Mary owns 5, 000 shares of stocks from Inter-Pacific Company. The shares were purchased at ₱47.45 per share and were sold at the closing price of ₱48.59. How much is the profit (loss) on the sale of the stock? a. ₱5, 800 b. ₱5, 600 c. ₱5, 700 d. ₱5, 500

Mary owns 5, 000 shares of stocks from Inter-Pacific Company. The shares were purchased at ₱47.45 per share and were sold at the closing price of ₱48.59. How much is the profit (loss) on the sale of the stock? a. ₱5, 800 b. ₱5, 600 c. ₱5, 700 d. ₱5, 500

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter14: Property Transactions: Determination Of Gain Or Loss And Basis Considerations

Section: Chapter Questions

Problem 41P

See similar textbooks

Related questions

Q: Accounting Tom can use the 1031 like kind exchange rules to exchange his personal vehicle for…

A: The answer for the True or false question and relevant explanation are presented hereunder : 1031…

Q: represent the residual equity of the partnership business.

A: An equity partnership is an agreement between individuals who pool their capital, skills and…

Q: Sophia and Anna are partners operating a chain of retail stores. The partnership agreement provides…

A: Partnership is one of the agreement or arrangement between two or more than two persons, in which…

Q: Sheffield Corp. reported the following for 2022: Income tax expense $68000 Contribution margin…

A: Introduction: Controllable cost is a variable cost that may be adjusted based on a business decision…

Q: A business registered as a barangay micro business enterprise received P400,000 in gross income from…

A: As per the Republic Act 9178: Barangay Micro Business Enterprises Act of 2002 the barangay business…

Q: Prepare all the journal entries to record the disposal of the vehicle on 31 March 2021 Journal…

A: Depreciation: - Depreciation is the total reduction in the book value of the asset by its regular…

Q: The Basketball Division of Sparrow Sports Enterprises reported the following financial data for the…

A: Lets understand the basics. Return on investment is a ratio which compare how much net income…

Q: Question1. What is the process costing income statement? Provide a hypothetical example of a…

A: Process costing is a term used in cost accounting to describe one method for collecting and…

Q: Among her many powers a trustee in bankruptcy may avoid: a. alimony payments. b. student loan…

A: Bankruptcy trustee is a person responsible for administering estate of a bankruptcy

Q: How much is the capital of A as of December 31 if net income for 2021 is ₱693,000?

A: The determination of Capital of A as of 31 December is shown hereunder. Net income for 2021 P…

Q: S1: It is usually advisable to write off the cost of the copyright against the revenue of the first…

A: Solution Concept Copyright and franchise are the intangible asset Intangible asset that have a…

Q: Carlo and Jamie are partners who agreed that monthly salaries will be allowed to them as follows:…

A: Net income = P580000 Share of Bonus to Jaime = P580000×5% = P29000

Q: nstruction: Do its general ledgers, trial balance, and worksheet Date Particulars Debit…

A: The general ledger is the ledger that accounts for each and every transaction. The balance of these…

Q: can u help me finish the other sub parts from 4-8

A: Formula used in required calculation: Total Assets Turnover = Net Sales / Total Assets Profit Margin…

Q: Carlo invested the following in the partnership being formed with Jamie: • Cash of P60,000; • Land…

A: Partnership means the agreement between the two or more person to do the business together and share…

Q: What is the total amount of S&A expenses for the fourth quarter that the company will report on its…

A: Solution Concept Selling and administrative expense The expenses that is incurred in…

Q: ing losses and the council needed to make severe budget cuts. The new customers have helped to…

A: Relevant costs are the costs that are affected by the decision. The costs that affect the future…

Q: On May 1, 2022, Carlo and Jamie formed a partnership agreeing to share profits and losses in the…

A: Introduction: A partnership is a type of business in which the owners have unlimited personal…

Q: The company sells on terms 2/10, net 30. Total sales for the year are P1,000,000, of which P100,000…

A: The average amount of account receivable is based on the customer who is paying early for grabbing…

Q: Carlo runs a butcher shop, Carlo Angus MNL, in Manila. Jamie, a close friend who lives in Makati,…

A: Ans. P 220,000 Explanation: New A/R balance after allowance for doubtful accounts= (150,000-…

Q: John owns 5, 000 shares of stocks from Easter Union Company. The shares were purchased at ₱47.45 per…

A: Issue of shares is one of the important source of finance being used by the business. Broker charges…

Q: and E of c

A: Inventory management is the process of planning, monitoring, and controlling the movement of…

Q: A company set the total budgeted direct labor cost at P75,000 for the month for producing 5,000…

A: Direct labor efficiency variance = (Actual hours worked × standard rate) - (Standard hours×standard…

Q: Amal, Asma and Maali started a Partnership Firm on January 1, 2021 with capital OMR 30,000 OMR…

A: Profit and loss appropriation account means the account where the profit is share between the…

Q: At the close of business on December 31, 2021 Tempest Corp pays a $80,000 premium to purchase a…

A: Introduction: The balance sheet is one of the 3 financial statements that are required for…

Q: Deductions are allowed to: Employed taxpayers Individual taxpayers only Corporate…

A: Deduction refers to the claim to reduce the overall taxable income of the tax payer.

Q: he cost of installing equipment for electronic component immersion cooling is P182,000, with a…

A: Depreciation is the allocation of cost of asset over the useful life of asset. Under declining…

Q: he college you are attending has a very busy canteen. Students are allowed to place and pay for…

A: Cash Management and Control: It is the system of managing the cash inflows and outflows. Cash…

Q: Your daughter is born today and you want her to be a millionaire by the time she is 35 years old.…

A: Annuity refers to the payment made at each year at a specified interest rate to have a desired sum…

Q: Kibble for Kats is an exempt organization with fross receipts of $585,000. If Kibble for Kats and…

A: Explanation : As per IRS, Maximum penalty for late filing of return is the smaller of $10,500 or 5…

Q: Return on asset is a term often used to express income earned on capital invested in a business…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: Carlo runs a butcher shop, Carlo Angus MNL, in Manila. Jamie, a close friend who lives in Makati,…

A: A partnership is a type of business that is run and controlled by two or more people who have agreed…

Q: You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door…

A: Flexible budget is the one that shows the estimates relating to both the fixed and variable costs.

Q: Which is incorrect statement regarding the taxability or deductibility of gains or losses in…

A: Tax is a liability calculated on the income earned and paid to the government that acts as revenue…

Q: REQUIRED: 51. Compute the amount of investment attributable to goodwill. a. 480,000 b. 192,000 -2.…

A: On January 4,2021 Did something Bad Inc. acquired 30% of the shares of Did Something good Inc. at…

Q: t assertions are provided to the auditor in the assertions letter, but are not disclosed on the…

A: Management Assertions are directly connected to the financial reporting framework adopted by the…

Q: Use an Excel Spreadsheet to prepare the Petty Cash Book of Frank's Grocery for the month of May…

A: Petty cash means the cash handed over to some employee to meet the daily needs of petty expenses…

Q: Current Attempt in Progress Nieto Company's budgeted sales and direct materials purchases are as…

A: Cash sales for March = 250000×30% = $75000

Q: How does income taxation differs from transfer and business tax?

A: Income tax is a direct tax that governments impose on income generated by individuals and business…

Q: g Statement of Cash Flows

A: Cash flow statement shows the cash inflow and cash outflow due to the operating activities,…

Q: Which of the following is NOT considered a legitimate expense of a partnership business? Interest…

A: Partnership is the form of business entity whereby two or more individuals together run a business.…

Q: On January 1, 2022. Cullumber Corporation had $1.125.000 of common stock outstanding that was issued…

A: A. Total number of shares outstanding = ($1125000/$10) + 40000 = 152500 shares Common stock dividend…

Q: Closing entries The ledger of the General Fund of the City of New Lanier shows the following…

A: The appropriation amount is divided into Estimated revenue and Budgetary fund balance.

Q: TD ILK U 1. On a bank reconciliation, the amount of an unrecorded bank service charge should be: A.…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: A department adds raw materials to a process at the beginning of the process and incurs conversion…

A: Equivalent Units of Production: Expression of the amount of work done by a manufacturer on units of…

Q: Reconcile the bank account and the accounting books based on the following information: a. The bank…

A: Ideally cash balance as per cashbook must reconcile with bank balance as per bank statement. Then,…

Q: What is the NAV of the company whose total assets of mutual fund amounted to ₱40M and total…

A: NAV stands for Net Assets Value. Differences between total assets and total liabilities are called…

Q: How much is the capital of CABLES Trading upon formation?

Q: go Laboratories, ed Statement of 30, 2022 ty capital-preferen s authorized 25 C

A: Basic and diluted EPS is to be calculated based on the given information. Basic EPS - Is the…

Q: Company issued a short-term debt of $65,000 on July 1, 2021 for a period of 5 months with a note…

A: Notes Payable are the debt instrument which has been used by the organisation to arrange a short…

Question

₱5, 800

₱5, 600

₱5, 700

₱5, 500

Definition Definition Amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Aisha Knox paid a total of $1,500 for 75 shares of stock. He sold the stock for $22.50 a share and paid a sales commission of $49.00. What is the profit or loss from the sale?
Jeeper purchased 400 shares of the GST Company common stock at P4,890.00 per share. A few months later, he sold the shares at P3,500.00, His stockbroker charges 4.3% commission on round lots and 4.6% on odd lots. Compute a. total cost, n. the proceeds, and c. the gain or loss on the transactions.
George bought 1,500 shares of stock LCC on March 7 at Php12. On June 3 of the same year, he sold these shares at Php14.50. If the broker's commission, transaction fees and taxes total 0.255% when buying, how much was George's total cash out in buying the 1,500 LCC shares?
Vivienne Company owns 15,000 of the 100,000 ordinary shares of Rain Corporation. The investment is accounted as Financial Assets at Fair Value Through Profit or Loss (FA-FV-P/L) and has a carrying value of P3,300,000. Rain Corporation declared a 10% stock dividend but gave the investors the option to receive 210 per whole stock of dividend. How much cash will Vivienne receive? In your solutions, show the journal entry to record the dividends if Vivienne opted to receive cash.
George bought 2,000 shares of stock LCC on March 7 at Php12. On June 3 of the same year, he sold these shares at Php14.50. Ignoring all fees and taxes, if George received a dividend per share of Php0.15, find George's total stock ROI.
Nicanor bought 1,000 common shares of stocks in XYZ Corp. (a listed domestic corporation) during his lifetime. Value at time of death is Php 1,000 per share. During trading, highest value is Php 2,000 while lowest value is Php 500.00. Opening price is Php 1,500 while closing price is Php 1,200. The value of each share is?
Mr. Chavez purchased 4000 shares of DITO CME at Php5.4 per share and the broker charged 1.5% of the BUY transaction. After 1 month, the market price increased to Php14.2 per share. Then, Mr. Chavez decided to sell all his 4000 shares at Php14.2 per share and the broker charged 1.5% of the SELL transaction. How much did Mr. Chavez gain? a. Php33,567.00 b. Php34,024.00 c. Php40,274.00 d. Php65,879.00
Michele bought 850 shares of APPLE at the 52 week low and sold the shares at the 52 week high shown in the table. A) ignoring dividends, what was michele's profit or loss on the sale of the stock? Was this a loss or profit? B) If her broker charges 1.9% of the total sale price, what was the broker's commission?
Sandy Company owns 15,000 of the 100,000 ordinary shares of X Corporation. The investment is accounted as Financial Assets at Fair Value Through Profit or Loss (FA-FV-P/L) and has a carrying value of P3,300,000. X Corporation declared a 10% stock dividend but gave the investors the option to receive P210 per whole stock of dividend. How much cash will Sandy receive? In your solutions, show the journal entry to record the dividends if Sandy opted to receive cash. *
The owner of SURIA Trading, a proprietorship business, Puan Alia, and her friend Encik Irfan formed a company named PINK Sdn. Bhd. and issued to themselves 5,000 ordinary shares each at par value RM1 for cash. The purpose of forming Pink Sdn. Bhd. is to buy over the business of SURIA Trading on 1 January 2021. PINK Sdn. Bhd. issued to Puan Alia 750,000 ordinary shares at a premium of 10% to satisfy the purchase of SURIA Trading. PINK Sdn. Bhd. paid the liquidation expenses of SURIA Trading which amounted to RM15,000. The formation expenses of PINK Sdn. Bhd. were RM2,500. The financial position of SURIA Trading on 1 January 2021 was as follows: RM RM Capital – Puan Alia 600,000 Current liabilities Trade payables 40,000 640,000 Non-current assets Office equipment (cost) 600,000 Accumulated depreciation (200,000) 400,000 Furniture and fittings (cost) 130,000…
For the current year, Work-From-Home Company received a donation of 3,000 shares with a par value of P20 from the shareholder. The market value of the share was P150. The shares were originally issued P50 per share. As a result of the donation, what was the decrease in the shareholder’s equity?