Mohammed received a housing loan of RO 50,000 from Bank Sohar, Nizwa Soug branch on 1st January, 2020. For this purpose, he and the branch manager signed a loan contract and Mr. Mohammed agreed to repay the loan in monthly installments. From the above scenario what type of relationship that Mr. Mohammed and Bank Sohar are having? Who is having the liability and when the liability will expire? Explain in your own way.

Q: Karen owns a rental house in Ruston. Her policy requires the renter to make an initial deposit equal…

A: According to the information, the initial deposit is made on February 1, 2018 post which payments…

Q: A couple sold their home. In addition to a cash down payment, they financed the remaining balance…

A: The present value is the value of the sum received at time 0 or the current period. It is the value…

Q: Maya borrowed 15, 000 pesos last June 10, 2020, from a lending institution which offered 12% simple…

A: The time period for which loan or borrowed amount is due or funds are held by borrower is calculated…

Q: during 2017, Mr. William Lerue withdraws $15,000 from his RRSP, using the provisions of the Home…

A: RRSP: RRSP stands for registered retirement saving plan under which the tax payer or spouse…

Q: Austin graduates from high school in 2020 and enrolls in a private college in the fall. His parents…

A: American opportunity tax credit It refers to a tax credit that is related to the qualified expenses…

Q: Barry has paid the following insurance bills in the year ended 31 December 2020: £3,000 for the 3…

A: Answer) Calculation of total rent expense to be charged to Profit and Loss account    Amount…

Q: To provide for a college education for her son, a woman opened an escrow account in which equal…

A: Given information,  Term period for deposits ( 1998 - 2015) = 18 years College expenses ( per year)…

Q: Patricia has borrowed an amount of Sh. 4 million to start a boutique business in Kileleshwa . The…

A: A loan amortization schedule is used to indicate the amount of principal and interest paid for each…

Q: Solve the following problems. Show your solutions on a separate sheet of paper. 1. Your father is…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: A person agreed with a bank to deposit an amount of 500 dinars at the end of each year starting from…

A: The compound value of money can be depicted as the amount of interest generated on interest earned…

Q: Advise Sam’s employer as to the FBT consequences (using statutory formula method) arising out of the…

A: FBT stands for the fringe benefit tax. It is the benefit which an employee receives from his or her…

Q: On June 30, Jeff, who uses the cash method of accounting, borrowed $25,000 from a bank for use in…

A: Loan is the amount of money that is being borrowed from some person and on which interest payments…

Q: Ms. R. would like to buy a mobile home. For this purpose, she takes out a loan on 01.01.2021 Amount…

A: "Hi there, thanks for posting the questions. But as per our Q&A guidelines, we must answer the…

Q: Lokalalo knows that not all their customers will pay so they take out insurance for that purpose.…

A: Following is the answer to the given question

Q: Akbar bought a car on loan and pays the simple interest at 5% amounting to RO 3,000 per annum for 5…

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: Nina borrowed money on 31 August and agreed to pay back the loan on 2 November of the same year. If…

A: Solution- Loan taken by Nina=R5000 Date=31st August Rate of Discount=18% Date of Repayment=2nd…

Q: Homer promises to pay $1,000 at the end of 6 months in obtaining a loan from a banker who charges 6%…

A: Loan amount (PV) is $1,000 Loan Period is 6 months Interest Rate charged in advance is 6%  (We…

Q: During 2021, Linx had the following transactions: Salary $50,000 Bank loan (proceeds used to buy…

A: Linx s AGI = Salary - Alimony paid

Q: Hugo Garcia is preparing his balance sheet and income and expense statement for the year ending…

A: Assets are value held in terms of money for future benefits  Laibilties money to be paid to later on…

Q: Other Information: Sydney rented all of her equipment and furnishings in 2020 but has decided to…

A: What is meant by expected Cash collection from customers? When a company sells goods on credit at…

Q: an employee obtain a loan of 10000 at the rate of 6% compounded annually in order to repair his…

A: Amortized loan refers to a loan where the principal amount of the loan is paid over the life of the…

Q: Mr. Richard Allen, the director of the hotel, has also requested that your firm assist with the…

A:

Q: the kerwins are selling their home in order to assist in providing their input for a house they have…

A: Calculation of the amount Kerwins must pay for signing the sale agreement for their new house is…

Q: Devine purchased an annuity of N$1 500 per month from an insurer on 31 May 2019. The cash…

A: Answer: As per rules if taxpayer invested in annuity after tax income then amount received of…

Q: All 3 loans were taken out in 2019. How much interest may Ally claim as an itemized deduction in…

A: Itemized deductions:Itemized deduction are those eligible expenses that are deducted from the…

Q: Miss Evilla borrowed money from a bank. She receives from the bank P1,340.00 and promised to pay…

A: Banker's discount is the discount amount calculated on the future value of payable.

Q: Mary, a college student, needs to borrow $8,000 today for her tuition. She agrees to pay back the…

A: This question is about calculating the future value. Formula: Future value = Initial amount*(1+…

Q: e interest-only payments on this loan of $21,000 (each year). On July 1, 2019, when her home was…

A:

Q: On May 30, 2021, Fred loaned ₱150,000 in a bank. It was agreed that he will pay the amount with a 6%…

A: Whenever we need to borrow funds for the business, it can be from internal members or from outside…

Q: Bill Casler bought a $9000, 9-month certificate of deposit (CD) that would earn 8% annual simple…

A: Solution:- Given, Bill Casler bought = $9,000 9-month certificate of deposit (CD) that would earn 8%…

Q: Javier and Anita Sanchez purchased a home on January 1 of year 1 for $1,000,000 by paying $200,000…

A: Interest expense: It is the amount that is charged on loans and debt taken by individuals or the…

Q: In 2021, Carlos drives from his home in Los Angeles to Oregon to consult with a client. He works for…

A: The correct answer is option (e)$175

Q: Seong Gi-hun started his cleaning services business on November 1, 2020, with a P240,000 investment…

A: solution Given On November 1 2020 Owners equity   =P 240,000 Bank loan (liability )        =P…

Q: On June 26, 2019, Naomi obtained a loan of P150,000 from a local businessman. The interest rate on…

A: There are two types of simple interest: the ordinary and the exact. These two phrases employ the…

Q: nny borrowed $546

A: The Fringe Benefit Tax (FBT) is a tax that an employer must pay in lieu of compensation provided to…

Q: Robin has taken out a loan for $485,000 from Mammon Financial, Inc. that provides pay off the…

A: in this problem we have to find out present value FACTOR and from that we can find out period…

Q: To expand his business, Happy took a loan of $1million from a bank on 1 January 2020 which he will…

A: Here, Loan Amount is $1,000,000 Interest Rate charged is as follows: 5% per annum effective for…

Q: Antoni is about to graduate and he wants to buy a new electric bike he borrowed php 2,5000 from a…

A: Interest is an additional amount which is charged on borrowed amount for the period. It is a…

Q: Nolan Walker decided to buy a used snowmobile since his credit union was offering such low interest…

A: Simple interest is interest on principal portion of loan or deposit.

Q: During 2021, Harry, a self-employed accountant, travels from Kansas City to Miami for a seven-day…

A: Business expenditures are costs incurred in the usual course of business. They may be used to both…

Q: Mr. Tam held an apartment in Tai Koo Shing that was let on 1 June 2019 to Mr. Pang for a term of 2…

A: Taxation-Taxation means imposing a tax on individuals and different types of organizations. Which…

Q: ephen purchased a rental property on 03 August 2020 and has rented the property from this date. He…

A: Requirement: In the given problem you are asked to calculate the claim of borrowing cost for 2021.

Q: Ian loaned his friend $20,000 to start a new business. He considers this loan to be an investment,…

A: Total Loaned amount is $20,000 Interest rate is 6% Time period is 4 years To Find:- Annual Payment…

Q: Mr. Richard Allen, the director of the hotel, has also requested that your firm assist with the…

A: SOLUTION-1 GROSS SALARY PER YEAR                                              7,000,000.00…

Q: During 2019, Pam was under water in her house. The house was worth $125,000 but she still owed…

A: As per Mortgage Forgiveness Debt Relief Act of 2007, the loan which is forgiven on a home loan is…

Q: Find Joe's monthly payment.

A: A loan re-payment is summation of principal loan amount and interest.  Annuity is the payment of…

Q: Liam borrowed money from a bank worth P15,000.00 on January 11, 2020. They agreed on a simple…

A: A bank earns in the form of interest by giving loans to individuals or corporates. The interest…

Q: mary, a college student, needs to borrow $8000 today for her tuition. She agrees to pay back the…

A: Loan is referred as the amount of fund is given to a party in exchange of repayment of principal…

Q: To expand his business, Happy took a loan of $1million from a bank on 1 January 2020 which he will…

A: Here, Loan Amount is $1,000,000 Interest Rate charged is as follows: 5% per annum effective for…

Q: On 1 July 2019 Richard bought a rental property for $920,000. He borrowed $630,000 on the same day…

A: On 01.07.2019, Richard bought a rental property = $920000 Borrowed from bank on same day = $630000…