Solution :
a). In the context, Jim received $ 275 for the car repairing services form some member from the club. In this exchange of the services, an income is been received in amount of a value of the services received ( the gross income includes receipt of the services and also the money and goods). Therefore, Jim is being taxed on an amount of $275 for the car repair services.
b). The issue in this case is whether a "credit" represents the valuable right. As the right can be redeemed for the that is property worth of $150, then under the constructive receipt, Jim must recognize an income of $150.
c). Jim received an credit of $450 to be applied for the next year. If the credit can be redeemed or used for any future services, the taxpayer then can argue that the realization has not yet occurred. But, it has be included in Jim's gross income for the next year when his credit amount becomes the valuable right.
Answer:
The contract was voidable at her option.
Explanation:
The contract was voidable at her option, this is voidable as well as she have a prove that really shows that she was really intoxicated when the Charlotte a diamond necklace worth thousands of dollars for just $100 was sold and the terms and conditions want understood by her at that time. Then with that Charlotte can return of her necklace.
Answer:
b) The economy is actually harmed as there is a sharp decease in consumer spending.
Explanation:
As a result of the news of a recession people will react by planning for a future that may be bleek financially.
Savings will increase, the greater the fear of recession the more people will save to cushion the impact of recession. There is the possibility of job slow down in economic activities and resultant job losses so extra cash that would have normally been spent will be saved for the rainy day
Answer:
PART A
The five questions are as follows
What is my risk tolerance?
How fast am I able to move?
What is my access to capital?
Who do I need to help me get there?
Do I have the capacity that I need to make this journey?
PART B
They where not carefully prepared
They lack the competence required to make a good mission statement
Lack of adequate knowledge about the Organisation
PART C
YES.
Explanation: Mission statement is a short and brief description of why an organisation exists and what are the goals of the Organisations, mission statement are also a statement of what the company wants to achieve.
A good mission statement should ensure that has considered the RISK TOLERANCE LEVEL OD THE ORGANISATION AS IT REGARDS TO INTERNAL AND EXTERNAL THREATS,THE PACE OF THE ORGANISATION, AVAILABILITY OF RESOURCES LIKE FUNDS,WHO ARE THE PEOPLE THAT THE ORGANISATION NEEDS TO ACHIEVE ITS MISSION AND THE AVAILABILITY OF COMPETENT MANPOWER AND THE NEEDED CAPACITY TO ACHIEVE THE MISSION.
Some of the issues that affects a mission statement is when people who are not competent or don't understand the concept of a mission statement or the Organisation are asked to prepare one,it will fail to put these five questions into consideration etc.
Answer:
The Plumber may take a leave of absence of seven consecutive days during the project.
Explanation:
Code of ethical conduct are a set of guiding rules that governs how an employee is expected to behave in a work environment. It also gives steps on how to handle issues such as harrasment, conflict of interest, and safety.
The best option that describes code of conduct of a person entering an agreement is - The Plumber may take a leave of absence of seven consecutive days during the project.
The employer states policy that guides leave of absence in the workplace and employees are expected to abide by it.
If an employee now takes unauthorised leave of absence not covered by the statement above, it then becomes an issue of violation of agreed code of conduct.
