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-Dominant- [34]
3 years ago
14

Mr. Slake sold 1,580 shares of publicly traded DDL stock (tax basis $49,240) for $40,000 cash on February 13. He paid $43,000 ca

sh to purchase 1,600 DDL shares on March 2. Compute Mr. Slake's loss recognized on the February 13 sale and determine his tax basis in the 1,600 shares. Multiple Choice No loss recognized; $52,240 basis No loss recognized; $40,000 basis $9,240 loss recognized; $43,000 basis No loss recognized; $49,240 basis
Business
1 answer:
garik1379 [7]3 years ago
5 0

Answer:

$9,240 loss recognized

$43,000 basis

Explanation:

Tax basis of share purchase is the cost of share together with any tax related to this purchase.

Mr. Slake's loss recognized on the February 13 sale is $9,240 = total cost of 1,580 share purchased in the past - total amount collected from sales of these share =  $49,240 - $40,000 = $9,240

His tax basis in purchase of 1,600 shares on Mar 2 is  $43,000, the total cost he paid to acquire 1,600 shares

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Coronado Company sells merchandise on account for $4600 to Wildhorse Company with credit terms of 2/10, n/30. Wildhorse Company
telo118 [61]

Answer:

$3,528

Explanation:

The computation of the amount of the check after considering the discount period is shown below:

= Sale value fo merchandise - returned goods - discount paid

= $4,600 - $1,000 - $3,600 × 2%

= $3,600 - $72

= $3,528

By applying the above formula we can get the amount of the check and the same is to be considered

hence, the amount of the check is $3,528

6 0
3 years ago
A bank buys bonds with a par value of $25 million for $24,040,000. The coupon rate is 10 percent, and the bonds pay annual payme
Ilya [14]

Answer:

$25,891,632.37

Explanation:

The computation of the market value of the bond in two years is given below:

We know that

Market value of the bonds be in two years is

= pv(rate, nper,pmt,fv)

Here  

Nper = 2

PV = ?

PMT =  25000000 × 10% = 2500000

FV = 25000000

Rate = 8%

Now  

Market value of the bonds be in two years is

= pv( 8%,2,2500000,25000000)

= $25,891,632.37

3 0
2 years ago
When should you forward instead of replying to an email
dolphi86 [110]

Answer:

C. When the recipient was not included on the original email.

Explanation:

This is the correct option because forwarding allows the new recipient to see the email that was sent if they were not originally included.

~theLocoCoco

5 0
2 years ago
Parsley Corporation had 250,000 shares of common stock and 5,000 shares of 8%, $100 par, preferred stock outstanding on December
lianna [129]

Answer:

Explanation:

Calculation of total loss:

Net loss 320,000

Preferred dividend [5000*8%*100] 40,000

Total loss 360,000

Calculation of shares:

Common shares 250,000

Additional common stock [36,000*7/12] 21,000

Total shares 271,000

Loss per share = 360,000/271,000 = $1.328

7 0
3 years ago
Which describes the purpose of minimum-balance fees?
Cerrena [4.2K]

Answer:

make sure customers keep sufficient funds in their account

Explanation:

Minimum balance is the amount that an account holder has to be kept in the account. The minimum amount is to be maintained so as to enjoy the benefits of the account like receiving interests. The minimum balance defers from one bank to another. Maintaining the minimum helps in accessing loans and other facilities.

5 0
2 years ago
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