User Account

All Pages

Calculate the net capital gain

Assignment Help Accounting Basics
Reference no: EM133188121

Question - On 1 July 2019 Mary acquired a rare coin for $56982.  Mary borrowed $30,000 of the money from the XYZ Bank.

The loan was a fixed interest loan on which she paid interest of $21,000.  Mary sold it in September 2020 for $89260

Required - Calculate the Net Capital Gain, if any, to be included as Mary's assessable income for the year ending 30 June 2021?

Reference no: EM133188121

Questions Cloud

Create and explainbasic use of classes and use variables : Will test your ability to create and explainbasic use of classes and use variables - demonstrate your knowledge of overloading constructors and methods
How much is the benefit expense in profit or loss : How much is the benefit expense in 2022 profit or loss and the amount of prepaid (accrued) banefit as of December 31, 2022
Bulgaria-a whole nation hacked : In July 2019, an anonymous hacker emailed Bulgarian media outlets to proclaim that they had gained access to the database of the Bulgarian tax service. As is of
Communication theory-organizational communication research : locate an academic journal article that uses a traditionalist, interpretive, or critical-interpretivist perspective to examine a communication issue in organiza
Calculate the net capital gain : Calculate the Net Capital Gain, if any, to be included as Mary's assessable income for the year ending 30 June 2021
What is ethical behaviour and what ethical considerations : Do the cost benefit analysis for 2 years to recommend at least one (1) security measure againt each assestto mitigate the risk indentifed
What amount of investment income should be reported : What amount of investment income should be reported on Johnson's income statement for the year ended December 31, 2022
How much is the carrying value of the right-of-use asset : How much is the carrying value of the right-of-use asset as of December 31, 2023 and the amount of depreciation expense for year 2023
How do we measure equipment performance : What can go wrong if TPM assumptions are applied blindly and Culture conflict, a higher educated foreman refusing to pursue his/her original job

Reviews

Write a Review

Accounting Basics Questions & Answers

  Show a corresponding journal entry for depreciation

The equipment cost $60,000, has a six-year useful life and no residual value. Show a corresponding journal entry for Depreciation for 2014 and 2015

  Prepare detailed schedule of cost of goods manufactured

Beginning Raw Material Inventory 74,000. Use this information to prepare detailed schedule of cost of goods manufactured for fy2018

  Financial statements and misappropriation of assets

Fraud is a major concern in the business world.In a few paragraphs, explain the difference between an intentional misstatement of financial statements and misappropriation of assets.

  What is the amount of cash dividends

What is the amount of cash dividends

  Government-institutional accounting

What is the major source of the change in net assets that occurred in 2007 from the change that occurred in 2008? In your opinion, is this trend likely to continue? Why/why not?

  Determining income statement from investment

On October 1, 2010, Menke Co. purchased to hold to maturity, 200, $1,000, 9% bonds for $208,000. An additional $6,000 was paid for accrued interest. Interest is paid semiannually on December 1 and June 1 and the bonds mature on December 1, 2014. M..

  Calculate the fringe benefits tax payable

Samit borrowed money from his employer amounting to $15,000 on the 2nd September, 2019, Calculate the Fringe Benefits Tax payable

  What amount should Quick report as the cost of the building

Quick Co. acquired the following assets from a liquidating competitor for a $200,000 lump-sum purchase price: What amount should Quick report as the cost

  Compute net cash provided by operating activity

Zimmer Company completed its first year of operations on December 31, 2017. Its initial income statement showed that Zimmer had sales revenue of $198,000.

  Starfleet corporation has one temporary difference at the

starfleet corporation has one temporary difference at the end of 2012 that will reverse and cause taxable amounts of

  How much is the balance of lease receivable as of december

The cost of the asset is P2,500,000 and the residual value is unguaranteed, how much is the balance of lease receivable as of December 31, 2022

  Problem regarding the constitute the entire set of outcomes

Six simple events, with probabilities P (E1) = 0.11; P (E2) = P (E5) = 0.20; P (E3) = 0.25; P (E4) = 0.09; P (E6) = 0.15, constitute the entire set of out- comes of an experiment. The following events are of interest:

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd