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Question - Capital Gains - Active Asset reduction and small business rollover
On 9 August 2017, Alfonso Garcia sold the business premises from which he has conducted his sand and gravel wholesale business for $790,000. The cost base of the premises was $520,000 when purchased in 2010.
Alfonso moved into rented premises and spent $35,000 on fittings and leasehold improvements on 19 August 2017. These are deemed to be replacement assets.
Alfonso's business satisfies all of the eligibility criteria to access the small business capital gains tax concessions.
Required - Calculate Alfonso's net capital gain for the 2017/18 tax year.
Kent Company had 800 units of product in its work in process inventory at the beginning of the period. During the period 3,000 additional units of product.
For each item, discuss and comment on its reliability as audit evidence. Is the evidence highly reliable, reliable or of low reliability
monte and allie each own 50 of raider corporation an s corporation. both individuals actively participate in raiders
Compute the amount at which the printing press should be recorded as an asset. Compute the depreciation expense for 2011 and 2012
Explain how manufacturing overhead rates are constructed in conventional cost accounting systems. Speak separately about fixed versus variable overhead.
1.vango inc. sells part number 86z to auto parts stores around the world. information about part number 86z is
Cheap Toys sells merchandise to the general public for cash or credit. It accepts several major credit cards. The company pays an average fee of 4% of sales to the credit card companies and 6% to the State of Florida in sales taxes.
240,000Common Stock, $10 Par Value, 100,000 shares authorized, 50,000 shares issued and outstanding500,000Additional Paid In Capital ½ Common Stock
For several years Orbon, Inc., has followed a policy of paying a cash dividend of $0.57 per share, Calculate the restated cash dividend per share for 2012
Prepare an income statement, balance sheet, and statement of cash flows for 2013.
What does the Federal Reserve say about the strength of the economy?
Patrick purchased a used passenger automobile on June 1, 2016. He paid $19,000 for the automobile. During 2016, he uses the automobile 75 percent of the time.
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