I think D the sales associate performance
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Answer:
$136,500 long term capital gain
Explanation:
First of all, we must adjust SOA's cash since it has to pay taxes for the $90,000 gain. Its marginal tax rate was 30%, which means it must pay $27,000 in taxes (= $90,000 x 30%). So SOA's cash account will decrease to $173,000.
The total value of SOA's assets is $473,000 ($500,000 - taxes) which includes:
- cash: $173,000
- inventory: $80,000
- land and building: $220,000
When the assets are liquidated, the proceeds should be equally divided between Kevin and Bob, so each will get $236,500. Since Kevin's basis is $100,000, he should report a $136,500 long term capital gain (= $236,500 - $100,000).
The bank statement is for a current account. The evidence to show that's it's a current account include:
- The check deposit
- The pending of some checks deposited and check#509 withdrawn.
The transaction on the bank statement that is most likely a paycheck is the automatic deposit of $2055.
The owner of the account cannot buy the $750 refrigerator because he has a balance of $240.
The from the statement indicates that the owner of the account may have already overdrawn is because the total withdrawals are -$330.57.
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Answer:
PI Detectives
Trial Balance
Debit Credit
Cash $5,200
Accounts Receivable $540
Supplies $9,400
Prepaid Insurance $7,600
Equipment $30,000
Accumulated Depreciation $4,400
Accounts Payable $240
Deferred Revenue $5,400
Notes Payable $3,400
Common Stock $24,000
Retained Earnings $6,100
Dividends $3,400
Service Revenue $35,800
Salaries and Wages Expense $22,000
Depreciation Expense <u> $1,200 </u> <u> </u>
<u> $79,340</u> <u>$79,340</u>
Cash Balance is $5,200
