Determine how much loan payable in business has Mrs. Sy as of December 31, 2021 if portion of principal amount is debited from Ms. Sy's account.
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- Mae Sy, widow, is a proprietor of Mae Beauty Brands which is a merchandising business. She acquired a 10-year loan from BDO Bank on January 2, 2021 amounting to P13,500,000.00 which she intended to: 1. buy a 3 storey commercial building worth P5,000,000.00 ( constructed in 2015 for a 50 years life span) 2. construct a residential house worth P3,500,000.00 3. buy merchandise worth P5,000,000 to be stocked at the 3rd floor of the commercial building At the end of 2021, the BDO issued statement included a P1,080,000.00 interest to be debited from her account. Depreciation for both the commercial building and the house summed up to P1,200,000.00 Determine how much loan payable in business has Mrs. Sy as of December 31, 2021 if portion of principal amount is debited from Ms. Sy's account. Likewise, determine the total amount to be included as deductions from business arising from these transactions for the year mentioned. Explain.Madam Phew is one of the developer company directors, Availing Property Sdn Bhd. Madam Phew acquired a piece of raw land in 2018 with the purpose to distribute the land for 3 of her children. She consumed her own saving and 40% of the balanced of the acquisition was financed by bank borrowings. In 2019, Madam Phew develop the land for residential use. In 2020, Madam Phew received an interesting offer from Availing Property Sdn Bhd to purchase the land. She sold the land amounting to RM1,250,000 to Availing Property Sdn Bhd in 2021. Madam Phew submitted the Real Property Gains Tax (RPGT) return instead of income tax return to Inland Revenue Board (IRB) for the disposal. Required: Discuss the difference between RPGT and income tax, and state the argument whether the disposal is subject to tax?Mark purchased an Audi car on 1 February 2020 for $87,000. On 14 May 2020, Mark sold the car for $90,000. What is Mark’s capital gain? a. $9,000 b. $3,000 c. $1,000 d. Nil
- 1 John and Mary had the following transactions for 2020. Calulate net capital gain/loss, how much to deduct in 2020 and any carryford to 2021 Short Term capital loss (8,000) Long term capital gain 24,000 Long term capital loss (30,000) 2 John purchased an office building in 2010 for $450,000. In 2020 he sells the building for $950.000. John's remaining mortgage on the building was $150,000. The buyer paid $650,000 and assumed the remainig debt on the building. John had taken $100,000 depreciation on the building. Calculate a -Adjusted basis in the building b- Any realized gain or loss on the buildingWilson purchased a large piece of land on the edge of St Albert in 1989 for $150,000. He sold it on March 1, 2020 to a developer for $550,000. He received a down payment of $250,000 at the time of sale. The remaining $300,000 is to be paid to him in equal annual instalments of $100,000 beginning March 1, 2021. Calculate Wilson's maximum capital gains reserve in 2020. Show work in the space below.Juan, a resident citizen, sold the following capital assets in 2020:a. House and lot in Nasugbu, Batangas for Php10,000,000. It cost him Php2,000,000 in 2010.b. Rest house in Tagaytay, Cavite for Php20,000,000 which cost him Php5,000,000 in 2012.c. Condominium unit in Los Angeles, California for Php15,000,000. He acquired the said propertyin 2013 for USD100,000. In 2013, the USD to Philippine peso exchange rate is USD1 = Php42.How much capital gains tax must Juan pay for the sale of his properties?A. Php2,700,000B. Php1,380,000C. Php2,028,000D. Php1,800,000
- A pair of twins were given $20,000 on their birthday in 2020. One twin purchased a car for $20,000 with a expected life of 7 years and residual value of $3,000. The other twin bought one Bitcoin. Assume straight line depreciation. If Bitcoin is now worth $60,000, how much is the difference between the book value of twin 1's car and the twin 2's bitcoin? Hint: $60,000-book value. Assume this is the end of year two for the car.Amber sold her personal property in 2019, with details as follows: Cost ₱ 600,000 Mortgage assumed by the buyer 350,000 Installment collection schedule: 2019 200,000 2020 200,000 2021 80,000 How much is the realized gross profit for 2018?Anna bought a life insurance policy on her own life for a premium of P50,000 per annum for 10 years. The value of the policy is P1 Million. After paying 6 years of premium, Anna died and her heirs as beneficiaries received P1M from the insurance company. How much is the return on capital?
- Miss Balqis wishes to purchase a cottage located in a rural area in 12 years when she retires in Malaysia. She is planning to buy the cottage using the proceeds from the sale of her condominium located at Cheras that is currently valued at RM380,000. The value of the condominium in Cheras is expected to rise by 7% per year. The cottage is currently worth RM1,200,000 increasing at 5% per year. In addition to the value of her condominium, how much additional money should she deposit at the beginning of each year in an investment paying 6.6 % annual interest in order to be able to purchase the cottage upon retirement?Owner, 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.Amber sold her personal property in 2019, with details as follows: Cost ₱ 600,000 Mortgage assumed by the buyer 350,000 Installment collection schedule: 2019 200,000 2020 200,000 2021 80,000 How much is the initial payments?