Bill's deductible loss from the activity in Year 1 and Year 2?

Q: Problem 2. The accounts for the financial statements of Billy Pogi, CPA, are as follows: Php Account...

A: Net profit means the difference between the income and expenses. Financial statement means the tradi...

Q: Budget Performance Report Genie in a Bottle Company (GBC) manufactures plastic two-liter bottles fo...

A: Budget is an estimation which helps an organization in planning its production and revenue. Variance...

Q: Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each wee...

A: Payroll- The payroll area designates a group of employees for whom the same payroll components are p...

Q: anary Cawnmowers purchased 300lawnmower parts at $3.50 per part from a supplier on December 4. Terms...

A:                                   In Accounting we follow double entry system.  Each transaction is ...

Q: Specter Company combines cash and cash equivalents on the balance sheet. Using the following informa...

A: >Cash and Cash Equivalents are those current assets that are either Cash or can be readily conver...

Q: On January 1, 2013, Pepper Corporation acquired 90 percent of Salt Company's voting common stock for...

A: A Holding company is a company that owns and controls the operations of the other entity. The Subsid...

Q: FIXED ASSETS DEPRECIATION (Use Straight Line Method of Depreciation) Date of Purchase Estimated Acqu...

A:                                 Depreciation is a dimunition [ reduction] in the value of an asset o...

Q: Vhich of the following statements Is true with regard to activity-based costing? Multiple Cholce Act...

A: Solution: Under activity based costing, Cost are allocated to various cost pools and then their acti...

Q: Compute the tax due if the corporation is a non-resident foreign corporation. a. 800,000.00 b. 750,0...

A: Answer: Non resident foreign corporations are taxed over income earned from Philippines only. The ta...

Q: During its inception, Devon Company purchased land for $250,000 and a building for $200,000. After e...

A: Calculate the amount of investment in Devon Company to be reported by Regan Company: Land   $250,...

Q: Assume that Medina Co. makes footballs and is trying to determine the quantity of leather it should ...

A: Solution Formula = EOQ = square of 2*A*O/ S. A = Annual demand = 12000 Square meter. O = Ordering co...

Q: Which of the following costs would not be classifled as factory overhead? Multiple Cholce Insurance ...

A: Factory overhead :  Factory overhead is the indirect cost estimated and expensed by the manufacturin...

Q: Please, answer the questions with comprehensive and use graphic if necessary

A: There are five statements in which we have to find out which are true and which are wrong-

Q: Kaumajet Factory produces two products: table lamps and desk lamps. It has two separate departments:...

A: GIVEN   Kaumajet Factory produces two products: table lamps and desk lamps. It has two separate depa...

Q: Balance Sheet 2019 2020 Assets 77,021,000| 68,109,000| Cash & Short Investments 78,903,000 76,220,00...

A: Comparative balance sheet refers to the analytical balance sheet statement which comprises of the ba...

Q: do you determine the production

A:

Q: How do we journalize this transaction for the month of October? Explanation not allowed. Transactio...

A: For real accounts, rule for journal entry is debit what comes in and credit what goes out. Here, pho...

Q: but here are some extra probl- Extra practice problems: 1. On January 1, 2017, you b is 4.00%. The l...

A: Interest Calculation Interest calculation is important for the borrower to given the credit to custo...

Q: Everlast Manufacturing Company uses a predetermined manufacturing overhead rate based on a percentag...

A: The calculation answer for the above mentioned question is given in the following steps for your ref...

Q: Entries for Stock Investments, Dividends, and Sale of Stock Yerbury Corp. manufactures construction ...

A: Solution A journal is a company's official book in which all business transactions are recorded in c...

Q: Which ofr the following Items is not a management concept that was created to improve company perfor...

A: Solution: Managerial accounting is an accounting system that is used mainly for internal purposes. I...

Q: You are an accountant working for a company that has recently decided to incorporate. The company ha...

A: Journal Entry For Cost incurred with respect to Incorporation Expenses Date Particulars Debit Amo...

Q: HW Chapter 18 S22 Q3. Use this information for the next two questions. Mobco Inc. allows customers o...

A: Sale is a transaction between two parties in which one buys the goods and one sold the goods in exch...

Q: C and D are partners who share profits and losses in the ratio of 7:3, respectively. On October 5,20...

A:

Q: from home). Super Soups did an analysis of the capabilities of the old production equipment and all ...

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Q: O’Shea Inc. issued bonds at a face value of $100,000, a rate of 6%, and a 5-year term for $98,000.Fr...

A: A bond is a fixed-income instrument that represents a loan from an investor to a borrower (typically...

Q: Consider the following information for Presidio Inc.'s most recent year of operations. Number of uni...

A: Variable costing is a concept used in accounting in which the fixed manufacturing overhead is exclud...

Q: A manufacturer pald total factory payroll of $200,000 In cash. The journal entry for this transactio...

A: Introduction:- Journal entry means:- It is used to record business transactions. All business trans...

Q: 4. ABC Company had the following classes of shares outstanding as of December 31, 2020: Ordinary sha...

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Q: What would be the book value after three years using the DDB?

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Q: The board of directors of ABC Corporation voted on June 1, 2021 to declare a 10% share distributable...

A: GIVEN   The board of directors of ABC Corporation voted on June 1, 2021 to declare a 10% share distr...

Q: Prepare a schedule showing a vertical analysis for 2022 and 20 SWIFTY CORPORATION Condensed Income S...

A: The question is based on the concept of Cost Accounting.

Q: The capital contribution of Gian should be

A: Partnership means a group of persons who come together with a purpose to control and manage the oper...

Q: Tamarisk Inc is a company that manufactures and sells a single product. Unit sales for each of the ...

A: Profit Margin: To determine the extent to which a corporation or an economic activity produces money...

Q: Anne is trying to decide whether to accept a salary of P80,000 or a salary of P50,000 plus a bonus o...

A: The running of partnership business in accordance with the stipulated law prescribed on it. There mu...

Q: Instructions On the first day of the fiscal year, a company issues a $3,500,000, 6%, five-year bond ...

A: Solution A journal is a company's official book in which all business transaction are recorded in ch...

Q: Universal Gagarin purchased a residential unit for P3,000,000 and transferred it to its supervisory ...

A: Solution Concept When a employer transfers the residential unit to employee , the monetary value of ...

Q: Required: Using the balance sheet and income statement above, complete the operating section workshe...

A: Cash Flow statements are the statement of changes in cash in an organization. Any non-cash item will...

Q: Santa Rosa recently purchased a new boat to help ship product overseas. The followinginformation is ...

A: Acquisition cost - Acquisition cost is cost of an assets purchased. It includes all the purchase cos...

Q: The supplies account for a company has a $1,000 debit balance at the beginning of the year. Supplies...

A: Supplies: It implies to the raw materials, finished goods, and all the incidental items that a busin...

Q: Lise the cost information below for Sundar Company to determine the cont of goods manufactured cluri...

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A: Days sales outstanding refer to average number of days that an organisation or a company takes to co...

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A: The shares in treasury stock are not outstanding as these are not with the shareholders and company ...

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Q: ank statement. The accountant has found the following discrepancies: i. A cheque for $3,000 received...

A: Bank reconciliation statement refers to a reconciliation between the entries entered in the cash boo...

Q: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and s...

A: Cost of goods available for sale formula: =(Cost of goods purchased during the period + cost of fini...

Q: Hoover Corp., a wholesaler of music equipment, issued $17,850,000 of 25-year, 10% callable bonds on ...

A: Answer -    The journal entry for bond issuance varies depends on the type of issuance; whether it i...

Q: Juarez Bullders Incurred $285,000 of labor costs for construction Jobs completed during the month of...

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....

Q: Required information (The following information applies to the questioni displayed below Adger Corpo...

A: The flexible budget report is prepared to find the variance between actual results and standard resu...

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.