Joy, a sole proprietor involved in AirBnB, needs to sell almost all of his apartments. The selling prices were originally 500,000 on average. Because of circumstances, she had to quickly sell these at 350,000 on average less a 10% commission payable to whoever referred the buyers to her. The form of liquidation process described here is?
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Joy, a sole proprietor involved in AirBnB, needs to sell almost all of his apartments. The selling prices were originally 500,000 on average. Because of circumstances, she had to quickly sell these at 350,000 on average less a 10% commission payable to whoever referred the buyers to her. The form of liquidation process described here is?
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- Joy, a sole proprietor involved in AirBnB, needs to sell almost all of his apartments. The selling prices were originally 500,000 on average. Because of circumstances, she had to quickly sell these at 350,000 on average less a 10% commission payable to whoever referred the buyers to her. What is the depreciated replacement value?Phil Dunphy, a real estate agent, is considering whether he should list an unusual $516,464 house for sale. If he lists it, he will need to spend $3,787 in advertising, staging, and fresh cookies. The current owner has given Phil 6 months to sell the house. If he sells it, he will receive a commission of $21,213. If he is unable to sell, the house, he will lose the listing and his expenses. Phil estimates the probability of selling this house in 6 months to be 28%. What is the expected profit on this listing?Phil Dunphy, a real estate agent, is considering whether he should list an unusual $755,485 house for sale. If he lists it, he will need to spend $5,573 in advertising, staging, and fresh cookies. The current owner has given Phil 6 months to sell the house. If he sells it, he will receive a commission of $20,636. If he is unable to sell the house, he will lose the listing and his expenses. Phil estimates the probability of selling this house in 6 months to be 71%. What is the expected profit on this listing? Your Answer:
- Bernadette sold her home. She received cash of $40,000, the buyer assumed her mortgage of $180,000, and she paid closing costs of $2,300 and a broker’s commission of $7,000. What is the amount realized on the sale? If she has a basis in the home of $138,000, what is her realized gain or loss on the sale? What is the character of the recognized gain or loss? How would your answer to (c) change if Bernadette sold a building used by her sole proprietorship rather than her personal residence?The Tomlinsons decide to sell their home for $345,000. They are charged a real estate commission of 5.5% of the selling price, title insurance that is 1% of the selling price, and an escrow fee of $800. (See Example 2 in this section.) What amount (in dollars) do the Tomlinsons receive after fees? (Enter a number.)$ What percentage of the selling price was fees? Round to the nearest tenth of a percent. (Enter a number.)Amy is trying to decide whether or not it would be beneficial to employ the services of a real estate broker in order to facilitate the sale of her home. She has estimated that the marketing costs and opportunity cost associated with time spent dealing with prospective buyers amounts to $5,000. If Amy were to sell the house on her own for $200,000, but a broker would have been able to negotiate a higher price of $208,556, what commission rate should Amy have been willing to accept from a real estate broker to make her indifferent between selling the house on her own and hiring a real estate broker? 2.4% ● 3.1% 5.0% 6.5%
- Bradley goes into bankruptcy owing $25,000 as wages to his four employees. There is enough in his estate to pay all costs of administration and enough to pay his employees, but nothing will be left for general creditors. Do the employees take all the estate? If so, under what conditions? If the general creditors received nothing, would these debts be discharged?! Required information Problem 14-43 (LO 14-2) (Static) [The following information applies to the questions displayed below.] Sarah (single) purchased a home on January 1, 2008, for $600,000. She eventually sold the home for $800,000. What amount of the $200,000 gain on the sale does Sarah recognize in each of the following alternative situations? (Assume accumulated depreciation on the home is $0 at the time of the sale.) (Leave no answer blank. Enter zero if applicable.) Problem 14-43 Part d (Static) d. Sarah used the home as a vacation home from January 1, 2008, through December 31, 2015. She used the home as her principal residence from January 1, 2016, until she sold it on January 1, 2022. (Round intermediate percentage computation to 2 decimal places.) Gain recognizedUse the following information. When "trading up," it is preferable to sell your old house before buying your new house because that allows you to use the proceeds from selling your old house to buy your new house. When circumstances do not allow this, the homeowner can take out a bridge loan.Tina and Mike have sold their house, but they will not get the proceeds from the sale for an estimated 4 months. The owner of the house they want to buy will not hold the house that long. Tina and Mike have two choices: let their dream house go or take out a bridge loan. The bridge loan would be for $93,000, at 8.5% simple interest, due in 120 days. (Round your answers to the nearest cent.) a) How big of a check would they have to write in 120 days? b) How much interest would they pay for this loan?
- On 25 August 1990, Lulu bought an investment property for $469090. Two days later she also paid stamp duty of $30,00.. Lulu sold the property in January 2020 for $1,000,000. She has no other receipts to show in relation to her cost base. Required: Calculate the INDEXED COST BASE of the property. Only enter numbers & round to the nearest dollar Answer:Mr. Samson hired the services of a broker to sell his property. The owner said he bought it at P6,300,000.00 and wants a 30% gross profit. If you were a broker, at how much would you sell the property? If you will be paid 5% commission, how much shall be added to the selling price that the 30% profit of Mr. Samson will not be affected?Soo Young purchased a new home for $510,000. At the same time, he sold a home for $495,000 in which he had a net equity of $304,000 after paying off the existing mortgage of $191,000. He used $224,300 that equity as a down payment on the new home while borrowing the rest with a new mortgage. He used $50,000 of the net equityto buy a new SUV. The closing costs on the sale of his old home were $29,700 and were subtracted from the net equity. What is the immediate impact of this transaction on Soo Young's net worth? a. His net worth decreases by $29,700. b. His net worth decreases by $94,700. c. His net worth increases by $15,000. d. His net worth increases by $20,300. e. His net worth remains the same.