Compute Lisa's 2019 contribution and carryover to 2020. a. 2019 Contribution: $40,000 Carryover to 2020 $10,000 ob. 2019 Contribution: $35.000 Carryover to 2020 $15.000 c. 2019 Contribution $35,000 Carryover to 2020: $5,000 d. 2019 Contribution $20,000 Carryover to 2020: $30,000

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Q: ccount for the balance sheet

A: Given as,

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Q: The actual cash received from cash sales was $14,953 and the amount indicated by the cash register…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

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Q: 4. How much is the unrealized gain in Profit and Loss?

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Q: Nonfinancial Performance Measures Alpha University wants to monitor the efficiency and quality of…

A: Solution Decision making is the process of choosing best alternatives among many alternatives .

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Q: s decided to spend P1,200,000 to provide facilities immediately and to provide P100,000 of capital…

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Q: During a recent IRS audit, the revenue agent decided that the Parker family used their closely held…

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A: Pension plans are the one which are prepared by the employers of the entity for their employees.

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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.