Gwen inherited 100 shares of supershoes stock when her mother died on october 21, 2015; the fair market value of the stock was $
20 per share. her mother paid $200 per share when she purchased the stock march 1, 2006. if gwen sells all 100 shares for $50 per share on july 3, 2017, how should she report the sale on her income tax return?
Answer: Gwen should report a $3,000 long-term capital gain in her income tax return.
In this question the price paid by Gwen’s mother for the shares is irrelevant because of her death.
The stock’s fair market value ($20) when Gwen inherited the shares (21st October 2015) is Gwen stepped up value.
Gwen’s gain from selling the shares is:
Gwen inherited the shares on (21st October 2015) and held the shares until (3rd july 2017), so she held the shares for more than one year after inheriting it. So, she will report a long-term capital gain on her income tax return.
total manufacturing overhead cost incurred 33,250 dollars
Explanation:
the incurred overhead cost will be the sum of the indirect materials, the indirect labor, the depreciation and and other indirect cost paid or not. Givn our information , there seems to be no additional cost for manufacturing overhead so, actual overhead will be the sum of these:
<span>Step 1:
Females who attend college = 0.80 * 0.90 = 0.72
Step 2:
Females who did not attend college = 0.80 * 0.10 = 0.08
Step 3
Male who attend College 0.20 * 0.78 = 0.156
Step 4
Male who did not attend college 0.20 * 0.22 = 0.044
So 0.044(4.4%) is the probability that the person selected is a male who did not attend college</span>
d. Prepaid insurance $3,675, and Insurance expense $525.
Explanation:
Preparation of the journal entry to determine which of the following account balances are correct after adjusting entries have been made
Based on the information given the account balances that are correct after adjusting entries have been made will be PREPAID INSURANCE $3,675, and INSURANCE EXPENSE $525.
First step is to calculate the amount the company pay per month
Amount pay per month=$4,200/24 months
Amount pay per month = $175 per month
Last step
Since Three months have been used which are October, November, and December which means that $175 per month × 3 months = $525 which will be recorded as INSURANCE EXPENSE while the balance in PREPAID INSURANCE will be $4,200 - $525 = $3,675
Accountancy There are 6 points on a coordinate plane. The points are (negative 5, 0), (negative 4, 1), (negative 3, 4), (1, negative 2), (2, 4), (5, negative 3).
Three compartment sinks are used commercially by hotels or restaurants.
Each compartment in the sink is used for separate purpose.
First compartment is used for Washing the dishes, second one is used to rinse the dishes and the third one is used to sanitize the washers' hands.
The activities that are not allowed in these compartment are washing of cleaning clothes, washing of meat or vegetables, hand washing, throwing of wastes etc