Ophelia had the following capital transactions for 2021: Acquired Item Sold Selling Price Cost 9-13-06 Stock 7-13-21 $3,000 $4,500 6-20-05 Stock 9-30-21 $5,800 $2,000 7-10-21 Stock 9-30-21 $1,000 $2,300 3-15-21 Stock 8-14-21 $800 $600 Her AGI before considering these items was $136,000. Net the transactions. What is the maximum rate on the NCG?
Q: I Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa…
A: The budget is a guideline for the organization because it reduces the uncertainties about revenue…
Q: HOH INCOME Salary Business Income Interest Income from taxable bon Tax-exempt Bond interest Total…
A: Tax system is progressive that means as income increase with increase in income but there are some…
Q: 4. Compute year 2 units-of-production depreciation expense for Machine B, assuming a capitalized…
A: Introduction: Depreciation is the reduction in the monetary worth of physical assets over time due…
Q: Wilkenson Inc. has the following information available for November: Date units cost per unit…
A: The question is based on the concept of Cost Accounting.
Q: A comparative balance sheet for Bonita Corporation is presented as follows. Assets Cash Accounts…
A: The Cash flow statement is prepared to record the cash flow from various activities during the…
Q: During 2023, Blue Corp. disposed of Blackberry Division, a major segment of its business. Blue…
A: Income statement is the financial statement which is prepared to show the profitability of the…
Q: 1 000 000. This building was estima have a useful life of 50 years w scrap value. How much is the bu…
A: n Depreciation is the amount which is to be reduced from value of assets to recognise the normal…
Q: PA9-1 (Algo) Part 6 6. Compute years 1 and 2 double-declining-balance depreciation expense for…
A: As the name suggest, the depreciation is charged at twice the rate as the diminishing balance method…
Q: When a merchandising company pays cash to purchase inventory Multiple Choice O O O the amount of…
A: Cash paid for payment of purchase of inventory results in increase of inventory and decrease of…
Q: On its 2020 Balance Sheet, Liddle Inc. reported Currents Assets of $215,000, Net Fixed Assets of…
A: Introduction: Tax deductions are claims made by a taxpayer to reduce his or her taxable income as a…
Q: QUESTION 40 One of Matthew Corporation's competitors has learned that Matthew has a total expense…
A: Variable Cost - A variable cost is a cost that changes or fluctuates depending on the volume…
Q: Panamint Systems Corporation is estimating activity costs associated with producing disk drives,…
A: Lets understand the basics. Activity rate is a rate which helps to allocate the cost to production…
Q: Prepare a bank reconciliation statement for the month
A: Reconciliation is made by the company so that the balances can be figured out why there has been a…
Q: Metro Inc. issued $200,000 of 10% bonds dated May 1, 2021 for $239,588. The bonds mature in 20…
A: Bond is financial investment securities where investors lend money to a person. Interest and…
Q: Overhead is estimated to be two times the amount of direct labor cost. Compute the amount of direct…
A: SOLUTION:- GIVEN, cost of goods sold=450,000 cost of goods sold=Beginning Finished Goods…
Q: Dowell Company produces a single product. Its income under variable costing for its first two years…
A: The income statement is prepared to record the revenues and expenses of the current period and…
Q: This year Diane intends to file a married-joint return. Diane received $179,900 of salary and paid…
A: Modified adjustable income= Salary - Moving expenses - Alimony paid = $179,900 - $0(Eliminated from…
Q: https://ezto. omework Cost of the asset Installation costs Renovation costs prior to use Repairs…
A: Cost of asset include all the capital expenditure & cost incurred for the installation of asset…
Q: The following balances appeared in the general ledger of Vice Traders on 30 June 20.2: R 60 000 270…
A: INCOME STATEMENT Income statement is one of the important financial statements of the Company.…
Q: The following selected transactions were completed by Betz Company during July of the current year:…
A: Journal entry refers to the process of recording business transactions into books of accounts…
Q: Flounder Corporation reports the following information: Correction of understatement of depreciation…
A: Note: When any expense is understated or overstated in the prior year's, the adjustment is made from…
Q: When determining activity-based costing is there a correct title for things such as bidding or…
A: Activity based costing includes determination and classification of costs on the basis of activities…
Q: Cameron Corp. uses the dollar-value-LIFO (DVL) inventory costing method. 2020 is the base year.…
A: Inventory is the current asset reported under the head current assets in the balance sheet of the…
Q: Safa is paid a base salary of $1500 per month and a commission of 6% on all sales over $75,000. Last…
A: As per the guidelines we can provide the answer for one question, first one ( as the question are…
Q: Brian Sipe began operations of his business, Sipe Sons Incorporated, on January 1, Year One. During…
A: In the business owner sells the goods to customers in cash and credit. When the owner sells, cash…
Q: On January 1, 20X4, Pierce Corporation acquired 90 percent of Sharp Company's voting stock, at…
A:
Q: 2. Grace is a self-employed sales consultant who spends significant time entertaining potential…
A: The tax deduction reduces taxable income. It's a form of tax incentive. The standard deduction and…
Q: What will the “the §382 limitation” be if an ownership change occurs with respect to Leader’s stock?…
A: Will Leader be able to utilize the NOL’s before they expire? If the change in ownership is greater…
Q: What are typical ERM responsibilities of the CEO and the internal audit function?
A: *ERM refers to enterprise risk managament which means managing the risks that an entity faces to…
Q: Matt is age 75. He received $4,000 from an annuity in 2021. He paid $40,000 for that annuity in…
A: Income tax: An individual's tax on their earned income is known as income tax. It considers all…
Q: Aviation is among the industries that were adversely impacted by Covid. Below table shows selective…
A: Ratio Analysis Ratio analysis is a mathematical technique for analyzing a company's financial…
Q: All blanks need to be filled please and thank you, it's incomplete as of now.
A: Lets understand the basics. In FOB shipping point, all cost incurred after goods shipped from the…
Q: On January 1, 2021, Maywood Hydraulics leased drilling equipment from Aqua Leasing for a four-year…
A: Journal Entry :— It is an act of recording transaction in books of account when it is occurred.…
Q: Confucius Bookstore's inventory is destroyed by a fire on September 5. The following data for the…
A: Inventory: In the context of a commercial enterprise, inventory refers to any item of property that…
Q: A volume-based rate is an appropriate overhead application base when: a. Direct material…
A: Overhead is the amount of expense which is incurred to make the products. It is the part of cost of…
Q: Compton Information Services, Inc., has two service departments: human resources and billing.…
A:
Q: Administrative expenses Depreciation of plant machinery and equipment Direct labor Direct materials…
A: Introduction:- Product cost comprises sum of all prime costs (direct labor and direct materials) and…
Q: Sinclair Company is one of the world's leading com refiners. It produces two joint products--com…
A: When two or more products are produced as a result of a common joint process, such products are…
Q: Complete the following table by entering either the word increase or decrease in each column. Assets…
A: The elements of the balance sheet (assets, liabilities and stockholders' equity) are increased or…
Q: Using the tax formula calculate the taxpayer’s AGI for 2021. The taxpayer is single. Wages $50,000…
A: AGI is Adjusted gross income. The gross income after all the eligible tax deductions has been made…
Q: Ravelo Corporation has provided the following data from its activity-based costing system: Activity…
A: The question is based on the concept of Cost Accounting.
Q: Dowell Company produces a single product. Its income statements under absorption costing for its…
A: Variable Cost :— It is the cost that changes with change in units. Variable cost of goods sold is…
Q: BFAR Company used a normal costing system and reported a cost of goods manufactured of P260,000,…
A: Cost of goods manufactured is a term which is used in cost accounting. It is a schedule of total…
Q: Presented below is the trial balance of Flounder Corporation at December 31, 2020. Cash Sales Debt…
A: Solution: Balance sheet:…
Q: Required information [The following information applies to the questions displayed below.] Trio…
A: Ans. In absorption costing all costs related to manufacturing is accounted for to calculate the cost…
Q: Executives at Studio Recordings, Inc. produced the latest compact disc the Starshine Sisters Band,…
A: Break Even Point :— Break Even Point is a Point of Sale where no Profit No loss. Break Even Point in…
Q: Your client, age 74, has an estate consisting of solely owned assets valued at $4,500,000. His will,…
A: I. He can avoid subjecting the estate to an ancillary probate procedure by placing the out-of-state…
Q: 3: Kasey Wolfe earned gross pay of $1,140. Each period he contributes 1.5% of gross pay to a…
A: Social Security Tax The statutory payroll tax known as Social Security is paid by both employers and…
Q: Martinez Company's ending inventory includes the following items. Cost per Market per Unit Unit $57…
A: A business must record the cost of inventory at whatever cost is lower—the original cost or its…
Q: Arams taxable income before considering
A: Due to $ sign we will assume that the tax jurisdiction will be USA and IRS rules for…
please abswer within 30 minutes..
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Dougie sold the following stocks in year 5: Date Purchased Stock Cost Date Sold Proceeds from Sale 54.000 $10,000 V6/YR3 12/31/YR5 $3.000 $12,000 $14,000 4/21/YR4 12/31/YRS $12,000 $12,500 12/31/YRS $13,800 What is the overall net capital gain/loss of the above transactions and what is the tax treatment of the gain/loss? Y 7/2/YRS 12/31/YRS 11/30/YRS Multiple Cholce $5,300 LTCG taxed at preferential rates $5,300 STCG taxed at ordinary rates $5,000 LTCG taxed at preferential rates and $30O STCG taxed at ordinary rates $5,000 STCG taxed at ordinary rates and $300 LTCG taxed at preferential rates $4,700 LTCG taxed at preferential ratesDuring 2022, Merry Co. purchased the following shares which it classified as FVPL investment: Shares No. of Shares Cost per share at the time of purchase Fair value per share on December 31, 2022 A 1,000 P100 P80 B 5,000 P20 P25 C 10,000 P4 P5 What is the value of the FVPL investment on December 31, 2022?At December 31, 2018, Hull-Meyers Corp. had the following investments that were purchased during 2018, itsfirst year of operations:Cost Fair ValueTrading Securities:Security A $ 900,000 $ 910,000Security B 105,000 100,000Totals $ 1,005,000 $ 1,010,000 Securities Available-for-Sale:Security C $ 700,000 $ 780,000Security D 900,000 915,000Totals $ 1,600,000 $ 1,695,000Securities to Be Held-to-Maturity:Security E $ 490,000 $ 500,000Security F 615,000 610,000Totals $ 1,105,000 $ 1,110,000No investments were sold during 2018. All securities except Security D and Security F are considered shortterminvestments. None of the fair value changes is considered permanent.Required:Determine the following amounts at December 31, 2018.1. Investments reported as current assets2. Investments reported as noncurrent assets3. Unrealized gain (or loss) component of income before taxes4. Unrealized gain (or loss) component of accumulated other comprehensive income in shareholders’ equity
- Answer should be presented as: DECREASE 123456 or INCREASE 123456 :During 2021, the first year of operations, Dejavu Company purchased the following equity securities: Security One Security Two Security Three Security Four Cost 2,200,000 700,000 1,600.000 2,000,000 December 31, 2021 1,400,000 1,000,000 1,500.000 Market Value December 31, 2022 1,900,000 1,100,000 1,600,000 1,200,000 2,500.000 Security One and Security Two are held for trading and Security Three and Security Four are measured at Jair value through other comprehensive income by election. During 2022, the entity sold Security Two for P1,000,000 and half of Security Four for PS00,000. Revenues and operating (marketing and administrative) expenses for the year 2022 are P7500,000 and P4,000,000 respectively. How much is the change in Retained Earnings for the year 2022 due to the equity securities findicate whether increase or decrease)?ABC Company provided the following information on December 31, 2020Share capital 5,000,000Subscribed share capital 3,000,000Subscription receivable 2,000,000Share premium 1,500,000Treasury Shares, at cost 700,000Retained Earnings 1,000,000Cumulative unrealized gain on Financial Asset at FVOCI 600,000What is the contributed capital on December 31, 2020?E15-16 Contributed Capital Adams Company's records provide the following information on December 31, 2019: in, assuming it uses the cost method. 10 15.8 Account Title Additional Paid-in Capital on Preferred Stock Amount Common Stock Premium on Bonds Payable Preferred Stock Bonds Payable Preferred Stock Subscribed Retained Earnings Additional Paid-in Capital on Common Stock $ 17,000 75,000 4,000 80,000 100,000 20,000 121,000 84,000 SHOW ME HOW Additional information: 1. Common stock has a $5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a $100 par value, 3,000 shares are authorized, 800 shares have been issued and are out- standing. Two hundred shares have been subscribed at $120 per share. The stock pays an 8% dividend, is cumulative, and is callable at $130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital…
- Answer should be presented as: DECREASE 123456 or INCREASE 123456 During 2021, the first year of operations, Dejavu Company purchased the following equity securities: Market Value December 31, 2022 1,900,000 1,100,000 1,600,000 1,200,000 Security One Security Two Security Three Security Faur Cost 2,200,000 700,000 December 31, 2021 1,400,000 1,000,000 1,500,000 2,500,000 1,600,000 2,000,000 Security One and Security Two are held for trading and Security Three and Security Four are measured at Fair value through other comprehensive income by election. During 2022, the entity sold Security Two for P1,000,000 and half of Security Four for P500,000. Revenues and operating (marketing and administrative) expenses for the year 2022 are P7,500,000 and P4,000,000 respectively. How much is the change in Retained Earnings for the year 2022 due to the equity securities (indicate whether increase or decrease)?During 2021, Lavida Loca Company purchased trading securities with the following cost and market value on December 31, 2021. Cost Market value A 300,000 400,000 B 1,500,000 1,700,000 C 3,800,000 3,900,000 The entity sold Investment C on January 10, 2022 for P 4,000,000 What is the unrealized gain or loss should be reported in the income statement for 2021? a. 100,000 gain b, 100,000 loss c. 400,000 gain d. 400,000 lossDuring 2022, Merry Co. purchased the following shares which it classified as FVPL investment: Shares No. of Shares Cost per share at the time of purchase Fair value per share on December 31, 2022 A 1,000 P100 P80 B 5,000 P20 P25 C 10,000 P4 P5 How much unrealized gain or loss will be recognized in the Profit or Loss Statement for these investments on December 31, 2022?
- Lopez Company purchased equity securities during 2020 to be held as Investment. The cost and Market Value of the investments are: December 31,2020. Cost. Market Trading Securities. 2,000,000. 2,500,000 Securities not held for trading. 3,000,000. 2,300,000 December 31,2021 Cost Market Trading Securities. 1,000,000 1,100,000 Securities not held for trading. 1,500,000. 1,450,000 On June 30 2021, half of the trading Securities were sold for 1,500,000 and securities not held for trading were sold for 1,100,000. The securities not held for trading are measured at fair value through other comprehensive income by election. REQUIRED: Prepare the Journal entries for 2020 and 2021Paul Company presented the following information pertaining to its investments in equity securities. FVPL FVOCICost P1,000,000 P1,000,000Market value December 31, 2020 1,050,000 980,000 December 31, 2019 950,000 920,0001. What amount should Paul Company report as unrealized gain on its 2020 profit or loss? a. P160,000 b. P110,000 c. P100,000 d. P 50,000 2.What amount should Paul report as unrealized gains/losses in the shareholders' equity of its December 31, 2020 statement of financial position? a. P60,000 credit b. P20,000 debit c. P80,000 debit d. P20,000 creditOn December 21, 2020, Bucky Katt Company provided you with the following information regarding its equity investments. December 31, 2020 Investments Cost Fair Value Unrealized Gain (Loss) Clemson Corp. stock $20,000 $19,000 $(1,000) Colorado Co. stock 10,000 9,000 (1,000) Buffaloes Co. stock 20,000 20,600 600 Total of portfolio $50,000 $48,600 (1,400) Previous fair value adjustment balance –0– Fair value adjustment—Cr. $(1,400) During 2021, Colorado Co. stock was sold for $9,400. The fair value of the stock on December 31, 2021, was Clemson Corp. stock—$19,100; Buffaloes Co. stock—$20,500. None of the equity investments result in significant influence. Instructions a. Prepare the adjusting journal entry needed on December 31, 2020. b. Prepare the journal entry to record the sale of the Colorado Co. stock during 2021. c. Prepare the adjusting journal entry needed on December 31, 2021.