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Paladinen [302]
2 years ago
6

Kevin bought 205 shares of Intel stock on January 1, 2020, for $52 per share, with a brokerage fee of $105. Then, Kevin sells al

l 205 shares for $76 per share on December 12, 2020. The brokerage fee on the sale was $155. What is the amount of the gain/loss Kevin must report on his 2020 tax return
Business
1 answer:
Papessa [141]2 years ago
8 0

Answer: $4660

Explanation:

Firstly, we need to calculate the amount that Kevin realized on the shares which will be:

= (205 × $76) - $155

= $15580 - $155

= $15425

The purchase value will be calculated as:

= (205 × $52) + $105

= $10660 + $105

= $10765

Therefore, the gain that Kevin must report on his 2020 tax return will be:

= $15425 - $10765

= $4660

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Walman Corp. manufactures products X, Y, and Z from a joint production process. Joint costs are allocated to products on the bas
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Answer:

$340,000

Explanation:

The computation of Product X’s sales value at the split-off point is shown below:

= Total sales value - Product Y sales value at the split-off point - Product Z sales value at the split-off point  

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3 years ago
Venus Corp. operates in many countries. The company has a clearly written mandate for all its contractors abroad. According to t
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Code of ethics for its vendors

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3 years ago
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Answer:

i Will help

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dinosaur ones

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your welcome my buddy

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3 years ago
Read 2 more answers
Oriole Company sells three different categories of tools (small, medium and large). The cost and market value of its inventory o
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Answer:

$440,140

Explanation:

According to the accounting principle, the inventory should be valued at lower of cost or market value. The calculation is shown below:

                      Cost                   Market             Lower value

Small             $68,650           $56,490              $56,490

Medium        $283,710          $237,140              $237,140

Large            $146,510          $177,300               $146,510

Total                                                                    $440,140

Hence, the ending inventory would be valued at $440,140

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3 years ago
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