a. How much gain/loss will George have to recognize if he uses the FIFO method of accounting for the shares sold?
Q: All of the amounts that have parentheses are incorrect. What do I need to do to calculate the…
A: Cash flow statement includes: Cash flows from operating activities Cash flows from investing…
Q: not receive credit. Lloyd and Harry, equal partners, form revenue, expenses, gains, losses, an
A: PARTNERSHIP is an agreement between two or more partners who agrees to carry out a business with…
Q: Excelsior Corporation has the following headings on its December 31, 2019 Balance Sheet: Total…
A: As per our company policy, we have solved the first 3 subparts out of 5 subparts posted by you.…
Q: Marie Marx, the management accountant at “Go Jamdown” is in the process of planning the company’s…
A: Budget is the estimation of revenue and expense prior to start the operation. To manage the working…
Q: Which of the following statements is FALSE? a. There is a cause-and-effect relationship between the…
A: A cost that remains fixed over specific amount of production and does not changes with change in the…
Q: Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes…
A: Standard costing is the form of cost accounting through which the management evaluate the actual…
Q: Explain the concept of an accounting analysis in minimum 1125 signs
A: Introduction:- Accounting analysis refers to the process of evaluating a company's financial…
Q: Schedule of Cash Payments for a Service Company Oakwood Financial Inc. was organized on February 28.…
A: The cash payment schedule is prepared to estimate the amount of cash paid during the period. The…
Q: Sharp Company manufactures a product for which the following standards have been set: Standard…
A: Variance means deviation from standards .Material cost variance is the difference between standard…
Q: 1.A common stock paid a dividend at the end of last year of $2.30. Dividends have grown at a…
A: EXPECTED RATE OF RETURN ON STOCK Expected Rate of Return is the Percentage of Income Earned from…
Q: What are the disclosure requirements for provisions and contingent liabilities in financial…
A: The purpose of disclosure requirements is to ensure that companies provide relevant and reliable…
Q: Suds & Cuts is a local pet grooming shop owned by Collin Bark. Collin has prepared the following…
A: Direct material price variance=Standard price×Actual quantity-Actual cost Direct material quantity…
Q: Adams Publications established the following standard price and costs for a hardcover picture book…
A: Answer:- Income statement meaning:- An income statement is a financial statement that lists the…
Q: Metro, Inc. sells backpacks. The Company's accountant is preparing the purchases budget for the…
A: Budgeting - Budgeting is the process of estimating future operations based on past performance. %…
Q: Your Mom is Proud of You (YMPY) is preparing their cash budget for the upcoming month of August.…
A: Cash inflow is the amount of money or fund received by the organization whereas cash outflow is the…
Q: Ivanhoe, Inc., had sales last year of $675,000, and the analysts are predicting strong future…
A: As sales grow, a company's market share can also increase, giving them a larger share of the market…
Q: Dedrick Inc. did not pay dividends in 2018 or 2019, even though 60,000 shares of its 7.5%, $50 par…
A: DIVIDEND Dividend is the Amount which is paid by the Corporation it it's Shareholders in return on…
Q: Cash flows from (used for) operating activities-indirect method The net income reported on the…
A: The cash flow statement is one of the financial statements of the business. The cash flow statement…
Q: Condensed comparative balance sheets of Breach Company at December 31, Years 1 and 2, are as…
A: Statement of cash flow is a financial statement used for providing data with regard to all cash…
Q: Sanderson's Woodworking Company is considering the addition of a new line of quilt frames to its…
A: Variable costs are costs that varies with the change in the level of output. Fixed costs are costs…
Q: Cabin Creek Company is considering adding of a new line of kitchen cabinets. The company's…
A: Introduction:- Contribution margin is the difference between sales revenue and variable costs…
Q: b. Compute each member's tax basis in his LLC interest immediately after Dave's receipt of his ins…
A: Partnership interest refers to the portion of equity interest in the partnership company. Every…
Q: 11 00:22:52) The sales and cost date for two companies in the transportation industry are as…
A: Lets understand the basics. Break even point is a point at which no profit no loss condition arise.…
Q: EXERCISE 7-2 Lisa Meilo works for Pacific Company, which pays its employees time- and-a-half for all…
A: Overtime pay: It is a payment that an employee gets when he or she works extra hours as compared to…
Q: The tax return of Okinawa Company indicates taxable profit of P15,000,000 on which a tax liability…
A: Profit is the amount of money earned by the entity after deducting the relevant expenses from the…
Q: Service cost Projected benefit obligation (1/1) Plan assets (1/1) Company contribution (funded…
A: A defined benefit plan specified how much amount will receive by employees in the future due as a…
Q: Exercise 9-5 Prepare a Flexible Budget with More Than One Cost Driver [LO9-5] Alyeski Tours operates…
A: FLEXIBLE BUDGET A flexible budget is a budget that is prepared for different levels of activity or…
Q: Bennett's Manufacturing started business on 1 JUNE 2016, and incurred the following costs during its…
A: Marginal Costing - Under Marginal Costing all the variable costs are taken into consideration for…
Q: for the month of April are shown in the following table: Sales April May June Cash Sales $ 1,100…
A: Sales in May Cash sales = $1,100 Sales on account = $1,400 Total sales in May = cash sales +…
Q: What is the purpose of a cash budget and how is it prepared?
A: A cash budget is a financial planning tool used by organizations to forecast their expected cash…
Q: ok t nces Mia Wiz sells computers. During May, it sold 400 computers at a $1,100 per unit price. The…
A: SALES VALUE VARIANCE Sales Value Variance is the difference between the budgeted value of sales and…
Q: Samuelson and Messenger (SAM) began 2021 with 240 units of its one product. These units were…
A: There are mainly two methods of verification of materials.They are periodic system and perpetual…
Q: PROBLEM 8-3 Brunei Company has 50,000 shares of P10 par value share capital outstanding. In…
A: Recording Journal entries are the modern method of recording business related transactions in which…
Q: hich of the following statements NOT correct? a.
A: Tax is a financial charge or levy imposed by a government on individuals, businesses, or other…
Q: Management is considering two alternatives. Alternative A has projected revenue per year of $100,000…
A: Relevant cost is the cost which is relevant in decision making process. Because irrelevant cost do…
Q: n the statement of cash flows, the operating activities section would include a.cash paid for the p
A: Cash flow can be broken down into three categories: operating cash flow, investing cash flow, and…
Q: 3. You are considering the p stock. You anticipate that th P2.25 per share next year a year. You…
A: Stock investment valuation refers to the process of determining the intrinsic value of a stock,…
Q: How are provisions recorded in accounting?
A: In accounting, a provision is a liability that is recognized when there is a probable obligation for…
Q: Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2022.…
A: FICA Tax: FICA stands for Federal Insurance Contributions Act. It is a payroll tax of united states…
Q: CLOSING JOURNAL PREPARATIONS
A: Accounting is defined as work carried out by the bookkeeper or an accountant in which the business…
Q: Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that…
A: Planned budget is static and does not vary while flexible budget is not rigid and is prepared for…
Q: Record the necessary entry for the scenarios given above. (If no entry is required for a…
A: Payroll is the process of paying a company's employees. It includes collecting the list of employees…
Q: Cost of merchandise sold reported on the income statement was $179,230. The accounts payable balance…
A: The cost of goods sold by a wholesaler or retailer is referred to as the cost of merchandise sold.…
Q: Part A Define a secured debt. Give two examples of secured debt. 15px Space used (includes…
A: Debt: A debt is the amount of money borrowed for certain period of time which needs to repaid to…
Q: The net present value of an investment is the present value of the expected cash flow minus the…
A: The net present value defines the difference between the cash inflows and outflows during the…
Q: Keesha Company borrows $230,000 cash on December 1 of the current year by signing a 90-day, 11%,…
A: The maturity date is the date when note is due for payment. The accrued interest is the interest due…
Q: The following information has been taken from the ledger accounts of Yogi Corporation: Total net…
A: Retained earnings are an important component of a company's financial health and can be an…
Q: T-Mitch calculates and records depreciation using the straight line method. A piece of machinery was…
A: Depreciation Expense: Depreciation expense is that expenses which is charge on Assets every year…
Q: please dont provide answer in image format thank you King Tool is a machine shop that uses job…
A: JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…
Q: A 191.need answer with explanation
A: INCREAMENTAL ANALYSIS Contribution margin generally represents incremental money generated for each…
![Required information
[The following information applies to the questions displayed
below.]
George bought the following amounts of Stock A over the years:
Note: Loss amounts should be indicated with a minus sign.
Stock A
Stock A
Stock A
Date
Purchased
11/21/1996
3/18/2002
5/22/2011
Number of
Shares
1,220
610
970
Adjusted
Basis
Gain or loss to be recognized
$ 29,280
10,980
34,920
On October 12, 2022, he sold 1,530 of his shares of Stock A for
$38 per share.
a. How much gain/loss will George have to recognize if he uses the FIFO method
of accounting for the shares sold?
$ 56,859 X](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe48b91ac-d128-464b-9c87-7d3008e2bbca%2F288449d2-3c65-401e-ab62-e711081e2aec%2F0au3c1d_processed.png&w=3840&q=75)
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
- Required information [The following information applies to the questions displayed below.] George bought the following amounts of Stock A over the years: Note: Loss amounts should be indicated with a minus sign. Stock A Stock A Stock A Date Purchased 11/21/1997 3/18/2003 5/22/2012 Number of Shares 1,090 545 840 $ 26,160 9,810 30,240 On October 12, 2023, he sold 1,335 of his shares of Stock A for $38 per share. Adjusted Basis Gain or loss to be recognized b. How much gain or loss will George have to recognize if he specifically identifies the shares to be sold by telling his broker to sell all 840 shares from the 5/22/2012 purchase and 495 shares from the 11/21/1997 purchase?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 2021, Anthony Company purchased debt securities as a long-term investment and classified them as trading. All securities were purchased at par value. Pertinent data are as follows: The net holding gain or loss included in Anthonys income statement for the year should be: a. 0 b. 3,000 gain c. 9,000 loss d. 12,000 loss
- George bought the following amounts of Stock A over the years: Note: Loss amounts should be indicated with a minus sign. Date Purchased Number of Shares Adjusted Basis Stock A 11/21/1996 1,140 $ 27,360 Stock A 3/18/2002 570 10,260 Stock A 5/22/2011 890 32,040 On October 12, 2022, he sold 1,410 of his shares of Stock A for $38 per share. a. How much gain/loss will George have to recognize if he uses the FIFO method of accounting for the shares sold? b. How much gain/loss will George have to recognize if he specifically identifies the shares to be sold by telling his broker to sell all 890 shares from the 5/22/2011 purchase and 520 shares from the 11/21/1996 purchase?During 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?During 2022, ABC Corp. acquired 500 shares of XYZ stock at P30 per share. ABC accounted for the stock as FVOCI financial assets. The market price per share of ABC's stock as of December 31, 2022 and 2023. is P22.50 and P39.50, respectively. US sa fes 1. How much-unrealized gain or loss on long-term investments should ABC report on its December 31, 2022, statement of comprehensive income? Use negative sign for the unrealized rences orations loss 2.How much unrealized gain.orloss on long-term investments should ABC report on its December 31, 2022, stockholders equity? Use negative sign for the unrealized loss 3. How much-unrcalized gain or loss on long-term investments should ABC report on its December 31. 2023. statement of comprehensive income? Use negative sign for the unrealized loss 4. How much-unrealized gain or loss on long term investments should ABC report on its December 31, 2023, stockholders equity? Use negative sign for the unrealized loss
- On January 1.2019 an investor bought 400 shares of Absaroka, inc for 4 per nhare On Jrry 1 2000 the inveter sold the stk e 7 per shaie The sock pada terly dvidend of 031 per shore Hw mh de he stt ean on s linvestment and, ansuming the invest pays a ta a of 15% on dividends and cpal gains, how muh w the pay income tas dn this aaction? The amount before taxes) the investor earmed un westments Round to the neart dl) Rund to the et Assuning a tx rate of 15 he amount she wil pay in incame taxes on this tranacdon isFollowing is a list of investments owned by Martinez Ltd., as of the company’s year-end, December 31, 2020: Investment No. Shares Cost Fair Value HFX Corporation 1,200 $9.00 $8.20 FDY Ltd. 2,100 6.50 6.55 CTN Corporation 3,700 7.00 7.60 On January 15, 2021, Martinez sold the shares in CTN Corporation for $8.10 per share. Prepare the journal entries required to record the sale, assuming the company uses the fair value through other comprehensive income without recycling method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 15, 2021 (To adjust to current fair value) (To record the sale of shares) (Reclassification…In March of 2019, Boyet Corporation purchased nontrading equity investments which are irrevocably designated at FV-OCI. On December 31, 2019, the balance in the unrealized gain/(loss) on these securities was P200,000. During 2020, stock FF was sold for P1,100,000. Pertinent data on Dec. 31, 2020 are as follows: Cost Market Value DD P2,100,000 P1,600,000 2,000,000 900,000 In its statement of changes in stockholder's equity for the EE 1,850,000 FF 1,050,000 year 2020, Boyet should report unrealized holding loss at what amount?
- How would I report the following dividends on the form 8949 and schedule D On January 3, 2021, Dave repurchased the exact number of shares he sold on December 29, 2020. Purchased Sold Sale Price Basis Gain/Loss Dell (held 9 month) 12/01/19 09/01/20 $ 15,000 $ 9,000 $ 6,000 Pepsi (held 4 month) 09/01/20 12/29/20 17,000 25,000 (8,000) IBM (held 30 month) 06/05/18 12/05/20 38,000 20,000 18,000thout making journal entries. this 4. Vaughn Company began operations in 2024. Since then, it has reported the following gains and losses for its equity investments on the income statement: 2024 2025 2026 Gains (losses) from sale of securities $14,100 $(20,900) $13,800 Unrealized holding losses on valuation of securities (25,100) Unrealized holding gain on valuation of securities At January 1, 2027, Vaughn owned the following securities: Cost BKD Common (16,000 shares @ $32) $512,000 LRF Preferred (2,400 shares @ $106) 254,400 10,400 (14,700)Assume an investor company purchases all of the stock of the investee company in a stock purchase for $900 on 1/1/2022. The investee’s balance sheet on the date of purchase is as follows: Accounts receivable $75 Mortgage payable $75 Inventories $150 Building $600 Stockholders’ equity $750 Total assets $825 Total liabilities and equity $825 Assume the additional purchase price relates to the b uilding value not reported on investee company’s balance sheet. The building held by the investee has a remaining useful life of 10 years on the acquisition date and depreciated based on the straight-line method. Also assume, subsequent to the purchase, the investee reports net income of $150 and pays $45 in dividends to the investor during 2022. Required: Provide all necessary journal entries related to this investment for the investor company using the equity method during 2022
