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Question - During the income year, Mary made the following capital gains:
a. Capital gain of $20,000 on the sale of his shares in X Co (this is not a discount capital gain)
b. Capital gain of $15,000 on the sale of his shares in Y Co (this is a discount capital gain. He is eligible for a 50% discount)
He also made a capital loss of $15,000 on the sale of his land and he has a net capital loss from last year of $1,000.
Required - Calculate Mary's net capital gain?
On April 3, Kountry Repair Service accepted the seller's counteroffer of $230,000. On September 15, the land was assessed at a value of $185,000 for property tax purposes. On January 9 of the next year, Kountry Repair Service was offered $300,000 ..
Carmen and Vanessa's Corporation wants to determine the effect of its inventory and receivables management on its cash flow cycle. Carmen and Vanessa's sales last year (all on credit) was $200,000, and earned a net profit % of 10%.
The headache-only pill could be produced using equipment costing $17 million. Calculate the NPV for the headache pain reliever only
Prepare any correcting entries to adjust inventory to its proper amount at December 31, 2010. Assume the books have not been closed
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Several individuals form Lang Corporation on May 1, 2011. What is the latest date that Lang can file Form 2553 requesting S corporation status
Identify specific conduct violations committed by the organization and accounting firm in question. Next, create an argument supporting the actions against.
Prepare Moonwalker's journal entry to record the issuance of the company's stock.
Purchase Commitments Prophet Company signed a long-term purchase contract to buy timber from the U.S. Forest Service at $300 per thousand board feet. Under these terms, Prophet must cut and pay $6,000,000 for this timber during the next year.
rainbow cruises operates a week-long cruise tour through the hawaiian islands. passengers currently pay 1800 for a
When installing the machine, $3,500 in damages occurred. Compute the cost recorded for this machine assuming Granite paid within the discount period
Wahlberg Computers sells computers for $2,500 each on account. Prepare the journal entries to record the transactions above. Omit explanations
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