On January 1st, 20X1, TK transfers the business liability insurance for the year 20X1 in the amount of EUR 240 from his private bank account. Which of the following statements regarding business transactions in 20X1 is/are correct? O No booking is required. O Profit decreases by 240 EUR. O Equity remains unchanged. O There is a private withdrawal.
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- In January 2022, Sonja deposited $20,000 in a bank in the Bahamas. She earned $500 interest income. She closed the account in December 2022. Question Content Area a. Is Sonja subject to the FBAR reporting requirement? Sonja is required to file an FBAR form for 2022 because on at least one day during 2022 she had over $fill in the blank 08426906fff3031_1 in a foreign bank account. Question Content Area b. Is the interest income taxable in the United States? , of the interest income earned from this account is taxable in the United States.Pat invites Tin to join him in his business. Tin agreed that the following adjustments are taken up in the books of Pat Prepaid expenses of P 10,000 and accrued expenses of P6,000 are to be recognized. Allowance for doubtful accounts on Pat's accounts receivable shall be increased by P10,000. Pat's capital before adjustment for the above items was P405,000. Tin will invest enough cash to make her equal to 60%. How much is Pat's adjusted capital balance?Pat invites Tin to join him in his business. Tin agreed that the following adjustments are taken up in the books of Pat: Prepaid expenses of P 10,000 and accrued expenses of P6,000 are to be recognized. Allowance for doubtful accounts on Pat's accounts receivable shall be increased by P10,000. Pat's capital before adjustment for the above items was P405,000. Tin will invest enough cash to make her equal to 60%. How much should Tin invest to give her a 60% equity or capital of the firm?
- Keka completed the following transactions in the year to December 31, 2021:Transaction 1: Sold a car for P1,200 to the uncle of Keka 's finance director.Transaction 2: Sold goods to the value of P1,400 to Serene, a company owned by the daughter of Keka 's managing director. Serene has no other connection with Keka.Which transactions, if any, require disclosure in the financial statements of Keka under PAS 24 Related Party Disclosures?Vini was owed RM200 by a debtor, Kelvin. However, Kelvin was declared bankrupt. Vini later received information that meant that he would receive a payment of 45% of any outstanding debts owed to him by Kelvin. How should Vini record the debt being written off in his accounts? A. Dr Profit & Loss RM90, Cr Bank RM90 B. Dr Ali RM110, Cr Bad debts RM110 C. Dr Bad debts RM110, Cr Ali RM110 D. Dr Bank RM90, Cr Profit & Loss RM90Lokalalo knows that not all their customers will pay so they take out insurance for that purpose. The insurance does not cover them for their full loss unfortunately. Lokalalo pays for the insurance in advance, which gives them 12 months of cover. Lokalalo paid $15,000 on 1 August 2020 for cover for the next 12 months. What happens in the balance sheet, income statement and statement of cash flows on the date of the transaction when the $15,000 is paid?
- Sally is in the business of purchasing accounts receivable. Last year, Sally purchased an account receivable with a face value of $80,000 for $60,000. During the current year, Sally settled the account, receiving $65,000. Determine the maximum amount of the bad debt deduction for Sally for the current year. If an amount is zero, enter "0". Sally's basis in the account receivable is $fill in the blank 1 . Therefore, she has a bad debt deduction of $fill in the blank 2 and income of $fill in the blank 3 .Albert, the managing director of Albert's Vehicle Parts, guaranteed a bank loan of $750,00 for Josh his employee. Josh left the Island unexpectedly owing the bank $150,000 which Albert had to pa Discuss whether Albert can claim this as an allowable deduction fro the accounts of Albert's Vehicle Parts? Would your answer be differen Albert's Vehicle Parts had lent Josh the money and had forgiven Josh the debt before he left?In March, Adrian Saylor sold government bonds owned exclusively by him and with $6,450 of the proceeds opened a savings account in a bank in the name of “Mr. or Mrs. Adrian M. Saylor.” In June of the following year, Saylor deposited the additional sum of $2,132 of his own money in the account. There were no other deposits and no withdrawals prior to Saylor’s death a year later. Is the balance of the account on Saylor’s death payable wholly to Adrian Saylor’s estate, wholly to his widow, or half to each?
- X is a depositor of AAA Bank. She has three deposit accounts all under her name. One, in checking account, one in saving account and another in time deposit account. Each account has a balance of P250,000. AAA Bank became insolvent. Philippine Deposit Insurance Corporation closed the Bank. X therefore is unable to withdraw from all of the accounts. She then filed her claims with the Philippine Deposit Insurance Corporation. How much can X claim for all the three accounts? Explain.Willis and Charlotte both openedsavings accounts with APYs of5.45% on January 1, 2009, withWillis depositing $3800 andCharlotte depositing $8300. Ifneither Willis nor Charlottemade any additionaltransactions for the remainderof 2009, what was thedifference in their balances afterinterest was paid for the year?X, a resident citizen had the following data in the year 2021:Gross income from the practice of profession, P1,590,000Gross income from business, P3,500,000Interest income from currency bank deposit at Metro Bank, P8,300Interest income on private securities, P24,000Dividend income from domestic corporation, P26,000Interest income on loans to friends, P13,000Winnings from raffle draws, P2,000Sale of a land in Marikina not used in business (with a FMV of P2,900,000), P3,300,000Deductible business and professional expenses, P3,842,000How much should X report as his gross income?