. Again, the original information regarding IIP's has been repeated below. Customers pay $984.31767830979 to buy an IIP. The IIP will pay out $37 at the end of each year for 12 years The IIP will pay out a further single payment of $1,000 after 12 years There are no further payments after this single payment at time 12. a. Barney is willing to purchase the IIP from Alyson. He requires a return of 5.43% p.a. effective. What is the maximum price Barney is willing to pay? Give your answer in dollars, to the nearest cent.
- Spiderman offered, in writing, to sell Black Widow a piece of land for $200,000. Spiderman signed the offer and wrote that it was contingent on Black Widow accepting within 10 days. On day five, Spiderman received and accepted a better offer from Captain America and transferred the land to Captain America on that day. Black Widow, who didn't know about the sale to Captain America, called Spiderman on day seven and accepted his offer. Spiderman told Black Widow it was too late, that he got a better offer from Captain America, and that Captain America now owned the land. Black Widow sues Spiderman for breach of contract. Judgment for whom? Choose the best answer. a. Judgment for Black Widow, because Spiderman's offer was irrevocable for ten days, and Black Widow accepted on the seventh day b. Judgment for Spiderman, because her offer was revocable c. Judgment for Black Widow, because Spiderman's offer was in writing d. Judgment for Spiderman, because even if Spiderman is liable to Black…Rocky and Adrien are selling their house. Offer #1 puts $8000 down and pays the lump sum $145703 in 4 months. Offer #2 puts $8000 down and pays the lump sum $150513 in 12 months. At what rate of interest would Adrien and Rocky be indifferent to the two offers (use today as a focal date)?Steve Drake sells a rental house on January 1, 2019, and receives $100,000 cash and a note for $50,000 at 7 percent interest. The purchaser also assumes the mortgage on the property of $25,000. Steve's original cost for the house was $170,000 on January 1, 2011 and accumulated depreciation was $27,000 on the date of sale. He collects only the $100,000 down payment in the year of sale. a. If Steve elects to recognize the total gain on the property in the year of sale, calculate the taxable gain.
- Ami, a professional soccer player, is offered a 5-year contract that pays him the following amounts: Year 1: $1.2 million Year 2: 1.6 million Year 3: 2.0 million Year 4: 2.4 million Year 5: 2.8 million Under the terms of the agreement all payments are made at the end of each year. Instead of accepting the contract, Ami asks his agent to negotiate a contract that has a present value of $1 million more than that which has been offered. Moreover, Ami wants to receive his payments in the form of a 5-year annuity due. All cash flows are discounted at 8 percent. If the team were to agree to Ami’s terms, what would be Ami's annual salary (in millions of dollars)? (Answer must have step by step explainations.)Wesley, who is single, listed his personal residence with a real estate agent on March 3, 2021, at a price of $390,000. He rejected several offers in the $350,000 range during the summer. Finally, on August 16, 2021, he and the purchaser signed a contract to sell for $363,000. The sale (i.e., closing) took place on September 7, 2021. The closing statement showed the following disbursements: Real estate agent's commission $21,780 Appraisal fee 600 Exterminator's certificate 300 Recording fees 800 Mortgage to First Bank 305,000 Cash to seller 34,520 Wesley's adjusted basis for the house is $200,000. He owned and occupied the house for seven years. On October 1, 2021, Wesley purchases another residence for $325,000. If an amount is zero, enter "0". a. Calculate Wesley's recognized gain on the sale. b. What is Wesley's adjusted basis for the new residence? c. Assume instead that the selling price is $800,000. What is Wesley's recognized gain? His adjusted basis for the new residence?…Wesley, who is single, listed his personal residence with a real estate agent on March 3, 2021, at a price of $390,000. He rejected several offers in the $350,000 range during the summer. Finally, on August 16, 2021, he and the purchaser signed a contract to sell for $363,000. The sale (i.e., closing) took place on September 7, 2021. The closing statement showed the following disbursements: Real estate agent's commission $21,780 Appraisal fee 600 Exterminator's certificate 300 Recording fees 800 Mortgage to First Bank 305,000 Cash to seller 34,520 Wesley's adjusted basis for the house is $200,000. He owned and occupied the house for seven years. On October 1, 2021, Wesley purchases another residence for $325,000. If an amount is zero, enter "0". a. Calculate Wesley's recognized gain on the sale.$fill in the blank 8f7d83fcffe7f9b_1 b. What is Wesley's adjusted basis for the new residence?$fill in the blank 3c3f47fcd073021_1 c.…