During 2022, Roberto sold 830 shares of Casual Investor Mutual fund for $8.875 per share. The shares were purchased on thefollowing dates:DateMay 31, 2018September 18, 2019October 21, 2019Shares400Price$ 9.375225$ 8.500425$ 10.000276$ 7.125January 12, 2021Required:Calculate the gain (loss) on the sale under the following assumptions:a. Basis is calculated using the first-in, first-out method.Note: Round your intermediate computations and final answer to 2 decimal places.b. Basis is calculated using the average cost method (assume all shares are long-term).Note: Round "Average cost" to 3 decimal places. Round other intermediate computations and final answer to 2 decimal places.ab.

Shares The capital of the company divided into small units is called a share. Each share is given a…

Answered: During 2022, Roberto sold 830 shares of…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter13: Property Transact Ions: Determination Of Gain Or Loss, Basis Considerations, And Nontaxable Exchanges

Section: Chapter Questions

Problem 14DQ

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During 2018, Roberto sold 830 shares of Casual Investor Mutual fund for $8.875 per share. The shares were purchased on the following dates: Date May 31, 2014 September 18, 2015 October 21, 2015 January 12, 2017 Shares Price 400 $9.375 225 425 $8.500 S10.000 $7.125 276 Calculate the gain (loss) on the sale under the following assumptions (carry your calculations to three places): a. Basis is calculated using the first-in, first-out method. b. Basis is calculated using the average cost method (assume all shares are long-term).
For the last two years, Margaret Lane has Invested in the shares of Garod Inc. Details of her purchases and sales of these shares are as follows: January 2020 Purchase July 2020 Purchase November 2020 Sale Shares Purchased (Sold) 300 200 (250) 400 (150) Per Share Value $4.75 5.25 5.40 5.50 4.80 July 2021 Purchase December 2021 Sale Determine Ms. Lane's taxable capital gains and allowable capital losses for 2020 and 2021.
Following is a list of investments owned by Martinez Ltd., as of the company’s year-end, December 31, 2020: Investment No. Shares Cost Fair Value HFX Corporation 1,200 $9.00 $8.20 FDY Ltd. 2,100 6.50 6.55 CTN Corporation 3,700 7.00 7.60 On January 15, 2021, Martinez sold the shares in CTN Corporation for $8.10 per share. Prepare the journal entries required to record the sale, assuming the company uses the fair value through other comprehensive income without recycling method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 15, 2021 (To adjust to current fair value) (To record the sale of shares) (Reclassification…
For the last two years, Margaret Lane has Invested in the shares of Garod Inc. Details of her purchases and sales of these shares are as follows: Shares Purchased (Sold) Per Share Value January 2020 Purchase 300 $4.75 July 2020 Purchase 200 5.25 November 2020 Sale (250) 5.40 July 2021 Purchase 400 5.50 December 2021 Sale (150) 4.80 Determine Ms. Lane's taxable capital gains and allowable capital losses for 2020 and 2021.
Shakey Corporation owned 30,000 Ordinary shares of Macdo Corporation purchased in 2019 for P 540,000. On September 20, 2019, Shakey declared a property dividend of 1 share of Macdo for every 5 shares of Shakey held by a shareholder. On that date, there were 50,000 Ordinary shares of Shakey outstanding and the market value of Macdo shares was P 30 per share. The entry to record the declaration of the property dividend would include a debit to Retained Earnings of how much?
On February 15, 2021, Harriett sold 500 shares of QRS Corporation short on the NYSE. Four days later, QRS declared a cash dividend of $.10 per share payable 55 days later to shareholders of record on March 1, 2021. Who will receive the cash dividend on this stock? Group of answer choices Harriett must pay the cash dividend to the investor who acquired the shares from her that she sold short Harriett's broker will be entitled to the cash dividend as part of its profit in selling the stock short Harriett must pay the cash dividend to the investor who loaned the shares to her that she sold short QRS gets to keep the cash dividend until the shares are repurchased by Harriett
Zwick Company bought 12,000 ordinary shares of Handy Corporation in January 2019. In December, Hart announced OMR 80,000 net income for 2019 and declared and paid a cash dividend of OMR 2 per share on the 50,000 outstanding ordinary shares. Zwick Company's dividend income from Handy Corporation in December 2019 would be: Select one: A. 26,000 B. 12,000 C. 50,000 D. 24,000
In 2020, Mr. Dale paid $40,700 for 3,700 shares of GKL Mutual Fund and elected to reinvest his year-end dividends in additional shares. In 2020 and 2021, he received Form 1099s reporting the following: 2020 2021 Dividends Reinvested $5,365 6,140 Shares Purchased Assume the taxable year is 2022. 393 385 Required A Required B Price per Total Shares Share $13.651 15.948 Required: a. If Mr. Dale sells his 4,478 shares for $15 per share, compute his recognized gain. b. If he sells only 1,250 shares for $15 per share and uses the FIFO method to determine basis, compute his recognized gain. c. If he sells only 1,250 shares for $15 per share and uses the average basis method, compute his recognized gain. Required C Owned Complete this question by entering your answers in the tabs below. 4,093 4,478 < Required B If he sells only 1,250 shares for $15 per share and uses the average basis method, compute his recognized gain. Note: Do not round intermediate calculations. Round your final answer to…
On January 1, 2019, Arwin Company purchased P2,000,000 ordinary life policy on its president. The entity reported the following data for 2022: Cash surrender value, January 1 Cash surrender value, December 31 50,000 60,000 Annual advance premium paid on January 1 Dividend received on July 1 The entity is the beneficiary under the life insurance policy. What amount should be reported as life insurance expense for 2022? 100,000 5,000 A. 100,000 В. 95,000 С. 85,000 D. 90,000
Kim Corporation holds 10,000 shares of its P10 par common stock as treasury stock, which was purchased in 2019 at a cost of P120,000. On December 10, 2020, Kim sold all 10,000 shares for P210,000. Assuming that Kim used the cost method of accounting for treasury stock, this sale would result in a credit to Choices; Treasury Shares Premium of P90,000. Treasury Shares Premium of P110,000. Gain on Sale of Treasury Stock of P90,000. Retained Earnings of P90,000.
How would I report the following dividends on the form 8949 and schedule D On January 3, 2021, Dave repurchased the exact number of shares he sold on December 29, 2020. Purchased Sold Sale Price Basis Gain/Loss Dell (held 9 month) 12/01/19 09/01/20 $ 15,000 $ 9,000 $ 6,000 Pepsi (held 4 month) 09/01/20 12/29/20 17,000 25,000 (8,000) IBM (held 30 month) 06/05/18 12/05/20 38,000 20,000 18,000
On January 1, 2019, Familia purchased 1,600 ordinary shares of another entity for P2,000,000. During 2019, the investee paid a cash dividend of P130 per share. At December 31, 2019, the investee’s shares were selling for P1,400 per share. Familia irrevocably designated to classify equity investment at FVOCI. On October 1, 2020, Familia sold half of its shares at P1,800 per share. At December 31, 2020, the shares were selling at P1,900 per share. What amount is recognized in retained in retained earnings as a result of the disposal in 2020? __The unrealized gain recognized in the statement of comprehensive income for the year end December 31 2020 is ____

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