Randall Corporation (a C Corporation) acquires an apartment building for $200,000 on September 1, 2018 that he uses

Q: Use the following to answer questions 20 – 24 On January 1, year 1, JT borrows $41,000 to purchase a…

A: Since you have posted two independent questions, thus, as per the guidelines, the solution to the…

Q: 38. Disclosure requirements for lease by lessee include: a. General Information about the lease b. A…

A: Lease is an agreement involving transfer of an asset from one entity (lessor) to another (lessee)…

Q: Apex Chemicals Ltd acquires a delivery truck at a cost of $36,500 on 1 January 2016. The truck is…

A: Fixed assets are those assets which are held by the business for longer period of time for use in…

Q: Oa The Lessee recognizes a single Lease Expense on the Income Statement for a Finance Type Lease. Ob…

A: The answer for the true or false questions and relevant explanation are presented hereunder :…

Q: Nevens Company uses a periodic inventory system. During November, the following transactions…

A: The cost of things on board at the end of a reporting period is referred to as ending inventory. The…

Q: On January 1, 2021, Heritage 'Company had a note payable to bank in the amount P2,800,000.…

A: Journal entries Total current liabilities Interest expense for 2021

Q: a) The primary responsibility for the prevention and detection of fraud rests with both those…

A: This Question is an opinion based. Therefore the introductory sentences must be filled by…

Q: Using the MACRS rates from the following table, what is the book value of a $3,500 computer after 3…

A: Answer:-  Book value:- In accounting, the book value is that value of an asset which is based on its…

Q: The Adam Corporation had the following transactions during the year: Jan. 15 Purchased 1,500 shares…

A: Date Particulars Debit Amount Credit Amount Jan 15 Equity share of LMN stock a/c…

Q: Indicate which of the following statements on the taxation of income from real estate under Personal…

A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: 3. A P96,000 12%, 120 day note was received from a client dated Nov. 1, 2017. The interest was not…

A: Adjusting entry An adjusting entry refers to an entry that is made at the end of the accounting…

Q: SALLAT Household Furnishings & Appliances is a family-owned business. You are the management…

A: The question is related to Cash Budget. Cash Budget is summary of cash receipts and cash payments…

Q: On December 12, 2018, an investment costing $88,000 was sold for $116,000. The total of the sale…

A: The accounting entry have been made:     General Journal Debit Credit Cash $1,16,000…

Q: Last week, 13 Mexican pesos could purchase one U.S. dollar. This week, it takes 11 Mexican pesos to…

A: The change in the exchange rate of one currency with another currency influences the purchasing…

Q: During 2018, a textbook written by Mercer Co. personnel was sold to Roark Publishing, Inc., for…

A: There are two forms of accounting, which is being used. One is cash basis of accounting and other is…

Q: PNW company issues 6% 5-year bonds with a total face amount of $1,000,000 with interest paid…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: The stockholders’ equity accounts of Willis Corporation at January 1 appear below: 8 Percent…

A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…

Q: how is additional paid-in capital and common stock figures calculated

A: Additional Paid in Capital - $25,000 is the stock issue costs as given in the Question

Q: Sales Mix Analysis     Delving further into the operations, another branch which is in the…

A: Calculation of Sales Required to earn Target Income of $ 135,000 Desired Sales = (Fixed Costs +…

Q: Suggest five internal strategies that may be employed by management to improve an organization…

A: From the given budget we can see that the company is clearly struggling with its cash flows. The…

Q: 5. On October 1, 2017, Marc Enterprises bought a brand new computer on account in an invoice amount…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Tust Born Quality Confections (Just Born) makes marshmallow Peeps, Mike and amales, and other…

A: given   Just Born Quality Confections (Just Born) makes marshmallow Peeps, Mike and Ikes, Hot…

Q: The following information is for Leer Company: Using the direct method for operating cash flows,…

A: A cash flow statement, also known as just a statement of cash flows, is a statement that shows how…

Q: Illu.16 0n 31st Lecember, 2003 Andhra Traders Ltd, showed in their acco the following balances: Bs.…

A: In the context of the given question, we should prepare the debenture account, debenture redemption…

Q: Refer to the information for Roberts Company above and on the previous page.Required:Prepare a…

A: The cash flow statement is a statement that shows the flow of cash and cash equivalents during the…

Q: 0 in 12 years. Your hotel wants to start investing today in an a

A: Present value refers to the current valuation for a future sum. Investors determine the present…

Q: 7. Noor, Tala and Sara are three partners 20,000 respectively on the same date Sara decide to…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Q: Calculating the Average Common Stockholders’ Equity andthe Return on Stockholders’ EquityRefer to…

A: Calculation of Average Common Stockholders' Equity    20X1   20X2  Common Stock  $    337,500…

Q: Journalize the entry to record the purchase of materials in April. If an amount box does not require…

A: The question is based on the concept of Financial Accounting.

Q: The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountain bike, and a…

A: An income statement is a financial report that indicates the revenue and expenses of a business. It…

Q: Yuan Company has a cycle time of 3 days, uses Raw and In Process account (RIP) and expenses all…

A: Given as, Opening Raw Material 356000 Opening WIP 42600 Opening finished goods 45000

Q: Apex Chemicals Ltd acquires a delivery truck at a cost of $36,500 on 1 January 2016. The truck is…

A: Depreciation is systematic allocation of the cost of an asset throughout it's useful life.

Q: a) Prepare Shanti's Income Statement for the year ended 31 December 2020. b)Prepare the Statement of…

A: A company's financial status at a given point in time is summarized on the balance sheet. The income…

Q: Sales $1248000 Contribution margin 466560 Total direct fixed costs 405000 Total operating assets…

A: Formula: ROI = ( Net income / Average operating Assets ) x 100

Q: The business needs to have a sense of its future cash flows and therefore requires the preparation…

A: The question is related to Cash Budget. Cash Budget is summary of cash receipts and cash payments…

Q: Sales $1248000 Contribution margin 466560 Total direct fixed costs 405000 Total operating assets…

A: Formula: ROI = Net profit / Average Operating Assets.

Q: . Prepare the journal entry to record the sick pay earned in 2020. b. Prepare the journal entry to…

A: As per our protocol we provide solution to the one question or up to first three sub-parts only but…

Q: What summary of financial performance can you conclude based on data given?

A: Financial performance is the analysis of the performance of company during the year for which it is…

Q: Incorporating Stakeholder Impacts into Business SustainabilityAnalyses and DecisionsJack’s Apps…

A: A good growing company is one that is constantly bringing invitations and carrying out necessary…

Q: Angela de Dios, a business graduate student who was working in Think Computer, a company selling all…

A:

Q: Unit of Units Cost $2.10 2.70 Number Date Transaction Apr. 1 Beginning inventory Apr.20 Purchase 430…

A: Introduction: LIFO: LIFO stands for Last in First out. Which means last received inventory to be…

Q: QUESTION 11 planning should be based on the organization's strategic or master plan goals and…

A: Planning is the process of making plans to accomplish the desired goal. Planning is the primary step…

Q: SALLAT Household Furnishings & Appliances is a family-owned business. You are the  management…

A: The question is related to Cash Budget. Cash Budget is summary of cash receipts and cash payments…

Q: Textron Inc. has two divisions, Kelly Aerospace, and Cessna Aircraft. The company is attempting to…

A: Hi student Since there are multiple questions, we will answer only first question. If you want…

Q: Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. FIFO LIFO…

A: Inventory is one of the important current asset of the business. It includes inventory of raw…

Q: Below is United Delivery Service’s (UDS) stockholders' equity for the year ended 2022:

A: Common stockholders are the owners of the company. Comon stock issued at…

Q: During 2021, a company sells 359 units of inventory for $86 each. The company has the following…

A: Formula: Cost of goods sold = Cost of goods available for sale - Ending inventory value

Q: Folsom Company manufactures specialty tools to customer order. There are three producingdepartments.…

A: A departmental overhead rate is a recurring fee based on the unit of activity produced by a…

Q: Another team member who is preparing the Budgeted Balance Sheet for the business for the same…

A: Diversified cash budget  Trade  Receivable Budget Trade Payable Budget

Q: During Year 3, Solomon Corporation reported after-tax net income of $3,635,000. During the year, the…

A: The company can raise funds by various methods. Some of them are, by way of issuing common stock,…

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.