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Tony Rogers recognizes the following capital gains and losses during 2016: Short-term capital gain from the sale of stock held for investment $20,000 Short-term capital loss from the sale of land held as an investment (22,000) Long-term capital gain from the sale of corporate bonds 20,000 Long-term capital loss from the sale of common stock (14,000) Compute Tony’s net capital gain. If Tony’s taxable income (before considering the above items of gain or loss) is $55,000, what would be his 2016 tax liability? Tony’s filing status is single.
Surplus, Inc. uses a periodic inventory system and the had the following activity for 2007: Calculate the ending inventory and cost of goods sold using the LIFO and FIFO methods.
Marco Boats Inc. uses a job order cost accounting system and keeps perpetual inventory records. The following transactions occurred in the first month of operations: Prepare journal entries to record the above transactions. Compute the cost of Job 10..
Estimated sales budget, estimated direct materials budget, estimated direct labors budget, estimated manufacturing overhead budget, estimated selling and administrative expenses and an estimated income statement.
Longoria Company purchased merchandise inventory on account with a list price of $5,000 and credit terms of 1/10, n/30. What was the net or cash cost for the merchandise?
Compare and assess the qualitative characteristics of ‘relevance' and ‘comparability' of accounting information of a listed company for the financial statements between year 2009 and 2010
Victory Company purchases office equipment at the beginning of the year at a cost of $15,000. The machine's useful life is estimated to be 7 years with a $1,000 salvage value. The journal entry to record the first year depreciation is:
Henderson Company had an unadjusted cash balance of $8,950 as of May 31. The company’s bank statement, also dated May 31, included a $200 NSF check written by one of Henderson’s customers. Determine the true cash balance as of May 31.
Retail Inventory Method Harmes Company is a clothing store that uses the retail inventory method. The following information relates to its operations during 2013: Compute the ending inventory by the retail inventory method for the following cost flow..
correct if a company factored $2,500,000 of receivables with a 2 percent fee
mr.arvind has good amount of savings he wanted to start a business which can give him a good margin of profit. he
Austin, Inc., acquired 10 percent of McKenzie Corporation on January 1, 2014, for $320,600 although McKenzie’s book value on that date was $2,100,000. McKenzie held land that was undervalued by $116,000 on its accounting records. Prepare all of the 2..
Explain what is meant by "Restricted Stock Units (RSU)” and provide extracts of the disclosure notes for 2 public companies that have these, noting any distinguishing features between the 2 companies’ RSU plans.
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