Mr. Louw, the owner of Covid management cc, invests N$240 000 in his business. His business has assets worth N$400 000. Calculate the financial obligations of his business. Answer:
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- Suppose you form a legal partnership with your best friend, and she purchases consulting services calling for a $100,000 fee. Your business is broke, and you never wanted the consultants to work for you-only your partner did. For how much of this debt are you legally liable? O a. The proportion reflected by the proportion of the business owned O b. Only an amount equal to the assets of the business O c. All of the $100,000 O d. $50,000 O e. $25,000Bernstein invests office equipment with a fair market value of $62,000, delivery equipment with a fair market value of $75,000, and cash of $30,000. He owes $27,000, represented by a note on the delivery equipment. The amount of Bernsteins' capital would be a.$140,000. b.$30,000. c.$167,000. d.$137,000.X had started business with $2,00,000 in the beginning of the year. During the year, he borrowed $1,00,000 from Y. He further introduced $2,00,000 in the business. He also gave $50,000 as loan to his son. Goods given away as charity by him were $20,000. Profits earned by him were $2,50,000. He also withdraw $30,000 from the business. His capital at the end of the year would be__________.
- Faith D. Nakpil started her accounting practice on November 3, 2021 by investing P138,000 cash and her old laptop with an original cost of P64,000 but with a fair value of P31,000 at the time of investment. How much was the initial capital of Faith?Ken Lewin, a factory worker in Toronto, Ontario asks you to help him find out how much he is worth From a discussion with him you found out the following facts:. • His bank balance is $3 650. • He owns a home valued at $492 000, which has a mortgage on it of $ 162 360. • He owns furniture and household equipment valued at $ 55 000. • He owns a summer property valued at $ 225 000, which he bought entirely with money borrowed from the bank. Since the time of purchase he has repaid $ 80 000 of the loan. . He has unpaid bills amounting up to $4 200 • He owes his mother-in-law Jane Duncan, the sum of $ 50 000, which he borrowed interest free several years ago at the time he bought his house. List Ken Lewin's assets in one column. His liabilities in another, and calculate his equity. Mira Gordon assets and liabilities are listed below in random order: Bank balance $856.25; Bank Loan $5 000; House and lot; $185 000.00; Cash on hand $ 85.35, Amount owed to Esso oil $ 135.60, Amount owed to…Mr T invested 20000 in cash into his business, this transaction would?
- Betty is a manager at a Big 4 accounting firm. She earns $120,000 per year. How much is her low income rebate? a. $1,200 b. $600 c. Nil d. $445Ken Lewin, a factory worker in Toronto, Ontario asks you to help him find out how much he is worth From a discussion with him you found out the following facts.. His bank balance is $3 650. He owns a home valued at $492 000, which has a mortgage on it of $ 162 360. He owns furniture and household equipment valued at $ 55 000. He owns a summer property valued at $ 225 000, which he bought entirely with money borrowed from the bank. Since the time of purchase he has repald $ 80 000 of the loan. He has unpaid bills amounting up to $4 200 He owes his mother -in- law Jane Duncan, the sum of S 50 000, which he borrowed interest free several years ago at the time he bought his house List Ken Lewin's assets in one column. His liabilities in another, and calculate his equity. ..Mr. Zuhair Started Car cleaning services in Ruwi with a capital of OMR 50,000 and earns a profit of OMR 2,500 at the end of the year. He spends OMR 250 to purchase clothes, OMR 350 to purchase mobile phone for his personal use can Mr. Zuhair records his personal expenses in his Car cleaning service accounting books? Explain the reason by justifying the result which relates to GAAP.
- Marek receives 3000 euros as an inheritance, all the money is invested in starting a business. To be able to provide business: 1. a warehouse building was bought for 2000 euros, only half was paid at the time of purchase; 2. materials for warehouse repair were bought for 1000 euros, which were not paid for 3. a car was bought for which 1500 euros was paid 4. 300 euros were lent to another company. Determine the total amount of capital and equity of Marek's firm. Reflect the solution of the tasks in the form of a balance sheet (active, passive) Active PassiveOwner, Juan invested an initial capital amounting P50,000 in order to put up his janitorial services company. During the first year of operations (2020), the company had a revenue of P75,000. But Juan wanted to expand his business so invested additional capital amounting to P50,000 in 2021. In the second year (2021), the company had a net income of P100,000 and Juan withdrew P10,000 for personal use. Compute for the ending capital balance of Juan for the year 2021.miss seema is a resident individual , shares following information in relation to previous year particulars amount in rs salary income (net) 2,00,000 business income (net) 3,50,000 long term capital gain on sale of land 16000 loss from gambling in a game 30,000 there are certain other type of losses- unabsorbed depriciation short trem capital loss 15000 10500 a. define and compute gross total income b. discuss the concept of carry forward of losses with refernce to above context also, discuss the amount of loss that can be carried forward in the said case. in case it's any number 15000/10500/nil give reason for the same
