P486,000

Q: During the tax year Thomas and you long to receive 24,000 and Social Security benefits them out of…

A:

Q: To date, Ken has cumulative earnings of $141,0000. This week Kent is paid $3,000. The total amount…

A: Social security tax refers to the amount that is collected from the employers and employees by the…

Q: Madison Makeup reported the following on its most recent financial statements (in $ millions). Fill…

A: Cash flow statement is the one of the most important financial statement. It includes cash flow from…

Q: Gray Company is a consulting firm. The firm expects to have $64,000 in indirect costs during the…

A: Introduction:- The following formula used to calculate predetermined overhead rate as follows…

Q: Indigo Company is in the process of preparing its financial statements for 2020. Assume that no…

A: The depreciation expense is charged on fixed assets as reduction in the value of fixed assets with…

Q: R GLO401 (Algo) - Based on Problem 4-1A LO P1, P2 Prepare journal entries to record the following…

A: Schedule of Receivables - Schedule of Receivables includes the ledgers of all the receivables.…

Q: t that the client might be making duplicate payments to vendors. The risk that the client’s…

A: Auditing refers to the process of tallying all the transactions of a company by physically checking…

Q: For each of the procedures described in the table below, identify the audit procedure performed and…

A: Auditors utilize audit techniques to evaluate the accuracy of the financial data supplied by their…

Q: Crane Company begins operations on April 1. Information from job cost sheets shows the following.…

A: Introduction: Work in process inventory is the total cost of unfinished help to the economy in the…

Q: What two transaction types decrease owner's equity? liabilities and revenue O expenses and…

A: The balance sheet represents the financial position of the business with assets and liabilities on a…

Q: At May 31, 2022, the accounts of Sandhill Company show the following. 1. 2. 3. 4. May 1…

A: Preparation of partial Balance sheet of sandhill company are as follows

Q: Food $175 Entertainment $100 Bills $91 Charitable donations $100    d. To the nearest degree,…

A: In order to manage the expense it is important to have sufficient income which is inflow. The…

Q: what is  the perpetual and periodic inventory systems?

A: [Note that you have posted two different questions here (2&3). I have answered the first…

Q: 11. [Para. 4-a-11] Interest and penalties receivable on delinquent taxes was increased by $8,454;…

A: Recording of above transaction into general fund and governmental activities journal are as follows

Q: Eastman Publishing Company is considering publishing a paperback textbook spreadsheet applications…

A: Break even point is the point at which total of cost and revenue is same or we can say it is no…

Q: Rio Company pays time and a half for hour in excess of 40 hours per week. An individual is paid…

A: Weekly Earning of Employee: When we talk about "Weekly Earnings," we're referring to the typical…

Q: Suppose a company has had the historic sales figures shown below. What would be the forecast for…

A: Based on the given data, Average of sales = Sum of sales for all time periods/No. of time periods =…

Q: Which of the following statements about the Securities Act of 1933 is not true?

A: Securities are the assets which are actually the claims over the company which has issued such…

Q: REQUIRED Study the information given below and calculate the Accounting Rate of Return on initial…

A: Investment - The purchase of an item with the intention of making a profit or a capital gain is…

Q: Sandhill Decorating uses a job order cost system to collect the costs of its interior decorating…

A: The question is based on the concept of Cost Accounting. While calculating the  predetermined…

Q: 12. [Para. 4-a-12] Services received by the General Government function of the General Fund from the…

A: Introduction: A business transaction is documented in the accounting records of the organization…

Q: Breslin Incorporated made a capital contribution of investment property to its 100-percent-owned…

A: Introduction:- The following basic information as follows:- Breslin made a capital contribution of…

Q: Patriot Company manufactures flags in two sizes, small and large. The company has total fixed costs…

A: The Break-even point indicates that total units are to be sold by the business entity to recover its…

Q: Prepare the schedule of cost of goods manufactured for Barton Company using the following…

A: COST OF GOODS MANUFACTURED   Cost of Goods Manufactured include all Direct Cost (Material &…

Q: Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income…

A: Working Notes:(1) 80% of the materials were direct(2) 70% direct labour; 30% indirect labour(3) 80%…

Q: Chicago Steel's operating activities for the year are listed below. Beginning inventory Ending…

A: Cost of goods sold includes all the amount incurred and paid on the goods which are sold. It…

Q: Barnes Company reports the following for its product for its first year of operations.   Direct…

A: Contribution. Margin: "Contribution margin tells you the aggregate amount of revenue available after…

Q: Please interpret the numbers and compare the number, no required to explain the theory. Also answer…

A: Current Ratio = Current Assets/ Current Liabilities Quick Ratio = (Current Assets - Inventory -…

Q: Assume that markup is based on cost. Calculate the cost and sellin Note: Round your answers to the…

A: Introduction:- A mark-up is a percentage is added to the cost of a product. It is the difference…

Q: ) Describe the multiple-step income statement for a retailer?

A: Definition: An income statement that divides total revenue and costs into operational and…

Q: The following information relates to Swans Ltd, a vendor, and a resident of the Republic, for its…

A: Computation of total Output VAT tax is A.R.45,000 1.Supplies of goods made by it subject to…

Q: ntry. Because the city us umable supplies was tak increase of $1,420 durin faccounting for its inve-

A: Adjusting entries refers to those form of journal entries which are stated in the books of a account…

Q: A company has only one deductible temporary difference due to the use of the current expected credit…

A: Deferred tax liabilities are the amounts of income taxes payable in future periods in respect of…

Q: What is Andrew's realized amount from the foreclosure? $205,000 $210,000 $223,000 $225,000

A: Nonrecourse Debt The only recourse available to the lender under a nonrecourse debt (loan) is the…

Q: Mia bought a high definition television for $7, 500. based on  her income she could afford to pay…

A: Accounts payable is the amount owed by the customers from the company for the goods purchased by…

Q: P3.1 (LO 1, 2, 3) (Multiple-Step Statement, Retained Earnings Statement) The following infor- mation…

A: Multi Step income statement is one of the financial statement which shows all incomes and all…

Q: Company reports the following information for its first year of operations.   Direct materials $ 18…

A: Variable costing is a approach of cost accounting, under this method only variable cost is charges…

Q: Restating Inventory Values Using the LIFO Inventory Reserve. Presented below are the condensed…

A: Inventory: - Inventory is the goods and material that a business holds for a period of time for the…

Q: Equipment Franchise (used in operations) Total debits 216,000 Total credits 28,800 $1,531,800…

A: Classified Balance sheet A financial statement with classifications like current assets, non current…

Q: 2.5 The only variable input a janitorial service firm uses to clean offices is workers who are paid…

A: As per the honor code of Bartleby we are bound to give the answer of first three sub part i.e.…

Q: [The following information applies to the questions displayed below.] Allied Merchandisers was…

A: Introduction: A business transaction is documented in the accounting records of the company using a…

Q: 4. Average collection period 5. Asset turnover ratio 6. Profit margin on sales + days %

A: Introduction:- Ration analysis is used to identify financial health of company. It is measured from…

Q: Suppose you want to price an American style put option for a stock being traded on the Dryfontein…

A: Stock Option - The buyer's right under a contract between two parties for the purchase or sale of a…

Q: A dam will have a first cost of P250,000,000, an annual maintenance cost of P1,250,000 and minor…

A: A capitalized cost seems to be a cost incurred as a consequence of the acquisition of a fixed asset…

Q: Acquirer Shares Outstanding Target Shares Outstanding Acquirer Share Price Target Share Price Stock…

A: Answer: 1,081,633 Detailed Explanation Calculation of proforma number of shares outstanding    Share…

Q: Dipendra Ltd owns all the shares capital of Kiran Ltd. On 1 September 2021, Dipendra Ltd sold…

A: Inter group sales is to be eliminated because from group prospective their is no sales and no…

Q: Which of the following statements aptly describes the user-based definition of quality?

A: Quality is one of the biggest concerns to this competitive market to the company and every business…

Q: 7.1. Calculate the annual depreciation over five years on a vehicle that had a purchase price (cost…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Required information Use the following information for the Exercises below. (Algo) [The following…

A: Stock investments are one of the important assets which are reported in the balance sheet. For these…

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.