STOCKS AND OTHER CAPITAL GAINS: (LARRY) (Line 12700) SOLD HIS LPP-Painting FOR $8,000 WHICH COST HIM...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
STOCKS AND OTHER CAPITAL GAINS: (LARRY) (Line 12700) SOLD HIS LPP-Painting FOR $8,000 WHICH COST HIM $200 TO PURCHASE SOLD XYZ SHARES-COST $30,000; PROCEEDS $50,000 PRIOR YEARS' UNUSED ALLOWABLE CAPITAL LOSSES $10,000 (2005) (Hint: use Line 25300) INVESTMENT INTEREST EXPENSE - $2,500; (Line 22100, Schedule 4) PROFESSIONAL CONSULTING BUSINESS (LARRY) (Use Line 13700 Professional) REVENUE $40,000; I OFFICE SUPPLY EXPENSES $5,000; CPA PROFESSIONAL FEES-$500 Home Office Expenses: (100M2 of 1,000M2 of home; Utilities was $1,000; Insurance was $2,000; Property tax was $3,000) AUTO: TOTAL KM DRIVEN IN 2022-20,000, BUSINESS-20% total expenses: gas($5,000); Insurance ($1,200);Maintenance($4,000) Auto cost (Ucc-$20,000, claim maximum) PRIOR YEARS UNUSED BUSINESS LOSSES $20,000 (2018) (Hint: Use Line 25200) STOCKS AND OTHER CAPITAL GAINS: (LARRY) (Line 12700) SOLD HIS LPP-Painting FOR $8,000 WHICH COST HIM $200 TO PURCHASE SOLD XYZ SHARES-COST $30,000; PROCEEDS $50,000 PRIOR YEARS' UNUSED ALLOWABLE CAPITAL LOSSES $10,000 (2005) (Hint: use Line 25300) INVESTMENT INTEREST EXPENSE - $2,500; (Line 22100, Schedule 4) PROFESSIONAL CONSULTING BUSINESS (LARRY) (Use Line 13700 Professional) REVENUE $40,000; I OFFICE SUPPLY EXPENSES $5,000; CPA PROFESSIONAL FEES-$500 Home Office Expenses: (100M2 of 1,000M2 of home; Utilities was $1,000; Insurance was $2,000; Property tax was $3,000) AUTO: TOTAL KM DRIVEN IN 2022-20,000, BUSINESS-20% total expenses: gas($5,000); Insurance ($1,200);Maintenance($4,000) Auto cost (Ucc-$20,000, claim maximum) PRIOR YEARS UNUSED BUSINESS LOSSES $20,000 (2018) (Hint: Use Line 25200)
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Write a memo to an employee whose work and behavior have been unsatisfactory. (You are the department manager.) Try to motivate the employee to improve his performance. Be brief, direct, honestand as...
-
Why is the liability for warranties recognized when products are sold rather than when the warranty services are performed?
-
Calculate the bond equivalent yields and the equivalent annual returns for the repurchase agreements described in Problem 14. a. Calculate the yield on the repo if it has a 7-day maturity. b....
-
Ambassador Watch Company budgeted the following costs for anticipated production for April 2002: Prepare a factory overhead cost budget, separating variable and fixed costs. Assume that all indirect...
-
In Problem 2-3, if the direct manufacturing cost for cabinets is $27 and the rework cost is $8, compute the manufacturing cost per good product. Determine the manufacturing cost per product if the...
-
Expected return. Hull Consultants, a famous think tank in the Midwest, has provided probability estimates for the four potential economic states for the coming year. The probability of a boom economy...
-
33) Consider the uniform distribution shown below. Find the probability that x is greater than 6. Discuss the relationship between area under a density curve and probability. 0 125
-
The Elliots want to buy a condo in Richmond. Banks use the affordability rule: no more than 32% of gross monthly household income can go towards paying the mortgage, property taxes, heating costs and...
-
Chico fabrication manufactures custom chairs for offices. It uses actual costing system for indirect cost with two direct cost categories (direct materials and direct manufacturing labor). All...
-
3. PIVOTING DIE (5 MARKS) Consider the board below, which can be imagined as being infinite, so only a small part is represented. A die is placed on cell number 1 of the board in the position...
-
Discuss considerations that should be fully taken into account when developing inventory related relevant costs for use in an economic order quantity (EOQ) model. Why do conflicts arise between the...
-
Description: Your venture requires funding from an external investor before it could reach an exit in 5 years, with an estimated exit value of $80 million. You currently own all the 2,000,000 common...
-
(a) Pepperoni Ltd, a small processed food company had revenues last year of $4.5 million and total costs of $3 million. Pepperoni has 1.4 million shares of common stock outstanding. Gross revenues...
-
Read Case Study Google: Dont Be Evil Unless and answer the following: Why do you think Google was adamant about not wanting to supply information requested by the government concerning the Child...
-
What are the factors that explain the difference in yields to maturity between long-term and short-term bonds?
-
If the yield to maturity on a two-year zero coupon bond is 13 per cent and the yield to maturity on a one year zero coupon bond is 10 per cent, what is the expected spot rate of one-year bonds in one...
-
You are considering three alternative investments in bonds. The bonds have different times to maturity, but carry the same default risk. You would like to gain an impression of the extent of price...
Study smarter with the SolutionInn App