User Account

All Pages

Is a partnership created by cherry and gil

Assignment Help Accounting Basics
Reference no: EM132766923

When their parents died, Cherry and Gil inherited five (5) hectares of land in Antipolo City. They decided to invest capital and developed the land into a subdivision which they named as Cherry-Gil Subdivision, with small lots being sold either on installment or in cash basis.

Problem 1: Is a partnership created by Cherry and Gil?

Problem 2: Are they subject to final tax on their respective share in the income?

A. Q1: YES, Q2: NO
B. Q1: NO, Q2: YES
C. Q1: YES, Q2: YES
D. Q1: NO, Q2: NO

Reference no: EM132766923

Questions Cloud

What is the total amount of borrowing costs to be included : The Pyongyang Company, According to PAS23 Borrowing costs, what is the total amount of borrowing costs to be included in the cost of the building?
Investigate the two o stockso mutual funds : Investigate the two o Stockso Mutual Funds investment choices below and provide insights into those two investments, how they work, the level of risk, the pote
How much shall be taken into account in computing net income : How much shall be taken into account in computing net income, if a gain is realized by an individual taxpayer from the sale or exchange of capital assets
What is finance in organizations : 1) What is finance in organizations? What exposure or experience should one have to excel in finance?
Is a partnership created by cherry and gil : Is a partnership created by Cherry and Gil? When their parents died, Cherry and Gil inherited five (5) hectares of land in Antipolo City.
Difference between merchandising and manufacturing companies : Describe the differences between merchandising and manufacturing companies with respect to income statement and balance sheet.
What amount will Ted, Timothy and Tamara receive : In December, Jerome died leaving a net estate of $722,260. What amount will Ted, Timothy and Tamara receive
Ytm of outstanding debt increase : Should the company change its credit policy? Support your recommendation with calculations.
Is a co-ownership taxable : Is a co-ownership taxable? No, because the activities of the co-owners are limited to the preservation of the property and the collection of income therefrom.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd