What is the net taxable capital gain

Assignment Help Accounting Basics
Reference no: EM133177008

Questions -

Q1. During the current year, Remy Greenfield disposes of two personal items. She sells a sailboat for $80000 that was originally purchased for $32000. She also sells an automobile for proceeds of $15000 that was originally purchased for 30000. What is the net taxable capital gain she must include in her division B income?

Q2. During a taxation period, Darcy Wholesalers purchased merchandise for $223000. Merchandise sales during this period totaled $421000 and the cost of the merchandise sold was 253000. Ignoring all other costs incurred by Darcy and assuming a rate of 5 percent, how much tax would be paid by Darcy under an account-based VAT system (net tax owing)?

Q3. During the current year, Remy Greenfield disposes of two personal items. She sells an oil painting for $76000 that was originally purchased for $33000. She also sells a diamond necklace for proceeds of $11000 that was originally purchased for 33000. What is the net taxable capital gain she must include in her division B income?

Reference no: EM133177008

Questions Cloud

Determine the total manufacturing costs incurred : The Cost of Goods Manufactured was 900,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2020
What interpersonal communication : For your essay first share in your own words what Interpersonal Communication is and why it's important to study.
Making significant changes to business model and systems : Is this a startup or a business converting to or making significant changes to its business model and systems?
Estimated annual salaries and brief job descriptions : Create a table or spreadsheet that lists 10 or more possible career areas-including estimated annual salaries and brief job descriptions.
What is the net taxable capital gain : She also sells a diamond necklace for proceeds of $11000 that was originally purchased for 33000. What is the net taxable capital gain
Why is this great opportunity still given current situation : Why you wish to have a career in Hotels, Restaurants or Resorts. Why is this a great opportunity still given the current situation in the industry with Covid-19
Administrative clerk completing community service : 1. Identify some of the problems/ issues you may experience as an administrative clerk while completing community service.
Compute the price of coupon bond : Compute the price of a $1,000 par value, 12 percent (semi-annual payment) coupon bond with 21 years remaining until maturity
What was a big mistake in epistar initial ip strategy : What was a big mistake in Epistar's initial IP strategy? Had you been a top manager of this company, how would you have done it differently?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Record the purchase of the patent by beckham inc

On the date of purchase, the stock was trading on a public exchange for $8 per share. Record the purchase of the patent by Beckham Inc

  Determine the amount of ending inventory

The net realizable value of each of these products at year-end was cameras $83, Determine the amount of ending inventory

  What are the translated earnings for renben subsidiary

If that rate was $1.70 for Year 1 and $1.50 for Year 2 what are the translated earnings for Renben's subsidiary for each year

  Find what is maximum price per share that an investor

AstraZenaca paid a dividend of $4.40, What is the maximum price per share that an investor who requires a return of 15% should pay for AstraZenaca's shares?

  Record the necessary entries in the journal entry

Question - During January, Luxury Cruise Lines incurs employee salaries of $2.0 million. Record the necessary entries in the Journal Entry

  Subsidiary financial statement accounting

Subsidiary Financial Statement Accounting and the Recording of Both Tangible Assets and Intangible Assets"

  How much will bkfcoms monthly profits change if they decide

in this make or buy problem you should compute the total cost of making a particular part and the total costs of buying

  What accounts should be debited and credited by the payee

What accounts should be debited and credited by the payee to record the dishonored note receivable

  Prepare the entry to amortize the goodwill at end of year

The net assets of Jamal company at the end of 2019 were 500,000. Prepare the entry to amortize the goodwill at end of year

  Which partner drawings are

Which Partner's drawings are? cash amounts withdrawn or private expenses paid by the partnership on behalf of a partner, in anticipation of profits.

  How would you explain the closing process to anne marie

Anne Marie, the owner of Anne's Beauty Salon, comes to see you again. She tells you that she has one more question for you. She told you that her accountant.

  What percentage of variation in maintenance costs is explain

What percentage of the variation in maintenance costs is explained by the independent variable? Compute the estimated maintenance cost at 20,000 machine hours

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!

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